Barbara Bako, Abuja. The Federal Government of Nigeria has revealed plans to source from the private sector, part of the 10 billion dollars required to provide regular electricity power supply across Nigeria within the next five to 10 years. The Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Oseodion Ewalefoh had the…
Fitch Solutions, a financial intelligence service provider, has predicted that the naira would slide to as low as N1,993 per dollar in exchange rate by 2028, severely impacting Nigeria’s pharmaceutical industry to import medical devices. In a new report, the company’s subsidiary, BMI Research, said despite an expected rebound in the economy, Nigeria’s medical devices…
Resent research has showed that Nigeria’s external debt has risen to $42.9 billion as of the end of June 2024. According to the Debt Management Office (DMO), the share of 36 states and the Federal Capital Territory (FCT) constitutes 11 per cent of the loans at $4.89 billion while the Federal Government’s debt stands at…
Oando Plc, a prominent energy solutions provider listed on the Nigerian and Johannesburg stock exchanges, has reported a robust 51% increase in revenue for the first half of 2024, climbing to N2 trillion from N1.3 trillion in the same period last year. This financial update accompanies the company’s re-entry to the NGX trading floor, along…
Barbara Bako, Abuja. Amos Azi, Chairman of the Investments and Securities Tribunal (IST), has urged more support from the Nigerian capital market, highlighting that only three institutions presently support the Tribunal. Azi emphasized that the Investments and Securities Tribunal (IST) must be safeguarded, encouraged, and promoted for its crucial role in bolstering investor confidence in…
Nigeria may boost its daily crude oil output by 480,000 barrels as the Nigerian National Petroleum Company Limited (NNPCL) and ExxonMobil move towards resolving the dispute over ExxonMobil’s asset sale to Seplat Energy. NNPCL said on Thursday that it has reached a settlement with ExxonMobil in Nigeria over the sale of Seplat Energy Offshore Limited…
A Federal High Court in Lagos has ordered Guaranty Trust Bank (GTB) to temporarily seize the assets of Afex Commodities Exchange due to an outstanding debt of N17.808 billion linked to the Central Bank of Nigeria’s (CBN) Anchor Borrowers Programme. Justice Chukwujekwu Aneke gave the ruling on Wednesday in an application instituted by GTBank dated…
The Federal Government Nigerian said it’s targeting approximately $10 billion in investments by endorsing the consolidated guidelines for implementing fiscal incentives in the Oil & Gas Sector. In a statement on Tuesday by the Ministry of Finance, explained that the guidelines, a cornerstone of the Presidential Directives, are aimed at enhancing the Nigerian oil &…
The World Bank has projected that African economies will rebound from 2.6 per cent in 2023 to 3.4 per cent in 2024 and 3.8 per cent in 2025. This is contained in a statement by the World Bank on its latest Africa’s Pulse Report, released on Tuesday. The report said increased private consumption and declining…
Zenith reigns on as Nigeria’s best bank For fourth time, a leading Nigerian bank Zenith Bank Plc has been announced the Best Bank in the country for 2024. The Bank has been winning the Global Finance Best Banks Awards since 2019. The bank was among other banks from 36 countries in Africa recognised as the…
