Business

Economic analysts have called on the Nigerian federal government to adopt new strategies to address the rising food prices and inflation in the country. Uche Uwaleke, President of Capital Market Academics of Nigeria, emphasized the need for effective measures to combat banditry and kidnapping, which he sees as key factors in controlling inflation. His comments came in response to the National Bureau of Statistics (NBS) report for May, which revealed […]

The Nigerian federal government has said it will revoke the mining licence of a mining company over the deaths of three miners in Niger State’s recent mining site collapse at Adenu Community. The Minister of Solid Minerals Development, Dele Alake, disclosed this in a statement through his Special Assistant on Media, Segun Tomori, on Saturday in Abuja. Giving an update on the incident, Alake said the owners of licenced land […]

The Nigeria Deposit Insurance Corporation has listed the head office in Lagos and branches of failed Heritage Bank across the country for sale in its role as liquidator of the bank. NDIC announced the sale of the bank properties numbering 48 and its chattel including vehicles, office equipment, plant, and machinery in another 62 locations across the country in an advertorial published in a newspaper on Thursday. Interested parties have been invited to […]

United Kingdom economy saw no growth in April, according to early official figures from the Office for National Statistics. This comes after a 0.4 per cent increase in March. A Reuters poll of economists had anticipated this stagnation, attributing it to wet weather negatively impacting retail sales and construction output. The ONS reports, indicated that the last GDP update before the election, revealed that April’s rainfall was 155 percent above […]

The Central Bank of Nigeria has said there is no plan to revoke the licenses of Wema, Polaris and Unity Banks. The acting Director of the Corporate Communications Department, Hakama Sidi Ali, made this clarification in a statement on Monday. He reassured members of the banking public of the safety of their deposits and the banking system’s resilience. Recall that a circular made the round on Monday suggesting that the […]

Federation Accounts Allocation Committee has shared the sum of ₦1.143 trillion to the three tiers of government. In a communique issued at the end of the committee’s meeting in Abuja yesterday's evening, indicated that the funds were from the month of May Federation Accounts revenue which stood at ₦2.324 trillion. The communiqué showed that the ₦1.143 trillion total distributable revenue comprised distributable statutory revenue of ₦157.183 billion, distributable Value Added […]

The National Bureau of Statistics' latest data on foreign trade, manufactured goods and petroleum oil products, including fuel, accounted for 80.55 percent of Nigeria's imports in Q1 2024. Specifically, the value of imported manufactured goods was N5,738.32 billion (45.39 percent), and other petroleum products amounted to N4,445.52 billion (35.16 percent). The imports of raw materials, agricultural goods, and solid minerals were valued at N1,467.41 billion, N920.54 billion, and N71.38 billion, […]

Some members of the minority shareholders community have called for a probe of the management and directors of the failed Heritage Bank. The call was made in Abuja yesterday following the revocation of the licence of the bank by the Central Bank of Nigeria. In announcing the licence revocation, CBN said that it was with immediate effect, insisting that the action has become necessary due to the bank’s breach of […]