CBN raises lending rate to 16.5 per cent to end inflation
The Central Bank of Nigeria, CBN has raised its lending rate to 16.5 per cent in a bullish move to stymie rising inflation and pressure on the naira, the country’s currency. The governor of the Central Bank of Nigeria CBN, Godwin Emefiele made this disclosure on Tuesday at the end
Equity market dips by N127bn
The Nigerian equities market on Thursday reversed its three-day bullish streak due to profit-taking, mainly in stocks of Airtel Africa. Accordingly, investors gained N127 billion or 0.52 per cent as market capitalisation went down to N24.306 trillion from N 24.433 trillion the previous day. Accordingly, the All-Share Index (ASI) declined
Banks, OPS brainstorm on synergy for economic growth
Nigerian banks and the organised private sector (OPS) will address critical areas of concerns and strategies to create sustainable synergy between the financial services sector and other businesses. At the first National Stakeholders Conference on Synergy between the Nigerian Banking Industry and the Organized Private Sector (OPS), top financiers, economic
Capital Express drives life insurance with digital platforms
Capital Express Assurance Limited has expressed commitment to making life insurance policies more accessible to Nigerians through its digital channels. Speaking on the company’s digital platforms, the Managing Director, Mrs Bola Odukale, said Capital Express introduced its Mobile App and USSD channels to make it easy for the insuring public
Naira depreciates to new low against dollar
Naira has fallen further against the U.S. dollar at the official market on Tuesday, a day after the currency recorded an insignificant gain at the spot market. According to data released by the The Nigerian Autonomous Foreign Exchange Fixing (NAFEX), where forex is officially traded, naira which opened at N427.30
Amid rising debt, subsidy cost jumps by 370%
The cost of fuel subsidy is estimated to increase by 369.93 per cent from 2021 to 2023, Saturday adaeventsnews has learnt. In 2021, the Nigerian National Petroleum Corporation said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January. The Minister of Finance, Budget and National Planning,
Dangote now 63rd, as Elon Musk tops 100 billionaires’ ranking
Chairman of Aliko Dangote Group, Aliko Dangote, is now the 63rd richest billionaire in the world, according to the latest ranking by Bloomberg. In the ranking released, yesterday, the Chief Executive Officer of Tesla, Elon Musk, was listed as the richest billionaire in the world, as of Monday. Among the
Dangote Cement rolls out N1bn consumer rewards scheme
Dangote Cement Plc has unveiled the season-3 ‘Goodies bag’ consumer promotion targeted at empowering over 500 Nigerians with a total of over N1billion cash prizes for the next 16 weeks. Speaking at the unveiling ceremony in Lagos, Group Managing Director, Dangote Cement Plc, Michel Puchercos, said that the season-3 of
Lagos generates 870,000 tonnes of plastic waste yearly – Firm
A waste recycling company, Freee Recycle Limited says Lagos State generates 870,000 tonnes of plastic waste annually. Speaking at an event recently in Lagos, Managing Director of BASF West Africa, Jean-Marc, described the volume of waste generated by the state as a source of wealth for the state. According to
Nigeria suffering from under-utilisation of mineral resources – Minister
The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria and other African countries suffer from the under-utilisation of mineral resources despite huge deposits. Adegbite, represented by the Director-General, Nigerian Mining Cadastre Office, Obadiah Nkom, said this at the first International Conference and Exhibitions of the Nigerian