PUNCH
Transcorp Power, FBN Holdings Lift Market Cap By N194bn
Newly listed stock, Transcorp Power, its parent company, Transcorp and FBN Holdings were the major drivers of the N194bn gain the market capitalisation of the Nigerian Exchange recorded on Tuesday. The market cap rose by 0.35 per cent to N56.083tn while the All-Share Index of the market increased to close trading at 99,190.46 points… Read More
Food Smuggling: Federal Government Intercepts 141 Grain Trucks, Drivers Threaten Strike Over Attacks
In continuation of measures to address the food inflation and cost of living crisis, the Federal Government Tuesday said it had so far intercepted 141 trucks attempting to smuggle grains and other staples to Niger Republic, Chad, Cameroon, and the Central African Republic. The Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, said that… Read More
SUN
Ghana Suspends Nigerian Banks’ FX Licences Over Alleged Fraud
The Bank of Ghana which is also its Central Bank has suspended the foreign exchange trading licenses of some Nigerian banks, effective March 18, 2024, for a period of one month over fraudulent practices. A statement posted on the website of Bank of Ghana said the decision was in accordance with section 11 (2) of the Foreign Exchange… Read More
THISDAY
MAN: 335 Manufacturing Companies Became Distressed, 767 Shut Down In 2023
As controversy trails the newly introduced Expatriate Employment Levy (EEL) of $10,000 and $15,000 for staff and directors, respectively, the Manufacturers Association of Nigeria (MAN) has revealed that 335 manufacturing companies became distressed while 767 shut down in 2023. MAN warned that the EEL would certainly ruin the confidence… Read More
ECONOMY HEADLINES
PUNCH
Nigeria’s Electricity, Fuel Subsidies May Gulp N7tn – IMF
The International Monetary Fund has said Nigeria may incur an expenditure of around N7trn should the existing fuel pump price cap and electricity subsidy be upheld in 2024. The fund also stated that the current administration inherited a challenging economic situation characterised by low growth, diminished revenue collection, escalating… Read More
SUN
Federal Government, WTO Give Reason UK, Others Reject Shea Products From Nigeria
The Federal Government and the World Trade Organisation (WTO), said the United Kingdom, United States and the European Union reject Shea products from Nigeria and Africa because of the deficit of sanitary and phytosanitary measures for export. Minister of Industry, Trade and Investment, Doris Uzoka-Anite and the WTO Director… Read More
THISDAY
IMF, Fitch Welcome CBN’s Interest Rate Hike, Say Policy Decision Good
The International Monetary Fund (IMF) has said recent increase in Nigeria’s interest rate by the Central Bank of Nigeria (CBN) is a step in the right direction, stressing that President Bola Tinubu inherited a difficult economic situation from his predecessor. In a similar vein, Fitch Ratings yesterday said the recent 400 basis points increase, to 22.75… Read More
POLITICAL HEADLIINES
SUN
Nigeria Facing Challenging Times –Tinubu
President Bola Tinubu has confessed that Nigeria is facing challenging times but rebuffed the notion that the economy is in distress, emphasising that current circumstances were not beyond repairs. Speaking at the 16th edition of the Leadership 2023 Conference and Awards held at the Transcorp Hotel, Abuja with the theme “An Economy in… Read More
PUNCH
Trial: Suspected Killer Of Ekiti Monarchs Remanded
An Ekiti State Magistrate’s Court, on Tuesday, remanded a 25-year-old man, Babuga Lede, in the correctional centre for his alleged involvement in the killing of two traditional rulers in Ekiti State. The traditional rulers, the Elesun of Esun Ekiti, Oba David Ogunsakin; and the Olumojo of Imojo Ekiti, Oba Samuel Olusola, were waylaid and killed by gun… Read More
TECHNOLOGY HEADLINE
SUN
NITDA Advocates Massive ICT Investments For Inclusive Digital Access
In an effort to propel inclusive access to digital infrastructure and services, thereby laying the groundwork for the country’s technological advancement, Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for substantial investment in Information and Communication Technology… Read More