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Business - Page 15

Aliko Dangote Makes History as First African to Hit $30 Billion Net Worth

Africa’s richest man, Aliko Dangote, has reached a historic milestone, becoming the first African to attain a net worth of $30.5 billion, according to the latest update from the Bloomberg Billionaires Index. As of October 25, 2025, Bloomberg ranks Dangote 73rd globally,

October 25, 2025

Business·Top Stories

NGX Sheds N437.54bn Despite Gains In SCOA, RT Briscoe

The Nigerian Exchange Limited (NGX), also known as the stock market, lost N437.54 billion on Thursday, August 28, after the all-share index (ASI) decreased by 691.52 basis points. NGX disclosed that the all-share index declined from 141,248.76 ASI on Wednesday, August 27,

August 28, 2025

Business

Dangote Group, Ethiopia Partner To Build $2.5bn Fertiliser Plant

In its quest to boost food security, the Ethiopian government has signed an agreement with Dangote Group to build a $2.5 billion fertiliser complex The plant, when completed, is expected to produce about three million metric tons of fertiliser every year. This was

August 28, 2025

Business·Top Stories

Neimeth Grows Revenue To N2.9bn, Records 710% Increase In Finance Costs

Between January and June 2025, Neimeth International Pharmaceuticals recorded N2.90 billion turnover, compared to the N1.65 billion revenue filed in the first half (H1) of 2025, indicating an increase of 76 percent. According to the company’s financial statements for H1 2025, Neimeth’s

August 28, 2025

Business·Top Stories

Profit Takers Milk Tinubu’s Insurance Law Effect, Wipe Off N198bn From Insurance Stocks

Since the stocks of insurance companies reached an all-time high on August 13, shareholders of insurance firms in the Nigerian Exchange Limited (NGX), also known as the stock market, have lost over N198.21 billion to profit takers. Prime Business Africa notes that

August 28, 2025

Business

4% FOB Charge: We Need Policies That Boost Domestic Production – MAN DG

The Director General of the Manufacturers Association of Nigeria (MAN) has called on the Nigerian government to focus on crafting policies that encourage domestic production to increase the contribution of the manufacturing sector to the nation’s GDP. He stated this while reacting

August 28, 2025

Business·Top Stories

NGX Down By N120.87bn As Cornerstone, RT Briscoe Record Losses

Decline in shares of Cornerstone, RT Briscoe, other losers wiped off N120.87 billion from the Nigerian Exchange Limited (NGX), as the stock market capitalisation dropped to N89.37 trillion on Wednesday, August 27. The day before, the market capitalisation closed at N89.49 trillion.

August 27, 2025

Business

DMO Raises ₦136bn In August Bonds As Investors Show Interest

The Debt Management Office (DMO) has successfully raised ₦136.16 billion through its Federal Government of Nigeria (FGN) bond auction in August 2025. This auction demonstrated continued strong investor confidence in Nigerian sovereign debt instruments despite a tighter yield environment and ongoing market uncertainties. The auction featured two bond instruments: a

August 27, 2025

Business

Manufacturers’ VAT Rises 39% To N803.5bn Despite Low Output

Nigeria’s manufacturing sector contribution to Value-added Tax (VAT) rose by 39 per cent to ₦803.5 billion in 2024 from ₦578.39 billion recorded in 2023. This growth occurs amid a challenging economic environment characterized by declining industrial output, high inflation, and foreign exchange

August 27, 2025

Business·Top Stories

Beta Glass Reduces Impact Of Cost On Revenue As Turnover Rises 63.37%

Beta Glass closed the first half (H1) of 2025 with N78.23 billion revenue, exceeding the N47.88 billion grossed in H1 2024, representing an increase of 63.37 percent. This is according to the glass container manufacturer’s unaudited interim financial statements for the six

August 27, 2025

Business·News

CBN Gives Banks October 31 Deadline To Comply With Payment Messaging Standard

The Central Bank of Nigeria (CBN) has issued a directive requiring all operators in the country’s payment ecosystem to complete their migration to the ISO 20022 global messaging standard and implement mandatory geo-tagging of payment terminals by 31 October 2025. In a

August 27, 2025

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Business - Page 15

Aliko Dangote Makes History as First African to Hit $30 Billion Net Worth

NGX Sheds N437.54bn Despite Gains In SCOA, RT Briscoe

Dangote Group, Ethiopia Partner To Build $2.5bn Fertiliser Plant

Neimeth Grows Revenue To N2.9bn, Records 710% Increase In Finance Costs

Profit Takers Milk Tinubu’s Insurance Law Effect, Wipe Off N198bn From Insurance Stocks

4% FOB Charge: We Need Policies That Boost Domestic Production – MAN DG

NGX Down By N120.87bn As Cornerstone, RT Briscoe Record Losses

DMO Raises ₦136bn In August Bonds As Investors Show Interest

Manufacturers’ VAT Rises 39% To N803.5bn Despite Low Output

Beta Glass Reduces Impact Of Cost On Revenue As Turnover Rises 63.37%

CBN Gives Banks October 31 Deadline To Comply With Payment Messaging Standard

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Otti Breaks Ground on Dual Road Projects to Reconnect Abia’s Heartland, Boost Regional Trade

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