Money

Nigeria’s economy forecasted to stabilise in 2025 despite current challenges

DailyTimesNGR DailyTimesNGR 6 January 2025 0

BY MOTOLANI OSENI The year 2025 offers a glimmer of hope for economic stability in Nigeria, following two tumultuous years marked by high inflation and a depreciating currency. According to the Coronation Research 2025 Year Ahead report, economic policies implemented since mid-2023 by the

Money

SEC reaffirms commitment to transparency, fairness in fintech regulation

DailyTimesNGR DailyTimesNGR 27 December 2024 0

BY TEMITOPE ADEBAYO The Securities and Exchange Commission (SEC) has pledged its dedication to ensuring transparency and fairness in regulating Nigeria’s fintech sector. This assurance was given by SEC Director General, Dr Emomotimi Agama, during a meeting with applicants under the Regulatory Incubation Programme and Accelerated Regulatory Incubation Programme on Monday.

Money

Insurance sector embarks on historic N10bn, N15bn recapitalisation push

DailyTimesNGR DailyTimesNGR 27 December 2024 0

BY MOTOLANI OSENI Nigeria’s insurance industry is on the brink of a transformative recapitalisation as companies begin raising their minimum capital to meet new benchmarks set in the recently passed Consolidated Insurance Bill. Life insurers will increase their capital base to N10 billion, while non-life operators are required to meet a N15 billion threshold, marking […]

Money

World Bank sets Nigeria’s digital identity target at 180m by 2026

Ihesiulo Grace 25 December 2024 0

BY MOTOLANI OSENI The World Bank has raised Nigeria’s target for National Identification Numbers (NIN) issuance under the Digital Identity for Development (ID4D) project from 148 million to 180 million, reflecting confidence in the country’s progress despite earlier setbacks. The ID4D project, launched in February 2020 with a $430 million budget, aims to

Money

Luxury bus operators offer 50% Yuletide fare slash, hail Tinubu’s palliative

DailyTimesNGR DailyTimesNGR 25 December 2024 0

BY TEMITOPE ADEBAYO Following a recent partnership agreement reached between the Federal Government and the Association of Luxury Bus Owners of Nigeria (ALBON), the latter (bus owners), have commenced the implementation of a 50 percent fare discount on designated long-distance routes across the country. The transporters have also expressed their gratitude to President Bola

Money

CBN, NCC enforce N250bn USSD debt repayment amid declining usage

DailyTimesNGR DailyTimesNGR 25 December 2024 0

BY MOTOLANI OSENI The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have mandated banks to clear a cumulative N250 billion debts owed to telecom operators for Unstructured Supplementary Service Data (USSD) services, setting strict timelines for compliance. This directive comes as USSD usage for financial transactions sees a steep decline,

Money

Stock market gains N467bn as ASI hits 101,248.02 points

DailyTimesNGR DailyTimesNGR 21 December 2024 0

BY TEMITOPE ADEBAYO The local stock market concluded yesterday’s session on a positive trajectory, with the overall capitalisation increasing by N467 billion. The All-Share Index (ASI) rose by 770.56 points, representing an increase of 0.77 per cent to close at 101,248.02 points. Also, market capitalisation gained N467 billion to close at N61.375 trillion. The upturn […]

Money

Senate passes insurance bill mandating N10bn to N35bn capital thresholds

DailyTimesNGR DailyTimesNGR 21 December 2024 0

BY MOTOLANI OSENI The Nigerian insurance industry faces a recapitalisation exercise in 2025 as the Senate has approved the Consolidated Insurance Bill, introducing new capital requirements. The bill specifies minimum thresholds of N10 billion for life insurance firms, N15 billion for non-life businesses, and N35 billion for reinsurance companies, representing increases of

Money

Ogun Customs seizes N229.1m contraband, partners NASRE to boost border security

DailyTimesNGR DailyTimesNGR 21 December 2024 0

BY TEMITOPE ADEBAYO Less than a week after assuming office as the Acting Customs Area Controller (CAC) of the Ogun 1 Command, Idiroko, Deputy Comptroller Mohammed Shuaibu has announced the interception of contraband worth N229.1 million. This is even as the Ogun 1 Area Command of the Nigeria Customs Service (NCS) held a strategic meeting […]

