admin

Equities Investors Lose N294bn to Selloff on Nigerian Bourse Equities investors lost about N294 billion as the Nigerian stock market capitalisation declined further. The Nigerian Exchange (NGX) opened the week negatively because investors offloaded shares of top big banks following FTSE Russell downgrading the Nigeria Index. In the first two trading sessions in the new […]

Apple Sets to Unveil iPhone 15 Apple is set to unveil its iPhone 15 at the Wonderlust event, and stakeholders are expecting to see the rumoured device and new Apple Watches announced. This will be the first event since Apple unveiled the Vision Pro at WWDC earlier this summer. Apple is expected to reveal the iPhone […]

Oil Maintains Uptrend Ahead of OPEC Report Oil keeps an uptrend ahead of the Organisation of Petroleum Exporting Countries (OPEC) monthly oil market report, which will include August production numbers for the group, along with their latest outlook for the oil market. Brent is holding above US$90 per barrel as the market tightens, whilst extended […]

Large Exchange Rates Gap Rubbishes Naira Devaluation The large and widening exchange rates (FX) gap between official and parallel markets has rubbished the recent devaluation of the Nigerian local currency, the naira. The fact that it is more predictable that the naira will fall the next day at the official market continues to push demand […]

Afreximbank to Double Intra-African Trade Financing to $40bn by 2026 African Export Import Bank (Afreximbank) is to double its financing of intra-African trade to 40 billion dollars on a revolving basis by 2026. This bank’s intra-African trade financing stood at 20 billion dollars in 2021. Mrs Kanayo Awani, Afreximbank’s Executive Vice President, made the disclosure […]

CBN Directs Banks to Stop Spending FX Revaluation Gains The Central Bank of Nigeria, CBN, has issued a fresh directive instructing commercial banks on Monday to stop spending their foreign exchange (FX) revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11, 2023, signed by the Director […]

Zenith Bank Defies Odds with Triple Digits Jump in Revenue, Profit Zenith Bank Plc announced its first half of 2023 earnings financial scorecard, recording an astounding triple-digit growth of 139% in gross earnings from N404.8 billion reported in H1 2022 to N967.3 billion in H1 2023.  In a statement, the bank said this is a […]

The US government on Tuesday accused Google of paying out $10 billion a year to Apple and other firms in order to safeguard its monopoly over online search. The accusation came on the opening day of a landmark trial that is the biggest antitrust case in the United States in more than two decades. “This […]

The Labour Party (LP) on Tuesday said the grounds upon which tribunals reversed the election of some of its lawmakers were in contravention of established jurisprudence. LP National Chairman, Julius Abure, in a statement made available to newsmen noted that the Supreme Court, and even last week’s judgement of the Presidential Election Petition Court (PEPC), […]

Barely one week after leading a two-day nationwide warning strike, the organised labour on Tuesday threatened to begin an indefinite strike should the Federal Government fail to meet its demands at the end of a 21-day ultimatum which will expire in approximately one week’s time. The workers union said the proposed strike was necessary following […]

The bilateral trade relationship between Nigeria and the European Union (EU) has grossed over €45 billion over the years, Samuela Isopi, Head of delegation of the EU and ECOWAS said on Tuesday in Abuja. She made the disclosure when she led a delegation on a courtesy visit to the Minister of Budget and Economic Planning […]

President Bola Tinubu has ordered the immediate payment of all pending Group Life Assurance owed to the Next of Kins of families of soldiers killed in action. The Chief of Army Staff (COAS) Lieutenant General Taoreed Lagbaja, on Tuesday, who disclosed this while declaring open the combined 2nd and 3rd Quarter Chief Of Army Staff […]