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The National Insurance Commission (NAICOM) says the Nigerian Agricultural Insurance Corporation (NAIC) will continue to underwrite agricultural insurance schemes in spite of the withdrawal of its general insurance licence. Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, said this on Friday in Lagos during a media interactive session on developments in ...
The Kano State Road Traffic Agency (KAROTA) says it will collaborate with the Kano State Internal Revenue Service (KIRS) to boost revenue generation. The Managing Director of KAROTA, Mr Faisal Kabir, disclosed this in a statement issued by the agency’s Public Relations Officer, Mallam Abubakar Ibrahim. Kabir said Kano State had enormous revenue potential that ...
NVIDIA Tokenised bStocks (NVDAB) price inched lower by 1.94% in 24 hours to $220.32 on Thursday, a milder decline than the broader crypto market’s 3.34% drop. The move appears driven primarily by a macro sell-off across risk assets, with Bitcoin down 3.48%. No clear coin-specific negative catalyst was visible in the provided data. A sector-wide ...
Equities investors gained N100.51 billion as the Nigerian Exchange (NGX) stopped losses, with oil-linked and industrial stocks rising on Thursday. The Nigerian stock market staged a marginal rebound, with the NGX All-Share Index edging up 0.06% to close at 242,378.13 points. The soft bargain hunting pushed the year-to-date return to +55.76% and added ₦100.51 billion ...
The National Environmental Standards and Regulations Enforcement Agency (NESREA) has formally designated the Recycling and Economic Development Initiative of Nigeria (REDIN) as a Producer Responsibility Organisation (PRO) under the Extended Producer Responsibility (EPR) programme for the motor vehicle and miscellaneous assembly sector. Under the EPR framework, a PRO operates as an umbrella organisation responsible for ...
The Coalition of Arewa Civil Society Groups has commended Dangote petroleum refinery for moderating petrol prices amid pressures in global oil markets. Jabir Maiturare, Coordinator of the coalition, gave the commendation in a statement on Wednesday in Kaduna, describing domestic refining as crucial to Nigeria’s energy security. Maiturare said geopolitical tensions, disruptions to refining capacity ...
Former Vice President Atiku Abubakar has criticised the Federal Government’s rising Federation Account Allocation Committee disbursements, describing the figures as a scam of numbers that does not reflect an improvement in the living conditions of Nigerians. Atiku, in a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, argued that ...
The Nigerian Naira has strengthened past a major resistance level against the British Pound Sterling, trading around N1,788 per pound amid robust macroeconomic fundamentals. The appreciation is largely driven by aggressive interest rate hikes by the Central Bank of Nigeria (CBN) and the promotion of high-yield instruments such as Treasury Bills and Primary Market Auctions ...
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stepped up efforts to attract investments into Nigeria's petroleum sector, holding a high-level stakeholder breakfast meeting in Abuja ahead of the upcoming Oil and Gas Investment Summit in Beijing, China. Speaking at the Transcorp Hilton on Wednesday, RMAFC Chairman Dr. Mohammed Bello Shehu stated that the ...
The Central Bank of Nigeria (CBN) has revealed that supervisory focus on terrorism financing is now a key priority. The apex bank in a statement issued on Tuesday by the Acting Director of the Corporate Communications and Investor Relations Department, Sidi-Ali, Hakama (Mrs) said the decision was part of its commitment to ensuring that financial ...
First Bank of Nigeria Limited Managing Director, Olusegun Alebiosu has stated that artificial intelligence will provide far more efficiency and opportunities than threats for the banking sector, provided that associated risks are properly managed. Speaking on the sidelines of the 19th Chartered Institute of Bankers of Nigeria Annual Banking and Finance Conference in Abuja, Alebiosu noted that while AI has heightened cyber risks and ...
The Jigawa state government has approved the 2026 revised budget of N948.2 billion, up from N901.8 billion. Mr Sagir Musa, Commissioner for Information, Youths, Sports and Culture, said this in a statement on Tuesday in Dutse. He said the revised estimate got N46.369 billion increase following changes in revenue projections and adjustments to capital revenue ...
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has initiated consultations with key government agencies as it prepares to showcase Nigeria’s oil and gas opportunities in China, aiming to draw fresh capital into the energy industry and boost revenue allocations to the Federation Account. The proposed Nigeria–China Oil and Gas Investment Summit, tentatively scheduled for ...
The Dangote Refinery’s planned public offering presents an unusual question for Nigeria: what happens when an industrial asset built by one of Africa’s richest businessmen is opened to millions of ordinary investors? That is the aspect of the IPO worth watching.The refinery aims to attract as many as 10 million investors, an unprecedented target for ...
The Debt Management Office (DMO), on behalf of the Federal Government, has announced an offer of two FGN savings bonds for subscription at N1,000 per unit. According to a statement by the DMO on Tuesday in Abuja, the first offer is a two-year FGN bond due on Sept. 16, 2028, at an interest rate of ...
Nigeria’s external reserves have surged past $54 billion to reach an 18-year high while public debt remains sustainable at under 40 percent of Gross Domestic Product (GDP). These milestones were reviewed on Monday in Abuja during a meeting of the Economic Management Team (EMT), the Federal Government’s principal organ for economic coordination, chaired by the ...
African Alliance Insurance Plc has posted a loss after tax of ₦482.5 million for the half-year ended June 30, 2023, tumbling from a profit after tax of ₦154.3 million recorded in the corresponding period of 2022, on the back of a 14.1 percent drop in gross premium written to ₦3.78 billion. The company's delayed unaudited ...
The Debt Management Office (DMO) has opened the Federal Government of Nigeria Savings Bond (FGNSB) offer for September 2026. According to a notice posted by the DMO, the authority is offering a 2-year FGN Savings Bond due September 16, 2028, at an interest rate of 14.12% per annum. A 3-year FGN Savings Bond due September 16, 2029, at an interest rate of 15.12% per annum, will also ...
The Afrinvest Foundation has unveiled a 35-seater Information and Communication Technology centre at the Palace of the Emir of Kano, Muhammadu Sanusi II. The centre, powered by a 15-kilowatt solar system and internet connectivity, is aimed at providing digital education and learning opportunities for young Nigerians. Group Managing Director of Afrinvest (West Africa), Prince Ike ...
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has charged the Nigeria Customs Service (NCS) to avoid complacency despite the progress being made by the Service. Oyedele gave the charge during his visit to the NCS headquarters in Abuja, where he chaired the Board meeting of the Service for the first ...
Civic tech and public finance watchdog BudgIT has called on the Federal Government to halt the rollout of transparency portals and prioritize real-time accounting for hundreds of billions of naira routed into social safety net programs. The demand follows a revelation by the Auditor-General for the Federation, disclosing that the Federal Government failed to provide ...
Dr Armstrong Takang, the Managing Director, Ministry of Finance Incorporated (MOFI) says Nigerians risk losing the wealth created by the digital economy unless they invest in and own technology businesses. Takang made the assertion on Thursday in Lagos at the Gulf Information Technology Exhibition (GITEX) Nigeria, a forum focused on the intersection of technology, finance ...
Leading indigenous cable and wire manufacturer Cutix Plc has notified the Nigerian Exchange Limited (NGX), shareholders, and the capital market of the resignation of its statutory external auditing firm, Messrs Ngozi Monica Okonkwo & Co. The regulatory notification, signed by the company’s management, stated that the company received the formal letter of resignation from the ...
