BUSINESSPOST
Customs Street Returns To Green Territory After 0.12% Growth
Renewed bargain-hunting by investors revived the Nigerian Exchange (NGX) Limited on Tuesday by 0.12 per cent, with the All-Share Index (ASI) 116.13 points to close at 95,895.92 points compared with the preceding day’s 95,779.79 points. Business Post reports that the value of Customs Street went up by N65 billion at the close of transactions to… Read More
THISDAY
CBN Declares $553 Million Remittance Inflows Amid FX Reforms
The Central Bank of Nigeria (CBN) yesterday reported a significant increase in remittance inflows, which peaked at $553 million in July 2024. The all-time high performance represented 130 per cent increase from the corresponding period in 2023. In a statement, CBN’s acting Director, Corporate Communications Department… Read More
BUSINESSDAY
Investors Suffer Massive Losses Due To Falsified Accounts By Companies – FRCN
Nigerian investors have lost billions of dollars due to companies falsifying and deliberately overstating their accounts, according to Rabiu Olowo, executive secretary/CEO of the Financial Reporting Council of Nigeria (FRCN). He disclosed this while delivering a paper titled “Proactive Regulation: A Catalyst for Preventing Audit Failure” at the… Read More
VANGUARD
Banks’ Share Offers: Rule On Oversubscription Not Cast In Stone — SEC
THE Securities and Exchange Commission, SEC has said that the 15 per cent rule for absorption of oversubscription of share offers will not be rigidly applied to the share offers of banks under the banking recapitalisation exercise. Dr. Emomotimi Agama, Director General of the Commission stated this at his first post Capital Market Committee… Read More
ECONOMY HEADLINES
BUSINESSDAY
Tinubu’s Petrol Subsidy Gulps N15trn As Scarcity Worsens
President Bola Tinubu’s administration has spent N15.096 trillion on petrol subsidy in the last 14 months, according to BusinessDay’s calculations. The value of the subsidy expenditure under Tinubu was obtained from the National Bureau of Statistics (NBS) data and information from petroleum marketers. According to the NBS, Nigeria… Read More
NAIRAMETRICS
Federal Government Inaugurates 13-Member Committee To Tackle Nigeria’s Housing Data Challenges
The Federal Government has officially inaugurated a 13-member Steering Committee for the National Housing Data Centre, tasked with tackling Nigeria’s housing data challenges. The committee was inaugurated by the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, on Tuesday, according to a statement released on the… Read More
SUN
NAFDAC, Exporters To Address Food Export Rejections
To enhance Nigeria’s non-oil export trade, the National Agency for Food and Drug Administration and Control (NAFDAC) has forged a strategic partnership with key export stakeholders to tackle the persistent issue of Nigerian food export rejections. The collaboration was announced in a statement by NAFDAC’s Resident… Read More
POLITICAL HEADLINES
SUN
Federal Government Inaugurates Committee To Enforce Supreme Court’s Ruling On Local Government Autonomy
The Federal Government has inaugurated a 10-member Inter-Ministerial Committee aimed at enforcing the Supreme Court’s ruling on local government autonomy, delivered on July 11, 2024. The committee inaugurated by Secretary to the Government of the Federation (SGF), George Akume, which includes key officials such as the minister… Read More
THENATION
Sanitise Judiciary, Sans, Rights Activists Urge Incoming CJN
Senior Advocates of Nigeria (SANs) and other justice sector stakeholders have urged the incoming Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, to prioritise the sanitisation of the Judiciary. A former Deputy Director of the Nigerian Law School, Prof. Ernest Ojukwu (SAN), Prof. Samuel Erugo (SAN), and other senior lawyers… Read More
TECHNOLOGY HEADLINES
PUNCH
Five Banks Budget N222bn For Cybersecurity
Financial institutions that have started raising capital have stated that they will allocate $1.20bn from the proceeds to invest in technology and bolster their cybersecurity infrastructure. This was indicated in the offer prospectus of five lenders that have commenced their capital raise, to meet the new capital requirement… Read More