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Economics at businesspost.ng

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02

Stock Investors Lose N599bn as Profit-Taking Intensifies

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By Dipo Olowookere For the 14th trading session, the Nigerian Exchange (NGX) Limited closed in the red zone after it depreciated by 1.04 per cent on persistent profit-taking. Yesterday, the selling pressure by stock investors intensified,…

Tuesday, Apr 16

23

All You Need To Know About 1Win App

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Are you ready to experience next-level mobile gambling? Come around and see about the 1WIn app. What is the 1Win app for Android? 1Win is a well-known gambling platform, and its popularity in the industry showcases how good the services…

Dangote Crashes Diesel Pump Price to N1,000 Per Litre

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By Modupe Gbadeyanka The pump price of Automotive Gas Oil (AGO), otherwise known as diesel, has been brought down to N1,000 per litre, thanks to Dangote Petroleum Refinery, Lagos. The oil facility, owned by Africa’s richest man, Mr Aliko…

19

Comviva Unveils Low-Code/No-Code Platform for Digital Payments

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Comviva, the global leader in customer experience and data monetization solutions, today announced the launch of its transformative Low-Code/No-Code Platform. Comviva’s Low-Code/No-Code composable platform is an extension of its existing…

Food Inflation Slowing Down—Wale Edun

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By Adedapo Adesanya The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said Nigeria’s food inflation has started easing despite rising to 40.01 per cent in March 2024 on a year-on-year basis. On Monday,…

18

Lagos Waives Penal Fees for Property Owners Without Building Permits

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By Aduragbemi Omiyale Property owners and developers who did not obtain the requisite building permits before erecting their structures in Lagos State now have a 90-day grace to obtain their approvals without the payment of penal fees. A…

17

Shareholders Approve Afriland Properties N343.5m Dividend Payout

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By Aduragbemi Omiyale A dividend payout of N343.5 million has been approved by shareholders of Afriland Properties Plc at the company’s 11th Annual General Meeting (AGM) held virtually on Tuesday, April 16, 2024. Business Post reports that…

15

Lower Economic Growth, Trade Disruptions Expected in 2024—UNCTAD

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By Adedapo Adesanya The UN Trade and Development (UNCTAD) has warned that further growth deceleration could be expected this year following the global economic slowdown experienced in 2023. In 2023, the global economy grew by 2.7 per cent,…

Fidelity Bank Shareholders to Get 70% Rise in FY 2023 Dividend Payout

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By Dipo Olowookere Fidelity Bank shareholders will receive a final dividend of 60 Kobo per share if approved at the next Annual General Meeting (AGM), bringing the total dividend for the 2023 financial year to 85 Kobo per share, 70.0 per…

14

95 million Nigerians Yet to Enrol for NIN—NIMC

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By Adedapo Adesanya The National Identity Management Commission (NIMC) has said 95 million Nigerians are yet to enrol for the National Identification Number (NIN), as it strives to meet the 200 million target by 2025. This was revealed by…

Minister Defends Why Nigeria Needs to Lead Africa in Artificial Intelligence

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By Adedapo Adesanya The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has disclosed that Nigeria would lead Africa and play a leading role in the global Artificial Intelligence (AI) ecosystem, after the…

12

Investors Sell-Off Wema Bank Shares Amid Recent Reports, Others

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By Dipo Olowookere The barrage of negative reports on Wema Bank Plc in some sections of the media may have taken a toll on the company’s shares at the stock market. In the past few days, the mid-level financial institution has been in the…

11

NASD Unlisted Security Index Sheds 0.04% to 1,028.33 Points

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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange opened the week (Monday, April 15) with a 0.04 per cent decline amid cautious trading by investors. This led to the shortening of the NASD Unlisted Security Index (NSI…

10

Naira Now N1,136/$1 Amid Persistent Inflationary Pressures

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By Adedapo Adesanya The Naira appreciated further against the United States Dollar by 0.6 per cent or N6.34 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the foreign exchange (FX) market on Monday, April 15, trading…

Oil Prices Slip as Iran Attack on Israel Concerns Ease

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By Adedapo Adesanya Oil prices slipped on Monday after Iran’s weekend attack on Israel proved to be less damaging than anticipated, easing concerns of a quickly intensifying conflict that could affect the crude market. Brent futures…

