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OPEC output hike to stay till July 2025

DailyTimesNGR DailyTimesNGR 12 June 2025 0

The global oil market is keeping a close eye on the Organisation of Petroleum Exporting Countries (OPEC), which is unwinding output cuts at a faster rate than originally planned to punish over-producers. The OPEC+, which includes members like Russia, has vowed to increase output by 411,000 bpd

Money

FirstBank, AWS push innovation as driver of digital transformation

DailyTimesNGR DailyTimesNGR 12 June 2025 0

BY TEMITOPE ADEBAYO FirstBank of Nigeria Limited and Amazon Web Services (AWS) have called for sustained innovation and digital transformation as critical levers for long-term business growth and improved customer experience. This message was reinforced during a fireside chat in Lagos, hosted as part of the First Tech Connect Series, which featured AWS Global Chief […]

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CardinalStone executes N325bn transaction, propels bullish equities trading

DailyTimesNGR DailyTimesNGR 12 June 2025 0

BY MOTOLANI OSENI CardinalStone’s performance in early June builds on its strong momentum in the first five months of 2025. From January to May 2025, CardinalStone Securities Limited (CSSL) executed over N325 billion in transactions and traded more than 8.7 billion shares, even as the firm was ranked among the top two brokers on the […]

Money

Ponzi Alert: CBEX remains banned in Nigeria, SEC reiterates warning to investors

DailyTimesNGR DailyTimesNGR 12 June 2025 0

BY TEMITOPE ADEBAYO The Securities and Exchange Commission (SEC) has restated that CBEX (Crypto Bridge Exchange), operating under the corporate name of ST Technologies International Ltd, also known as Smart Treasure or Super Technology, remains banned from operating in Nigeria due to its lack of registration and authorisation by the Commission. In a public notice […]

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CBN insists on June 2025 deadline for BDC recapitalisation

DailyTimesNGR DailyTimesNGR 12 June 2025 0

BY MOTOLANI OSENI The Central Bank of Nigeria (CBN) has reaffirmed that there will be no extension to the recapitalisation deadline for Bureau De Change (BDC) operators, firmly dismissing media reports suggesting a shift to December 31, 2025. In a statement issued on Wednesday, Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, described the […]

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Investors gain N405bn as NGX extends positive run

DailyTimesNGR DailyTimesNGR 12 June 2025 0

BY TEMITOPE ADEBAYO The Nigerian equities market sustained its rebound on Tuesday as investors gained N405 billion, with the NGX All-Share Index advancing by 0.56 per cent to close at 114,659.11 points. Market capitalisation rose to N72.30 trillion, pushing the year-to-date return to 11.40 per cent. The day’s performance was driven by renewed interest in […]

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Finance Ministry dismisses reports of $5bn oil-backed loan collapse

DailyTimesNGR DailyTimesNGR 12 June 2025 0

BY MOTOLANI OSENI The Federal Ministry of Finance has categorically rejected media reports suggesting that Nigeria’s proposed $5 billion oil-backed loan deal with Saudi oil giant Aramco has collapsed. In a statement on Wednesday, Mr Mohammed Manga, Director of Information and Public Relations at the ministry, described the reports as unfounded and misleading. He stressed

Money

Pernod Ricard Nigeria marks world environment day with strong sustainability drive

DailyTimesNGR DailyTimesNGR 9 June 2025 0

BY TEMITOPE ADEBAYO Pernod Ricard Nigeria has reaffirmed its commitment to environmental sustainability and the circular economy as it joined the global community to mark World Environment Day 2025. The company’s bold initiatives reflect its long-term dedication to reducing environmental impact and promoting responsible production and consumption across Nigeria. Operating

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NCC shifts USSD charges to airtime in N250bn dispute between banks, telcos

DailyTimesNGR DailyTimesNGR 4 June 2025 0

BY MOTOLANI OSENI The Nigerian Communications Commission (NCC) has directed Deposit Money Banks (DMBs) to stop deducting charges for Unstructured Supplementary Service Data (USSD) transactions directly from customers’ bank accounts, signalling a major regulatory shift that follows years of unresolved debt and conflict between banks and mobile network operators (MNOs).

