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The Ministry of Foreign Affairs clarified on Monday that Nigeria is not on the list of countries facing an entry ban into Saudi Arabia, effective from April 13. Foreign Affairs Minister Yusuf Tuggar provided the clarification in a statement released by his Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir. The minister confirmed that ...
Business
The Programme Coordinator of the Presidential Compressed Natural Gas Initiative (PCNGI), Mr Michael Oluwagbemi, has revealed that the initiative has attracted over $491 million in investments into the AutoCNG sector, creating more than 9,000 direct and 75,000 indirect jobs over the past year. Speaking to State House Correspondents on Monday, Oluwagbemi shared updates on the ...
Capital Market
Ahead of dividend payment, Guaranty Trust Holdings Company (GTCO) Plc’s market value climbed by 8.3 percent to approximately N2.4 trillion in the equities market following the group’s strong earnings performance for financial year 2024. Its share price inched near its all-time high of N70 as markets salivated at the orange-branded financial services company’s best-in-class earnings ...
Energy
The Nigerian Electricity Regulatory Commission (NERC) has reported that electricity distribution companies (DisCos) collectively attained an energy offtake rate of 94.61 per cent in the fourth quarter (Q4) of 2024. This update, published in the Commission’s recently released Q4 2024 Report, also showed a 4.14 percentage point increase compared to the offtake performance recorded in ...
News
In a landmark move aimed at revitalizing Nigeria’s rail infrastructure and enhancing regional connectivity, the government of Plateau State on Monday, officially signed a Memorandum of Understanding (MoU) with the Nigerian Railway Corporation (NRC) to restore and operate the historic Jos–Kuru rail corridor. The agreement, signed at the NRC Lagos Headquarters, which was signed by ...
News
…Celebrates 98th Birthday As Nigeria continues to face worsening security challenges, a prominent Lagos socialite and community leader, Chief (Mrs.) Funke Arthur-Worrey, has called for the adoption of state policing as a solution to the country's insecurity crisis. Speaking in an interview to mark her 98th birthday, Arthur-Worrey, a former president of the Ikeja Lioness ...
Business
The National Agency for Food and Drug Administration and Control (NAFDAC) has appointed Cotecna Inspection Services (CIS) as a key agent under its Clean Report of Inspection and Analysis (CRIA) scheme. Cotecna’s appointment aims to tackle the growing problem of substandard and counterfeit medicines entering Nigeria. This move follows NAFDAC’s recent seizure and destruction of ...
Money market
The Securities and Exchange Commission (SEC) has announced that the Investment and Securities Act (ISA, 2025) formally recognises virtual assets, such as cryptocurrencies, as securities, thereby bringing them under the regulatory oversight of the Commission. In a statement on Sunday, the Director-General of SEC, Dr Emomotimi Agama, explained that the Act broadened the definition of ...
Money market
Nigeria’s public debt surged by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024, up from N97.34 trillion ($108.23 billion) in 2023. This was disclosed by the Debt Management Office (DMO) in its most recent public debt profile report. The total debt consists of external debt amounting to N70.29 trillion ($45.78 billion), ...
Capital Market
...As UACN leads losers’ chart Stock market investors on the Nigerian Exchange Ltd traded 1.183 billion shares worth N28.868 billion across 42,397 transactions this week. This marks a stark contrast to the previous week, where 7.521 billion shares valued at N398.949 billion changed hands in 61,312 deals. As a result, the value of transactions this ...
Energy
…PETROAN calls on NNPCL to activate product tracking system The Federal Government is poised to take delivery of the first batch of 3,205,101 electricity meters, a key milestone in its efforts to reduce Nigeria’s longstanding metering deficit. In a statement released on Sunday, Bolaji Tunji, Special Adviser on Strategic Communications and Media Relations to the ...
Aviation
The Nigerian Civil Aviation Authority (NCAA) has issued a stern warning to international airlines regarding issues surrounding passenger travel restrictions. This was stated in an official release signed by the Director of Consumer Protection and Public Affairs, Mr Michael Achimugu, in Abuja on Thursday. According to Achimugu, the NCAA has received numerous complaints from passengers ...
Business
Transcorp Hotels Plc has approved a final dividend payment of 64 kobo per share for the 2024 financial year, which, combined with an earlier interim dividend of 10 kobo per share, brings the total dividend payout to 74 kobo per share. This totals N7.57bn. The announcement was made by the Chairman of the Board of ...
Capital Market
The Nigerian equities market rebounded from previous day’s with a N30 billion gain for investors at the close of trading on Thursday. This followed a surge in the share prices of stocks like African Prudential Insurance, Guinea Insurance and DAAR communication amongst others on the trading floor. After five hours of trading at the capital ...
Capital Market
The Securities and Exchange Commission (SEC) says the Investments and Securities Act (ISA) 2025 will be a game changer in the nation’s capital market with the potential to stimulate economic growth. The Director-General of SEC, Dr Emomotimi Agama, said this in a statement made available to newsmen on Thursday in Abuja. Agama said the new ...
Money market
The Central Bank of Nigeria (CBN) has firmly rejected claims that it is set to introduce new N5,000 and N10,000 banknotes, dismissing the reports as completely unfounded. In a statement shared on X, formerly Twitter, on Wednesday, the apex bank clarified the situation, stating: “This content is NOT from the Central Bank of Nigeria. Kindly ...
Business
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has described Micro, Small, and Medium Enterprises (MSMEs) as the cornerstone of the Nigerian economy. Oduwole made this statement on Wednesday in Makurdi during the opening of the 2-day Benue Inventors and Entrepreneurs Exhibition 2025. The minister noted that MSMEs contribute more than 48 per ...
Business
The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, has praised President Bola Tinubu for signing the Investments and Securities Act (ISA) into law. He stated that the signing of the Investments and Securities Act (ISA) has laid the foundation for the $1 trillion economy proposed by Tinubu’s administration. Izunaso made this ...
Capital Market
The Federal Government and the United Nations Industrial Development Organisation (UNIDO) have signed a $175 million Programme for Country Partnership (PCP). Speaking at the signing ceremony on Wednesday in Abuja, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, stated that the programme aims to accelerate Nigeria’s industrial development and economic transformation. According to ...
Energy
President Bola Tinubu has made significant changes at the Nigerian National Petroleum Corporation Limited (NNPC Ltd.), appointing a fresh leadership team to help strengthen the company’s operations and improve its prospects for growth. These new executives are expected to play a key role in driving the transformation of NNPC Ltd., focusing on improving efficiency, attracting ...
