AGS NEWS – The Nigerian Naira experienced a notable recovery against the US Dollar on Wednesday across both official and parallel markets. This surge follows the announcement by the Central Bank of Nigeria (CBN) regarding the complete resolution of all … Continue reading Naira bounces back to N1,400/$ as speculators sell off forex
AGS NEWS – The Association of Licensed Telecommunications Operators of Nigeria has assured that voice and data services affected by the recent undersea fibre optics cut near the coasts of Cote d’Ivoire and Senegal will be fully restored by Tuesday. … Continue reading Telcos ensure full voice and data service restoration today
AGS NEWS – The Central Bank of Nigeria has announced its 294th Monetary Policy Committee (MPC) meeting, a pivotal event that shapes the nation’s economic strategies. This announcement was made via a document uploaded to the bank’s website on Tuesday. … Continue reading CBN to host 294th MPC meeting on monday
AGS NEWS – The Senate has cautioned the executive against enlarging the budget size through a supplementary budget, urging the government to utilize anticipated excess savings from the recent devaluation of the naira to address the deficit. This warning follows … Continue reading Senate cautions against supplementary budget and excessive loans amid naira depreciation
AGS NEWS – The Central Bank of Nigeria (CBN) has issued a reminder to banks in the country, emphasizing that they cannot use their foreign exchange revaluation gains to pay dividends or cover operational expenses. This caution came through a … Continue reading Banks prohibited from using FX revaluation gains for dividends – CBN
AGS NEWS – Economists are urging the government to address key challenges such as high energy costs, insecurity, and foreign exchange volatility to combat the rising inflation in the country. This comes as Nigeria’s inflation rate surged to 31.70% in … Continue reading Inflation hits 31.7%: Government urged to address insecurity
AGS NEWS – In a bid to empower Small and Medium Enterprises (SMEs) across the continent, the African Guarantee Fund (AGF) and United Bank for Africa (UBA) have sealed a partnership spanning 20 African countries. As per a statement released … Continue reading UBA partners with African guarantee fund to offer $100 million SME loan initiative
AGS NEWS – Female entrepreneurs participating in a United Bank for Africa (UBA) Business Series event have advised Small and Medium Scale Enterprises (SMEs) operators and aspiring business owners to prioritize meeting specific needs and personal development as key steps … Continue reading Female entrepreneurs offer SME advice at UBA business series: Focus on self investment and business structure
AGS NEWS – Investors in the Nigeria equities market witnessed a significant gain of N420 billion on Thursday, spurred by robust performances from Dangote Sugar, Transcorp Power, MTN Nigeria, and other notable firms. This surge propelled the market capitalization to … Continue reading Dangote sugar, Transpower, MTN drive NGX market to N420 billion profit
AGS NEWS – Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has reaffirmed the ministry’s dedication to partnering with the Central Bank of Nigeria (CBN) in the exportation of crude oil and gas. This commitment was … Continue reading Finance ministry to collaborate with CBN on oil and gas exports
AGS NEWS – The Securities and Exchange Commission (SEC) announced on Thursday its efforts to tackle the issue of unclaimed dividends, which currently stand at a value of N190bn. The total value of unclaimed dividends reached N190bn in August 2023, … Continue reading SEC takes action to cut N190bn unclaimed dividends
AGS NEWS – The Nigerian Communications Commission (NCC) has issued a warning that over 40 million telephone lines facing disconnection due to failure to link to National Identity Numbers (NINs) could soon be forfeited. Reuben Mouka, the NCC’s Director of … Continue reading NIN-SIM: How t recover blocked sim cards
AGS NEWS – Transcorp Power Plc, the power generation subsidiary of Transnational Corporation of Nigeria (Transcorp), saw a 10% increase in its market value during its debut on the Lagos Stock Exchange on Monday. At the close of trading, the … Continue reading Transcorp Power’s market value soars to N1.98 trillion following Lagos listing
AGS NEWS – Airtel Africa Plc has completed the acquisition of 491,861 units of its ordinary shares priced at USD 0.50 each on the London Stock Exchange through Citigroup Global Markets Limited. The purchase was made in line with the … Continue reading Airtel Africa repurchases 491,861 shares from Citigroup Global Markets
AGS NEWS – The Central Bank of Nigeria (CBN) has nullified the licenses of 4,173 Bureaux De Change Operators due to their non-compliance with regulatory provisions, as disclosed by the apex bank. Among the breaches cited by the CBN are … Continue reading CBN revokes licenses of 4,173 Bureaux De change amid forex crisis
AGS NEWS – India has once again affirmed its position as the world’s fastest growing major economy, recording a robust expansion of 8.4% in the final quarter of 2023 compared to the previous year. This economic feat comes amidst preparations … Continue reading India economy surpasses expectations, achieves 8.4% growth
AGS NEWS – Lafarge Africa’s Board of Directors has recommended a dividend payout of N1.90 per share for the fiscal year ending December 2023, totaling N30.60 billion. This dividend offering represents a decrease from the N32.22 billion dividend paid out … Continue reading Lafarge shareholders to get N30bn dividend
AGS NEWS – MTN Nigeria Plc has revealed a significant financial setback in its audited results for the year ending December 31, 2023. The company recorded a loss before tax amounting to N177.8 billion, a drastic shift from the pre-tax … Continue reading MTN reports N740 billion loss due to forex impact
AGS NEWS – The Nigerian Communications Commission (NCC) has issued a stern warning to telecommunication companies that fail to adhere to the directive mandating the blocking of Subscriber Identity Module (SIM) cards not linked to National Identification Numbers (NINs). Speaking … Continue reading NCC issues warning to telcos over non-compliance
AGS NEWS – Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has refuted claims of accountability for the country’s economic struggles. Speaking at the first Monetary Policy Committee (MPC) meeting during his tenure on Tuesday, February 27, … Continue reading CBN governor Cardoso denies responsibility for current woes
AGS NEWS – The bears retained control of the Nigerian Exchange on Tuesday, with the All-Share Index experiencing a decline of 1.39%. Investors witnessed a loss of N773 billion driven by sell-offs, leading the market capitalization to settle at N55.04 … Continue reading Equity market sustains loss, sheds N773 billion
AGS NEWS – The Manufacturers Association of Nigeria (MAN) has strongly opposed the ban imposed by the National Agency For Food and Drug Administration (NAFDAC) on the sale of alcoholic beverages in sachets and Polyethylene Terephthalate (PET) bottles. According to … Continue reading MAN insists NAFDAC’s ban on sachet alcoholic drinks is unacceptable
AGS NEWS – Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has disclosed that the fuel subsidy is imposing a monthly cost of N400 billion on the Federal Government. Speaking in an interview on Channels Television, … Continue reading Nigeria’s finance minister reveals government’s monthly loss of N400bn to fuel subsidy
AGS NEWS – The Nigerian Institution of Safety Engineers has pledged collaboration with the government to tackle the issue of building collapses in Nigeria. Seun Faluyi, the newly-appointed Chairman of the Institution, made this commitment during his inauguration ceremony in … Continue reading Safety engineers join forces to combat building collapses
AGS NEWS – Vice Media is set to make significant job cuts and cease publishing on Vice.com, according to a memo from CEO Bruce Dixon. After filing for bankruptcy and being acquired by Fortress Investment Group in May, the company … Continue reading Vice Media stops website publishing, slashes hundreds of jobs
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