Business

Blue chips drop price on NSE

Some highly capitalized stocks on the Nigerian Stock Exchange (NSE) on Thursday recorded huge price losses due to sustained profit taking by investors. Nestle topped the price losers’ chart, dropping N18 to close at N1 102 per share. Guinness lost N5 to close at N212, while Nigerian Breweries depreciated by N4.50 to close at N145.50 per share. Dangote Cement lost ...

Read More »

CBN earmarks N220 bn for micro businesses

The Central Bank of Nigeria (CBN) says it has earmarked N220 billion for the development of micro, small and medium enterprises in the 36 states of Nigeria and the FCT. The Sokoto State branch Controller of the bank, Mohammed Idris, disclosed this in Sokoto state on Thursday at a sensitisation workshop on the Micro, Small and Medium Enterprises Development Fund. ...

Read More »

Wavestore: Integrity In Digital Recording

Wavestore is the developer of industry leading video management software (VMS) recognised worldwide for its simple install and ease of use. The open platform design enables simultaneous recording from combinations of analogue, IP, megapixel, multi-megapixel, HD, HD-SDI and thermal cameras. Natasha Onuora, Executive Director, Pipeline Procurement and Logistic limited, the sole Franchisee for Wavestore in Nigeria, in this interview with ...

Read More »

Nigeria’s manufacturing sector contributes 4% to GDP

Nigeria’s manufacturing sector currently contributes four percent to the country’s Gross Domestic Product (GDP), Olusegun Aganga, Minister of Industry, Trade and Investment, has said. The minister said this in Lagos, at a one-day stakeholders’ forum organized by the Federal Ministry of Industry, Trade and Investment and the Ministry of Mines and Steel Development. “My aim is to increase it to ...

Read More »

Government approves constitution of National Council on Power

The Federal Government has approved the composition of a National Council on Power to reposition the power sector and ensure improved power supply to Nigerians. The Permanent Secretary, Ministry of Power, Godknows Igali, made the disclosure at the 6th Power Summit/Civil Society Organizations Forum in Abuja on Thursday. Igali said that the council would comprise major stakeholders in the power ...

Read More »

Ughelli power plant capacity expanded

The capacity of the Ugheli power plant, the country’s largest gas-fired electricity generation asset, will be expanded following an agreement reached by Transcorp Ughelli Power Limited (TUPL) and General Electric (GE). The firms have signed an agreement to expand the capacity of TUPL’s Ughelli power plant by1 000MW over the next three to five years. Both parties have also signed ...

Read More »

Kogi, DFID partner on tax review

The United Kingdom Department for International Development (DFID) said it was partnering with Kogi Government to review the draft of harmonized bill on taxes in the state. In a statement in Abuja, DFID said that the essence of the review of the bill to be presented to the state legislature was to ensure that a regime of fair taxation existed ...

Read More »

CBN Laments Non-accessibility of fund for Edo SMEs

The Governor of Central Bank, Sanusi Lamido Sanusi, has lamented the failure of the Small and Medium Enterprises in Edo to access the N220 billion intervention fund floated by government. Sanusi expressed his concern at the Government House in Benin on Friday when he paid a condolence visit on Edo Government on the death of wife of Oba of Benin, ...

Read More »

Investors trade 343.345m shares worth N4.03bn on NSE

Investors on the Nigerian Stock Exchange (NSE) on Thursday exchanged 343.345 million shares worth N4.03 billion in 5 415 deals. This was in contrast to the 258.686 million shares valued at N2.92 billion exchanged in 5 109 deals on Wednesday. The All-Share Index, however, dipped by 190.33 points or 0.47 percent to close at 40 601.74 from the 40 792.07 ...

Read More »

Banks risk punishment for fraudulent deposits

The Economic and Financial Crimes Commission (EFCC) has warned it would punish banks that allowed fraudulent deposits. The commission said that is becoming worrisome that some banks, in their drive to increase deposits, were now shedding criminals and fraudsters who deposit money into their bank. Speaking at a meeting with the Committee of Chief Compliance Officers of Banks in Lagos, ...

Read More »