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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

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

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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 […]

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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

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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 […]

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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 […]

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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, where Dr. Oduwole outlined FMITI’s ambitious target to facilitate $6 […]

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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

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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