The Organization of Petroleum Exporting Countries (OPEC) released the sum of $1.7 billion to support 55 projects from its Fund for International Development in 2023, according to a report from the global oil cartel. Aligned with the multilateral development finance institution’s Climate Action Plan, the oil cartel’s support for renewable energy projects constituted nearly 60 […]
Technology
Analysts Forecast Bullish Momentum In Nigeria’s Equities Market
Investment researchers at Bancorp Securities Limited, one of Nigeria’s investment research and consulting services providers, have projected a sustained bullish price correction momentum in the Nigerian Exchange (NGX) this week as investors brace up for investment earnings from expected dividend declarations. The researchers, in the firm’s ‘Weekly Stock Recommendation for Feb. 05 – Feb. 09, […]
S&P Re-Affirms Nigeria’s ‘B-/B’ Credit Ratings, Stable Outlook
Standard and Poor’s (S&P), a global rating agency, at the weekend affirmed its ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings for Nigeria. The leading ratings agency in a statement on Friday, also affirmed its ‘ngBBB+/ngA-2’ long- and short-term Nigeria national scale ratings, stating that “the outlook is stable.” It stated: “The […]
FIRS Moves To Ensure Social Media Content Creators, Others Pay Tax
The Federal Inland Revenue Service (FIRS) has announced plans to ensure that social media content creators and influencers in the country always file their annual tax returns. The Special Adviser on Media to the FIRS chairman, Dare Adekanmbi, who gave this hint, noted that the social media influencers constituted a significant group of tax evaders […]
Rights Issue: NGX Lists Ellah Lakes Plc’s 753,786,788 Shares
The Nigerian Exchange Limited (NGX) has listed Ellah Lakes Plc’s 753,786,788 ordinary shares of 50 kobo each for Rights Issue on its Daily Official List. The Exchange, in its Weekly Report, indicated that the additional shares listed on NGX arose from Ellah Lakes’ Rights Issue of 1 billion ordinary shares of 50 Kobo each at […]
FG, CBN Debunk Rumour On Conversion Of $30Bn Domiciliary Deposits To Naira
The Federal Government and the Central Bank of Nigeria (CBN) have debunked milling rumour being peddled by some media organisations that there were plans to convert $30 billion domiciliary deposits to Naira as part of measures to solve the foreign exchange (FX) supply shortfall and stabilize the Naira, saying the rumour is baseless. The Minister […]
CBN Releases New Cash Reserve Requirements For DMBs
The Central Bank of Nigeria (CBN) has introduced new Cash Reserve Requirements (CRR) for deposit money banks (DMBs) in the country in furtherance of its current drive to eliminate all abuses in the banking system, including those associated with foreign exchange (FX) transactions in the markets. With the latest requirements, the daily Cash Reserve Requirement […]
NASENI To Support Nigerian Police On Refurbishment Of Redundant Assets
The National Agency for Science and Engineering Infrastructure (NASENI) has expressed its readiness to held refurbish and revamp redundant operational assets of the Nigerian Police Force (NPF) such as vehicles, helicopters, confiscated and forfeited vehicles. The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of NASENI, Mr. Khalil Halilu, said this initiatives was part of […]
Ajaokuta Concession: FG Unveils 3-Year Plan To Revitalize Firm
The Minister of Steel Development, Prince Shuaibu Audu, has hinted of plans by the Federal Government on a three-year roadmap designed to fully reactivate the ailing Ajaokuta Steel Company to ensure that the billions of Naira invested in it are not wasted. The minister, who disclosed this at the weekend during a media briefing in […]
Airtel Africa Mulls $100Mn Worth Of Share Buy Back
Airtel Africa, one of the leading telecommunication services providers in Africa, has announced plans to buy back $100 million worth of its share from the Nigerian investment market from March this year The company, listed on the Nigerian Exchange (NGX), gave this hint on Thursday as it announced its 9-month financial report for the period […]