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Capital Market
The Nigerian Exchange Limited (NGX) on Thursday removed the suspension imposed on the shares of Mutual Benefits Assurance. The NGX disclosed this in its weekly report, which was made available to journalists over the weekend. The company had been suspended on 8 July 2024 for failing to submit its required accounts within the stipulated timeframe. ...
News
The Tony Elumelu Foundation (TEF) has announced a $15 million grant to empower 3,000 aspiring entrepreneurs from 52 African nations, reinforcing its commitment to fostering economic transformation across the continent. TEF’s founder, Mr Tony Elumelu, made this declaration in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme. He revealed that ...
Crime
The Joint committee compressing the Nigerian Customs Service (NCS), National Security Adviser (NSA), National Drug Law Enforcement Agency (NDLEA), National Agency for Food Drugs Administration and Control (NAFDAC) and Nigerian Army have destroyed illicit substandard drugs worth billions of Naira imported into the country through the nation's seaports. The destruction exercise, which took place in ...
Maritime
The Federal Government of Nigeria through its Ministry of Marine and Blue Economy, and the Nigerian Maritime Administration and Safety Agency (NIMASA), has continued its advocacy for the formal designation of seafarers as key workers. This, the government explained, would ensure legal protection, and a harmonised framework between the International Labour Organisation (ILO), the International ...
Business
The Federal Government has secured a $14 billion investment from India, covering various sectors, according to the Minister of Foreign Affairs, Yusuf Tuggar. The announcement was made during the 5th Ministerial Press Briefing in Abuja on Thursday. Beyond the Indian investment, the country has also obtained €250 million from the Netherlands to support local enterprises. ...
Business
The African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, has announced plans for an ambitious $500 million financing facility designed to unlock $10 billion in funding for smallholder farmers and agribusiness enterprises across Africa. Speaking at the High-Level Conference on Scaling Finance for Smallholder Farmers in Nairobi, Dr Adesina revealed that the Bank’s management ...
News
...Says attack sabotaging efforts to improve power supply ...As Army denies invading EKEDC facility The Federal Government, through the Minister of Power, Adebayo Adelabu, has strongly condemned the recent attack, abduction, and assault of staff, as well as the destruction of facilities at the Eko Electricity Distribution Company (EKEDC) substation in Badagry, Lagos State, by ...
News
The Transportation Correspondents Association of Nigeria (TCAN) has elected a new executive committee headed by Mr. Tola Adenubi to steer the affairs of the association for the next three years. The election, which took place in Lagos on Thursday, saw journalists covering the transportation sector vote in new leaders to take over from the outgoing ...
Money market
The Board of Unity Bank has appointed Ebenezer Kolawole as the Acting Managing Director of the Bank, following recent leadership changes. This appointment comes after the retirement of Oluwatomi Somefun, who completed her tenure as Managing Director, with necessary approval from the Central Bank of Nigeria (CBN). In a statement on Wednesday, Unity Bank described ...
Energy
...Bemoans Obasanjo over minimum wage comments The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned of an imminent nationwide strike if the federal government fails to remove 10,699 Indian expatriates employed by Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) across 15 locations in Nigeria’s oil and gas industry. The ...
Maritime
The leadership of APM Terminals Apapa recently met with the Special Adviser to the Oyo State Government, Tilewa Folami, alongside agricultural commodities importers and exporters, to gain deeper insights into their logistical challenges and requirements. The meeting also served as a platform to present the advantages of the Apapa-Moniya rail service. Steen Knudsen, Terminal Manager ...
Maritime
…We must prioritise sustainable, responsible maritime practices — DG NIMASA Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has urged maritime stakeholders across Africa to harness the continent’s renewable energy potential and position themselves as global leaders in green shipping. The Minister made this statement at the inaugural Africa Strategic Summit on Shipping Decarbonisation, ...
Energy
...Upgrades Agbara 132/33kV transmission substation to boost power supply The Transmission Company of Nigeria (TCN) has announced the restoration of full bulk power supply to Eko and Ikeja Electricity Distribution Companies, allowing for uninterrupted distribution to consumers in Lagos State. In a statement issued on Tuesday, Ndidi Mbah, TCN’s General Manager of Public Affairs, confirmed ...
Capital Market
The stock market on Tuesday continued on a negative note as performance indices declined by 0.40 per cent. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N265 billion or 0.40 per cent to N66.078 trillion from N66.343 trillion recorded on Monday. Also, the All-Share Index dropped by 0.40 per cent or 423.48 points ...
Top Story
...Food inflation drops to 23.51% as price pressures ease ...February inflation slows, but high prices persist — CPPE ...Debt service drops to $276m in February 2025 — CBN Nigeria’s inflation rate has recorded a second consecutive monthly decline in February, offering cautious optimism for a further reduction in price pressures. According to a report published ...
Crime
The National Agency for Food and Drug Administration and Control (NAFDAC) has confiscated more than 100 truckloads of substandard, falsified, expired, and prohibited medicines valued at over ¦ 1 trillion from three major drug markets in Nigeria. The affected markets include Idumota in Lagos, Onitsha in Anambra, and the Aba open drug market in Abia ...
Money market
…As FG spends ¦ 8.47trn on external debt servicing Nigeria has allocated approximately ¦ 8.47 trillion ($5.47 billion) towards external debt servicing between January 2024 and February 2025, underscoring the mounting pressure on government revenue and the nation’s foreign reserves, according to data from the Central Bank of Nigeria (CBN). Figures from the apex bank ...
Capital Market
The Nigerian equities market’s negative performance persisted during the recently concluded trading week, with investors seeing a decline of N365 billion on the Nigerian Exchange (NGX). This follows a loss of N476 billion in the previous week. During the current week, the market saw gains on only one out of the five trading days, ultimately ...
Digital Economy
The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, has underscored the importance of collective action in addressing Nigeria’s digital divide. Speaking at the Universal Service Provision Fund (USPF) event in Lagos, Tijani urged stakeholders from both the public and private sectors to collaborate in extending digital connectivity to underserved areas. He pointed ...
Energy
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported that Nigeria secured approximately $17 billion in foreign investment in 2024, attributing the inflows to major regulatory reforms and executive orders introduced by President Bola Ahmed Tinubu in 2023. NNPC Ltd’s Executive Vice President, Upstream, Mr Udy Ntia, made this known during a session at ...
