Economy
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Equities market drops further by N19bn
The equities market of the Nigerian Exchange Limited (NGX), on Wednesday depreciated by N19 billion amid continuous profiting taking activities. Market capitalisation lost N19 billion to close at N28.423 trillion, while the NGX All Share Index (ASI) decreased by 35.28 basis points or 0.07 per cent to close at 52,721.34 points. The downturn was impacted by losses recorded in medium and large…
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MTN Nigeria, 26 other stocks depreciate NGX ASI by 0.35%
Trading activities in the domestic equities market yesterday continued on a negative note, as profit-taking witnessed in MTN Nigeria Communications (MTNN) and 26 others caused a 0.35 per cent decline in the benchmark index. In summary, the NGX All-Share Index (ASI) declined by 187.47 absolute points, representing a decrease of 0.35 per cent to close at 52,756.62 points. Similarly, the…
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Abuja-Kaduna train service to resume May 23
The Federal Government, through the Federal Ministry of Transportation (FMoT), has directed that the Abuja-Kaduna Train Service (AKTS) should resume on May 23. The Deputy Director, Public Relations of the Nigeria Railway Corporation (NRC), Yakub Mahmood, made this known in a statement issued in Lagos on Monday. The News Agency of Nigeria (NAN) reports that a Kaduna-bound train from Abuja…
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Inflation rate increases to 16.82% in April, says NBS
The National Bureau of Statistic (NBS) on Monday disclosed that Consumer Price Index, (CPI) which measures inflation increased to 16.82 per cent in April 2022. The inflation rate, according to NBS was at 15.91 per cent in March 2022. The reported 16.82 per cent is 1.3 per cent points year-on-year lower when compared to the rate recorded in April 2021…
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FIRS lists NNPC, Mobil, MTN as top taxpayers
The Federal Inland Revenue Service (FIRS) has listed the Nigeria National Petroleum Corporation (NNPC) as the nation’s highest tax payer in 2021. This was disclosed in a statement signed by the Special Assistant to the Executive Chairman, FIRS, Johannes Wojuola, on Monday. The FIRS also listed Mobil Producing Limited, Star Deep Water Petroleum, MTN Nigeria Communications Plc, Shell Petroleum Development…
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Abiodun warns against illicit activities at the border
By Kolawole Olayinka, Abeokuta Ogun State Governor, Prince Dapo Abiodun has called on the youths and the people of the state not to see the reopening of the nation’s borders as an avenue to engage in illicit activities capable of damaging the country’s economy. Abiodun gave the charge in his address at the 10th year coronation anniversary of the Olu…
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Court grants order restraining CBN, INEC from frustrating Emefiele’s presidential ambition
Justice Daniel Maidoh of the Delta State High Court, Kwale Division has ordered the board of the Central Bank of Nigeria (CBN) and the Independent National Electoral Commission (INEC) to refrain from hindering Mr. Godwin Emefiele from running for the office of the president. The judge granted the order following an ex-parte motion filed by one Nkwo Augustine Eddiego against…
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MTN, Airtel customers spend N1.15tn on data in one year
The customers of two telecommunication giants, MTN Nigeria Communication Plc and Airtel Africa Plc in one year spent a total of N1.15trillion on data. This represents an increase of 41.4 per cent from N812.5billion data revenue generated by the telecommunication companies. According to MTN Nigeria audited result and accounts for the period ended December 31, 2021, it reported 55.3 per…
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Dangote allegedly broke, can’t meet 2023 refinery completion target- Report
Fitch Ratings, the world’s biggest global rating agency has alleged that Africa’s wealthiest man, Aliko Dangote is broke. A report by thestreetjournal.org stated that it alleged that his company, Dangote Industries has limited financial flexibility with which to complete its refinery. Fitch is basing its allegation on the timely completion or lack thereof of the project, adding that only limited…
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Market capitalisation appreciates by N557bn to close at N28.49trn
Recovering from losses of the previous session, the stock market of the Nigerian Exchange Limited (NGX) on Wednesday posted strong gains as the market capitalisation crossed N28 trillion mark. Precisely, the NGX All-Share Index inched higher by 1,033.04 basis points or 1.99 per cent to close at 52,838.45 basis points, while the overall market capitalisation value gained N557 billion to…
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