Fakoyejo Olalekan

APC’s Mustapha Audu Reveals How Ending Fuel Subsidy Can Create Billionaires

A Chieftain in the All-Progressive Congress (APC), Mustapha Audu, has stated that the removal of subsidy on fuel could create billionaires in the electric vehicle market in Nigeria. Audu said the removal of the subsidy will free trillions of naira, which the

June 29, 2023

Business

World Bank To Invest $750 million In Nigeria’s Rural Electrification Project

The World Bank’s Director of Strategy and Operations for the Western Central African Region, Elizabeth Huybens, has disclosed that $750 million will be disbursed to Nigeria for the Nigeria Electrification Project (NEP). Huybens said the fund will be provided to support Nigeria’s

June 28, 2023

Lagos Gov Sanwo-olu Under Fire Over ‘N7.5m Fragrance, N18m Christmas Chickens’

Business

Nigerians React To Lagos State Gov’t’s Decision To Charge For Proof Of Vehicle Ownership

Nigerians have spoken against the decision of the Governor of Lagos State, Babajide Sanwo-Olu, after he approved the vehicle ownership verification fee, also known as the Proof of Ownership Certificate (POC). This was disclosed by the Permanent Secretary of the state’s Ministry

June 28, 2023

Naira Ends Week With Marginal Gain Against Dollar

Business·Currency

Dollar Records Mixed Fortunes In Official Window, Black Market

The foreign exchange rate aggregator for the official market, FMDQ Exchange, disclosed that the average rate of the dollar at the end of Tuesday’s session was N763/$1. It contrasted with the N768.17/$1 the American greenback was sold on Monday, reflecting the naira

June 28, 2023

Business

5kg Cooking Gas Hits N4,360, 12.5kg Up 9.30%, Highest In Bayelsa, Cross River

The National Bureau of Statistics (NBS) has disclosed that the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas, popularly known as cooking gas, fell to N4,360.69 in May 2023. This is a 6.07 per cent month-on-month decline compared

June 28, 2023

CBN Orders Nigerian Banks To Lift Restriction On Accounts Of Crypto, Other Firms

Business

CBN Issues New Guidelines On Contactless Payments, Sets Limits On Transactions

Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Zenith Bank and other financial institutions have been directed by the Central Bank of Nigeria (CBN) to limit transactions on contactless payments. In a circular conveying guidelines to banks, other financial institutions and

June 28, 2023

NGX: Investors Gain N313bn As ASI Rebound By 0.70%

Business·Markets

Transcorp Hotels, Ikeja Hotel, Others Record Gains, Stock Market Cap Up By N421bn

The Nigerian Exchange Limited (NGX) disclosed that the stock exchange appreciated by 1.30 per cent or N421.19 billion in value on Tuesday. According to the data obtained from NGX, this increased the stock market valuation or capitalisation to N32.72 trillion, from Monday’s N32.30 trillion.

June 27, 2023

Business

Data Prices, Airtime Tariff Set To Rise, As MTN, Airtel, Others Review Costs

MTN Nigeria, Airtel Africa and other telecommunications companies under the telco group, Association of Licensed Telecoms Operators of Nigeria (ALTON), have revealed they are planning to increase prices of data and call tariffs. The network providers said they can’t afford to bear

June 27, 2023

Business

Oliver Alawuba Increases Investment In UBA, Shareholders Make N116.27bn

The Group Managing Director of the United Bank for Africa (UBA), Oliver Alawuba, has increased his investment in the financial institution. Alawuba is now the second highest shareholder in UBA after acquiring 35.53 million shares of the bank in the Nigerian stock market

June 27, 2023

Naira Appreciates At Official Market As Dollar Supply Rises On Friday

Business·Currency

Dollar Sells Above N760 In Official, Black Markets, BDC Increases Euro, Pound Rates

The dollar rates in the investors’ and exporters’ window of the official market and that of the Bureau De Change (BDC) window in the black market continue to converge. At the close of trading on Monday, 26 June, the dollar was sold

June 27, 2023

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Fakoyejo Olalekan

APC’s Mustapha Audu Reveals How Ending Fuel Subsidy Can Create Billionaires

World Bank To Invest $750 million In Nigeria’s Rural Electrification Project

Nigerians React To Lagos State Gov’t’s Decision To Charge For Proof Of Vehicle Ownership

Dollar Records Mixed Fortunes In Official Window, Black Market

5kg Cooking Gas Hits N4,360, 12.5kg Up 9.30%, Highest In Bayelsa, Cross River

CBN Issues New Guidelines On Contactless Payments, Sets Limits On Transactions

Transcorp Hotels, Ikeja Hotel, Others Record Gains, Stock Market Cap Up By N421bn

Data Prices, Airtime Tariff Set To Rise, As MTN, Airtel, Others Review Costs

Oliver Alawuba Increases Investment In UBA, Shareholders Make N116.27bn

Dollar Sells Above N760 In Official, Black Markets, BDC Increases Euro, Pound Rates

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