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Nigeria sets $6bn investment goal in NGX, Trade Ministry pact

DailyTimesNGR DailyTimesNGR 1 May 2025 0

BY MOTOLANI OSENI The federal ministry of Industry, Trade and Investment (FMITI) and the Nigerian Exchange Group (NGX Group) have partnered in a move to achieve $ 6 billion Investment Target. This collaboration was highlighted during the distinguished Closing Gong Ceremony at the NGX, Lagos,

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Social media, financial instability fuel youth mental health crisis-Report

DailyTimesNGR DailyTimesNGR 3 April 2025 0

BY MOTLANI OSENI Not less than 44 per cent of young adults (18-24) currently suffer from mental health conditions, with excessive use of social media and financial instability being major contributing factors, according to AXA Mind Health Report 2025. Additionally, the report disclosed that, the work-related stress, including excessive workload, tight deadlines, and a lack

Money

Nigeria’s capital commitment secures Africa Energy Bank’s takeoff

DailyTimesNGR DailyTimesNGR 3 April 2025 0

BY MOTLANI OSENI Nigeria has demonstrated exceptional commitment towards supporting the operational takeoff of the Africa Energy Bank (AEB) by providing and fulfillment of her capital commitment. Similarly, Angola and Ghana have also fulfilled their capital commitments toward establishing the Bank, a milestone that represents 44 per cent of the minimum required funding

Money

Investors oversubscribe treasury bills auction, demand hits N1.92trn

DailyTimesNGR DailyTimesNGR 8 March 2025 0

BY TUNDE OPALANA The Federal Government of Nigeria (FGN) Treasury Bills auction held on Wednesday was over- subscribed. This is according to the results of the Treasury Bills (T-Bills) auction conducted on Wednesday, March 5, 2025, released by the Central Bank of Nigeria (CBN) on Thursday. The CBN in the auction offered N650 billion, but […]

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LCCI warns government against complacency over rebased inflation figure

DailyTimesNGR DailyTimesNGR 23 February 2025 0

BY MOTOLANI OSENI The Lagos Chamber of Commerce & Industry (LCCI) said, government must not get comfortable with a rebased inflation figure and lose the fight against inflationary pressures. The director-general of LCCI, Dr. Chinyere Almona, stated this while reacting to the rebased inflation figure released during the week, stating that, the latest decision by […]

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Nigeria, Algeria, Niger finalise agreements on $13bn Trans-Saharan Gas Pipeline

DailyTimesNGR DailyTimesNGR 15 February 2025 0

BY MOTOLANI OSENI Nigeria has reached new agreements with Algeria and Niger to advance the long-delayed $13 billion Trans-Saharan Gas Pipeline (TSGP), a project aimed at boosting gas exports to Europe. Officials from the three countries formalised the agreements during a meeting in Algiers on 11 February, covering an updated feasibility study, compensation framework, and

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$30m Lagos Free Zone gas facility nears completion, set for Q2 2025 launch

DailyTimesNGR DailyTimesNGR 15 February 2025 0

BY TEMITOPE ADEBAYO The $30 million natural gas distribution facility at the Lagos Free Zone is nearing completion and is expected to commence operations by the second quarter of 2025, according to Optimera Energy LFZ Enterprise. Optimera Energy, a consortium comprising Falcon Corporation Limited, FHN Gas Limited, and ND Western Midstream Limited, signed a 20-year […]

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EU explores renewable energy partnership with geometric power

DailyTimesNGR DailyTimesNGR 15 February 2025 0

BY MOTOLANI OSENI The European Union (EU) has expressed interest in partnering with Geometric Power to enhance renewable energy development in Nigeria. Speaking during a visit to the Geometric Power plant in Aba on 13 February, the EU’s Head of Cooperation and Projects, Bassimo Deluca, highlighted the potential for collaboration in sustainable power generation. “We […]

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Telecom union backs 50% tariff hike, urges NLC to reconsider protest

DailyTimesNGR DailyTimesNGR 1 February 2025 0

BY MOTOLANI OSENI The leadership of the telecommunications sector union has urged the Nigeria Labour Congress (NLC) to reconsider its planned protest against the federal government-approved 50 per cent increase in telecom service tariffs. In a letter addressed to the NLC president and the National Administrative Council, the union’s general secretary, Comrade Okonu

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ICAN President applauds NDIC for upholding integrity, financial stability

DailyTimesNGR DailyTimesNGR 27 January 2025 0

BY MOTOLANI OSENI The president of the Institute of Chartered Accountants of Nigeria (ICAN), Davidson Alaribe, has commended the Nigeria Deposit Insurance Corporation (NDIC) for its continuous compliance to the highest standards of integrity and transparency. Speaking during a courtesy visit of the ICAN Governing Council to the NDIC management in Abuja, Alaribe said,

