Article

The Nigerian Exchange Ltd.(NGX) equity market on Monday opened positively, as gains in newly listed Transcorp Power Plc and 22 others grew the overall market capitalisation by N1.86 trillion. The News Agency of Nigeria (NAN) reports that Transcorp Power earlier listed 7.5 billion shares by introduction at N240.00 per share, amounting to N1.8 trillion on the main board of the NGX. Peter Ikenga, Managing Director/Chief Executive Officer, Transcorp Power, said that the listing was to provide a platform through which…

Transcorp Power Plc, the power generation spinoff of Transnational Corporation of Nigeria (Transcorp), advanced 10 per cent in market value on its debut in Lagos on Monday. The company’s shares closed at a cumulative value of N1.98 trillion against N1.8 trillion at the beginning of trade. The power utility listed 7.5 billion shares at N250 per unit, which were admitted to the Nigerian Stock Exchange (NGX)’s main board, the listing segment for companies with high standards of disclosure and corporate governance.…

Worried by the exodus of banks from many areas in the state, the Ekiti State government has disclosed that it is taking financial services to all 177 wards in the state through agency banking. It would be recalled that as a result of incessant bank robberies, many financial institutions have relocated from many local government areas in the state, leaving residents to travel to the state capital for banking transactions. According to the government, the intending banks for the proposed programme include Wema,…

The German Government said it would secure pensions to ease the long-term burden on the federal budget by investing in the capital markets. This is an idea that was controversial inside and outside the government A capital stock of at least 200 billion euros (217 billion dollars) is to be created by the mid-2030s, dpa learnt from government circles on Monday. An average of 10 billion euros is then to be paid out of the income each year as a subsidy to the statutory pension insurance scheme. The plan is a…

The Nigerian Navy (NN) says its teams operating under Operation Delta Sanity have nabbed a syndicate of 13 crew members. It said the crew comprised of one Ghanaian and 12 Nigerians on board a Ghanaian owned and registered vessel known as Motor Tanker (MT) SWEET MIRI. This is contained in a statement by the Director of Information, Navy, Adedotun Ayo-Vaughan, a rear admiral, on Monday in Abuja. Mr Ayo-Vaughan said the operation was conducted on 25 February atabout 174 nm (approximately 320km) off Nigeria’s coast,…

The management of the Geometric Power Plant has confirmed the percentage of equity stake purchased by the Abia State Government in the company’s power plant in Aba. Controversy There was speculation that the Abia State Government contributed a five per cent equity stake in the power plant during the administration of Okezie Ikpeazu who served as the governor of the state from 2015 to 2023. Data from the Abia State Accountant General’s 2022 financial report indicated that the state government invested N1.41…

President Bola Tinubu has assured global investors that his administration would remove all obstacles hindering the ease of doing business in Nigeria. The president gave the assurance at the Nigeria-Qatar Business and Investment Forum held in Doha on Sunday. He urged genuine investors to report to him directly, any official who obstructed progress or asked for a bribe in the course of any dealings in Nigeria. The president said Nigeria was ready for serious business as his administration would deal with…

Minister of Solid Minerals Development, Dele Alake, says Nigeria has comprehensive data on its Lithium reserves, available at the Nigerian Geological Survey Agency for investors to peruse. The minister made the disclosure in Doha, Qatar on Saturday, at a meeting with Qatari businessmen on the sidelines of the visit of President Bola Ahmed Tinubu to the Arab country. In a statement by his Special Adviser, Kehinde Bamigbetan, Mr Alake said that mineral exploration initiated by the Federal Government identified…

MTN Nigeria joined the expanding list of financially distressed companies in the country after its entire shareholders’ fund was obliterated by a sweeping after-tax loss precipitated by a dollar scarcity in Africa’s biggest economy. The wireless carrier, which executes the majority of its transactions with trade partners in foreign currencies, incurred N740 billion in net foreign exchange loss last year following sharp jumps in the rates of exchanging the naira for the dollar. That turned its shareholders’ fund…

The 2024 Nigeria Oil and Gas Industry Games’ football competition has reached the semi-final stage, with the teams confirmed following Friday’s quarter-final matches held at the Shell Residential Area Football Pitch in Port Harcourt. In a tightly contested opening match, Nigeria LNG Limited (NLNG) emerged victorious over Petroleum Training Institute (PTI) after a penalty shootout (4-2) following a scoreless draw in regulation time. NLNG coach, Dan Jumbo, expressed frustration with PTI’s tactics, claiming they…