Nigeria’s Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced the roll out a proprietary software for the collection of data on the indices to be used for the Horizontal Revenue Allocation Formula in the country. The Chairman of the Commission, Mohammed Bello Shehu, disclosed this in Abuja while announcing the take-off of its maiden […]
Access Holdings Plc has notified its shareholders, Nigerian Exchange Limited (NGX), capital market stakeholders and the investing public that it will no longer continue in its plan to acquire the entire 83.4% shareholding held by Centum in Kenya’s Sidian Bank Ltd. A statement on the latest position of the Nigerian top lender signed by its […]
The Nigeria Inter-Bank Settlement System (NIBSS) has reported that the nation’s electronic payment transactions (e-transactions) rose to N387 trillion in 2022, representing 42% increase over the N272 trillion recorded in 2021 as more Nigerians embrace cashless payments. The just released data on the NIBSS Instant Payment (NIP) transactions reflected that the e-payment surged month-on-month during […]
The Nigeria Customs Service (NCS), Apapa Command, has reported that it generates N1.02 trillion as revenue to the Federation Account in 2022 fiscal year, representing 16.07 percent improvement over the N870.38 million it generated in 2021. The Command’s Controller, Malanta Yusuf, who disclosed this in Lagos, attributed the improved performance of the Command to his […]
Nigerian Breweries Plc, one of Nigeria’s bottled drinks manuacturing companies, has launched its Series 1, 2, and 3 commercial papers under its N100 billion commercial paper programme. The Company Secretary, Barr. Uaboi Agbebaku, stated that the commercial papers were launched on Wednesday, and would last for 91 days, 120 days, and 154 days, respectively. According […]
The World Bank has projected that Nigeria would record a 2.9% real GDP growth in 2023 after growing by 3.1% last year as it revised its 2023 global economy’s growth forecast to 1.7% down from the 3.0% growth projection it earlier made. Specifically, the Washington D.C- based development finance institution, in its latest ‘Global Economic Prospects’ […]
The Chairman House of Representatives Committee on Capital Markets and Institutions Hon. Babangida Ibrahim, has said that the provisions of the Investments and Securities Bill recently passed by the lower chamber of the National Assembly will inspire confidence of both local and foreign investors as they can be assured that the regulators have been sufficiently […]
Trading on the floor of the Nigerian Exchange (NGX) closed positively on Wednesday with investors gaining N154 billion following bulls dislodgment of bears in the control of the Nigerian bourse. On Tuesday, with bears holding grip on the bourse, investors lost N134 billion at the end the day’s trading session However, at the close of […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced the 2022 mini-bid round process in accordance with the Petroleum Industry Act (PIA) 2021 for prospective licensees in the nation’s hydrocarbon resources industry. The mini-bid round aims to open opportunities for investors to begin new oil exploration and drilling activities in the prospective deep waters offshore […]
With business operations gaining traction after the Yuletide and New Year celebrations globally, Nigeria’s currency, the Naira firmed up its exchange rate against the greenback (USD) on Wednesday, trading at N738/$1 in the early hours at the parallel market. The Naira’s exchange rate showed a marginal appreciation of 0.94% when compared to the N745/$1 it […]