BUSINESS

Investors lost N360bn on Tuesday at the end of trading on the floor of the Nigerian Exchange Limited as the stock market extended its decline. The NGX All-Share Index fell by 1.81 per cent to close at 37,847.07 basis points from 38,545.3bps on Monday, while the market capitalisation dropped to N19.73tn from N20.09tn. A total of 218.27 million shares valued at N2.73bn were traded by investors in 3,524 deals, compared […]

Private jet owners risk having their airplanes impounded by the Nigeria Customs Service if they fail to verify their documents before July 6, 2021 when a month grace period would have expired. The Public Relations Officer of NCS, Joseph Attah, disclosed this on Monday in Abuja at a media briefing to update the public on the ongoing audit of privately-owned aircraft operating in Nigeria. Attah said, within two weeks into […]

Nick Cannon is expecting his 7th child with his WildNOut co-star, Alyssa Scott. This confirmation comes less than a week after Nick welcomed twins with Abby De La Rosa. Alyssa Scott posted a maternity photo on her Instagram story on Father’s Day with Nick Cannon cradling her baby bump. This posts confirms the rumors that began a few weeks ago after Scott posted a maternity photo with her unborn child’s […]

Actress, Damilola Adegbite, has advised single mothers to allow their kids to have access to their dads. In commemoration of the Father’s Day celebration on Sunday, the actress took to Instagram to address single mothers about the involvement of a father in their children’s lives. She said There are three categories of single mothers: the ones whose children’s fathers cannot be in their life (maybe dead, incarcerated etc.); the ones […]

The World Bank has said Nigeria is likely to make N462bn the electronic money transfer levy as a source of stable revenue in 2021. The multilateral institution said this in its ‘Resilience through Reforms’ report. According to the report, the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act and taps into the growth in electronic funds transfer in Nigeria, and can be administered […]

Investors in the Nigerian stock market lost N270bn last week as 25 equities recorded price declines. The Nigerian Exchange Limited All-Share Index and market capitalization depreciated by 1.30 per cent to close the week at 38,648.91 basis points and N20.14tn respectively. All other indices finished higher with the exception of NGX ASI, NGX-Main Board, NGX MERI Growth and NGX Industrial Goods, which depreciated by 1.30 per cent, 3.26 per cent, […]

Nigeria earned $34.22bn from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative said on Thursday. It said this in its 2019 Oil and Gas Industry Audit report released in Abuja, adding that the $34.22bn revenue represented an increase of 4.88 per cent over the $32.63bn garnered from the sector in 2018. A breakdown of the earnings showed that payments by companies accounted for $18.90bn, while […]

The country’s external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May 31 and $33.85bn as of June 15. Speaking on the decline in external reserves at the recent Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said, it reflects sales to the […]

The Director General of the Budget Office of the Federation, Ben Akabueze, on Tuesday said cutting budget allocations to Federal Government agencies would not have a significant impact on Nigeria’s revenue. Akabueze said this in Abuja at the launch of the Nigerian Development Update by the World Bank. According to him, allocations to the legislature account for less than one per cent of the total budget for the year and […]