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Oyedele assures Nigerians of reforms in budget processing, tax policy

DailyTimesNGR DailyTimesNGR 19 January 2025 0

BY MOTOLANI OSENI Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that significant reforms will be introduced in budget processing, the Medium-Term Expenditure Framework, and the Fiscal Strategy Paper in 2025. These reforms aim to

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AfDB, PowerGen join forces with global investors to expand renewable energy in Africa

DailyTimesNGR DailyTimesNGR 19 January 2025 0

BY MOTOLANI OSENI The African Development Bank (AfDB) and PowerGen Renewable Energy have partnered with global investors to launch a transformative initiative aimed at deploying 120 MW of renewable energy across Africa. The project will integrate advanced battery energy storage systems to enhance energy reliability and efficiency. Key collaborators include the Private

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SMEs, OPS push for reforms to reverse economic hardships

DailyTimesNGR DailyTimesNGR 19 January 2025 0

BY MOTOLANI OSENI Small and Medium Enterprises (SMEs) stakeholders and members of the Organised Private Sector (OPS) have called for urgent reforms to aid recovery and alleviate the economic challenges faced by SMEs in Nigeria. The stakeholders, including manufacturers and policy experts, expressed concern over the severe impact of economic hardships, which have led to

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Equities market dips by 2.94%, loses N1.45trn W-o-W

Ihesiulo Grace 19 January 2025 0

BY TEMITOPE ADEBAYO The Nigerian stock market closed the week on a bearish note, recording declines in three out of five trading sessions. The All-Share Index (ASI) fell by 2.94 per cent Week-on-Week (W-o-W) to settle at 102,353.68 points, while market capitalisation dropped by N1.45 trillion to close at N62.851 trillion. Sectoral performance was largely […]

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CBN suspends extension of export proceeds repatriation

DailyTimesNGR DailyTimesNGR 12 January 2025 0

BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) said, it has suspended the extension of approvals for the extension of export proceeds repatriation on behalf of exporters, taking effect from Wednesday, January 8, 2025. The suspension was announced in a circular dated January 8, 2025, issued on the website of the apex bank on […]

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17 firms seek N6.1trn on NGX for expansion in 2024

DailyTimesNGR DailyTimesNGR 12 January 2025 0

BY MOTOLANI OSENI Seventeen listed companies turned to the Nigerian Exchange (NGX) Limited in 2024, raising and listing N6.135 trillion through equity capital to fund operational expansion. This surge underscores the critical role of the capital market in financing long-term business growth. Capital raising through the capital market typically occurs via debt or equity.

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SEC to strengthen regulatory framework for govt, corporate borrowings

DailyTimesNGR DailyTimesNGR 12 January 2025 0

BY TEMITOPE ADEBAYO The Securities and Exchange Commission (SEC) has expressed its readiness to improve the regulatory framework as it regards borrowing by governments and corporates. The director-general of the commission, Dr Emomotimi Agama disclosed this during an interview, saying, this has become important given the critical role borrowing plays in the financial

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Nigeria’s reform fatigue drives economic stagnation, urgent action needed, says expert

DailyTimesNGR DailyTimesNGR 12 January 2025 0

BY MOTOLANI OSENI Nigeria’s ambitious 18-month economic reform programme has produced mixed results, revealing deep cracks in implementation and policy prioritisation. While the reforms aimed to revitalise the economy, they have instead exacerbated its challenges, plunging the nation further into stagflation. The most profound impact has been the naira’s dramatic

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Abuja Chamber advocates reliable database to support small businesses

DailyTimesNGR DailyTimesNGR 8 January 2025 0

The Abuja Chamber of Commerce and Industry (ACCI) has called on the federal government to create a reliable database of active businesses to bolster micro, small, and medium enterprises (MSMEs). ACCI president, Emeka Obegolu praised the Nigerian business community for its resilience in navigating the economic hurdles of 2024, commending their innovation and commitment to

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GTCO secures N209bn in first phase of recapitalisation drive

DailyTimesNGR DailyTimesNGR 8 January 2025 0

BY MICHAEL AJAYI Guaranty Trust Holding Company (GTCO) said, it has raised N209.41 billion at the first tranche of its equity capital raise programme in tune with the ongoing recapitalisation exercise in the banking sector. This followed the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval […]

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Oil prices rise amid heightened fears of supply disruption

