The Nigerian equities market started the year on a positive note, with the All-Share Index (ASI) increasing by 0.25% to close at 103,180.14 points on Thursday. This growth resulted in a N154.7 billion rise in market capitalization, bringing it to N62.92 trillion. The year-to-date (YTD) return reflected the market’s strong start, standing at 0.25% after … Read more
The naira showed a slight appreciation against the dollar as the foreign exchange market resumed operations after the New Year holiday. According to data from FMDQ, the naira strengthened to N1,538.23 per dollar on Thursday, up from N1,538.25 on Tuesday, reflecting a modest gain of N0.02. However, on the parallel market, the naira depreciated, falling … Read more
MTN Nigeria has submitted a proposal to the Nigerian Communications Commission (NCC) requesting a 100% increase in its service tariffs, including call and data charges. The announcement was made by the company’s Chief Executive Officer, Karl Toriola, during an interview on Arise TV on Thursday. Toriola expressed doubts about the proposal’s approval, citing the sensitive … Read more
Global oil prices saw a positive start to 2025, with Brent Crude and West Texas Intermediate (WTI) both recording increases. As of the first trading day, Brent Crude rose by 0.13% to $76.03, while WTI saw a 0.14% increase, reaching $73.25. This surge is attributed to optimistic market sentiment driven by expectations of stronger economic … Read more
Bismark Rewane, Chief Executive of Financial Derivatives and a well-known economist, has criticized President Bola Ahmed Tinubu’s 15% inflation target for 2025, calling it unrealistic and merely aspirational. During an appearance on Channels Television’s program on Thursday, Rewane pointed out that while the President’s optimism is commendable, the target is unlikely to be achieved. President … Read more
Dangote Petroleum Refinery has entered into a bulk purchase agreement with Heyden Petroleum and Ardova Plc to ensure a steady supply of affordable Premium Motor Spirit (PMS) across Nigeria. This collaboration is part of the efforts to stabilize the nation’s fuel market and enhance energy security, supported by President Bola Tinubu’s crude-for-naira swap initiative. The … Read more
Bankit Micro Finance Bank has introduced a new web banking platform aimed at offering customers a seamless digital experience. The platform is designed for easy management of financial transactions across devices like phones, laptops, and tablets, ensuring uninterrupted access to banking services. In a statement, the bank emphasized that the new platform would redefine banking … Read more
In 2024, the issuance of commercial papers and corporate bonds saw a notable decline, as the high-interest rate environment led to a decrease in the number of instruments issued and the amounts raised. According to reports from the FMDQ and Afrinvest Securities, commercial paper issuances fell by 5% to 133 from 140 in 2023, with … Read more
The $350 million Grand Litora Railway project in Cross River State has reached a major milestone with the presentation of the topographical mapping for the first 104 km of the Calabar-Ugep route. This achievement, confirmed by Rinehooke Investment Ltd, signifies the project’s steady progress. The mapping was unveiled at the Tinapa Free Zone Resort, reinforcing … Read more
The Federal Government has earmarked N105.95 billion for the aviation industry in the 2025 budget, marking an increase from the N63.32 billion allocated in 2024. This funding aims to support the growth and modernization of the aviation sector. Additionally, the government plans to refund N4 billion to the Kebbi State Government for the construction of … Read more