Money

Pension fund assets climb to N21.9trn with 10.5m contributors

DailyTimesNGR DailyTimesNGR 21 December 2024 0

BY MOTOLANI OSENI The nation’s pension fund assets have grown to N21.9 trillion as of October 2024, with 10.5 million workers from the public and private sectors enrolled in the Contributory Pension Scheme (CPS) since its inception in 2004. This marks a significant rise from N21.37 trillion in September 2024, reflecting an increase of over […]

Money

SEC reassures investors of fund safety amid growing fintech adoption

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY MOTOLANI OSENI The Securities and Exchange Commission (SEC) has reaffirmed its commitment to safeguarding investors’ funds, highlighting the need for robust oversight as financial technology (fintech) continues to reshape Nigeria’s investment landscape. Speaking at the one-day capacity training for financial journalists in Abuja, the Director General of the SEC,

Money

NCAA to fully implement Cape Town Convention, NCAA DG

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY CHUKWUEMEKE IWELUNMO The Acting Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Chris Najomo has affirmed that the regulatory body will ensure the full implementation of the Cape Town Convention just as he said the agreement and the Aircraft Protocol when carried out will strengthen Nigeria’s aviation sector and aligning it with […]

Money

FMTA rakes in N106m net surplus in one year

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY CHUKWUEMEKE IWELUNMO Federal Ministry of Transportation/Aviation (FMTA) Thrift Cooperative Society Ltd has generated a net surplus of N106, 162,131.58, as against N101, 228,498.53 returned in the year 2022. The President of the cooperatives Akintola Olaposi in his speech at the 2024 Annual General Meeting (AGM), revealed that interest rates for loans to members has […]

Money

Investors gain N708bn as NGX ASI up 1.19%

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY TEMITOPE ADEBAYO The Nigerian Exchange (NGX) delivered a strong performance last week, with investors recording a gain of N708 billion as the All-Share Index (ASI) rose by 1.19 per cent to close at 99,378.06 points. The market capitalisation surged to N60.242 trillion, driven by a mix of corporate actions and positive sentiment across key […]

Money

CBN confirms old, new Naira notes remain legal tender indefinitely

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY TEMITOPE ADEBAYO The Central Bank of Nigeria (CBN) has reiterated that both the old and redesigned naira notes of N1,000, N500, and N200 denominations will remain legal tender indefinitely, putting to rest rumours of a 31 December deadline for the phasing out of the old notes. The Apex Bank in a statement signed by […]

Money

MTNN secures N72.18bn in oversubscribed Commercial Paper issuance

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY MOTOLANI OSENI MTN Nigeria Communications (MTNN) Plc said, it has raised N72.18 billion through commercial paper issuance. The company, in a statement signed by its secretary, Uto Ukpanah, notified the investing public of the successful completion of its Series 13 and 14 Commercial Paper issuance under the Company’s N250 billion commercial paper issuance programme. […]

Money

Hospitality sector struggles with rising costs amid power, fuel challenges

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY TEMITOPE ADEBAYO The President of the Hotel and Personal Services Senior Staff Association (HAPSSSA), Comrade Iyeh William Adegbe, has expressed concern over high cost of running hospitality business amidst epileptic electricity coupled with high cost of fuel and diesel across the country. Just as he lamented against the systemic denial of unionism for workers […]

Money

SON urges stakeholders to tap into $1trn global textile market

DailyTimesNGR DailyTimesNGR 16 December 2024 0

BY MOTOLANI OSENI The Standards Organisation of Nigeria (SON) has urged stakeholders to adhere to standards in leather and textile sector, which has the potential to enable the leverage into the lucrative global market valued at over $1 trillion. To achieve this, SON has been working closely with manufacturers, suppliers, and regulatory bodies to ensure […]

Money

Investors face sluggish trading as market gains N131.65bn, ASI adds 22bps

DailyTimesNGR DailyTimesNGR 14 November 2024 0

BY TEMITOPE ADEBAYO The Nigerian stock market experienced modest gains, yet investor activity remained subdued as the All-Share Index (ASI) rose by 22 basis points to close at 97,477.80 points. Despite this lift, investor turnover slowed at the close of yesterday’s trading activity, with the total value of trades dropping by 18.91 per cent compared […]

Money

NAICOM, EFCC partner to tackle financial crimes, strengthen Nigeria’s insurance sector

DailyTimesNGR DailyTimesNGR 14 November 2024 0

BY MOTOLANI OSENI The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) have joined forces in a concerted effort to sanitize Nigeria’s insurance sector and tackle financial crimes, such as money laundering and fraud, which have hindered its growth. The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr.