President Bola Tinubu has disclosed that the removal of petroleum subsidy was necessary to ensure the reset of Nigeria’s economy. The president maintained that the action became necessary to ensure that the country does not go bankrupt. He made these remarks while appearing as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia this morning. The World Economic Forum meeting focuses on Global Collaboration, Growth and Energy for Development. Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy. “Concerning the question of ..read more

Shareholders have approved the move by the Zenith Bank board to become a holding company. The approval was given at a court-ordered meeting on Friday, April 26, 2024. The shareholders also approved the transfer of shares of Zenpay, a direct subsidiary to the holding company. Ebenezer Onyeagwu, Chief Executive Officer (CEO) of Zenith Bank, disclosed that the move aligns with the bank’s growth plans. “First, I’m very much happy and elated by the kind of confidence in our vision that the shareholders have. “And I feel very glad, I feel very happy, because this is a pivotal move that will really ..read more

Property tours are more than just a casual stroll through potential homes and lands; they are the cornerstone of informed decision-making in real estate. This importance is never more apparent than in Lagos, where the constantly changing environment necessitates careful consideration before making any purchases. Property tours operate as a compass, pointing buyers towards their own piece of urban paradise in a city as active and diverse as Lagos, where each neighborhood has its own unique character and charm. These visits give prospective purchasers a first-hand experience that goes beyond a ..read more

The Association of Bureaux De Change Operators of Nigeria (ABCON) has announced plans to create a unified structure for the retail end of the country’s foreign exchange market. A statement from the association on Friday disclosed that the move would tackle volatility and boost regulatory compliance within that segment of the market. This move, according to ABCON President Aminu Gwadabe, is aimed at tackling currency volatility and strengthening regulatory compliance within the sector. Gwadabe outlined ABCON’s strategy, which involves unifying operators across various categories within the mar ..read more

President Bola Tinubu has picked the Chairman of Zenith Bank Plc, Jim Ovia, to head the Board of the Nigerian Education Loan Fund. The Special Adviser on Media and Publicity to the President, Ajuri Ngelale, disclosed this in a statement on Friday in Abuja. Nigerian Education Loan Fund is designed to support the attainment of sustainable education for Nigerian students. READ ALSO: Tinubu appoints three to Education Loan Fund management team The statement read: “Mr. Jim Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefacti ..read more

Investors in the Nigerian stock market lost N9 billion at the close of trading on Friday. This came just 24 hours after investors at the capital market smiled home with N26 billion at the close of the day’s business. Friday’s loss followed the crash in the value of Regency Alliance Insurance, Sovereign Trust Insurance, Unity Bank and Japaul Gold stocks at the end of trading. Similarly, the NGX-All-Share Index (ASI) decreased to 98,152.91 from 98,169.30 recorded at the close of the previous trading day. After five hours of trading at the capital market, the equity capitalization decreased to N ..read more

The Nigerian National Petroleum Company (NNPC) Limited has warned Nigerians against panic buying of Premium Motor Spirit (PMS) popularly called petrol. In a statement issued on Thursday by its Chief Corporate Communication Officer, Femi Soneye, the company assured Nigerians that the prices of petroleum products are not changing. The NNPC said the limited availability of petrol in certain regions of the country was a result of logistical problems that have been resolved. READ ALSO: Tinubu rules out new fuel price hike in Nigeria The statement read: “The Nigerian National Petroleum Company Limi ..read more

The Federal Government has directed the Nigerian Civil Aviation Authority (NCAA) to carry out a comprehensive audit of all local airlines in the country. This followed the suspension of Dana Air after one of the airlines’ planes skidded off the runway at the Murtala Mohammed International Airport, Lagos. The Minister of Aviation and Aerospace Development, Festus Keyamo, who featured in a Channels Television’s programme, Politics Today, on Thursday said beyond the suspension of Dana Airlines and the ongoing audit of the airline, all other carriers in the country would be audited to guarantee t ..read more

Investors in the Nigerian equities market gained N26 billion at the close of trading on Thursday. This followed the rise in share prices of Transcorp Hotel, Livestock, Tantalizer, Sunu Assurance, and others on the trading floor today. After five hours of trading at the capital market, the equity capitalization increased to N55.5 trillion from N55.4 trillion posted by the bourse on Wednesday. Similarly, the All-Share Index (ASI) increased from 98,121.30 to 98,169.30 achieved by the bourse the previous day. The market breadth was negative as 16 stocks advanced, 23 declined while 83 others remai ..read more

Mobile Network Operators (MNOs) and Telecommunication Companies (Telcos) in Nigeria have bemoaned the interference of Nigerian Communications Commission’s (NCC) in the fixing of prices for service providers in the industry saying this could threaten the industry’s sustainability and erode investors’ confidence Consequently, the group called for regulatory neutrality and independence which they described as being crucial to ensuring a thriving telecommunications sector. The Nigerian Communications Commission (NCC) regulates prices in the telecom industry and telecom operators are not allowed t ..read more