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Business
Equities market appreciates by 0.11%
The domestic equities market of the Nigerian Exchange Limited (NGX) on Thursday closed positive with a gain of 0.11 per cent, buoyed by price uptick in Airtel Africa Plc and 24 others. The All-Share Index (ASI) gained 81.91 basis points 0.11 per cent to close at 71,365.25 basis points. Also, market capitalisation rose by N44 billion to close at N39.052…
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Economy
Supreme court ruling: CBN directs Banks to issue, accept old, redesigned Naira banknotes
The Central Bank of Nigeria (CBN) has affirmed the Nigeria Supreme Court’s ruling on Wednesday that the Old Naira notes will remain legal tender of the country till further notice. The apex bank in a statement also directed banks to comply with this ruling to issue and accept old notes alongside the redesigned indefinitely. The acting director, Corporate Communications department,…
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Business
NDIC has invigorated liquidation activities, increased debt recovery rate, says Hassan
The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan in highlighting some of its 2021 – 2025 Strategic Plan achievements in the financial sector said the Corporation has invigorated its liquidation activities, and greatly increased debt recovery rate leading to declaration of 100 per cent liquidation dividends to depositors of over 20 deposit money banks in-liquidation. Speaking…
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Business
Fidelity Bank partners LCCI to address challenges to business performance in Nigeria
Fidelity Bank Plc, has restated its determination to help businesses run profitably as it recently partnered with the Lagos Chamber of Commerce and Industry (LCCI) to host a conference to discuss solutions to challenges bedeviling the growth of businesses in the country. Held at the LCCI office in Lagos recently, the event featured a panel session comprising several top functionaries…
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Business
Equities market drops by N165bm
Sentiments in the local equities market of the Nigerian Exchange Limited (NGX) on Tuesday as investors took profits in Dangote Cement Plc and 39 others. Thus, the All-Share Index declined by 312.76 basis points or 0.44 per cent, to close at 71,041.05 basis points. Similarly, the overall market capitalisation value shed N165 billion to close at N38.875 trillion. The market…
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Economy
Tinubu asks Senate to approve $8.69bn, €100m external loan
President Bola Tinubu, on Tuesday called upon the Senate to deliberate and grant approval for his request to secure a loan amounting to $8,699,168,559 and €100 million. This forms part of the 2022 – 2024 external borrowing plan envisioned by the federal government. Senate President Godswill Akpabio read Tinubu’s letter of request during the plenary session. The president highlighted that…
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Crime & City Diary
Emefiele’s case adjourns till 2024, remanded in Prison
The Federal Capital Territory High Court has adjourned till January 18, 2024, the case of the former Central Bank of Nigeria governor, Godwin Emefiele, in an alleged procurement fraud suit. Emefiele faced allegations of leveraging his role to grant a corrupt advantage to Sa’adatu Yaro, a CBN staff member, through the allocation of a contract for the purchase of 43…
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Business
Tinubu appoints NNPC board & management team
In compliance with Section 59 (2) of the Petroleum Industry Act, 2021, President Bola Tinubu has approved the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) with effect from December 1, 2023: (1) Chief Pius Akinyelure — Non-Executive Board Chairman (2) Mallam Mele Kolo Kyari — Group Chief Executive Officer (3) Alhaji…
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Business
FCMB Group declares N3.88trn total assets in nine months
FCMB group Plc on Monday declared a total assets of N3.88trillion as of September 30, 2023, representing a growth of 32.2 per cent Year-on-Year (YoY) from N2.93trillion declared in financial year for the period ended December 31, 2022. The group declared profit before tax growth of 108.0per cent YoY to N55.1 billion from N26.5 billion reported in corresponding period of…
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Business
Investdata’s 15 golden stocks outperform NGXASI, returns 103.55%
Ahead of the Invest 2024 Traders & Investors Summit slated for Saturday, via virtual , the organisers, Investdata Consulting Limited has released the performance scorecard of the 15 Golden Stocks recommended during the last edition, which revealed a superlative performance as they recorded 103.55per cent average capital appreciation between December 2, 2022 to Friday, November 24, 2023. Within the period,…
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