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The African Development Bank has pledged to support public development banks in achieving climate and sustainable development goals. The President of the AfDB, Dr. Akinwumi Adesina, said this at a virtual Finance in Common Summit. This comes ahead of a summit on Financing African Economies to be convened by French President, Emmanuel Macron on May 18. He also spoke on building a system able to work efficiently together to finance […]

The suspended managing director of Nigerian Ports Authority, Ms Hadiza Bala-Usman, has described the allegations leveled against her by a former senator, Ms Binta Garba, as spurious and unproven. Garba had accused the embattled NPA’s boss of masterminding her removal from the board of the authority. On Monday, Bala-Usman stated that Binta had lent herself as an agent of destabilization rather than contributing to the development of NPA. She added […]

The higher percentage of younger workers that have joined the Contributory Pension Scheme will help to sustain the system, the National Pension Commission has said. The commission disclosed in its report for the fourth quarter of 2020 that 77 per cent of the contributors were below 40 years of age. Part of the report noted that a review of the sectoral distribution for the quarter ended December 31, 2020 showed […]

A commodities broker, Marex Spectron, has said it is considering an initial public offering on the main market of the London Stock Exchange. Marex said on Friday that it intends to have a free float of at least 25 per cent of the business and expects that it would be eligible for inclusion in the FTSE UK indices, according to ShareCast. Acquisitions have historically been an important growth driver for […]

Investors gained N150bn at the close of trading on the Nigerian Exchange Limited last week as stocks pared their losses. The NGX All-Share Index and market capitalization appreciated by 0.72 per cent to close the week at 39,481.89 basis points and N20.58tn respectively. All other indices finished higher with the exception of NGX Sovereign Bond Index, which depreciated by 10.69 per cent, while the NGX ASeM and NGX Growth Indices […]

Latest operations report of the Nigerian National Petroleum Corporation indicates that Nigeria’s refineries under the management of NNPC could not refine a drop of crude oil amid concerns by the Nigeria Labour Congress over the comatose state of the facilities. In its most recent financial and operations report, the national oil firm stated that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company […]