Monday, Apr 15

20

Nigeria Now Paying More for Petrol Subsidy Than Before—El-Rufai

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By Modupe Gbadeyanka The immediate past Governor of Kaduna State, Mr Nasir El-Rufai, has claimed that the federal government under the leadership of President Bola Tinubu is now paying more for petrol subsidy than his predecessor, Mr…

19

Nigeria Grows Oil Reserves to 37.50bn Barrels in Six Months

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By Adedapo Adesanya The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the nation’s oil reserves as of January 1, 2024, stood at 37.50 billion barrels, 1.2 per cent higher than the 37.046 billion barrels recorded as of…

5,000 Women Benefit from Unity Bank Yanga Savings Account Offering

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By Modupe Gbadeyanka No fewer than 5,000 women have benefited from Unity Bank Plc’s Yanga savings account offering, a product tailored to support female business owners in the country. The offering is packed with capacity building, MSME…

16

Groups Want FG to Block $2.4bn Sale of Shell Assets

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By Adedapo Adesanya A group of 40 civil society organizations including Amnesty International, have called for the blockade of the proposed sale of Shell’s onshore oil business in the Niger Delta region of southern Nigeria based on…

14

Unlisted Securities Traders Lose N81bn in Week 15

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By Adedapo Adesanya The 15th week of trading at the NASD Over-the-Counter (OTC) Securities Exchange was bearish despite operating for only two days after the financial markets in Nigeria went on a three-day break from Tuesday through…

Nigeria’s Inflation Jumps to 28-Year High of 33.2% in March 2024

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By Adedapo Adesanya Nigeria’s inflation rate surged further, hitting a 28-year high of 33.2 per cent in March 2024, the National Bureau of Statistics (NBS) said in a report on Monday. In the Consumer Price Index (CPI) for March 2024, the…

Dangote Cement’s Sale of N100bn Commercial Paper Closes Tomorrow

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By Aduragbemi Omiyale The sale of N100 billion worth of commercial paper by Dangote Cement Plc will close tomorrow, Tuesday, April 16, 2024. The exercise is from the N300 billion Commercial Paper Issuance Programme of the leading cement…

13

Nigerian Exchange Lists 3.1 billion Royal Exchange Shares from Rights Issue

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By Aduragbemi Omiyale The 3,121,328,866 ordinary shares of Royal Exchange Plc from its rights issue have been listed on the trading platform of the Nigerian Exchange (NGX) Limited. Business Post reports that the equities, valued at N1.6…

Minister Blames Shell for Nigeria’s Oil Production Shortfalls

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By Adedapo Adesanya The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has attributed the consecutive decline in Nigeria’s oil production capacity to 1.23 million barrels to issues from the Shell-operated Trans…

12

Nigeria to Unveil Inland Waterways, Coastal Services Plans

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By Adedapo Adesanya The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, said that Nigeria would soon unveil its plans for the industry’s Inland Waterways and Coastal Services. The Minister was quoted to have disclosed this in a…

FG Adopts Digitisation, Eliminates Inefficiencies to Block Revenue Leakages

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By Modupe Gbadeyanka The Minister of Finance and Coordinating Minister of Economy, Mr Wale Edun, has disclosed that the government was taking urgent steps to block revenue leakages, particularly at a time when earnings have declined.…

Traders Stake N28.650bn on 1.132 billion Shares in Two Days on NGX

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By Dipo Olowookere About 1.132 billion shares worth N28.650 billion were transacted on the floor of the Nigerian Exchange (NGX) Limited in 21,921 deals last week compared with the 3.680 billion shares valued at N57.892 transacted a week…

09

Nigerian Breweries Shuts Down Two Brewery Plants to Cut Costs

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By Aduragbemi Omiyale In a bid to “optimise our resources,” one of the leading beer makers in the country, Nigerian Breweries Plc, has temporarily shut down operations of two of its nine factories. In a message over the weekend, the…

Sunday, Apr 14

00

Zenith Bank Deepens Market Leadership With 69% Rise in Customer Deposits

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By Aduragbemi Omiyale The audited financial statements of Zenith Bank Plc for 2023 have shown how the lender has continued to deepen its market leadership in key corporate and retail deposit segments. In the period under review, the…

23

NDIC Supports CBN’s Move to Recapitalise Nigerian Banks

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By Adedapo Adesanya The Nigeria Deposit Insurance Corporation (NDIC) has lauded the Central Bank of Nigeria (CBN) for its move to recapitalise Nigerian banks to achieve economic resilience in the country and pledged a seamless…