Category: Business

Nigerian Breweries, NB Plc, has finalized plans to raise capital through a rights issue. In a statement to the Nigerian Exchange Limited (NGX), the company announced its intention to recommend the raising of up to N600 billion at its next Annual General Meeting (AGM), subject to regulatory approvals. The statement, signed by Uaboi G. Agbebaku,…

Switzerland-based Glencore Plc finds itself embroiled in a scandal of significant proportions, drawing attention for all the wrong reasons. Following extensive investigations by authorities in Brazil, the United Kingdom, and the United States, two of Glencore’s subsidiaries confessed on May 24 to multiple charges, including market manipulation and bribery, particularly in connection with the company’s…

A coalition of over 180 Civil Society Organisations in Nigeria, Civil Society Groups for Good Governance, CSGGG has debunked and exonerated the management of the Transmission Company of Nigeria, TCN of any corruption and underhand dealings. Addressing newsmen in Abuja on Tuesday, the convener of CSGGG, Comrade Ogakwu Dominic, expressed concern over the accusations circulating…

The International Finance Corporation (IFC) has announced a significant financing support of $1.25 billion for Indorama Eleme Fertiliser and Chemicals Limited in Nigeria. This investment aims to bolster fertilizer production and develop a port terminal for exports, thereby supporting food production, food security, and job creation in the country. The financing package will enable Indorama…

The Federal Government disclosed on Monday a new pricing regime for natural gas used by power generation companies, now set at $2.42 per metric million British thermal unit, up from the previous rate of $2.18/mmbtu. Given that Nigeria relies heavily on thermal power plants fueled by gas for over 70% of its electricity generation, the…

By Milcah Tanimu According to the Central Bank of Nigeria (CBN), Nigeria’s economy experienced an inflow of over $1.5 billion in recent days, signaling the effectiveness of the CBN’s monetary policy measures. Hakama Ali, the Bank’s Acting Director of Corporate Communications, revealed this development, attributing the inflows to concerted efforts aimed at stabilizing the foreign…

By Milcah Tanimu The Central Bank of Nigeria (CBN) has introduced new guidelines on its recapitalization policy for banks in the country, barely 48 hours after emphasizing the need to enhance the capital base of Deposit Money Banks (DMBs) for improved productivity. According to a statement signed by its Acting Director, Corporate Communications, Sidi Ali,…

A rights group, Empowerment for Unemployed Youths Initiative (EUYI) has said the current Governor of the Central Bank of Nigeria (CBN) Mr Olayemi Cardoso has not shown signs of turning around economic woes facing the nation. The biting inflation and the unstable forex market according to the CSO are direct consequences of hasty policies of…

By Milcah Tanimu A Binance executive, Gambaryan, has initiated legal action against the National Security Agency (NSA) and the Economic and Financial Crimes Commission (EFCC). Represented by his lawyer, Olujoke Aliyu from Aluko and Oyebode Law Firm, Gambaryan filed the originating motion on March 18 before Justice Inyang Ekwo, seeking five reliefs. Similarly, Nadeem Anjarwalla,…

The Nigerian equity market continues its upward trajectory, defying expectations and maintaining strong buy interest. Despite the allure of treasury bills and bonds following a significant interest rate hike by the central bank last month, stocks have retained their appeal, delivering one of the most robust weekly performances of the year at 3.7 percent. Notably,…