business
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The stock market segment of the Nigerian Exchange Limited (NGX) dropped by N1.49 trillion in two days following the hike in the interest rate. The Monetary Policy Committee (MPC) on Tuesday, increased the Monetary Policy Rate (MPR) to 22.75 percent from 18.75 percent, which saw the stock market witnessing negative sentiment as investors are now […]
FD Group Plc, a proprietary investment company in Nigeria, has recorded an 84.7 percent decline in its after-tax profit for 2023, according to its latest unaudited financial statement. In the statement, the company’s after-tax profit was N1.08 billion, down from N7.09 billion in 2022. Earnings per share-basic totalled N5.69, down from N37.32 in 2022. Other […]
The price of bitcoin went past $57,000 on Tuesday as the rally in cryptocurrencies remain strong. Bitcoin surpassed that level at 7.30 a.m. EDT and it was trading at $56,730 at 8.34 a.m. EDT for a daily gain of a massive 10.7%. The world’s biggest cryptocurrency saw its price climb above $54,000 on Monday for […]
Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market. A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday. He said, Yes it is true, we are currently selling above N2,000 for the pounds and it is still about the […]
The Nigerian government has cracked down on underperforming power distribution companies (Discos), announcing they could lose half their operating expenditures if they fail to meet stipulated standards. This warning came through the Nigerian Electricity Regulatory Commission (NERC) at the recent NESI Stakeholders Meeting in Lagos. The NERC emphasized that each Disco’s performance will be individually […]
Retired General Jones Oladeinde Arogbofa, who served as Chief of Staff to former President Goodluck Jonathan, passed away on Saturday in Abuja. He was 72 years old. Arogbofa, a native of Ondo State, had a distinguished career in the Nigerian Army, rising to the rank of Brigadier General before his retirement in 2004. He later […]
Access Holdings Plc has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe. Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigerian Exchange Group, Abimboloa Ogunbanjo on Friday. statement […]
The Federal Government has entrusted the Bank of Industry (BOI) with the role of serving as the executing agency for a substantial N200 billion fund, designed to bolster businesses across Nigeria. This initiative, spearheaded by the Federal Ministry of Industry, Trade, and Investment (FMITI), comprises three distinct funds: the Presidential Conditional Grant Scheme (PCGS), the […]
The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356/$ This is coming weeks after the rate was increased from N783/$ to N952/$. In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 […]
Oil marketers raised anxieties recently, expressing fear that the Naira’s depreciation against the dollar (currently around N1,450/USD) could translate to higher pump prices for petrol. They questioned how the Nigerian National Petroleum Company Limited (NNPCL) could maintain current subsidized fuel costs with increasing import costs. However, at an event in Abuja, the Minister of State […]
