Business

The Nigerian equity market gained N607bn in market capitalisation in the past week, on the back of buying interest in large-cap stocks like Access Corporation and MTN Nigeria. The All-Share Index appreciated by 1.06 per cent to close at 97,456.62, while the market capitalisation rose by 1.10 per cent to…

By Abiodun Folarin   The Federal Republic of Nigeria has underscored its commitment to deepening ties with Indonesia, highlighting the untapped economic potential and promising avenues for collaboration. This was affirmed during the second Indonesia-Africa Forum, held from September 1-3, 2024, in Bali, Indonesia. Representing President Bola Ahmed Tinubu, Nigeria’s…

The Central Bank of Nigeria (CBN) has reported a significant increase in remittance inflows, reaching $553 million in July 2024, a 130 per cent increase from the corresponding period in 2023. A statement by Hakama Sidi Ali (Mrs.), Ag. Director, Corporate Communications said “this figure represents the highest monthly total inflows…

Access Holdings Plc, has announced an extension of the acceptance period for its ongoing Rights Issue. Initially set to close on August 14, 2024, the period has now been extended to August 23, 2024, following the approval of the Securities & Exchange Commission (SEC). The statement, signed by the Group’s…

The Central Bank of Nigeria (CBN) has reintroduced the publication of several key economic reports, reaffirming its commitment to fostering transparency and accountability in the Nigerian economy. A statement by Hakama Sidi Ali (Mrs.), Ag. Director, Corporate Communications listed the  reports to include the Purchasing Managers’ Index (PMI), Business Expectation…

Ahead of the expected commencement of petrol release to Nigeria’s market this month, Dangote Petroleum Refinery has reacted to headlines announcing “Marketers Project N600/litre for Dangote Petrol” published by a national newspaper of Tuesday August 13,2024, saying it was a mere speculation. A statement by Anthony Chiejina, Group Chief Branding and…

By Abiodun Folarin   The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. CBN in a statement on Tuesday, by it Ag. Director, Corporate Communications, Hakama Sidi Ali, explained that the strategic…

The Central Bank of Nigeria (CBN) has sold $106.5 million to 29 authorized dealer banks at N1,498/$1 to N1,530/$1 on Thursday July 18 and July 19, 2024 as part of moves to improve supply in line with its price stability mandate and its commitment to ensure a well-functioning and liquid…

By Abiodun Folarin   The International Monetary Fund (IMF) has said that global growth is projected to remain unchanged at 3.2 per cent in 2024 and 3.3 per cent in 2025. This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2024: “The Global Economy…

By Abiodun Folarin   In a significant stride towards fostering economic growth, Access Bank PLC, sub-Saharan Africa’s largest bank by customer base, has celebrated a landmark moment in its partnership with the Dutch Entrepreneurial Development Bank (FMO). The occasion marked the signing of a monumental syndicate Tier II Facility agreement…