DailyTimesNGR DailyTimesNGR 8 January 2025 0

BY MOTOLANI OSENI Oil prices edged higher on Tuesday, reversing early losses as fears of supply disruptions from Russia and Iran intensified amidst escalating Western sanctions. Brent crude futures climbed 60 cents, or 0.79 per cent, to settle at $76.90 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 50 cents, or 0.68 per […]

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Nigeria, 3 others attract 84% of start-up funding in 2024

DailyTimesNGR DailyTimesNGR 8 January 2025 0

BY TEMITOPE ADEBAYO Kenya and Nigeria, alongside Egypt and South Africa, collectively known as Africa’s “Big Four”—secured 84 percent of all start-up funding on the continent in 2024, maintaining a trend consistent since 2019, Africa: The Big Deal latest report revealed. Kenya led with $638 million, followed by Nigeria with over $400 million, reinforcing their […]

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NASME highlights looming crisis for MSMEs over escalating costs, others

DailyTimesNGR DailyTimesNGR 8 January 2025 0

The National Association of Small and Medium Enterprises (NASME) has decried the impact of rising operational costs and high interest rates on micro, small, and medium enterprises (MSMEs), describing the situation as toxic to business performance. Speaking to the newsmen in Oyo State, the state chairman of NASME, John Karunwi, attributed the sector’s struggles in […]

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Equities market ASI drops 0.24% as N856bn wiped off market value

DailyTimesNGR DailyTimesNGR 8 January 2025 0

BY TEMITOPE ADEBAYO The Nigerian stock market yesterday broke its 13-day winning streak as selloffs in Dangote Sugar Refinery Plc and 60 other stocks wiped off N856 billion from the overall capitalisation. Consequently, the All-Share Index (ASI) declined by 249.42 points, representing a loss of 0.24 per cent to close at 103,398.82 points. Market capitalisation […]

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Ekeh exposes blackmail ordeal, offers lessons for Nigerian entrepreneurs

DailyTimesNGR DailyTimesNGR 6 January 2025 0

BY MOTOLANI OSENI The chairman of Zinox Group, Dr. Leo Stan Ekeh, has opened up about the perils of corporate blackmail, urging Nigerian entrepreneurs to prioritize integrity, due diligence, and resilience in navigating the country’s challenging business landscape. Speaking during an end-of-year inspirational talk to a select group of young Nigerian entrepreneurs,

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Equities market gains N1.25trn in four bullish trading days

DailyTimesNGR DailyTimesNGR 6 January 2025 0

BY TEMITOPE ADEBAYO The Nigerian equities market began 2025 on a resounding positive note, recording an impressive N1.25 trillion gain in market capitalisation during its first four trading days. Trading activity resumed on January 2 after the New Year public holiday, with the All-Share Index (ASI) climbing by 2.02 per cent week-on-week to close at […]

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Firm boost SMEs, commits to intra African trade

DailyTimesNGR DailyTimesNGR 6 January 2025 0

BY TEMITOPE ADEBAYO Compass Global Business Services has successfully wrapped up the second edition of its West Africa Meets East Africa Trade Mission and Business Development Tour, thereby committing itself to intra African trade. This dual-country initiative, spanning Kenya and Tanzania, aimed to unlock opportunities within the African Continental Free Trade Area

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Top 10 brokerage firms trade N3.14trn, control 55% NGX transactions

Ihesiulo Grace 6 January 2025 0

BY MOTOLANI OSENI Ten brokerage firms facilitated transactions valued at N3.138 trillion on the Nigerian Exchange (NGX) in the year 2024. This was stated in the annual broker performance report recently released by the Nigerian Exchange (NGX) Limited. The report said that “the value translated to 54.97 per cent of the cumulative trade executed on […]

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Search for long-term funding drives N5.1trn in new NGX listings

DailyTimesNGR DailyTimesNGR 6 January 2025 0

BY MOTOLANI OSENI The Nigerian Exchange (NGX) experienced a significant boost in 2024, as three prominent companies raised a combined total of N5.1 trillion through new listings, driven by the need for long-term funding to support their growth aspirations. Transcorp Power Plc, Aradel Holdings Plc, and Haldane McCall Plc made their debut on the NGX, […]

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Presco raises N100bn bond issuance to drive expansion

DailyTimesNGR DailyTimesNGR 6 January 2025 0

Presco Plc said, it is raising N100 billion bond issuance under its N150 billion bond programme in a move to bolster its operations and drive expansion. This was contained in the company’s notice to the Nigerian Exchange Limited. Presco stated that the initiative has received the necessary approvals from the company’s board of directors and […]