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Tragedy struck on Tuesday in the Ijora area of Lagos when a fully loaded 40-foot container truck overturned and crushed a commercial tricycle, killing two passengers instantly, including a serving Police officer. According to a statement issued by the Lagos State Traffic Management Authority (LASTMA), the accident occurred along Ijora Causeway, inward Ijora 7Up, after ...
Capital Market
The Nigerian equities market opened the week on a bearish note, with investors losing about N220 billion on Monday as sell pressure hit key stocks, including McNichols Plc, Ikeja Hotels Plc, and FTN Cocoa. The All-Share Index (ASI) fell to 141,498.44 points, down from 141,845.34 points at the close of the previous session, dragging market ...
Money market
All On, an impact investment company dedicated to expanding energy access in Nigeria, has reaffirmed its support for clean energy innovation with a follow-on investment in Koolboks’ $11 million Series A funding round. The round was led by KawiSafi Ventures, with All On and Aruwa Capital co-leading. The fresh capital will help Koolboks scale its ...
Capital Market
Stanbic IBTC Holdings Plc has announced a profit after tax of ₦173.43 billion for the first half of 2025, marking a significant 49% increase compared to the ₦116.36 billion recorded in the same period of 2024. This strong performance was primarily fueled by a surge in net interest income and higher fees and commissions, supported ...
News
The Nigerian equities market began the trading week on a negative note, with investors losing approximately ₦220 billion on Monday. The market's decline was driven by sell pressure on key stocks, particularly McNichols Plc, Ikeja Hotels Plc, and FTN Cocoa. The All-Share Index (ASI) dropped to 141,498.44 points, down from 141,845.34 points at the close ...
Capital Market
First Bank of Nigeria Limited has thrown its weight behind history in the making as it partners with the organisers of the maiden E1 Lagos GP, an all-electric powerboat racing championship set to hold in Lagos from October 3 to 5, 2025. The announcement was made during the E1 Lagos GP Stakeholder Immersion Session in Lagos, where key industry ...
Business Direct
•as GDP grows by 6% Nigeria’s Gross Domestic Product (GDP) grew by a significant 4.23% in real terms year-on-year during the second quarter of 2025, according to the latest figures released by the National Bureau of Statistics (NBS). This marks a stronger economic performance than the 3.48% recorded in the corresponding period of 2024, signaling ...
News
...Oil GDP slows to 6 per cent in Q2 2025 ....Non-oil sector contributes 95.9 per cent ... Nigeria puts 2023–2024 crisis behind as GDP growth accelerates, exchange rate holds at ₦1,500 - Expart Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent year-on-year in real terms in the second quarter of 2025, according to ...
Money market
First Bank of Nigeria Limited has announced its partnership with the organizers of the maiden edition of the E1 Lagos GP, an all-electric powerboat racing championship scheduled to hold in Lagos from October 3 to 5, 2025. The announcement was made during the E1 Lagos GP Stakeholder Immersion session in Lagos, where the Acting Group ...
Business
promises exceptional year-end dividend Zenith Bank Plc’s Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, has assured shareholders of stronger value creation following the Bank’s impressive half-year 2025 results, which saw gross earnings rise 20 per cent year-on-year to N2.5 trillion. Commenting on the performance, Umeoji said the results underscore the innovation and ...
Capital Market
..As Insurance stocks trade 481m shares The Nigerian Exchange Ltd. (NGX) closed the week on a positive note as the All-Share Index (ASI) and market capitalisation appreciated by 0.92 per cent each, finishing at 141,845.35 points and N89.744 trillion, compared with 140,545.69 points and N88.922 trillion recorded last week. As a result, equities investors earned a ...
Story behind the figures
United Bank for Africa (UBA) Plc has reported a pre-tax profit of N388.4 billion for the half year ended June 30, 2025, representing a 3.28 per cent decline from N401.5 billion recorded in the same period of 2024. Despite the dip, the results were considered resilient, reflecting strong top-line growth in a challenging operating environment ...
Business Direct
Nigeria’s aviation regulator, the Nigerian Civil Aviation Authority (NCAA), has issued a strong warning to Qatar Airways and other foreign carriers, threatening severe penalties for disrespecting Nigerian passengers and flouting consumer protection laws. The move comes after a series of complaints, including a recent case of a Nigerian passenger who was allegedly mistreated by the ...
Capital Market
Union Bank of Nigeria has completed the full redemption of its Series 2 15.75 percent Bond Issue with the payment of both principal and coupon totalling N6.314 billion on September 3, 2025. This payment fulfils the bank’s obligations to bondholders in accordance with the regulations set by the Securities and Exchange Commission (SEC). The Series ...
Capital Market
Zenith Bank Plc, Nigeria’s biggest lender by market value, reported a pre-tax profit of N625.6 billion for the first half of 2025, down 14 percent from N726.3 billion a year earlier, as soaring impairment charges offset strong growth in interest income. According to the bank’s filing, net income slipped 8 percent to N532.2 billion in ...
Capital Market
The Central Bank of Nigeria (CBN) has ramped up its sale of U.S. dollars in the foreign exchange market, a move that comes in response to a significant 12% drop in the nation's foreign exchange (FX) inflows during the month of August. The figure represents a 76% increase from $326 million sold in July, underscoring ...
Business Direct
United Bank for Africa (UBA) has released its financial results for the first half ended 30 June 2025, posting a pre-tax profit of N388.4 billion. This marks a slight decline from the N401.5 billion reported by UBA in the same period in 2024, but it remains a strong performance. The bank’s solid pre-tax profit was ...
Business Direct
The Nigerian Railway Corporation (NRC) and Ajaokuta Steel Company have signed a five-year memorandum of understanding (MoU) to deploy locally fabricated equipment in the management and maintenance of Nigeria’s rail infrastructure. The deal, with an option for renewal, was sealed on the sidelines of a two-day international railway conference in Abuja. Both organisations expressed optimism ...
Money market
MTN Nigeria Communications Plc is set to enter into a lease agreement with T2 Mobile Limited, formerly 9Mobile for a spectrum. The leading telecommunications company made this known in a corporate disclosure to the Nigerian Exchange Limited (NGX) following approval granted by the Nigerian Communications Commission (NCC). According to the notice, effective October 1, 2025, MTN will ...
Money market
The Nigerian Exchange (NGX) closed positive on Wednesday, with investors recording a N310 billion gain following renewed bargain hunting in select stocks. The market capitalisation rose from N89.555 trillion to N89.865 trillion, while the All-Share Index appreciated by 489.45 points or 0.35 per cent to settle at 142,036.23 from 141,546.78 recorded at the previous session. ...
