N120bn USSD debt slowing financial inclusion, says NCC

N120bn USSD debt slowing financial inclusion, says NCC

The Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta, has said the banks’ N120bn Unstructured Supplementary Service Data debt owed telecommunication firms is slowing down financial inclusion. He noted that without the service, digital financial inclusion, which he pegged at 60 to 70 per cent, in the country would not be where it was currently. He said, “The merit of the service is that without it, there […]

September 8, 2023 16

BUSINESS

NGX sheds 0.29% as Nestle, NASCON suffer losses

The local bourse suffered another day of dip as investors lost N112bn at the close of trading on Thursday. Investors on Wednesday lost N27bn as trading activities slowed as the nation awaited the decision of the Presidential Election Petitions Tribunal. The PEPT affirmed the victory of President Bola Tinubu at the February polls. On Thursday, the market reacted negatively as the amount of loss worsened to N112bn with the market […]

September 8, 2023 18

BUSINESS

NNPCL intensifies anti-theft battle as oil output declines

The Nigerian National Petroleum Company Limited is stepping up efforts to combat oil theft in the Niger Delta, as the country’s oil production continues to plummet, writes OPEOLUWANI AKINTAYO In an update on its fight against crude oil theft in the country in July, the Nigerian National Petroleum Company Limited said it uncovered 162 illegal pipeline connections and illegal refineries in the Niger Delta, mostly in Bayelsa State. In a two-minute […]

September 5, 2023 11

BUSINESS

Solid minerals earnings hit N814bn in 15 years – NEITI

The Nigeria Extractive Industries Transparency Initiative, on Monday, announced that Nigeria’s earnings from the solid minerals sector between 2007 and 2021, a period of 15 years, was N814.6bn. NEITI made this public in its latest 2021 industry report of the solid minerals sector, which was unveiled to stakeholders and lawmakers in Abuja. In the report, the agency also stated that Nigeria N193.6bn from the solid minerals sector in 2021. The […]

September 5, 2023 13

BUSINESS

Subsidy pains: Labour vows to ground economy, begins strike

The Nigeria Labour Congress has vowed to ground the economy as it says the stage is set for a two-day nationwide warning strike in response to the severe economic hardships plaguing the nation on the aftermath of subsidy removal by the Federal Government. This move has garnered widespread support from key stakeholders, including the banking sector, civil society organisations, and workers’ unions, as they unite to address the growing economic […]

September 5, 2023 15

BUSINESS

Vandalised pipelines: Marketers predict more fuel queues

Petrol queues lingered across Lagos and Ogun states on Wednesday, just as oil marketers predicted tougher days ahead in terms of product availability. Several motorists were seen on queues at filling stations across the states with some oil sector operators saying the fuel scarcity might not go away any time soon. In an update on the prevailing situation, the Chairman of Satellite Depot, Independent Petroleum Marketers Association of Nigeria, Lagos, […]

August 31, 2023 12

BUSINESS

GSK: Experts fear more coys may exit Nigeria

Operators have expressed fears of more foreign companies leaving the country, following the recent announcement of GlaxoSmithKline Consumer Nigeria Plc to shut down its operations in the Nigeria. GSK, a company into research that developed and manufactured innovative pharmaceutical medicines, vaccines and consumer healthcare products, said its parent company, GSK Plc UK, revealed its intention to cease commercialisation of its prescription medicines and vaccines through its Nigerian subsidiary. It would […]

August 9, 2023 15

BUSINESS

Wema Bank’s profit rises by 97 per cent to N10.48bn

Wema Bank said its profit after tax rose by 97 per cent in the first half of 2023 financial period to N10.48bn from N5.30bn in H1, 2022. It disclosed this in its unaudited financial statements for the period ended June 2023, filed on the Nigerian Exchange Limited. The bank achieved improved performance including gross earnings of N89.09bn, a year-on-year increase of 49 per cent (H1, 2022: N59.59bn). Interest income went […]

July 31, 2023 10

BUSINESS

Equity investors record N8bn gain in one week

The bullish trading experienced in recent times on the Nigerian Exchange Limited slowed this past week, recording a gain of N8bn for investors. With market capitalisation ending at N35.994tn previous Friday, trading activities kicked off on a positive note on the NGX, appreciating to N35.539tn on Monday. It went higher to N35.932tn on Tuesday, but suffered a continuous decline in the next three trading sessions, following the announcement of an […]

July 31, 2023 21

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