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The acting Inspector-General of Police, Olukayode Egbetokun, met with the national leadership of the Nigerian Labour Congress and the Trade Union Congress on Monday night behind closed doors. Though details of the meeting was yet to be revealed by the police high command as of the time of filing this report, our correspondent gathered that […]

The Edo state National Assembly Election Petitions Tribunal sitting in Benin, has upheld the declaration of Sen Adams Oshiomhole, of the All Progressives Congress (APC), as the winner of the Edo North Senatorial district election during the February 25 presidential and National Assembly election. The tribunal also upheld the declaration of Hon. Ihonvbere Onozuanvbo Julius […]

Naira Trades at N740 as ‘Invisible Hands’ Boost FX Supply The naira traded at N740.38 at invisible hand boosted FX supply at the Investors and Exporters window last week. The exchange rate rebounded despite the fact that $3 the Nigerian National Petroleum Corporation Limited’s $3 billion loan from the African Export-Import Bank stalled. However, with […]

Nigerian Exchange Rises By N1.4trn in August The Nigerian Exchange (NGX) rose by N1.4 trillion in the month of August following strong buying sentiments witnessed across tickers. The Nigerian Exchange All-share index rose 3.44% to 66.548.99 points, a level seen last in March 2008. In August, year-to-date return closed near 30% following the size of […]Read More

Nigeria’s Export to UK Jumps 74% in 12 Months In one year, Nigeria’s exports into the United Kingdom (UK) rose by about 74% from 1.9 billion to 3.3 billion British pounds at the end of June 2023, according to the British Deputy High Commissioner, Jonny Baxter. Baxter gave the figure while speaking on the level […]

Dangote Cement Pays N412.9bn Tax to FG in Three Years Dangote Cement Plc, a subsidiary of Dangote Industries Limited, (DIL), paid a total of N412.9 billion into the coffers of the Federal Government as tax for 3 consecutive years. A total of N97.24 billion was paid by Dangote Cement in 2020, N173.93 billion in 2021 […]

Fidelity Bank Profit Rises by 166% to N62 Billion Fidelity Bank profit rose by about 166% in the first half of the financial year 2023 to about N62 billion, from N23 billion in the comparable year in 2022.  The strong feat recorded in the period was driven by the combined effects of revaluation gain on […]

Ecobank Upgrades Branches for Better Customer Experience Ecobank Nigeria Limited has started to upgrade branches across the country for better customer experience, and improved service delivery amidst plans to boost its market performance. According to a statement, the effort will see the bank turn its existing banking halls into modern smart banking arenas designed to […]

Weak Agric Sector Growth Questions Anchor Borrowers’ Spending The declining agriculture (Agric) sector’s contribution to the gross domestic product ratio has continued to put pressure on market prices of foods, raising questions about Nigeria’s anchor borrower spending. The agriculture sector’s contribution to Nigeria’s economy was down to 21.07% in the second quarter of 2023, from […]Read More

Dangote Sugar Market Value Rises Sharply on Merger Updates Dangote Sugar Refinery Plc’s market value rose sharply on merger updates released following updates on the proposed merger with NASCON Allied Industries and Dangote Rice Limited, stock market data review by MarketForces Africa showed. Further to the initial uptick, the company’s share price gained traction as […]

Brent Rises to $88 as Supply Cuts Stoke Pressure Brent crude oil price rose sharply to about $88 per barrel in the international market this week, a surge underscored by supply cuts by members of the oil cartel, the Organisation of Petroleum Exporting Countries and allies (OPEC+). The push seen in the week was also […]

NUPRC Issues Ultimatum on 3% Remittance to Oil Communities The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has threatened to revoke the licences of oil operators or settlors who failed to remit the three per cent statutory fees to oil communities before the end of September 2023. The NUPRC management on Friday said its attention had […]