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The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the Abuja Light Rail is ready for commercial operations. Wike, who stated this after he inspected the project in Abuja on Monday, added that 15 million dollars, translating to more than N10 billion, was expended on the rehabilitation project. He assured FCT residents […]

Osun Assembly on Monday passed a bill increasing the stipends for political office holders and others in the State. The Osun State Public /Political Office Holders Revised Remuneration Package Amendment No 2, Bill 2024 scaled through its third reading on the floor the Assembly. At the sitting, the Deputy Majority Leader of the House, Adekunle […]

Equities Analysts Cut Nestle Nigeria Target Price, Keep Buy Rating Nestle Nigeria has a price target of N1,130.50 per share, according to Cordros Securities analyst, Jennifer Chiwetelu, after the company lost 180 kobo per share deployed for business in Q1-2024. The company share price traded flattihs at N820 in the last seven trading sessions in […]

Jaiz Bank Grows Profit by 300% in Q1-2024 Jaiz Bank Plc grew profit by 300% year on year in the first quarter of financial year 2024, according to the Islamic lender’s unaudited financial statement posted on the Nigerian Exchange (NGX) on Sunday. Details showed that net profit surged to N5.844 billion in the first three […]

MTN Nigeria: Analysts Slash Price Expectation by 36%, Project Loss for 2024 Following heartbreaking earnings performance in the first quarter of 2024, equities analysts at CardinalStone Securities Limited have slashed target price of MTN Nigeria PLC by 36%. The investment firm said in its equity report that the telecom has a hold recommendation and that […]

Geregu Power Stops ‘Rolling’ at 52 Week High Amidst negative price swings in the stock market, Geregu Power Plc have hibernated and the decline in market valuation has persisted for months.   The market value of Geregu Power PLC has stopped rolling since unit price peaked at #1000—its peak price over the last 52 weeks on […]

MPC to Increase Rate by 100bps to 25.75% – Analysts The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) would increase the benchmark policy rate by 100 basis points to 25.75%, investment banking firms said in their pre-meeting note. Both Cordros Capital Limited and Cowry Asset Management Limited projected a 100 basis […]

CBN Begins FX Market Intervention, Sells Dollar to Banks The Central Bank of Nigeria (CBN) has returned to the foreign exchange market to boost FX liquidity amidst perpetual US dollar scarcity, a key challenge in the currency market. Last week, the apex bank intervened three times with total foreign currency sales of about USD211 million […]

Naira Lost 43% in 1-Month as Hot Money Shifts Base The naira lost about 43% of its value in the foreign exchange market as volume of US dollar in the currency markets dried up. The unmet return on hot money caused foreign investors’ earlier exits. Data tracked from the apex bank’s website showed there were […]

Table tennis star Bello Qualifies for Paris Olympics Nigeria’s table tennis star, Fatima Bello has qualified for the 2024 Paris Olympics holding in France. Bello joined the duo of Edem Offiong and Olajide Omotayo, who both qualified for the Games on Friday at the African Olympic qualifying event in Kigali. Bello, who secured a maiden […]

Germany, Nigeria Trade Relations Hits €3bn – Envoy The German Ambassador to Nigeria, Mrs Annett Gunther, says trade relations between Federal Republic of Nigeria and Federal Republic Germany currently stands at about three billion euros. Specifically, she said the trade relations grew from two billion euros in 2022 to the current figure of three billion […]

Manchester City Claim Record Fourth Straight EPL title Phil Foden struck twice early on as Manchester City secured a historic fourth successive Premier League title with a convincing 3-1 win over West Ham on Sunday. There were few signs of last-day nerves from Pep Guardiola’s dominant side, although a spectacular effort from Mohammed Kudus just […]