admin

Former Edo state governor, Senator Adams Oshiomhole, revealed on Wednesday, February 21, that President Bola Tinubu has endorsed the non-zoning approach for the rescheduled All Progressives Congress (APC) governorship primary, scheduled for Thursday, February 22. Speaking to reporters at the State House in Abuja after a meeting with President Tinubu, Oshiomhole, who also served as […]

The leadership of the organised labour on Wednesday took a swipe at the Department of State Services (DSS) over its warning that the movement should shelve its proposed protest billed to hold February 27 and 28. The secret police had earlier counseled the Nigeria Labour Congress (NLC) and its counterpart from Trade Union Congress (TUC) […]

FG Threatens to Open Borders for Cement Importation The federal government has threatened the possibility of opening the borders to cement importation if Nigerian cement manufacturers refuse to play ball on cement reduction in the country. Minister of Housing and Urban Development, Arc Ahmed Dangiwa, who made the declaration said key input materials for cement […]

BUA, FBNH Selloffs Drag NGX Lower By N729bn Equities investors in the Nigerian Exchange (NGX) lost more than N729 billion on Tuesday as the market priced BUA Cement, FBNH and Transcorp lower. This is the second large daily loss since the beginning of the week, dragging year-to-date return downward. Key performance indicators slumped by 1.30% […]

Naira Hits N1652 on Forward Market The Nigerian naira has continued to lose its purchasing power. Nigerian non-deliverable currency forwards fell across the curve to a new record low against the dollar on Tuesday, mirroring sustaining decline on the official spot market, London Stock Exchange Group (LSEG) data showed. The naira fell to a low […]

Electricity Act: Experts Laud FG on 5% Compensation to Host Communities Some experts in the power sector have commended the Federal Government for the five per cent set aside to host communities in the 2024 Electricity Act (Amendment) Bill. The bill, which was passed by the House of Representatives on July 27, 2023, and the […]

British Petroleum to Invest $1.5bn in Egypt for Development Activities Energy giant, British Petroleum (BP) plans 1.5-billion U.S. dollar new investments for development and exploration activities in Egypt, the Egyptian presidency says. The announcement was made after a meeting in Cairo between Egyptian President Abdel-Fattah al-Sisi and BP Chief Executive Officer Murray Auchincloss in Cairo. […]

Reps Query Ecobank, Others Over N11.632 trn FG Revenue Collected The House of Representatives has queried Access Bank, Citi Bank, Ecobank and Fidelity Bank over N11.632 trillion revenue collected on behalf of Federal Government through REMITA platform between 2015 and 2022 fiscal years. Rep. Bamidele Salam, Chairman, House Committee on Public Accounts, issued the query […]

Yield Shrinks to 15.4% as Demand for Treasury Bills Rises The average yield on Nigerian Treasury bills shrank in the secondary market as investors ramped up short-term borrowing instruments. Deposit money banks and other authorised dealers have kept demand for bills steadied with occasional sell-down. In the fixed income market, yields have remained elevated following […]

Selloffs in Tier-1 Banks Stocks Dragging NGX Down The Nigerian Exchange (NGX) equities market capitalisation declined during the intraday trading session in the domestic market due to selloffs seen on banking stocks. The local exchange reported a more than N1.82 trillion decline in market capitalisation yesterday due to similar trading pattern. Tier-1 banks’ stocks are […]

Stanbic to Meet Health Service Providers to Unlock Opportunities Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC Holdings PLC, announced its forthcoming exclusive healthcare breakfast session with individuals and service providers in the sector to unlock growth opportunities. According to a statement released by the banks, the session will take place in Lagos on […]

Moody’s Upgrades Outlook on Nigerian Banks to Positive Nigerian banks’ earnings prospect is positive despite macroeconomic headwinds confronting Africa’s largest economy. Banks have seen a series of margin dilutive directives as the industry regulator seeks to plug more holes in the sector, and economy. In its premium report obtained by MarketForces Africa, Moody’s said its […]