Investments
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Investors lose N72.51bn on NGX
Trading on the Nigerian Exchange Ltd. (NGX) closed negatively, with investors losing N72.51 billion on Monday. The market capitalization, which opened at N67.418 trillion, fell by 0.10 percent to close at N67.345 trillion. Similarly, the NGX All-Share Index (ASI) dropped by 0.10 percent, settling at 107,937.74 points. The total value of shares traded was N12.806 billion across 17,095 deals…
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Tinubu commends IFC’s investment in Lagos Free Zone
President Bola Tinubu has commended the International Finance Corporation (IFC) for its continued confidence in Nigeria’s economy. President Tinubu commended the organization following its 50 million dollars equity investment in the Lagos Free Zone, a Tolaram initiative to support the development and expansion of Nigeria’s first deep-sea port-based, private special economic zone. The president described the investment as a testament…
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NAICOM issues additional guidelines for annuity business
The National Insurance Commission (NAICOM) has issued additional regulatory requirements for life insurance companies carrying on annuity business in the country. The News Agency of Nigeria (NAN) reports that an annuity is a form of insurance or investment, entitling the investor to a series of annual sums. A circular by the commission in Abuja on Friday said that insurance companies…
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Investors lose N1.1trn as MTN, Zenith, Dangote Sugar decline
 Bearish sentiments persisted on the stock market on Tuesday, making investors incur a loss of N1.1 trillion. Selloffs in MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company Plc (GTCO), Dangote Sugar, and United Capital, among others, declined equities further drove the market to a negative terrain. Specifically, the market capitalisation of listed equities, which opened at N64.252 trillion, shed N1.1…
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UBA, Access, UCAP drag market cap down by N51bn
The stock market opened on a negative note on Monday, recording a N51 billion loss for investors. Specifically, the market capitalisation, which opened at 64.303 trillion, closed at 64.252 trillion, representing 0.08 percent. The All-Share Index also declined by 0.08 percent, or 84 points, to close at 105,367.25, as against 105,451.06Â posted on Friday. However, the Year-To-Date (YTD) return advanced…
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Nigeria urges global financiers to invest in airport concessions
Mr. Festus Keyamo, the Minister of Aviation and Aerospace Development, has urged global financiers to invest in the concessions of Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja. The minister was speaking at the Airline Economics Growth Frontiers Global in Dublin, Ireland, on Monday. The News Agency of Nigeria (NAN) reports that the Airline Economics Growth Frontiers…
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Ex-international seeks investments in sports facilities
Seun Akinwale, an ex-international basketball player, has called on corporate organisations to invest in sports facilities to help develop sports, especially basketball. Akinwale, the Chief Executive Officer of Prime B.B., a firm into construction of basketball courts, made the call in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos. He said that…
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IIF, Kuramo launch fund to support MSME financing
Lagos, Oct. 29, 2024 (NAN): The Impact Investors Foundation (IIF), in collaboration with Kuramo Capital Management, on Tuesday introduced the Wholesale Impact Investment Fund (WIIF) to Pension Fund Administrators (PFAs) alongside other pension stakeholders and regulators. Mr. Afolabi Oladele, Chairman of IIF, said this at a roundtable for PFA investors on the Nigerian WIIF in Lagos. The News Agency of…
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Gov. Otu woos diplomatic community to invest in Cross River
Gov. Bassey Otu of Cross River has reiterated his administration’s willingness to partner with the diplomatic community in Nigeria toward achieving shared prosperity in the state. Otu gave the assurance at the maiden Cross River Governor’s Executive Roundtable organised by the Cross River government on Tuesday in Abuja. This, according to Otu, will further strengthen the established partnership between the state…
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Fair: Enugu Govt assures further improvement on Ease-of-Doing-Business
The Enugu State Government says it is doing all within its ability to ensure further improvement in the ease of doing business within the state and ensure it becomes the number one investor’s destination. Mrs. Adaora Chukwu, the state’s Commissioner for Trade, Investment, and Industry, said this on Monday at the Enugu State Special Day at the 35th Enugu International…
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Lagos-Calabar Highway: Umahi estimates N1.67 trn as RoI in 15 years
The Minister of Works, Sen. Dave Umahi, has projected a Return on Investment (ROI) of around N1.67 trillion in 15 years on the Lagos-Calabar Coastal Highway corridor. The News Agency of Nigeria (NAN) reports that the 700-km Lagos-Calabar coastal highway project is designed to connect Lagos to Cross River, passing through the coastal states of Ogun, Ondo, Delta, Bayelsa, Rivers,…
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We’ll empower Nigerians with skills in air-conditioning and refrigeration – Minister
The Federal Ministry of Environment has expressed its commitment to training and retraining Nigerians to acquire the necessary skills in air conditioning and refrigeration. Dr. Iziaq Adekunle Salako, Minister of State, Federal Ministry of Environment, said this at the handover ceremony of refrigeration and air-conditioning servicing equipment and tools to training centres on Friday in Lagos. The News Agency of Nigeria…
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StanbicIBTC declares N2.20 dividend to shareholders
StanbicIBTC Nigeria has declared to pay its shareholders a final dividend of N2.20 per ordinary share of 50k each, totaling N28.51 billion for the period ended Dec. 31, 2023. Mr. Chidi Okezie, Company Secretary, StanbicIBTC, announced this in a disclosure sent to the Nigerian Exchange Ltd. (NGX) on Thursday in Lagos. Okezie said that the proposed dividend, to be paid…
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MTN, Tier-1 banks stocks lift NGX gains by N157bn
Renewed interest in MTN Nigeria, alongside sustained interest in Tier-one banks’ stocks, further raised the equity market by 0.27 percent on Thursday. Specifically, investors gained N157 billion, or 0.27 percent, making the market capitalization, which opened at N58.963 trillion, close at N59.120 trillion. Consequently, the All-Share Index grew by 0.27 percent, or 278.42 points, to close at 104,562.06, as against…
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FG’s agriculture mechanisation programme will ensure food security – LCFE
The Lagos Commodities and Futures Exchange (LCFE) says the Federal Government’s Food Security and Agricultural Mechanization Programme in Niger will ensure food sufficiency. LCFE’s Managing Director and Chief Executive Officer, Mr. Akin Akeredolu-Ale, said this at a media briefing on Wednesday in Lagos. He said it was a heartwarming warning that four states—Benue, Kogi, Kwara, and Lagos—had already signed MoUs…
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Fund: Ojikutu urges FG to prioritise aeronautical services
Retired Group Capt. John Ojikutu, a former military commandant at the Murtala Muhammed International Airport, Lagos, on Tuesday, urged the Federal Government to prioritise aeronautical services over non-aeronautical services. Ojikutu told the News Agency of Nigeria (NAN) on Tuesday in Lagos, against the backdrop of the Renewed Hope Infrastructural Development Fund approved by President Bola Tinubu. He said that…
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AFPE 2024: NACC tasks businesses on global standards for competitiveness
The Nigerian-American Chamber of Commerce (NACC) has urged Nigerian businesses, especially micro, small, and medium enterprises (MSMEs), to meet global standards for competitiveness. The President of NACC, Dame Adebola Williams, said this at a news conference to unveil activities lined up for the 2024 edition of the Africa Foods & Products Exhibition (AFPE) on Monday in Lagos. The News Agency…
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