ASSETS & FINANCIALS

Investors in the Nigerian stock market lost N600bn last week as the market capitalisation of equities fell below the N20tn mark. The Nigerian Exchange Limited All-Share Index and market capitalisation declined by 2.93 per cent to close the week at …

Financial experts have decried the continuous devaluation of the naira by the Central Bank of Nigeria, stressing its adverse impact on the country’s economy. The reaction followed media reports on the possible devaluation of the currency by the CBN, after …

State governors again on Thursday requested that the repayment of their loans, especially the budget support, which ought to start this month be deferred. But the Governor of the Central Bank of Nigeria, Godwin Emefiele, emphasised the importance of the …

The Federal Government, yesterday, confirmed receipt of £4,214,017.66 million recovered from former Governor James Ibori of Delta State. The Attorney General of the Federation and Minister of Justice, Abubakar Malami, who made the confirmation, said the money had been credited …

The President, Major General Muhammadu Buhari (retd.), has asked the National Assembly to approve N2.3tn ($6.18bn) external loan to enable him to fund part of the 2021 N13.8trn national budget. The request was contained in a letter addressed to the …

WorldRemit, a global cross-border payments company, has expressed support for the Central Bank of Nigeria’s decision to extend the deadline of the Naira-4-Scheme that was introduced in March this year. The CBN had on May 6 announced that it had …

The clearing of foreign portfolio investors’ funds that have been trapped in Nigeria for months on the back of foreign exchange scarcity is putting downward pressure on the country’s external reserves. The International Monetary Fund had in February 2021 said …

Dangote Cement has said that it is boosting production in order to close the gap between the supply and demand of cement. Dangote Cement new Group Chief Sales and Marketing Director, Rabiu Umar, said this in Lagos at a meeting …

Investors gained N150bn at the close of trading on the Nigerian Exchange Limited last week as stocks pared their losses. The NGX All-Share Index and market capitalisation appreciated by 0.72 per cent to close the week at 39,481.89 basis points …

The Chartered Institute of Bankers of Nigeria has said it received 67 petitions from depositors against banks in 2020, with claims totalling amounted to N11.7bn. The CIBN disclosed this in its 2020 annual report, which was obtained by our correspondent. …

The International Air Transport Association (IATA) released March 2021 data for global air cargo markets showing that air cargo demand continued to outperform pre-COVID levels with demand up by 4.4 per cent. African airlines’ cargo demand in March increased 24.6 …

The Debt Management Office on Tuesday disclosed that the Federal Government would offer N150bn bonds for subscription in May. A circular by the DMO on its website showed that the breakdown of bonds comprised three bonds worth N50bn each. They …

The Securities and Exchange Commission has said capital market operators that fail to renew their registration at the expiration of late filing on May 31, 2021 will not be eligible to operate in the capital market. SEC said in a …

Kwara State Government has rolled out plans to support young entrepreneurs in the state with huge interest-free loans. The Acting General Manager of Kwara State Social Investment Programme, Mohammed Brimah, who disclosed this in a statement, said the first phase …

The Senate Committee on Finance has raised the alarm that some government-owned agencies has failed to remit over N2tn to the federation account from 2014 till date. The Chairman of the Committee, Senator Solomon Adeola, stated this during his panel’s …

Nigeria’s exports declined while imports increased in January despite the opening of the land borders. Nigeria’s trade deficit rose from $1.69bn in December 2020 to $2.51bn as of the end of January 2021 despite the reopening of the borders, statistics …

The House of Representatives has resolved to invite various departments and agencies of the Federal Government over illicit financial flows in Nigeria. At the plenary on Thursday, the House specifically mandated its committees on Finance; Anti-Corruption; Financial Crimes; Banking and …

Nigerian stocks fell on Wednesday as price losses recorded by Stanbic IBTC Holdings Plc and 21 other companies led to a decline of N190bn in total market value. The All-Share Index of the Nigerian Exchange Limited fell by 0.92 per …

Foreign Direct Investment dipped by 33.3 per cent which amounted to $30m in January, latest statistics obtained from the Central Bank of Nigeria revealed on Wednesday. According to figures obtained from the CBN’s January report on capital importation and capital …

BUA Group says it has entered into a contract with Lummus Technology to establish a polypropylene plant in its proposed refinery. Lummus Technology is an American licensor of proprietary petrochemical, refining, gasification and gas processing technologies, and a supplier of …