The Nigerian Exchange (NGX) closed Wednesday’s session on a cautious note, with investors losing ₦7.85 billion in market value as the All-Share Index (ASI) dipped marginally by 1 basis point to 166,267.60 points. Market capitalisation settled at ₦106.44 trillion, leaving the year-to-date return unchanged at 6.85 per cent. Trading was marked by mixed sentiment. While […]
Non-financial assets held by Nigeria’s microfinance banks surged to a record ₦358.787 billion in June 2025, according to the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin. This marks the highest level since 2018 and underscores the sector’s growing reliance on tangible and intangible assets. The June figure represents a 0.88% month-on-month increase, rising […]
Investors on the Nigerian Exchange (NGX) suffered a marginal loss at the start of the week as the All Share Index (ASI) slipped by one basis point, closing at 166,112.50 points. The decline translated into a ₦10.90 billion erosion in market capitalisation, which fell to ₦106.34 trillion. Year-to-date returns also weakened slightly to 6.75 per […]
Governor Babajide Sanwo-Olu has signed into law Lagos State’s ₦4.44 trillion Appropriation Bill for 2026, describing it as a “Budget of Shared Prosperity” designed to drive inclusive growth and improve the quality of life for residents. The budget, initially proposed at about ₦4.2 trillion, was reviewed upward by the Lagos State House of Assembly after […]
The Nigerian equities market roared into 2026 with record-breaking momentum, delivering a massive N2.58 trillion gain to investors as market capitalisation surged past the N106 trillion mark. The All-Share Index advanced by 2.36 per cent to close at 166,129.50 points, while market capitalisation rose 2.48 per cent to N106.354 trillion, compared to 162,298.08 points and […]
The family of slain lawyer, Mediatrix Chigbo, and the Global Association of Female Attorneys (GAFA) have called for a thorough investigation into her murder. The appeal was made during a Night of Tribute organised in Chigbo’s honour by GAFA in Abuja. Ms Maureen Chigbo, the deceased’s younger sister, described her death as tragic and devastating, […]
Former President Goodluck Jonathan and Senate President Godswill Akpabio have charged the Nigerian Society of Engineers (NSE) to take decisive action against recurring infrastructure failures and the menace of quackery in the engineering profession. They made the call at the investiture of Ali Rabiu as the 35th President of the NSE, an event that drew […]
The National Vanguard for Democratic Coalition (NVDC) has backed renewed efforts to impeach Rivers Governor Siminalayi Fubara. NVDC Coordinator Mr Felix White, in a statement, urged the Rivers State House of Assembly to enforce constitutional provisions after the governor allegedly failed to present the 2026 Appropriation Bill. He said: “Any attempt by the Assembly to […]
The Nigerian Exchange sustained its bullish momentum, with investors extending gains as the NGX All-Share Index (ASI) advanced by 0.56% to close at 166,771.95 points. The rally lifted the market’s year-to-date return to 7.17% from 6.57% in the previous session, while total market capitalisation expanded by ₦598.41 billion to ₦106.78 trillion. Investor interest remained selective, […]
The Nigerian Ports Authority (NPA) has reaffirmed its commitment to sustaining congestion-free port corridors, citing significant gains recorded through the implementation of its e-Call Up System for trucks operating around the nation’s ports. The Managing Director of NPA, Dr Abubakar Dantsoho, gave the assurance while addressing participants at the All-Nigerian Maritime Journalists Retreat organised by […]
The Nigerian Navy has called for deeper collaboration with the Nigerian Maritime Administration and Safety Agency (NIMASA) in the area of hydrography to sustain improved safety of navigation in Nigerian waters. The call was made by the Flag Officer Commanding, Western Naval Command (FOC-WNC), Rear Admiral Abdullahi Mustapha, during a familiarisation visit to the NIMASA […]
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, CON, has renewed his call on state governments across the country to urgently prohibit the use of wooden boats for commercial water transportation and to invest in safer, modern fibre-reinforced and aluminium vessels. The Minister made this appeal in response to recent boat accidents that […]
The naira depreciated further in the parallel market on Tuesday, sliding to N1,495 per dollar as demand pressures resurfaced in the informal foreign exchange segment. Market checks in Lagos and Abuja showed the local currency lost N10 against the dollar, widening the spread between official and street market rates and heightening arbitrage concerns […]
The Nigerian Communications Commission (NCC) has launched a comprehensive competition study in the telecommunications sector as part of efforts to address concerns over market dominance and promote fair, effective and sustainable competition. The Commission disclosed this at a stakeholders’ forum on the Study of Competition in the Nigerian Telecommunications Industry, held in collaboration […]
The Nigeria Deposit Insurance Corporation has declared a second liquidation dividend of ₦24.3 billion to depositors of Heritage Bank Limited, whose balances exceeded the statutory insured limit of ₦5 million at the time the bank was closed, reinforcing ongoing efforts to recover assets and reimburse affected customers. Heritage Bank’s operating licence was revoked by the […]
The Nigerian equity market closed the week on a strong footing, with sustained buying interest in heavyweight stocks lifting key indices and deepening investors’ gains. The NGX All-Share Index (ASI) advanced by 3.71 per cent week-on-week to settle at 162,298.08 points, driven largely by rallies in major stocks such as MTN Nigeria (+7.63% w/w), SEPLAT (+10.00% w/w) and GTCO (+7.48% w/w). These […]
SIFAX Group has kicked off the 2026 business year with the unveiling of an innovation-driven growth plan aimed at strengthening operations, deepening technology adoption and expanding its footprint across West Africa. The Group’s Chairman, Dr Taiwo Afolabi, disclosed this in his New Year message to employees, partners and stakeholders, where he outlined the company’s strategic […]
By SAMUEL MOBOLAJI Nigeria’s electricity subsidy burden has surged close to the N2 trillion mark, intensifying pressure on the Federal Government to undertake a comprehensive review of power tariffs as fiscal strains deepen. Data from the Nigerian Electricity Regulatory Commission (NERC) show that electricity subsidies climbed to N1.98 trillion within the 12 months from October […]
Nigeria’s maritime and blue economy sector has recorded a major turnaround following far-reaching reforms initiated by the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, CON, according to his Special Adviser, Dr. Bolaji Akinola. Akinola said the sector has been decisively repositioned for sustainable growth and development under Oyetola’s leadership, with several long-standing challenges, […]
The Nigerian Maritime Administration and Safety Agency (NIMASA) has issued a 30-day ultimatum to vessel owners and other maritime operators to regularise their documentation or risk detention, penalties and withdrawal of operational waivers. The agency announced the directive in a statement on Tuesday, granting a compliance window beginning January 5, 2026, for operators to conduct […]