Economy
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Market cap appreciates by N143bn over surge in investors interest in Seplat, 33 others
The stock market of the Nigerian Exchange Limited (NGX) on Thursday sustained the uptrend as gains in Seplat Energy Plc and 33 others bolstered performance on the local bourse by 0.55 per cent. Precisely, the All-Share Index inched higher by 266.01 absolute points, representing an increase of 0.55 per cent to close at 48,837.76 points. While the overall market capitalisation…
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FEC approves N853m Ajaokuta steel, Itakpe ore concession
The Federal Executive Council has approved hiring of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and the National Iron Ore Mining Complex, Itakpe. The total sum of N853,266,644.4 was approved for the consultancy services. The decision was reached at the FEC meeting precided over by President Muhammadu Buhari on Wednesday. Minister of Information and…
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N69.4bn Debt: Court of Appeal orders stay of contempt proceedings initiated by Jimoh Ibrahim against AMCON
The Court of Appeal sitting in Abuja in appeal No. CA/ABJ/CV/269/2022 in the case between the Asset Management Corporation of Nigeria (AMCON) vs Barrister Jimoh Ibrahim has ruled that all proceedings at the trial court should be stayed pending the hearing, and determination of the substantive appeal. This includes contempt proceedings against AMCON by Barrister Ibrahim. The application for stay…
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NGX Group of Companies commemorates 2022 Intellectual Property Day
NGX Group of Companies in collaboration with Bantu Blockchain Foundation and WiFi Combat Academy on Tuesday hosted a webinar to commemorate the 2022 World Intellectual Property (IP) Day 2022. The webinar themed “NFTs: The Wild and the Wonderful” was hosted to highlight the potential of leveraging intellectual property rights, particularly in the application of new digital assets such as Non-fungible token (NFTs),…
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Food, Energy price shocks from Ukraine war could last for years
The war in Ukraine has dealt a major shock to commodity markets, altering global patterns of trade, production, and consumption in ways that will keep prices at historically high levels through the end of 2024, according to the World Bank’s latest Commodity Markets Outlook report. The report noted that the increase in energy prices over the past two years has…
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NGX targets more future contracts introduction
The Nigerian Exchange Limited (NGX) says it will introduce more futures contracts in response to market demand and readiness to provide investors with a deep and liquid market to hedge their portfolio. This is coming after the exchange announced the launch of West Africa’s first Exchange Traded Derivatives (ETDs) market with Equity Index Futures Contracts. According to NGX, the new…
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Buhari orders reopening of Idi Iroko, three other borders
President Muhammadu Buhari has ordered the immediate reopening of Idi Iroko (Ogun State), Jibia (Katsina State), Kamba (Kebbi State) and Ikom (Cross River State) land borders. This was disclosed by the Deputy Comptroller-General of Customs, EI Edorhe, in a circular issued on Friday on behalf of the Comptroller General of Customs. The circular, which was copied to all Assistant Comptrollers-General/Zonal…
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Buhari lauds Dangote’s entrepreneurial acumen
President Muhammadu Buhari on Friday in Abuja lauded the entrepreneurial spirit and doggedness of the President of Dangote Industries Limited (DIL), Aliko Dangote and urged Nigerians in business to emulate him, to enable the country witness real economic growth and development. While receiving the President of DIL and Board members of Dangote Group at the Presidential Villa, Abuja, Buhari thanked…
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SEC solicits NESG’s support on economic development
The Securities and Exchange Commission(SEC) has restated the vital role the capital market plays in the development of any country through the provision of long term funds for infrastructure development among others. Director General of the SEC, Mr. Lamido Yuguda stated this when a team from the Nigerian Economic Summit Group (NESG) visited the Commission in Abuja, weekend, to collaborate…
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Foreign reserves increase by $59.99m
The Nigeria’s foreign exchange (FX) reserves increased by $59.99 million in its week on week (w/w) performance to $39.80 billion as at April 20, 2022. However, the local currency depreciated at the Investors & Exporters (I&E) window by 0.2per cent to N418.33 against the dollar but appreciated by 0.2per cent to N589 against the dollar at the parallel market. At…
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