Economy - Page 3

A report by S&P Global has revealed that the price of a 50kg bag of rice has reduced significantly to N58,000 in parts of Nigeria, following an influx of imported rice through the Republic of Benin. The report noted that the West

The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, whose funds exceeded the maximum insured limit of N5 million. The corporation announced the development in

Fitch Ratings has upgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings of Lagos, Kaduna, Kogi, and Oyo states from ‘B-’ to ‘B. The agency announced the development on its website on Saturday. According to Fitch, the rating action follows the upgrade

Transcorp Power Plc, one of the power subsidiaries of Africa’s leading and listed conglomerate, Transnational Corporation Plc, has announced its unaudited results for the first quarter ended March 31, 2025. Key Highlights: • Robust Revenue Growth The company recorded an impressive 55% year-on-year

In line with its bold diversification strategy and commitment to innovation and global best practices, Tantalizers PLC has announced the appointment of Mr. Charles (Charlie) Quinn as a Non-Executive Director on the Company’s Board, effective Tuesday, 15th April 2025. According to the

The Central Bank of Nigeria (CBN) has raised a total of N1.008 trillion at its Open Market Operations (OMO) auction held on Friday. The development followed an overwhelming investor demand that led to a 102% oversubscription, affirming CBN’s aggressive monetary tightening stance

The Chairman of the Board of Directors, United Bank for Africa Plc (UBA), Tony Elumelu, on Friday assured stakeholders that the bank will meet the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement for international commercial banks by Q3 2025,

Dangote Cement Plc has released its unaudited financial results, reporting a pre-tax profit of N311.974 billion for the first quarter ended March 31, 2025. The figure represents an 87.48% year-on-year (YoY) growth compared to N166.404 billion recorded in Q1 2024. The company

The Competition and Consumer Protection Tribunal has upheld the $220 million fine imposed on Meta Platforms Incorporated by the Federal Competition and Consumer Protection Commission (FCCPC). In a statement on Friday, the FCCPC’s Director for Corporate Affairs, Ondaje Ijagwu, announced that the

Flight activities, including those of Air Peace, are being disrupted at local airports as workers of the Nigerian Meteorological Agency (NiMET) stage protests over poor working conditions. The strike, which has lingered into day 2, sees passengers on scheduled local flights stranded

The Federal Bureau of Investigation (FBI) has revealed that investment scams accounted for $5.8 billion, more than 50% of all reported crypto losses in 2024. The report from the FBI’s Internet Crime Complaint Center (IC3), which highlights the alarming findings on the

President Bola Tinubu has announced that Nigeria’s newly finalised Carbon Market Activation Policy will unlock up to $2.5 billion in high-integrity carbon credits and associated investments by the year 2030. Tinubu disclosed this on Wednesday in a statement signed by his Special