Category: Business
The Chief Executive Officer of Zenith Bank, Ebenezer Onyeagwu, on Wednesday invested N32.2 million to acquire 1.4 million ordinary shares in the lender. He made the investment in two tranches. In the first investment, Onyeagwu acquired 400,000 ordinary shares at N23 per share while he bought another one million shares at N23 per share. The […]
Last week wasn’t a good outing for shareholders of Guaranty Trust Bank at the capital market, as analysis of the lender’s trading showed that its market value dropped by 0.84% at close of trading. Ripples Nigeria analysis showed that the decline in GTBank’s market value cost shareholders N7.30 billion in five days. This is as a result […]
The Naira opened the first trading day of the week trading lower against the U.S dollar on Monday at the parallel segment of the foreign exchange market. The local currency depreciated against the Dollar to exchange at N486 to a dollar on Monday against N485 it went on Friday. According to market data, this represents a N1 […]
The National Bureau of Statistics (NBS) says the average price paid by consumers for Kerosene, Diesel, and cooking gas all increased in the month of April. Although Nigerians spent less for Premium Motor Spirit (Petrol) from the previous month, NBS said. This was disclosed in its latest Price Watch report for April 2021 According to NBS, the […]
The Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to urgently direct Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning to disclose spending details of the $700 million looted funds reportedly recovered by the Federal Government in the past 4 years. SERAP also asked the President to direct Mrs Ahmed to […]
The Lagos State Government disclosed it has registered 400 money lenders in 2 years, citing that the registration would legalise the operations of lenders and protect the public from scams. This was disclosed by the Commissioner for Home Affairs, Mr Anofiu Elegushi, who made the statement in Ikeja, at a press briefing on Sunday. What the […]
Over the next five years, the World Bank Group has revealed plans to invest and mobilize $150 billion to support Africa’s growth. However, a large portion of the fund will be through grants and long-term, zero-interest-rate loans from the International Development Association (IDA) of which Nigeria is eligible. This was disclosed by World Bank Group’s president, David […]
The fall of one of the world’s best-known cryptocurrencies, the Bitcoin, on Wednesday, sent shockwaves throughout the financial world, Nigerian investors inclusive. Over the past 24 hours, Bitcoin nosedived to $30,201.96 while Ethereum and Dogecoin experienced as much as 30% plunge to $2,385 and $0.338528 respectively. The decline in prices of cryptocurrencies is believed to […]
The losses recorded by Bitcoin investors seemed to have drowned investors’ confidence across the nation’s capital market as low participation and massive selloff led to the loss of N300.96 billion in the bourse The value of the Bitcoin crashed earlier on Wednesday, costing holders $65.23 billion. The Nigerian stock market is also experiencing the same […]
The Nigerian Government announced the inauguration of a multi-sectoral committee for the National Home Grown School Feeding Programme (NHGSFP), which they say would help meet the targets of the programme. This was disclosed by Hajiya Sadiya Umar Farouq, Minister of Humanitarian Affairs, Disaster Management and Social Development, at the inauguration on Wednesday in Abuja. The committee includes […]
The Debt Management Office has disclosed that the new capital raising which the Presidency requested from the Senate has already been approved. The DMO disclosed this in a statement on Wednesday evening, saying it was approved and sent to the Senate to fulfil the provision of sections 21 and 27 of the Debt Management Office Act 2003. […]
The Nigerian Government announced it has approved four international airports in Lagos, Kano, Abuja and Port Harcourt as Special Economic Zones. This was disclosed in a statement by Aviation Minister, Hadi Sirika on Thursday morning. What the Minister said “I am very glad to announce that Mr President has Approved our four International Airports as Special Economic […]
The Chinese government has stopped financial institutions or payment companies from conducting cryptocurrency-related transactions following the recent meltdown in Bitcoin price. The government gave the directive through the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China. Although the Asian country had placed an embargo on […]
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that the Federal Government is collaborating with the Central Bank of Nigeria (CBN) to ensure the availability of conversion kits for a critical mass of vehicles expecting to convert to use of autogas. This is part of the measure to ensure full implementation […]
President Muhammadu Buhari called on the EU and the developed world to lend support to investments into Africa’s private sector in a bid to reduce the devastating effect of the Coronavirus pandemic on African economies by restructuring debt portfolios, and also release more vaccines to the continent. President Buhari disclosed this at the Financing Africa Summit held […]
