BUSINESSPOST
Nigerian Exchange Opens Week With 0.03% Growth
A 0.03 per cent growth was posted by the Nigerian Exchange (NGX) Limited on the first trading session of the new week, Monday, after the banking space closed higher by 0.45 per cent. It was the only of the five major sectors of the market that finished in the green territory during the trading day, as the others came under selling pressure ahead of… Read More
VANGUARD
ATM Transactions Decline 13% To N28.2 Trn
The value of Automated Teller Machine (ATM) transactions fell year-on-year (YoY) by 13.6 percent to N28.2 trillion in 2023 from N32.65 trillion in 2022. The Central Bank of Nigeria, CBN, disclosed this in its March 2024 statistical bulletin. Details of the data showed that volume of ATM transactions also declined YoY by 7 million or 0.5 percent… Read More
Electricity: Federal Government Targets 9,000MW From Renewable Energy
The Federal Government, yesterday, said it expects the renewable energy sector to contribute about 9,000 Megawatts of power supply to the country by year 2030 as part of the general vision to end energy poverty in Nigeria. The Minister of Power, Chief Adebayo Adelabu, who disclosed this in Abuja at the opening of… Read More
THENATION
Ikeja Electric Goes Hard On Energy Theft
Electricity Distribution Company, Ikeja Electric Plc (IE), at the weekend warned that offenders caught in the act of energy theft will be immediately charged to court. The company emphasized that the era of merely imposing loss of revenue (LOR) penalty alone on offenders is over, as it will now enforce the full weight of the law against… Read More
ECONOMY HEADLINES
PUNCH
World Bank, AFDB To Invest $7.5bn In Nigeria’s Power Sector
The Minister of Power, Adebayo Adelabu, has said that the World Bank and the African Development Bank have concluded plans to invest $30bn in boosting electricity in Africa. Of this sum, Adelabu said Nigeria will get about 25 per cent, being $7.5bn. Adelabu disclosed this during a visit to Splendor Electric Nigeria Limited, a porcelain insulator… Read More
BUSINESSDAY
Nigeria’s Long Battle Against Inflation Continues As MPC Decides
Nigeria’s annual inflation has remained elevated despite varying reforms by the Central Bank of Nigeria (CBN) targeted at easing the 28-year-high consumer price index. June inflation quickened to 34.19 percent from 33.95 percent in May 2024, and will likely force an interest rate hike by the CBN’s Monetary Policy Committee (MPC) on Tuesday… Read More
NAIRAMETRICS
Federal Government Raises N225.71 Billion From July Auction As Investors Shun Short-Term Bonds
The federal government has raised N225.714 billion in the July 2024 bond auction, which is about 75% of its target as demand for short-term bonds weakens. Last month, about N297.006 billion was raised from the June bond auction, which means that the amount raised this month has dropped slightly by 24%. While the federal government… Read More
POLITICAL HEADLINES
VANGUARD
We Are Working On Postal Reform Bill — Postmaster General
The Postmaster General of the Federation, PMG/ Chief Executive of the Nigerian Postal Service, NIPOST, Ms. Tola Odeyemi, said that it is working on pushing the postal reform bill which has been in the National Assembly for 15 years now, to become law. Speaking at the ‘Nigerian-British Chamber of Commerce, NBCC, meets PMG’ event with the… Read More
THISDAY
Finance Act: 50% Banks Forex Gains Tax Won’t Affect Nigerians, Federal Government, National Assembly Pledge
The federal government and National Assembly clarified, Monday, that the proposed Finance (Amendment) Bill, 2024 was not intended to impose a levy that would affect Nigerians, stressing that the tax is squarely targeted at banks’ forex gains. According to the executive and national legislature, the bill seeks to amend the… Read More
TECHNOLOGY HEADLINES
PUNCH
Global IT Outage Heightens Decentralised Infrastructure Debate
The widespread IT outage that disrupted the global economy on Friday has spurred debate about whether businesses should adopt a decentralized infrastructure to mitigate such future occurrences. The outage, caused by a software update from cybersecurity firm, CrowdStrike, caused Windows machines to crash, leaving many enterprises… Read More