BUSINESSDAY
Stock Market Rises By 1.73%
In the trading week ended Friday May 31, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation appreciated by 1.73 percent to close the week at 99,300.38 and N56.172 trillion respectively. In the month of May, the market rose by 1.09 percent while year-to-date it has increased by 32.80 percent. Similarly, all… Read More
THISDAY
Liquidity Challenges: Banks, Others’ Borrowing From CBN Up 436% To N53.7trn
Amid liquidity challenges in the financial sector, banks and merchant banks borrowing from the Central Bank of Nigeria (CBN) increased to N53.7 trillion in five months of 2024, about 436 per cent Year-on-Year (YoY) from N10.02 trillion borrowed in five months of 2023. THISDAY checks revealed that banks and merchant banks have since the… Read More
PFAs Invest N300bn In Dangote Refinery, N127bn In Sukuku, Eyes Dollar Instruments
Pension Fund Administrators (PFAs) in the country have said that they invested heavily in Dangote Refinery through the N300 billion bill bonds issued by Dangote industries in 2022 for the completion of the refinery. The operators also said they invested N127 billion in Sukuku projects in various states and are currently requesting for access to… Read More
THENATION
MAN, Others Partner On Summit
The Manufacturers Association of Nigeria (MAN) said it has concluded arrangements to host a closed-door ‘Manufacturers Summit’ with the Federal Government, Ministries, Departments and Agencies (MDAs) from June 4- 6, 2024. The summit, which will hold, at the Banquet/Conference Hall, State House, Abuja, is strictly by invitation, and is… Read More
ECONOMY HEADLINES
PUNCH
Inflation Dropping, Economy Heading In Right Direction – Finance Minister
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that Nigeria’s economy is experiencing an appreciable growth that may see the high inflation in the country come down in few months. Edun spoke on Sunday when he featured as a guest on Channels Television’s Politics Today. The National… Read More
CBN Clears $831m Foreign Airlines’ Trapped Funds – IATA
The International Air Transport Association has confirmed that the Central Bank of Nigeria has cleared foreign airlines trapped funds worth $831m from June last year to date. The Geneva, Switzerland-based IATA said the development had brought international airlines’ trapped funds globally to about $1.8bn. According to IATA, from the peak of… Read More
THISDAY
Nigeria Reaffirms Commitment As OPEC Extends Oil Output Cuts Into 2025
The Organisation of Petroleum Exporting Countries (OPEC) and its allies yesterday agreed to extend most of its deep oil output cuts into 2025, exceeding market expectations. The decision is coming as oil prices trade near $80 per barrel, below what many OPEC+ members need to balance their budget and as worries over slow demand… Read More
POLITICAL HEADLINES
SUN
Disclose Details Of SIECs’ Members, LGA Results Or Face Legal Action, SERAP Tells Governors
Socio-Economic Rights and Accountability Project (SERAP) has urged the 36 state governors to promptly disclose details of the chairmen and members of the State Independent Electoral Commissions (SIECs) in their states, including their qualifications and political affiliations, if any, and the mechanisms of their appointment. SERAP… Read More
THENATION
Why Labour Strike Is Illegal, By Federal Government
The Federal Government has described as “premature, ineffectual and illegal” Labour’s strike call over the new minimum wage, which begins today. It said Organised Labour failed to meet all statutory requirements and International Labour Organisation (ILO) principles before the declaration of industrial action. It also said there is a subsisting… Read More
TECHNOLOGY HEADLINES
THENATION
‘76% African Banks Prioritise Digital Banking’
The 2024 edition of The African Banking Digital Transformation Report revealed that 76 per cent of banks rank digital transformation as either their top priority or among the top three, while the remaining 24 per cent also view it as important. With almost half of the continent unable to access any form of bank account, including approximately 60 per… Read More