Reps Decry Increase in Cement Price The House of Representatives has expressed worry over the continual rise in the price of cement, saying it is detrimental to the entire economy. The Deputy Speaker, Rep. Benjamin Kalu said this at an investigative hearing on Arbitrary Increase in Cement Price in Abuja on Tuesday, organised by the […]

KEDCO, iRecharge Partner to Block Electricity Payment Leakages The management of Kano Electricity Distribution Company (KEDCO) on Tuesday entered into partnership with iRecharge Technology to block bills payment leakages and ease payment of electricity bills. The iRecharge payment product was launched in Kano. The Managing Director of KEDCO, Malam Abubakar Yusuf, expressed delight over the […]

Jumia’s Net Loss Expands by 28% to $40.65mln in Q1 Jumia Technologies net loss widened by more than 28% year on year to $40.65 million, details from the Africa’s ecommerce giant’s financial results for the first quarter ended March 31, 2024. In the comparable period in 2023, the ecommerce company posted $31.77 million net loss […]

CBN Issues Deadline for PoS Operators to Register With CAC Amidst efforts to track currency movement in circulation, the Central Bank of Nigeria (CBN), has issued deadline for Point of Sales operators, to complete registration with the Corporate Affairs Corporation (CAC). This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer, CAC, […]

Cybersecurity Levy: Banks to Charge Customers 0.5% on Electronic Transfers The Central Bank of Nigeria, CBN, has directed 0.5 percent Cybersecurity Levy deductions on electronic transactions value, according to a circular to local deposit money banks (DMBs).  According to the apex bank, the deductions would become effective from the next two weeks, according to the […]

NESG Holds Public Lecture & Founders’ Forum, Unveils 30th Summit Logo The Nigerian Economic Summit Group (NESG), in partnership with the Lagos Business School (LBS), on Thursday, the 2nd of May, 2024, held a public lecture and Founder’s forum with the theme “In the National Interest: Reflecting on the Past, Reimagining the Future.,” to kickstart […]

Investors Get 21.50% Interest Rate on OMO Bills The spot rate on one year open market operations (OMO) bills sold to fixed interest securities investors and other market participants at the Central Bank of Nigeria (CBN) primary market auction cleared at 21.50%.according to auction results. The apex bank has started cutting bank rates on the […]

Airtel, Stanbic Selloffs Drag Equities Market N500bn Lower Equities investors lost about N500 billion at the start of the new week due to selling pressures on Airtel Africa, Stanbic IBTC, Transcorp, Nigerian Breweries and 14 other stocks. As a result of negative trades, the Nigerian All-Share Index declined by 89 basis points, closing at 98,703.68 […]

Niger Generates N7.03bn IGR in Q1 2024 The Niger State Government says it generated  more than N7. 03 billion as Internally Generated Revenue (IGR) between  January and March 2024. Alh. Mohammed Etsu, the Executive Chairman, Niger State Internal Revenue Service (NGSIRS), made the disclosure in an interview with the newsmen in Minna on Monday. Etsu […]