Category: Business

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Investments In FG’s Treasury Bills Weaken, Sales Fall 19% To N1.35trn

Investors’ interest in the Federal Government’s monetary instrument, the Nigeria Treasury Bill (NTB) has recorded a significant decline with 19 per cent, year-on-year, YoY, decline in sales to N1.35 trillion in the first five months of this year. Money market dealers have attributed the development to the rebound in both yields and volume in the Open Market Operation, OMO, of the Central Bank of Nigeria, … Continue reading Investments In FG’s Treasury Bills Weaken, Sales Fall 19% To N1.35trn

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Stock Market: N99.94bn lost in four months as foreign investors divest

A total of N99.94bn was pulled out by foreign investors from the Nigerian stock market in the first four months of this year as foreign involvement plunged to a four-year low in April. The foreign portfolio investors injected N 78.31bn into the market from January to April this year, according to data from the Nigerian Exchange Limited. Foreign portfolio investment outflow includes sales transactions or … Continue reading Stock Market: N99.94bn lost in four months as foreign investors divest

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Tayo Amusan completes Shoprite takeover

Business mogul Tayo Amusan, using Ketron Investment Limited, as vehicle has completed the acquisition of Shoprite operations in Nigeria. Ketron is a subsidiary of Persianas Investment Limited, a property firm and developer of the popular The Palms, owned by the businessman. In a statement issued on Tuesday, Amusan, chairman, Ketron Investment Limited, said that the Federal Competition and Consumer Protection Commission had approved the change … Continue reading Tayo Amusan completes Shoprite takeover

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External reserves dropped by $640m in May – CBN

The country’s external reserves lost $640m in May, falling to $34.24bn on May 28 from $34.88bn as of April 28. Figures obtained from the Central Bank of Nigeria on Tuesday revealed that the reserves had been fluctuating in recent weeks. Speaking on the decline at the recent Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said, “This reflects sales to the foreign exchange market … Continue reading External reserves dropped by $640m in May – CBN

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Insecurity: First Bank debunks closure of South-East branches

First Bank of Nigeria Limited has debunked some media reports that its branches in the South-East part of the country have been closed due to the rising insecurity in the region. The bank noted that its branches in the South-East and in other parts of the country are “fully open for business”. First Bank’s Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, made this known … Continue reading Insecurity: First Bank debunks closure of South-East branches

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Elumelu Unveils New Insurance Companies, Pledges to Deepen Penetration

The doors of Heirs Insurance Limited and Heirs Life Assurance Limited were yesterday officially opened for business in Lagos. The ceremony also saw the unveiling of the Heirs Towers, a new edifice by Heirs Holdings. The event had in attendance, the Governor of Lagos State, Mr. Babajide Sanwo-Olu; the Commissioner for Insurance, Mr. Sunday Thomas; Chairman of Heirs Holdings and Founder of the Tony Elumelu … Continue reading Elumelu Unveils New Insurance Companies, Pledges to Deepen Penetration

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We’ll continue to use science, logic, data to develop Oyo – Makinde

…commissions model school in Iseyin, launches youths in Agribusiness initiative …Oyo not owing SUBEB counterpart funds – UBEC state coordinator Governor of Oyo State, ‘Seyi Makinde, said on Monday that his administration will continue to use data, science and logic to arrive at the best decisions that will positively affect the people of the state. The governor stated this while commissioning a model school building … Continue reading We’ll continue to use science, logic, data to develop Oyo – Makinde

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Five firms account for 70% of Nigeria’s stock market value

The other companies are MTN Nigeria Communications Plc, Airtel Africa Plc, BUA Cement Plc and Nestle Nigeria Plc. An analysis of data obtained from the NGX showed that the five biggest listed companies boosted their combined market capitalisation by N520bn in April to N14.51tn. The market capitalisation of all the 162 companies listed on the NGX stood at N20.85tn as of April 30, compared to … Continue reading Five firms account for 70% of Nigeria’s stock market value

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Power Minister says no significant hike in Electricity Tariff

The Minister of Power, Engr. Sale Mamman has dismissed rumours of a major hike in electricity tariff. In a statement in Abuja , the minister said instead of significant hike in electricity tariff, Nigerians should expect an increase efficiency in the sector to reduce tariffs while managing headwinds from foreign exchange and inflation. The clarification came amidst reports of possible major increase in the price … Continue reading Power Minister says no significant hike in Electricity Tariff

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EFCC Warns POS Operators Against Illegal Transaction

The Economic and Financial Crimes Commission, EFCC, has warned operators of Mobile Money and Banks Agents otherwise known as POS operators against illegal cash transactions. The Commission’s Zonal Head in Sokoto CDS Bawa Usman Kaltungo gave the warning March 25, 2020 at a meeting with the Sokoto Chapter of Mobile Money and Banks Agents Association, (MMBA) Sokoto State Chapter in his office. He express concern … Continue reading EFCC Warns POS Operators Against Illegal Transaction

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