AGS NEWS – The Independent National Electoral Commission, INEC, has decried the challenges it faces each year, demanding that its allocation be increased by 200 per cent given its huge challenges during electioneering campaigns and rejecting its N40 billion budgetary … Continue reading 2025 budget: INEC rejects N40bn allocation, demands N126bn
AGS NEWS – Crude oil exports contributed N14.56 billion, or 74.98% of Nigeria’s total exports in the second quarter of 2024, according to the National Bureau of Statistics (NBS). The NBS report, released Wednesday, revealed that the country’s total merchandise … Continue reading Crude oil contributed N14.56bn to Nigeria’s exports in Q2 – Report
AGS NEWS – Real Madrid has become the first football club to surpass €1 billion in revenue. This historic milestone was confirmed by the club’s Board of Directors during a meeting on July 23, where they reviewed the 2023-2024 financial … Continue reading Real Madrid becomes first football club to surpass €1 billion in revenue
AGS NEWS – The Federal High Court in Abuja has dismissed a N30 billion lawsuit alleging illegal advertisements, brought by the Advertising Regulatory Council of Nigeria (ARCON) against Meta Platforms Incorporated, the owners of Facebook, Instagram, and WhatsApp, along with … Continue reading Court dismisses FG’s N30 billion illegal ads lawsuit against Meta
AGS NEWS – Rihanna has levelled up with Drake as the only artist with the most songs over 1 billion streams on Spotify, 16 songs each. Before now, Drake was the artist with the most songs with over a billion … Continue reading Rihanna ties Drake as the artist with the most songs with over 1 billion streams
AGS NEWS – Shell Nigeria reported that it paid a total of $1.09 billion in corporate taxes and royalties to the Nigerian government in 2023. This amount was exclusively paid through the operations of two of its companies: the Shell … Continue reading Shell’s 2023 tax contribution to Nigerian government exceeds $1 billion
AGS NEWS – The International Energy Agency (IEA) revealed in its latest report that clean energy has made a significant economic impact, contributing $320 billion to the global economy in 2023, which represents 10% of the year’s global GDP growth. … Continue reading Clean energy drives $320 billion surge in global GDP – IEA
AGS NEWS – Nine banks increased their statutory contribution to the Asset Management Corporation of Nigeria by 25.81% to N306.06 billion in 2023 compared to N243.28 billion in the previous year. This information was gathered from reporters analysis of annual … Continue reading Nine banks contribute N306 billion to AMCON levy
AGS NEWS – Guaranty Trust Holding Company Plc has disclosed a significant profit before tax of N609.3 billion for the 2023 financial year. This announcement, made through its audited consolidated and separate financial statements filed with the Nigerian Exchange Group … Continue reading GTCO announces N609 billion pretax profit
AGS NEWS – Italian Prime Minister Giorgia Meloni announced plans to establish a 1 billion euro investment fund aimed at fostering Artificial Intelligence (AI) initiatives during a conference in Rome on Tuesday. The fund, initially supported by CDP Venture Capital, … Continue reading Italy unveils 1 billion euro investment fund for AI projects
AGS NEWS – Gemini Trust, a cryptocurrency exchange established by Cameron and Tyler Winklevoss, has reached a settlement with a New York regulator, agreeing to reimburse at least $1.1 billion to customers affected by its defunct lending program. As part … Continue reading Gemini Exchange agrees to return $1.1 billion to customers
AGS NEWS – The House of Representatives has cleared Mohammed Bello-Koko, the Managing Director of the Nigerian Ports Authority (NPA), of allegations regarding N178 billion in bad debts outlined in the authority’s 2019 audited financial statement. Mike Etaba, Chairman of … Continue reading House of representatives clears NPA of N178 billion bad debt allegations
AGS NEWS – A recent Chainalysis report indicates a significant drop of 29% in money laundered through cryptocurrency exchanges in 2023. The report, released on Thursday, highlights a decrease from $31.5 billion in 2022 to $22.2 billion in 2023. According … Continue reading Cryptocurrency money laundering decreases by $9 billion, according to report
