BUSINESS

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 […]

The Central Bank of Nigeria said bank deposits rose by N6.95tn between February 2019 and February 2020. The CBN disclosed this in its report on some of the personal statements of members of the Monetary Policy Committee. Part of the statement noted there were moderate declines in returns on equity and returns on assets and a significant rise in the share of operating incomes in total interest incomes of Deposit […]

The Federal Government has said Hadiza Bala-Usman would remain suspended from office as the Managing Director of the Nigerian Ports Authority until the outcome of the investigation being done by the panel that was established to probe her activities.   On Monday the Federal Government inaugurated the panel of enquiry on the management of the NPA and ordered the panel to investigate policies of Bala-Usman, who was suspended last week […]

The Debt Management Office has disclosed that the Federal Government would offer N150bn bonds for subscription in May. A circular by the DMO on its website showed that the breakdown of bonds comprised three bonds worth N50bn each. They are 10-year reopening bond to be offered at the rate of 16.2884 per cent and to mature in March 2027; a 15- year reopening bond to be offered at 12.5 per […]

The House of Representatives has urged the Federal Ministry of Agriculture and Natural Resources, the Nigerian Navy and the Nigerian Maritime Administration and Safety Agency to put measures in place to curb illegal fishing activities in Nigeria’s waters. The House also urged the Federal Government to review its licensing policy ‘that tends to favour foreign trawlers at the expense of their local counterparts and encourage indigenous investments into this agricultural […]

The international oil benchmark, Brent Crude, was less than 30 cents from hitting $70 amid market optimism on the United States and Europe reopening. The benchmark had gained $0.83, to trade at $69.71 as of 2:44 pm on Wednesday, Nigerian time, according to data from Oilprice.com. The Nigerian National Petroleum Corporation had stated that it paid an estimated N100bn in petroleum subsidies monthly. It later said that it would be […]