Economy - Page 31

Nigeria’s headline inflation has dropped to 24.48% year on year in January 2025. This is a sharp decline from the 34.80% headline inflation recorded in December 2024. This is according to the National Bureau of Statistics (NBS). The Statistician-General of the Federation

PZ Cussons Nigeria has announced plans to convert a significant portion of its outstanding debt to its parent company, PZ Cussons (Holdings), into equity. The $34.3 million debt-to-equity swap will increase the parent company’s stake in the Nigerian subsidiary to 82.79%, effectively

The Central Bank of Nigeria (CBN) disclosed that lenders, including commercial banks and other financial institutions, recorded higher default rates for secured, unsecured and corporate loans in the fourth quarter of last year (Q4 2024). Credit default refers to when a lender

Telecom operators broke their silence over the weekend to explain the recent approval by the Nigerian Communications Commission (NCC) for a tariff hike that will take effect this month.  Their statements in Lagos followed protests from various telecom subscriber groups, including the

Access Bank Plc is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’.  Scheduled for March 12, 2025, in Cape Town, South

Africa Prudential Plc has announced the appointment of Mr. Oluwaseyi Abe as an Independent Non-Executive Director and Mr. Chidi Okpala as a Non-Executive Director, effective January 28, 2024. These appointments are pending approval from the Securities and Exchange Commission (SEC). Oluwaseyi Abe

The tax reform bills proposed by the Bola Tinubu administration are expected to help reduce inflation by lowering costs for most households.  This information was reported by Reuters, citing Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax

German inflation unexpectedly slowed in January in its first decline for several months, official data showed Friday, bolstering the case for further eurozone interest rate cuts. The annual inflation rate in Europe’s largest economy was 2.3 per cent this month, federal statistics

Representing an N20 increase within a day, the Nigerian naira appreciated against the U.S. dollar in the parallel market on Friday, closing at N1,610/$1. The naira closed at N1,630/$1 on Thursday. The euro also saw a drop, closing at N1,655/€1, marking a

The Nigeria Labour Congress (NLC) has firmly rejected the 50 per cent telecommunications tariff hike recently approved by the Nigerian Communications Commission (NCC), proposing a more moderate 5 per cent increase instead. The labour union also reiterated its commitment to staging a

Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, yesterday, warned that anyone who violated the capital market regulations will be brought to justice. Speaking to journalists at the official launch of the Norrenberger Asset Management Limited and 2025 Capital Market Outlook,

Following Wednesday’s landmark victory for General Hydrocarbons Limited (GHL) at the Federal High Court in Lagos, which set aside an order of Mareva injunction freezing it’s assets in a suit with First Bank Holdings Plc, directors of the oil and gas company

In a decisive effort to combat the spread of fake and substandard products, the National Agency for Food and Drug Administration and Control (NAFDAC) has launched Operation Clean Up Aba.  This operation involved sealing off the notorious Cemetery Market in Aba, Abia

JUSTICE DIPEOLU SETS ASIDE FREEZING ORDERS AGAINST GHL JUDGE SAYS FIRST BANK SUPPRESSED RELEVANT FACTS TO SECURE ORDER In a landmark victory for General Hydrocarbons Limited, the Federal High Court in Lagos has set aside an order of Mareva injunction freezing the

Tesla is set to report earnings Wednesday for the first time since President Donald Trump — a close ally of CEO Elon Musk — returned to the White House. The fourth-quarter results conclude a mixed year for Tesla. While the company’s profits