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Finance ministry demands legal basis for N680m NAICOM

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Nigeria’s monthly data consumption hits record 1.5mTB in

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NITDA urges regulatory collaboration to support emerging technologies

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Dangote Refinery alone not enough for Africa, says FG

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Lekki Gardens pays back N3.5bn bond
Real Estate

Lekki Gardens retains BBB+ rating

Nigerian real estate company, Lekki Gardens, has its national scale long-term and short-term issuer ratings affirmed by Global Credit Ratings at BBB+ and A2, respectively, with a stable outlook. The PUNCH reported that according to a statement released by GCR on Thursday, the rating demonstrated that “Lekki Gardens’ well-managed liquidity and modest leverage metrics have supported the […]

Shipping crisis stalls Dangote fuel distribution
News

Shell to supply 100m gas to Dangote fertilizer plant

The Shell Petroleum Development Company has completed arrangements to deliver 100 million standard cubic feet of gas per day to the Dangote Fertiliser and Petrochemical Plant located in Lekki, Lagos State. The final investment decision was jointly made by SPDC and its partners, including the Nigerian National Petroleum Company Limited, TotalEnergies EP Nigeria Limited, and […]

Jeff Bezos sells 50 million Amazon shares
Business

Jeff Bezos sells 50 million Amazon shares

Amazon founder and billionaire Jeff Bezos, has stated that he plans to sell up to 50 million shares of the company, which is worth approximately $8.6 billion at the current share price of $171.81. The Times reported that in compliance with the Securities and Exchange Commission guidelines, this disclosure was included in a regulatory filing that was […]

Fidelity Bank extends GMD/CEO contract
Banking

Fidelity Bank projects over N1bn loss to lawsuits

Fidelity Bank’s management estimated that, for the year ending in December 2023, it would lose over N1.19 billion due to claims and litigation. The PUNCH reported that its unaudited financial accounts for 2023, which were submitted to the Nigerian Exchange Limited, demonstrated this. According to the lender, it was involved in legal proceedings resulting from […]

NNPC, First E&P provide free healthcare in host communities
Oil and Gas

Oil unions, others receive over N1bn in donations –  Reports

The Nigerian National Petroleum Company Limited has stated that it donated N1.65 billion to different charities over the course of 16 months, with additional funds not disclosed. The PUNCH reported that NNPCL consolidated and separate financial statements for the period of September 2021 to December 2022 included this information. NNPCL noted in the report that “during the […]

NGX: Top 10 best performing stocks in January 2024
News

NGX: Top 10 best performing stocks in January 2024

In 2024, the NGX demonstrated significant growth, concluding on February 2, 2024, with an All-Share Index of 104,421.23 points, indicating a year-to-date gain of 39.65%. This figure, though slightly below the 45.90% gain observed in the entirety of 2023, showcases the market’s continued positive momentum. As of January 31, 2023, the NGX’s All-Share Index closed […]

Nigeria ranks 109 of 125 in Global Hunger Index report
News

Nigeria ranks 109 of 125 in Global Hunger Index report

Nigeria has been positioned at 109th out of 125 countries in a recent global hunger index report, indicating a notable challenge with hunger within the country’s population. “The GHI is intended to raise awareness and understanding of the struggle against hunger, provide a way to compare levels of hunger between countries and regions, and call […]

Fidelity Bank appoints Abolore Solebo as executive director
Banking

Fidelity Bank appoints Abolore Solebo as executive director

The Board of Fidelity Bank Plc has announced the appointment of Mr. Abolore Solebo as the Executive Director of the Corporate Banking Directorate. The disclosure was made in the company’s notice to the Nigerian Exchange Limited. The statement highlighted that the Central Bank of Nigeria has approved the appointment, and corresponding notifications have been communicated […]

United Capital endorses CBN's stakeholder partnership
Banking

CBN denies plan to convert $30bn dom account dollars to naira

The Central Bank of Nigeria has debunked the news of planning to convert $30bn domiciliary deposits to naira. AMBusiness earlier reported that the Federal Government may be considering a policy that would convert foreign cash in residents’ domiciliary accounts to naira in order to stabilize the currency, which earlier this week saw its worst performance in history. […]

Nigeria-China trade hits $23bn - Envoy
featured

Nigeria-China trade hits $23bn – Envoy

The Chinese Ambassador to Nigeria and Consul General of the People’s Republic of China, Yan Yuqing, estimated that bilateral commerce between Nigeria and China would be $22.6 billion in 2023. The PUNCH reported that Nigeria has continued to be China’s third-largest trading partner in Africa, according to Yuqing. She made this revelation in Lagos during […]

Chevron pays stockholders $26bn
Business

Chevron pays stockholders $26bn

Chevron Corporation has announced a $26 billion return to investors for fiscal year 2023. This is true even if the business said that its reported earnings were lower than they were the previous year. The PUNCH reported Chairman and CEO of Chevron, Mike Wirth, was cited as saying, “In 2023, we returned more cash to […]

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