Author: Ogochukwu Ndubuisi

Equities Investors’ Portfolio Value Rises as UBA Lists Shares The Nigerian Exchange (NGX) equities portfolio value rose on Friday as UBA listed additional shares from its recent capital raise offers. The stock market ended the week on Friday with mixed performances. Specifically, the market capitalisation rose by 0.19 per cent, with a gain of N130 billion to close at N68.751 trillion from N68.621 trillion recorded on Thursday. This uptrend in the capitalisation was due to the United Bank for Africa’s additional shares listing on NGX. However, the All-Share Index dropped by 0.14 per cent or 154.40 points to close at…

Aviation Contributes $1.7bn to Nigeria’s GDP – FAAN The Federal Airports Authority of Nigeria (FAAN) on Friday said that aviation now contributes 1.7 billion dollars to Nigeria’s Gross Domestic Products (GDP). The Managing Director of FAAN, Mrs Olubunmi Kuku, said that the huge contribution was a testament to the efficacy of market-driven solutions in Nigeria’s aviation industry. Kuku made the remarks at a book launch, with the title: “100 Years of Civil Aviation in Nigeria”, authored by Mr Wole Shadare, in Lagos. She said that the milestone was achieved as a result of private sector involvement in the aviation industry.…

Dangote Group, Niger State, Partner on Agric. Business Dangote Group and the Niger State Government are fostering sectoral partnership worth billions of naira to boost commercial agriculture in Nigeria. Senior Special Adviser to the President and Chief Executive of Dangote Group, Fatima Abdurrahman, said this in a statement on Friday in Abuja. Abdurrahman spoke at the official opening of the 2025 Niger National Trade Fair in Minna. According to her, significant investment has been deployed into the company’s rice production infrastructure in the state, even as it is partnering the Government on the Niger Food initiative. She said,” The Niger…

Commonwealth Tax Administrators Applaud FIRS Chair’s Contribution To Global Body For his outstanding performance and exemplary leadership, the Commonwealth Association of Tax Administrators (CATA) has commended the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji. The global plaudit for Adedeji came during the 96th management committee meeting of CATA held at Broadway House, United Kingdom, on Thursday. A statement by Sikiru Akinola, Technical Assistant to the FIRS chair on Media, said CATA’s executive director, Dr Esther Koisin and the chair, Mr Mahmad Noor, were full of praise for the invaluable contributions and strategic insight provided by Adedeji in…

Okomu Oil Palm Records N39.9bn Profit in 2024 Okomu Oil Palm Company Plc says it has recorded its highest net profit of N39.9 billion in 2024, compared to N20.6 billion in 2023. Mr Gbenga Oyebode, Chairman of the Board of Directors of Okomu Oil Palm Company, made this disclosure at the company’s 45th Annual General Meeting (AGM), on Thursday in Abuja. Delivering the company’s annual report for 2024, he said that in spite of the challenges faced during the year, including an 80 per cent increase in costs among other difficulties, the company was able to navigate these headwinds successfully.…

Afreximbank Posts Net Interest Income of $411.2m in Q1 2025 African Export-Import Bank (Afreximbank) says its Net interest income grew by 4.53 per cent to 411.2 million dollars in the first quarter of 2025, compared to the previous year. This is contained in a statement issued by Vincent Musumba, Afreximbank’s Communications and Events Manager, on Wednesday, on the financial statements of the bank and its subsidiaries for Q1 2025. Musumba said that the increase was driven by growth in interest-earning assets, complemented by effective management of borrowing costs. He said that they helped the bank to cushion the marginal decline…

Egbin Power, House Committee Collaborate to Improve Performance In a move to further strengthen the nation’s power sector, the House of Representatives Committee on Privatisation and Commercialisation has expressed its readiness to collaborate with Egbin Power Plc to improve its performance. The House Committee, led by its Chairman, Hon. Hamisu Ibrahim, conveyed this commitment during an oversight visit to the plant, noting that partnering with the stakeholders in the Nigerian Electricity Supply Industry (NESI) is necessary to achieve improved power generation. The visiting lawmakers, accompanied by the Director General, Bureau of Public Enterprises (BPE), Mr. Ayo Gbeleyi and his team,…

Enugu yet to Receive 13% oil Revenue, Mbah Laments Gov. Peter Mbah of Enugu State, has called on the Federal Government to include the state in the disbursement of the 13 per cent oil revenue share. The governor said the call was in line with the Derivation Principle as provided for in the 1999 Constitution, as amended. Mbah made the call when he received the Indices and Disbursement Committee of the Revenue Mobilisation, Allocation, and Fiscal Commission, RMAFC, at the Government House, Enugu, on Wednesday. It would be recalled that the RMAFC had in December, 2022 listed Enugu as an…

LCCI Urges CBN to Indicate Cautious Future Rate Cuts The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to take a cautious stance on monetary policy while providing clear signals of potential interest rate cuts. The Director-General of LCCI, Dr Chinyere Almona, in a statement on Tuesday in Lagos, made this call following the decision of CBN to maintain the Monetary Policy Rate (MPR) at 27.5 per cent. Almona said that the advice was necessary due to sustained economic improvements in the country. She said while the recent marginal decline in headline inflation…

FG Urges Oil Firms to Shore up Production to Meet OPEC Quota The Minister of State for Petroleum Resources, Gas Chief Ekperikpo Ekpo on Wednesday urged oil and gas stakeholders to collaborate to meet the quota approved by the Organisation of Petroleum Exporting Countries (OPEC). Ekpo, who was represented by the Permanent Secretary, Mr Emeka Obi made the call while speaking at the ongoing 2025 Nigeria Oil and Gas Opportunities Fair (NOGOF) in Yenagoa. ‘The theme is: “Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development’’ He noted that the oil output of…