ASSETS & FINANCIALS

The National Mushroom Growers, Processors and Marketers Association of Nigeria has called on the governments to address challenges hindering growth in the mushroom subsector in the country. This, it said, would enable mushrooms producers to benefit from the products’ $45.3bn …

Servicing of debts acquired through instruments issued by the Federal Government in the Nigeria capital market totaled N2.18tn as of October 30, an analysis of data by our correspondent has shown. Data from listed debt instruments on the FMDQ Exchange …

Two of Nigeria’s largest flour milling companies, Flour Mills of Nigeria Plc and Honeywell Flour Mills Plc, have recorded a combined increase of N39bn (33.53 per cent) in their market capitalisation so far this year, data collated from the Nigerian …

Broadband subscriptions dropped from 85.94 million recorded in December 2020 to 76.15 million in October 2021, indicating a 12.08 per cent or 9.79 million drop in the number of subscriptions. Data from the Nigerian Communications Commission also showed that broadband …

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, on Thursday, launched the Tertiary Institutions Entrepreneurship Scheme designed to tackle underemployment and unemployment in the country. Emefiele, at the launch in Abuja, also presented loans ranging from N4.1m …

The Securities and Exchange Commission has vowed to continue to crack down on Ponzi schemes and illegal fund managers amid the recent resurgence of their activities. The Director-General, SEC, Mr Lamido Yuguda, made the pledge at an enlightenment workshop and …

With museums world over returning looted artefacts in their possession, New York’s Metropolitan Museum of Art, on Monday, officially joined the fray, as it returned three works of art looted in the 19th century to Nigeria. The museum and the …

Ecobank Nigeria Limited has warned Flour Mills of Nigeria Plc against the proposed acquisition of equity stake in Honeywell Flour Mills Plc, alleging that Honeywell Group Limited, the parent firm, had not been paying up its loans from the bank. …

The Office of the Auditor General of the Federation has uncovered irregularities in the award of contracts amounting to N4.41bn by 18 ministries, departments and agencies of government in 2019. The OAuGF disclosed this in a 2019 Annual Report on …

The average fares paid by commuters within Nigerian cities have climbed by 36.58 per cent year-on-year, according to a new report by the National Bureau of Statistics. The NBS, in its Transport Fare Watch report for October 2021, stated that …

The naira lost steam at the parallel market on Monday, sliding to 555 per dollar. The local currency had crashed to 540/dollar on Friday, after trading at 535/dollar on Thursday. After tumbling to 575/dollar recently, the local currency began a …

Capital inflow to Nigeria has crashed by 80 per cent in two years, the Central Bank of Nigeria reports have indicated. Specifically, capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn in July 2021. The central bank …

Massive investments in short-term financing and other prudent measures have made the assets of 10 key commercial banks to grow by N8.09tn (a 16.06 per cent increase) to N58.51tn in one year, reports have revealed. Specifically, the combined asset of …

Amid the steady decline in headline inflation rates over the past few months, analysts have predicted an uptrend for the last two months of the year as the festive season approaches. The media had recently reported that the inflation rate …

The Governor of the Central Bank of Nigeira, Godwin Emefiele, has again expressed the apex bank’s disapproval for cryptocurrency transactions in Nigeria, saying the space and its operators are “embedded in illegality.” Emefiele spoke barely two weeks after the regulator …

The International Monetary Fund has said the eNaira wallet may function as a deposit at the Central Bank of Nigeria and consequently reduce demand for deposits in commercial banks. The comment came barely four weeks after the President, Major General …

The Nigerian equities market started the week on a negative note as declines in some large-cap stocks saw the market closing lower by N11.83bn at the end of trading. The Nigerian Exchange Limited’s All-Share Index fell by 0.05 per cent …

The Nigerian banking sector’s credit to the private sector rose by N4.1tn or 13.8 per cent between September 2020 and September this year. The CBN’s money and credit statistics report showed that in September 2020, bank’s credit to the private …

The House of Representatives’ Committee on Tourism and Culture has suspended action on the proposed 2022 budget of the National Arts Theatre Lagos, saying the Federal Government should not continue to spend huge sums of money on the facility when …

The World Bank says it costs more to move goods locally in Nigerian than in the United States of America, stating that the cost of moving goods (per unit distance) domestically in Nigeria is about 5.3 times higher than in …