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Nigeria’s Guaranty Trust Bank’s (GTBank) offer to repurchase its $400 million 6 percent notes due 2018 has recorded 30.77 percent success as only $123.066 million in aggregate principal amount of the offer was validly tendered before the deadline. In a notice released to the Nigerian Stock Exchange (NSE) Wednesday, the bank indicated that it still has […]

The Nigerian equities market opened the week and the month of October bearish Tuesday as all-share index shed 0.4 percent to close at 35,306.1 points, while market year-to-date gain settled at 31.4 percent. To this end, market capitalization decreased by N45.7 billion to N12.2 trillion. Tuesday’s performance was pulled by price depreciation in DANGCEM (-1.4%), NIGERIAN BREWERIES (-1.8%) […]

Nigeria received a total of N2.305 trillion  ($7.53 billion) in total revenue as of June 2017, the budget office said on Tuesday. This is just as it plans to release the second tranche of the 2017 budget. Ben Akabueze, director of the budget office, said the N2.305 trillion was 91 percent of the budgetary provision for […]

Nigeria LNG Limited (NLNG), a liquefied natural gas-producing company has claimed that it lost about $475 million to a protracted war with Nigerian Maritime Administration and Security Management Agency (NIMASA) over applicable levies. NIMASA had blocked the company’s export from Bonny Island for 22 days for refusing to pay levies demanded by it, a situation, […]

Amid robust demand for emerging-market equities, foreign portfolio investors are fleeing the South African stock market on weakening rand, tepid economic growth and political risks. Bloomberg reports that while the benchmark index is hovering near a record after climbing 11 percent this year, the stocks aren’t an attractive prospect for foreigners who have to factor […]

After a flip-flop performance during the week, trade on Friday saw the Nigerian Stock Exchange (NSE) all-share index appreciating 0.03 percent to close at 35,439.98 points as against the 0.93 percent appreciation recorded previously, However, Fridays positive trade could not lift the benchmark index above previous week’s performance, instead paring it by 0.14 percent. Friday’s market […]

Efforts at diversifying the Nigerian economy may have started yielding fruits as agriculture produce exports earned the country N30 billion, with cashew exports alone accounting for N13.5 billion or 45.4 percent of total agricultural export as at Q2 2017. Audu Ogbeh, minister of agriculture and rural Development disclosed this during a presentation on Thursday at the National […]

The Federal Government of Nigeria has given October 1, 2017 deadline for the nation’s deposit money banks to remit revenues due it from ministries departments and agencies (MDAs) electronically using the Government Integrated Financial Management Information System (GIFMIS) revenue reference numbers via the Remita platform. In a Central Bank of Nigeria circular singed by Dipo Fatokun, and […]