Access Holdings posted a pre-tax profit of N348.9 billion for the half-year ending June 30, 2024, as banks continue to enjoy bumper profits from Nigeria’s high interest rates. The group’s pre-tax profit during the half-year marks a 108 per cent year-on-year growth from the N167.6 billion posted in H1 2023. […]

The Central Bank of Nigeria’s monetary policy committee will meet on Monday and Tuesday in a highly anticipated deliberation that could hold benchmark interest rates steady for the first time after four consecutive hikes while the Debt Management Office auctions N150 billion in FGN bonds. “But even as food inflation […]

The Committee on Consequential Adjustments in Salaries for civil servants has agreed that the new minimum wage will be implemented from July 29, 2024. This was stated in a Memorandum of Understanding issued at the end of the committee’s meeting, which was seen by our correspondent in Abuja on Friday. The […]

In its continued bid to maximise the nation’s abundant gas resources for economic development and prosperity, NNPC Ltd. has begun discussions with investors towards bringing back two Liquefied Natural Gas (LNG) projects, Brass and Olokola LNG projects. NNPC Ltd.’s Chief Financial Officer (CFO), Mr. Umar Ajiya disclosed this on the sidelines […]

• Low queue as IPMAN, MEMAN say supply below expectations • Dangote debunks shortfall claim, insists supply on track Nigerian National Petroleum Company Limited (NNPCL), yesterday, said the Dangote Refinery is unable to supply the nation with over 65 million litres of Petroleum Motor Spirit (PMS), stressing that only 10.3 […]

Multinational consumer goods company, PZ Cussons, says it has commenced plans to sell its African subsidiaries to any interested buyer. The parent company of PZ Cussons Nigeria said it is looking at a partial or full sale to mitigate the company’s exposure to fluctuations in the naira, which has devalued […]

The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,645 per dollar on Wednesday. Similarly, The Naira depreciated to N1,544.02 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,544.02 per dollar from N1,539.65 […]

Nigeria has seen a significant surge in its foreign debt servicing costs, with an increase of 96% year-on-year, according to the latest data released by the Central Bank of Nigeria (CBN). By the end of May 2024, the country’s debt services and payments had reached $2.19 billion, a sharp rise from $1.12 billion […]

The Nigerian naira experienced an appreciation against the U.S. dollar on Wednesday, buoyed by an increase in dollar liquidity in the official foreign exchange (FX) market, gaining N116.84 to close the day on a positive note. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira appreciated by 7.59 per […]

Volatile exchange rate and galloping inflation have slowed the growth of Nigeria’s real estate sector, forcing potential investors to second-guess their moves. Property prices have jumped across the Nigerian market, but real earnings have failed to match them, slowing investments and growth. The contribution to construction to the real gross […]