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Maritime
The Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, FCIB, has emphasised the need for adequate budgetary allocation to the water transportation sub-sector, stating that it is crucial for the sector’s growth and ensuring safe transportation for all Nigerians. Speaking before the joint committee of the Senate and House of Representatives ...
News
As part of efforts to enhance maritime infrastructure and alleviate congestion at the nation’s ports, plans are progressing to finalise the establishment and launch of a deep sea port in Agge, located in the Ekeremor local government area of Bayelsa State. The $3 billion project is a collaborative Public Private Partnership (PPP) involving the Bayelsa ...
Business
...Releases N302bn pension accrued rights in five years The Minister of Finance, Wale Edun has reiterated the country’s commitment to private sector-driven growth, and reduced reliance on external debt financing during a meeting with the Executive Director of World Bank, Zainab Ahmed. Edun acknowledged the World Bank’s role in supporting Nigeria’s development but emphasised the ...
Business
Ahead of its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled the identity for the anniversary celebration. Set for Friday, May 2, 2025, the anniversary would serve as the hallmark of Wema Bank’s 80-year journey of unmatched resilience, profound impact, and notable transformation from ...
Capital Market
The Nigerian Naira closed January 2025 at N1, 475/$1, marking its strongest performance since May 2024. The Nigerian currency was officially exchanged for N1, 485 to a dollar in May 2024, the strongest until January 31, 2025. This represents a significant gain from its closing rate of N1, 535/$1 on December 31, 2024, at the ...
Money market
Wema Bank Plc has reported a profit before tax of N102.105 billion for the year ended December 31, 2024, marking a 134% year-over-year (YoY) growth from the previous year. The unaudited Group financial statements, reviewed reveal that the bank’s gross earnings surged by 89.61% YoY to N430.259 billion. A deeper analysis of Wema Bank’s 2024 ...
Capital Market
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to ensure investors get equitable access to financial services, investment opportunities. A statement by SEC said the commission’s Executive Commissioner, Corporate Services, Mrs Samiya Usman, made the commitment on Sunday. Usman said the commission’s dedication to fostering an inclusive financial ecosystem that empowered women across ...
Capital Market
BUA Foods Plc reported a pre-tax profit of N73.4 billion for the fourth quarter of 2024 in its latest financial report released on the Nigerian Exchange (NGX) on January 30, 2025. This represents a 288.04% increase from N18.9 billion in the same quarter last year, while the full-year pre-tax profit reached N289 billion, up 167.35% ...
Capital Market
The Nigerian stock market maintained its upward momentum on Thursday, driven by the listing of 19.803 billion ordinary shares of FCMB Plc at 50k per share. This contributed an additional N347 billion gains to the market capitalisation at the close of the session. Notably, the market capitalisation, which opened at N64.521 trillion, rose by 0.54 ...
News
The newly appointed Managing Director, Nigeria Railway Corporation (NRC), Dr Kayode Opeifa, has promised to fulfil the corporation’s responsibility to Nigerians in line with the Renewed Hope Agenda programme of President Bola Tinubu. Opeifa made the promise on Thursday when he assumed duty as the NRC Managing Director. Opeifa added that he would work in ...
News
The Federal Government has secured a $1.1 billion credit facility from African Development Bank (AfDB) to provide electricity for five million people in Nigeria by 2026. President Bola Tinubu disclosed this at the just concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania. The president, according to a statement issued on Thursday ...
Business
...As revenue increases 20.4% in nine months Airtel Africa Plc has announced the launch of its second $100 million share buyback programme, reinforcing its financial strength and commitment to shareholder returns. This comes after the successful completion of its initial $100 million buyback in December 2024. The telecom giant reported strong operational performance despite currency ...
Capital Market
The Nigerian equities market sustained its bullish trading with a N347 billion gain by investors at the close of business on Thursday This followed a surge in the share prices of stocks like Honey Flour, NNFM, and Red Star Express amongst others on the trading floor. After five hours of trading at the capital market, ...
Money market
Union Bank, Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4 campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws. The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 ...
Crime
The National Agency for Food and Drug Administration and Control has shut down the infamous Cemetery Market in Aba, Abia State, for the second time in two years. The agency said it uncovered and confiscated fake and substandard food and beverages worth over N5 billion in its latest operation tagged Operation Clean Up Aba. Described ...
Business
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, has called for greater collaboration on the National Single Window (NSW) Project, describing it as a key component in Nigeria’s strategy to overhaul its trade processes and unlock significant economic growth. The NSW initiative, he said, aligns with the administration’s Renewed Hope ...
Money market
The Central Bank of Nigeria (CBN) has announced the immediate waiver of the 2025 licence renewal fee for existing Bureau De Change (BDC) operators, marking a significant move to support the sector as part of the ongoing transition to a new regulatory framework. In addition to this, the CBN officially launched the Nigeria Foreign Exchange ...
Maritime
…Targets 25% reduction of port operations cost The Federal Government has unveiled plans to implement the National Single Window (NSW) as part of its strategy to reduce the cost of doing business in Nigerian ports by at least 25 percent. According to the World Bank, the cost of conducting business at Nigerian ports can be ...
Money market
The Central Bank of Nigeria has directed participants in the foreign exchange market to submit compliance reports on adherence to the Nigeria FX Code by January 31, 2025. The directive is part of efforts to strengthen ethical practices, governance, and transparency in the market. The Nigeria FX Code, which became effective on December 2, 2024, ...
Capital Market
Nigeria’s equities market recorded another session of negative close on Thursday amid scarcity of positive triggers capable of keeping the market on the positive path. The market decreased by 0.05 percent on Thursday, thereby strengthening the previous day’s negative. The market’s year-to-date negative return increased to 0.13 percent. Though this week, the market has risen ...
