Business

Trading activities closed on a negative note as investors lost N185bn at the end of trading. Investors had earlier lost N172bn at the end of trading a week earlier, after falling from N25.438tn to N25.311tn. The All-Share Index declined by 0.23 per cent to close at 46,842.86 basis points.

The Central Bank of Nigeria has disbursed N1.452 trillion to 337 large real sector projects in agriculture, manufacturing, services, and mining. CBN, Director, Corporate Communications Department, Osita Nwanisobi, noted that N948 billion was disbursed to 4,478,381 smallholder farmers under the Anchor Borrowers’ Programme. Nwanidobi stated that the programme was yielding the desired objective as the beneficiary farmers cultivated 5.2 million hectares of farmland, creating 12.6 million direct and indirect jobs […]

The Organization of Petroleum Exporting Countries, OPEC, has raised Nigeria’s oil production quota from the 1.735 million barrels per day to 1.753 million barrels per day. OPEC raised Nigeria’s oil production quota at its 27th OPEC and non-OPEC Ministerial Meeting. This came as the Federal Government called for an inclusive energy transition that would be beneficial to not just Nigeria but to other countries in Africa.

Nigeria’s external reserves fell by $313m in March. According to figures obtained from the Central Bank of Nigeria, CBN showed that the foreign exchange reserves, which commenced March 1, 2022, at $39.86bn, fell to $39.55bn as of March 30, 2022. Brent, the crude against which Nigeria’s oil is priced, which had jumped above $100 per barrel in the past few weeks, hit $120 as of Thursday.

The Agricultural Credit Guaranteed Scheme Fund has revealed that the sum of N1.065 billion Central Bank of Nigeria guaranteed agric loans have been recovered from Cross River State farmers. Chairman of the board, Stephen Okon, disclosed this  during the board’s meeting and awards to the best farmers of the year 2021 in Calabar. Okon stated that in terms of loan recovery, 10,635 loans valued at N1.065b were repaid from the […]

Nigerian Exchange has said it is equipped to sustain market dominance. The Group Chief Executive, Oscar Onyema, made this known during the group’s full year 2021 investor and analyst presentation via zoom. Onyema noted that the NGX Group went through a restructuring of its business to refine its business model and become active along the entire capital market value chain.

The House of Representatives ad hoc committee has uncovered over N300 billion unclaimed funds in banks. Chairman of the committee, Uyime Idem, said the amount represented a fraction of unclaimed funds in Nigerian commercial banks. Idem added that the money could be described as hanging funds emanating from failed transactions by government agencies and banks.

The Senate’s Committee on Ethics, Privileges and Public Petitions has summoned the Minister of Niger Delta Affairs, Godswill Akpabio, and the Sole Administrator of Niger Delta Development Commission, Effiong Akwa, over non-payment of N2.2bn to contractors. Chairman of the committee, Ayo Akinyelure, stated that Akpabio and Akwa must appear before the panel unfailingly on April 12, 2022. The committee said it was acting on petitions filed by the Survey Services […]

The Federal Ministry of Communications and Digital Economy has said 31.6 million Nigerians live in areas without telecommunication coverage. The ministry revealed this in the Nigerian National Broadband Plan 2020 – 2025 document. According to the report, unserved areas are locations without any service provider coverage.