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The Federal government has said it cannot fold its arms and see the price of cement spiralled out of control. The Minister of Works, David Umahi has summoned cement manufacturers to a meeting on Monday to examine the issues surrounding the latest development. According to a statement by the Special Adviser to the Minister on. […]

President Bola Tinubu has approved the immediate upgrade of 16 health institutions across all six geo-political zones in the country. The president directed that the infrastructure and equipment of the institutions should be immediately upgraded. The institutions include the Lagos University Teaching Hospital, Surulere and the Ahmadu Bello University Teaching Hospital, Zaria. Among them are […]

By PINHEIRO LP INTRODUCTION “Section 2 of the Explosives Regulations, Cap. 117, Laws of the Federation of Nigeria, 1990 defines explosives…The same section defines mining as having the meaning assigned to it in the Minerals Act, and shall include the use of explosives in works authorized under the Petroleum Act. Although there is no definition […]

Naira Sees Tiny Daily Gain as Unofficial Rate Hits N1600 The Nigerian troubled local currency, the naira, recorded an unimpressive daily gain in the official foreign exchange market. It is a false hope that the naira would rebound. The supply side has remained tight despite a sell order given to deposit money banks to reduce […]

Fitch Keeps FCMB on Rating Watch Negative Again Fitch Ratings said it has again kept First City Monument Bank’s (FCMB) credit rating under rating watch negative (RWN) following the Nigerian naira devaluation. According to the report, a decision to maintain FCMB  on rating watch negative reflects its view that, while estimated to have remained compliant […]

NGX Sees N329bln Gain as BUA Cement, Geregu Rally The Nigerian Exchange (NGX) saw more than N329 billion daily gain on Thursday which lifted market capitalization to about N57 trillion following buying interest in BUA Cement, Geregu and other liquidity stocks. The market consolidated on renewed buying interest amidst earnings releases by listed companies. Given […]

Senate Approves N5.079trn Budget for Nigeria Customs Service The Senate has approved 2024 budget of N5.079 trillion for the Nigeria Customs Service (NCS) for the 2024 fiscal year. The approval followed adoption of recommendations of report of Committee on Customs, Excise and Tariffs on Thursday at plenary. Presenting the report, Chairman of the Committee, Sen. […]

Jumia Reduces Pretax Loss by 52% to $99m The leading pan-African e-commerce platform. Jumia, posted a 52% year-on-year decline in pretax loss to $99 million, according to its latest earnings release. The company’s annual revenue declined by 8% year-over-year to $186 million, according to e-commerce giant earnings released which showed that losses moderated. In its […]

Nigeria’s Running Inflation Hits 29.90% Nigeria’s running inflation rate has accelerated to 29.90%, according to data from statistics office posted on Thursday. The National Bureau of Statistics (NBS) said in the report that in January 2024, the headline inflation surged 0.8% from 28.92% in December 2023 reading. Food inflation surge has now crossed 10% on […]Read More

FG intensifies Efforts to Formalise SMEs Operations The Federal Government is intensifying efforts to formalise activities of Small and Medium Enterprises (SMEs) to increase the country’s tax net, an official has said. The Registrar- General Corporate Affairs Commission (CAC), Hussaini Magaji stated this on Thursday while disclosing that over 2.5 million businesses had been brought […]

DMO Offers N2.5trn FGN Bonds for Subscription at N1,000 Per Unit The Debt Management Office has offered two Federal Government of Nigeria bonds valued at N2.5 trillion for subscription at N1,000 per unit. The first offer is a seven-year bond valued at N1.25 trillion and expected to mature in February 2031. The second offer is […]Read More

President Tinubu Meets Governors on Food, Security President Bola Tinubu is meeting with State governors at the Presidential Villa, Abuja. The meeting, which is not unconnected with the food situation and security in the country, has more than 27 governors and the deputy governor of Bauchi in attendance. The Federal Government had started releasing tonnes […]