Money

Tony Elumelu boosts UBA stake with N43.9bn share purchase

DailyTimesNGR DailyTimesNGR 4 June 2025 0

BY TEMITOPE ADEBAYO The chairman of the United Bank for Africa (UBA), Tony Elumelu, has acquired 1.268 billion shares valued at N43.9 billion in the financial institution within two days. This was disclosed in a regulatory filing to the Nigerian Exchange Group (NGX) signed by the Group’s company secretary, Bili Odum. According to the filing, […]

Money

FG, Gates Foundation sign $7.5m deal to launch Nigerian AI hub

DailyTimesNGR DailyTimesNGR 4 June 2025 0

BY MOTOLANI OSENI The Federal Government has signed a $7.5 million agreement with the Bill & Melinda Gates Foundation to establish a Nigerian AI Scaling Hub focused on healthcare, agriculture, and education. Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, disclosed this after a meeting with Microsoft founder Bill Gates and the Gates […]

Money

Unity Bank, AfriGo partner to deepen access to ePayments

DailyTimesNGR DailyTimesNGR 2 June 2025 0

BY TEMITOPE ADEBAYO Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card scheme provider, AfriGo, to boost card usage across its retail customer segments. This pledge was made during a high-level strategic business engagement held with AfriGo’s Executive Management team. Speaking

Money

DMO offers June savings bonds with returns up to 17.121%

DailyTimesNGR DailyTimesNGR 2 June 2025 0

BY MOTOLANI OSENI The Debt Management Office (DMO) has opened subscriptions for the June 2025 Federal Government of Nigeria (FGN) savings bonds, offering annual interest rates of up to 17.121 per cent. The subscription window opened on Monday, 2 June 2025, and will close on Friday, 6 June 2025. According to the DMO, the two […]

Money

IMF, analysts warn FG over rising debt, loan plans hit N39trn

DailyTimesNGR DailyTimesNGR 2 June 2025 0

BY MOTOLANI OSENI The International Monetary Fund (IMF) and financial analysts have expressed concern over Nigeria’s growing public debt burden as the federal government prepares to borrow an additional $26 billion (approximately N39 trillion) to fund the 2025–2026 budget cycle. In a recent note, analysts at Cowry Asset Management criticised President Bola Tinubu’s request

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Foreign students boost forex earnings at NCAT, Zaria

DailyTimesNGR DailyTimesNGR 2 June 2025 0

BY CHUKWUEMEKE IWELUNMO The Nigeria College of Aviation Technology (NCAT), Zaria, has become a growing hub for foreign aviation students, boosting the federal government’s foreign exchange earnings. The college is currently attracting students from Egypt, Asia, and French-speaking countries. Speaking during the 2025 training for aviation journalists in Zaria, NCAT

Money

BUA invests $65m in Rivers Port Terminal project, no public funds used

DailyTimesNGR DailyTimesNGR 2 June 2025 0

BY MOTOLANI OSENI BUA Group has committed over $65 million in private funds to reconstruct Terminal B of the Rivers Port Complex, confirming that the project is entirely self-financed and expected to be completed in the first quarter of 2026. The company announced this in its recent statement in response to comments by former Nigerian […]

Money

Naira gains to N1,610/$1 in parallel market, signals renewed strength

DailyTimesNGR DailyTimesNGR 2 June 2025 0

BY TEMITOPE ADEBAYO The naira gained ground against the US dollar in the parallel market on Monday, appreciating to N1,610/$1, up from Friday’s rate of N1,630/$1, according to data from currency dealers in Lagos. This marks a significant recovery after a volatile performance in May when the naira weakened by 1.24 per cent. The worst […]

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Nigeria’s inflation drops by 1.86% -NBS

DailyTimesNGR DailyTimesNGR 16 May 2025 0

BY TUNDE OPALANA The National Bureau of Statistics (NBS) on Thursday disclosed that Nigeria’s inflation has dropped by 1.86 per cent on a month-on-month basis. According to the Bureau, the nation’s inflation dropped to 23.7 per cent in April, from 24.23 per cent in March 2025. This was contained in NBS’s April Consumer Price Index […]

Money

Equities investors gain N152bn as NGX index rises 0.27%

DailyTimesNGR DailyTimesNGR 5 May 2025 0

BY TEMITOPE ADEBAYO The Nigerian Exchange (NGX) closed the first trading week of May on a positive note, with investors gaining N151.91 billion following renewed bargain hunting and positive sentiment around Q1 2025 earnings releases. The All-Share Index (ASI) rose 0.27 per cent week-on-week to settle at 106,042.57 points, while market capitalisation climbed to N66.65 […]

Money

Naira weakens to N1,602 as forex inflows fall 6%, CBN intervenes with $116m

DailyTimesNGR DailyTimesNGR 5 May 2025 0

BY TEMITOPE ADEBAYO The naira closed weaker against the US dollar at N1,602.18 last week, as foreign exchange inflows into Nigeria’s official market dipped by 5.7 per cent in April to $3.67 billion, down from $3.90 billion in March. Data from the FMDQ Exchange showed that the downturn was driven by a 16.5 per cent […]