Business

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President Muhammadu Buhari has approved the reconstitution of the Board of the Federal Mortgage Bank of Nigeria (FMBN). This was contained in a statement issued by Senior Special Adviser to the President on Media and Publicity, Mallam Garba Shehu. This is with a view to repositioning the bank as a core banking institution with core […]

Nigeria’s inflation rose to 15.92% in March 2022, following a similar uptick recorded in the previous month as a result of the increase in energy prices. This represents the highest rate recorded since October 2021. This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS). The […]

The National Assembly has passed amendments to the 2022 Appropriation Act which raised the subsidy on Premium Motor Spirit (petrol) by N442.72bn, from N3.557tn to N4tn. The Senate and the House of Representatives, respectively, considered and adopted reports on the amendment bills at the plenary on Thursday based on the request by the President, Major […]

The Twitter and Elon Musk saga is far from over as Elon Musk has made an offer to buy Twitter in an SEC filing. The billionaire has said he is willing to pay $54.20 per share to buy 100% of the company. It would be an all cash offer and would value the social network at […]

Nigerian Exchange Limited (NGX) says it has launched West Africa’s first exchange-traded derivatives (ETD) market to drive innovation and responds to stakeholders’ needs. ETDs are standardised, highly regulated, and transparent financial contracts listed and traded on a securities exchange, and guaranteed against default through the clearinghouse of the derivatives exchange. Clifford Akpolo, head, marketing and corporate […]

Some of the foreign airlines flying into Nigeria will on April 19 begin the sale of their tickets in dollar amid the worsening shortage of foreign exchange in the country. The development came as foreign carriers’ unremitted ticket sale proceeds in Nigeria reportedly hit $283m (about N116.87bn) recently. It was learnt on Wednesday that international […]

Union Bank of Nig Plc has released its full-year financial result as a group which revealed a profit of N16.92 billion in 2021. This reflects a 9.39% decrease year on year. The Nigerian lender also reported earnings per share of N0.66, a 0.22% decline from the N0.85 reported a year earlier. The statement revealed that […]

Following a spike in gasoline and food costs, triggered by Russia’s conflict with Ukraine, the United States consumer price hike topped 8% in March, the fastest rate since 1981. The consumer price index increased 8.5% year-on-year last month, slightly exceeding Wall Street’s estimates, according to a report by the Bureau of Labor Statistics. The monthly growth was […]

United Bank for Africa Plc has announced the appointment of Mrs. Caroline Anyanwu as Non-Executive Director of the company. This was disclosed through a notice of the company’s AGM resolutions filed with the Exchange and signed by the company’s secretary, Bili Odum. Mrs. Caroline Anyanwu was elected and appointed at the just concluded 60th Annual […]

THE Minister of Mines and Steel Development, Olamilekan Adegbite, has refuted media reports on the rehabilitation of the Ajaokuta Steel Plant, saying that the Federal Government is not handing it over to a British firm. He further said that a Nigerian firm, which is a partner of a British firm, had offered to implement a […]


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