Money

Zenith Bank restructures workforce, increases salaries, elevates over 4,000 staff

DailyTimesNGR DailyTimesNGR 24 January 2025 0

BY TEMITOPE ADEBAYO Zenith Bank, one of Nigeria’s leading financial institutions, has embarked on a significant restructuring initiative, introducing a substantial salary increase for lower-level employees and streamlining promotion criteria to reward exceptional performance. The restructuring exercise, which included salary adjustments effective January 2025, marks the

Money

FX stability, lower inflation to boost equities growth in 2025-Analyst

DailyTimesNGR DailyTimesNGR 24 January 2025 0

The managing director/CEO of Arthur Stevens Asset Management Limited, Olatunde Amolegbe, has projected that a stable foreign exchange market and falling inflation rates could drive significant growth in Nigeria’s equities market in 2025. Amolegbe, stated this at the Capital Market Correspondents Association of Nigeria (CAMCAN) review of the 2024 economic activities and

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Wema Bank targets N200bn fresh capital in final recapitalisation phase

DailyTimesNGR DailyTimesNGR 24 January 2025 0

BY TEMITOPE ADEBAYO Wema Bank is set to raise N200 billion in fresh capital through a combination of a Rights issue and Special placement exercise. The exercise is set to go live on April 1, 2025 and would mark the second and final tranche of the bank’s capital raise exercise, supplementing the N40 billion raised […]

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25 States to allocate 65% of N20.2trn budget to capital projects

DailyTimesNGR DailyTimesNGR 24 January 2025 0

BY MOTOLANI OSENI The 25 States that have so far released their budgets for 2025 plan to spend 65.7 per cent of the N20.2 trillion spending for the year on capital projects, notes of caution has been sounded on using the budget as a means of siphoning public funds ahead of the 2027 elections. The […]

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We remain a driving force for cashless payments adoption in Nigeria- PalmPay MD

DailyTimesNGR DailyTimesNGR 21 January 2025 0

BY TEMITOPE ADEBAYO The Managing Director, PalmPay Nigeria- one of Africa’s leading fintech platforms, Chika Nwosu has restated the commitment of the company towards the adoption of cashless payments across the country. Nwosu disclosed this during a media roundtable held on Friday, January 17, 2025 at the company’s headquarter in Lagos. Speaking during the interactive […]

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Nigerian stock market gains N10.24bn as ASI inches up 2bps

DailyTimesNGR DailyTimesNGR 20 January 2025 0

BY TEMITOPE ADEBAYO The Nigerian Exchange (NGX) All-Share Index (ASI) opened the week with a marginal gain of 2 basis points (bps), closing at 102,370.36 points. This modest increase lifted the market capitalisation by N10.24 billion to settle at N62.86 trillion. The slight upward movement was supported by demand for key stocks, including OANDO (+3.06%), […]

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Access Holdings lists 17.77bn shares on NGX

Ihesiulo Grace 20 January 2025 0

BY TEMITOPE ADEBAYO Access Holdings Plc has listed additional 17.773 billion shares on the Nigerian Exchange Limited. The additional shares arose from Access Holdings rights issue of 17.773 billion ordinary shares of 50 Kobo each at N19.75 per share. Access Holdings in a statement said, “Trading licence holders are hereby notified that additional 17.773 billion […]

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Lafarge Africa empowers customers with 155 trucks to enhance operations

DailyTimesNGR DailyTimesNGR 20 January 2025 0

BY MOTOLANI OSENI Lafarge Africa has reinforced its commitment to customer growth and operational efficiency by allocating 155 trucks to its partners. This initiative aims to enhance logistics capabilities, strengthen supply chain control, and unlock new business opportunities for customers across Nigeria. At the truck allocation ceremony, Gbenga Onimowo, Commercial

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Nigeria’s BVN enrollment hits 64.8m amid push for financial inclusion

DailyTimesNGR DailyTimesNGR 20 January 2025 0

BY TEMITOPE ADEBAYO The enrollment for Bank Verification Numbers (BVN) in Nigeria has reached 64.8 million as of January, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This reflects an increase of 800,000 registrations in just two months, highlighting ongoing efforts to improve financial security and inclusion. The BVN, a unique identifier issued

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Nigeria secures $4.93bn for climate projects, faces funding gap

DailyTimesNGR DailyTimesNGR 20 January 2025 0

BY MOTOLANI OSENI Nigeria received $4.93 billion for 828 climate-related projects between 2015 and 2021, according to a report by Connected Development (CODE), INKA Consult, and Oxfam International. The report, titled The State of Climate Finance in Nigeria, was unveiled during the launch of Oxfam’s 2025 Annual Davos Report on Inequality and the Climate Finance […]