The local stock market ended the week with a 0.11% decline due to sluggish market momentum, causing investors to lose N39 billion. Both the market capitalization and the Nigerian Exchange Limited All Share Index closed lower at N36.847 trillion and … Continue reading Stock market loses N39 billion
Nigeria’s raw material exports have taken a substantial hit, with a year-on-year decline of N285 billion. The Manufacturers Association of Nigeria has attributed this significant drop to the government’s apparent neglect of the productive sector, calling attention to the consequences … Continue reading Government neglect blamed for N285 billion decline in raw material exports – MAN
Inflation in the UK surprised economists by declining in August, marking the third consecutive month of decrease. Official data revealed that the annual inflation rate dropped to 6.7% in August, down from 6.8% in July, signaling the slowest price increase … Continue reading UK inflation falls unexpectedly in August amid slowing food prices
In the first half of the 2023 financial period, eight major Deposit Money Banks (DMBs) in Nigeria collectively generated approximately N3.9 trillion in gross earnings. This information has been extracted from the financial statements of these banks, which were made … Continue reading Six banks in Nigeria report N3.9 trillion earnings in six months
Oando Plc has unveiled its audited financial results for the year ending December 31, 2021, marking a significant turnaround from the preceding year. The company reported a profit-after-tax of N32.9 billion, contrasting with a loss-after-tax of N140.7 billion in 2020. … Continue reading Oando bounces back, records N32.9bn post tax profit
Dangote Industries Limited has reiterated its unwavering commitment to providing employment opportunities for the Nigerian populace. In an official statement, the conglomerate emphasized its ongoing investments in critical sectors of the economy aimed at fostering job creation and bolstering quality … Continue reading Dangote reaffirms dedication to job creation in Nigeria
In a concerted effort to mitigate flight disruptions and streamline air travel operations, the Federal Government has officially reopened the D Wing of the old international terminal at Lagos’ Murtala Muhammed International Airport. This move is part of a larger … Continue reading FG reopens old international terminal to alleviate flight disruptions
President Bola Tinubu has put forward the nomination of Dr. Yemi Cardoso to assume the role of Governor at the Central Bank of Nigeria (CBN) for an initial term of five years, pending confirmation by the Nigerian Senate. This decision … Continue reading BREAKING: Tinubu appoints Yemi Cardoso as CBN governor
According to the Consumer Price Index report for August 2023, released by the National Bureau of Statistics on Friday, Nigeria’s inflation has surged to 25.80%, marking a significant increase of 1.72% points compared to the previous month’s figure of 24.08%. … Continue reading Nigeria’s inflation hits 25.80% in August
Labour experts are raising concerns about the alarming rate of informal employment in the country, a situation that could potentially lead to significant losses in tax revenue for the government. In response to a report from the National Bureau of … Continue reading Experts express concern over elevated informal employment rate
The Minister of Transportation, Saidu Alkali, embarked on his inaugural tour of the Lagos-Ibadan rail corridor on Tuesday, September 12, marking a historic moment as the first cargo movement commenced. Minister Alkali initiated the rail corridor tour, commencing at the … Continue reading FG inaugurates freight services on Apapa-Ibadan cargo rail
A 36-year-old farm manager, Patrick Olusegun, has been apprehended in Abuja on charges of stealing chickens valued at N5.4 million. Olusegun, a resident of Lugbe, Abuja, appeared before the Kado Grade 1 Area Court on Tuesday, September 12, where he … Continue reading Farm manager accused of stealing chickens worth N5.4 million in Abuja
The insurance sector has shown signs of recovery, posting an 8.29% growth rate in the second quarter of 2023, according to the latest data from the National Bureau of Statistics (NBS). Earlier in the year, the sector faced a setback … Continue reading Insurance sector bounces back with 8.29% growth
In the first half of this year, at least four banks have reported a combined total of N478 billion in non-performing loans, as revealed in their financial reports. Specifically, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc, and two … Continue reading Economic downturn leads to N478 billion in bad loans for banks
The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Prof Umar Danbatta, announced that the telecommunications sector’s contribution to the nation’s Gross Domestic Product (GDP) surged to 16 percent in the second quarter of … Continue reading NCC Boss: Telecom sector’s GDP contribution soars to 16% in Nigeria
Estimates from data released by the National Oil Spill Detection and Response Agency (NOSDRA) indicate that Nigeria incurred losses of approximately N335 million due to oil spills between January and August 2023. During this period, NOSDRA recorded a total of … Continue reading Oil spills cost Nigerian government N335 million – Report
The Federal Government has announced an increase in the prices of single-phase and three-phase prepaid electricity meters, effective from September 6, 2023. This decision has been met with resistance from power consumers who are already grappling with rising costs in … Continue reading Consumers express outrage over 40% increase in electricity meter prices
The FMDQ, between January and July 2023, recorded a total foreign exchange turnover of N22.98tn ($44bn), as reported in the August edition of the FMDQ Spotlight, a monthly publication issued by the exchange. Following the Central Bank of Nigeria’s rate … Continue reading Foreign exchange turnover on FMDQ reaches N22 trillion in seven months
Revenue generated from Value Added Tax (VAT) and Company Income Tax (CIT) witnessed substantial Year-on-Year (YoY) growth of 17 percent, amounting to N3.48 trillion in the first half of 2023 (H1’23), compared to N2.97 trillion recorded in the corresponding period … Continue reading Strong Growth: Tax revenue surges to N3.48 trillion in H1’23, up 17
Guaranty Trust Holding Company Plc has announced a remarkable increase in its profit before tax for the first half of the 2023 financial period, reporting a figure of N327.4 billion. The disclosure was made in an official statement released on … Continue reading GTCO’s profits reach N347 billion, assets at N8.5 trillion
Oando Plc has entered into an agreement with the Italian firm Eni to acquire the entire share capital of Nigerian Agip Oil Company Limited. The company’s Company Secretary, Ayotola Jagun, issued a statement on Monday, revealing that the completion of … Continue reading Oando takes full ownership of NAOC
Lagos State Governor, Babajide Sanwo-Olu, took part in a historic moment as he became one of the initial passengers to embark on a journey using the newly inaugurated Lagos Blue Line railway system on Monday. The governor’s journey began at … Continue reading Sanwo-Olu embarks on inaugural journey as Lagos blue line rail commences service
The Committee of Vice Chancellors of Federal Universities has vehemently denied any involvement in bribery related to the House Committee’s investigation into job racketeering within Ministries, Departments, and Agencies. The Vice Chancellors clarified during a panel hearing that they had … Continue reading Vice chancellors clarify payments for forex amid probe, deny bribery allegations
Over the past two years, a disturbing pattern has emerged, revealing that a substantial number of both senior bank executives and junior staff members, totaling at least 110 individuals, have been dismissed due to their involvement in fraud-related activities. This … Continue reading 110 executives and staff dismissed for involvement in N82 billion bank fraud
Minister of Aviation and Aerospace Development, Festus Keyamo, has issued a directive for all international airlines to temporarily leave the Murtala Mohammed International Airport by October 1, 2023. The purpose of this action is to facilitate comprehensive maintenance work at … Continue reading MMIA to be shut down by FG from October 1
AGS NEWS 