Lagos State Governor, Babajide Sanwo-Olu, has announced the allocation of N3.1 billion to support approximately 1,000 retirees who have diligently served the state under the Contributory Pension Scheme. Taking to his official social media platform, the governor expressed gratitude for … Continue reading Lagos set to disburse N3.1 billion to 1,000 retirees
Despite facing a challenging market environment, the Nigerian stock market showcased resilience on Wednesday as the transaction volume for the day experienced a notable surge. The recorded volume reached 1,641.28 million shares, surpassing the previous day’s figure of 1,409.85 million … Continue reading NGX reports first loss of N638 billion for the year
A recently published 2023 report reveals that cybercriminals have successfully pilfered approximately $2 billion in cryptocurrencies through a series of cyberattacks. The report, conducted by De.FI, the security firm overseeing the REKT database, emphasizes the persistent vulnerabilities within the cryptocurrency … Continue reading Hackers stole $2 billion in crypto in 2023 – De.FI
Following a string of four bullish trade sessions last week, Nigerian Exchange investors experienced a notable gain of N464 billion. The market exhibited a positive trend from the opening day and sustained this momentum until Thursday, resulting in investors accruing … Continue reading Equity market surges by N464 billion on NGX
The Nigerian Exchange Limited (NGX), positive trading momentum persisted for the fifth consecutive day, resulting in a substantial N86 billion gain for investors on Thursday. The NGX has maintained its positive trend since last Friday, carrying it through the fourth … Continue reading Positive market sentiment propels investors to gain N86 billion
The Economic and Financial Crimes Commission (EFCC) has declared Dr. U Agunloye wanted, urging the public to report any information about his whereabouts to the EFCC or the nearest police station. Agunloye, a former government official, is wanted for questioning … Continue reading EFCC issues wanted notice for former minister Agunloye in $6 billion fraud case
Nigeria witnessed a total foreign exchange inflow of $11.11 billion in the combined months of July and August, as per data sourced from the Central Bank of Nigeria. The August economic report on foreign exchange flows, released by the CBN, … Continue reading CBN reports forex inflow surges to $11 billion over two months
United Bank for Africa (UBA), one of Nigeria’s premier financial institutions, has recently entered into a Memorandum of Understanding (MoU) totaling $6 billion with the African Continental Free Trade Area (AfCFTA) secretariat. The primary objective of this agreement is to … Continue reading UBA partners with AfCFTA in $6 billion deal to boost SME funding
The President of Dubai Chamber, Mohammad Lootah, has revealed that the non-oil trade between Nigeria and Dubai hit $2.1 billion in 2022. This announcement was made during the New Horizons Trade Mission in Nigeria, held in Lagos. The event, themed … Continue reading Nigeria-Dubai non oil trade surpasses $2.1 billion in 2022
The Nigerian National Petroleum Company Limited (NNPC) has announced that the $2.8 billion Ajaokuta–Kaduna–Kano gas pipeline project, currently being constructed by Oilserve Limited, is set to be inaugurated next month. Oritsemiyiwa Eyesan, the Executive Vice President, Upstream, NNPC Limited, disclosed … Continue reading NNPCL set to inaugurate $2.8 billion AKK gas pipeline in December
The Minister of Power, Adebayo Adelabu, announced on Monday that the Federal Government has identified approximately $23 billion in investment opportunities in Nigeria aligned with the country’s Energy Transition Plan (ETP). Speaking at the 2nd German-Nigerian Symposium on Green Hydrogen, … Continue reading FG unveils $23 billion investment opportunities in energy transition plan
In a recent report by the Economist Intelligence Unit (EIU), questions have been raised about the Central Bank of Nigeria’s (CBN) financial capacity to settle the $6 billion forex backlogs owed to banks. The EIU expressed skepticism, stating that the … Continue reading Economist intelligence unit doubt CBN’s ability to clear $6 billion forex backlog
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