Business

The Federal Government on Thursday announced that it had so far disbursed a total of N20.24 billion for 2,724 mortgages to support Nigerians in buying their own homes since May 2015. According to the Minister of Power, Works and Housing, Mr. Babatunde Fashola, the disbursements were made through the Federal Mortgage Bank of Nigeria under the National Housing Fund. Fashola …

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The total amount of foreign capital attracted by the Nigerian economy in 2017 stood at $12.2 billion, the National Bureau of Statistics (NBS) has said. A report released by the agency on Thursday reveals that the new figure is a massive jump over the $5.38 billion recorded in the whole of 2016. The NBS also put capital inflow in the …

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The Economic Recovery and Growth Plan (ERGP) Focus Labs scheduled to start on March 12, 2018 will focus on delivering quick and fast results to the citizens by identifying actionable projects, removing roadblocks and developing an enabling framework for the sector, the Minister of Budget and National Planning, Senator Udoma Udo Udoma told investors in Lagos on Thursday. The Minister …

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Oando PLC’s consistency in filling their financials on time has been cut short with a request by the Financial Reporting Council of Nigeria (FRCN) to undertake a more detailed review of the company’s results. Oando made this known to the public through a press statement issued on their website and on the website of the Nigerian Stock Exchange (NSE)  on …

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United Bank for Africa (UBA) Plc, a pan-African banking group and China Development Bank (CDB), the world’s largest development finance institution, on February 27, 2018 announced the signing of a letter of intent for  $100 million seven-year to finance the development of small and medium enterprises (SMEs) in Africa. The $100 million loan will enhance UBA’s capacity to provide access …

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Market At Glance  …As 28 stocks posted gains while 31 posted declines ….ASI………….    42,843.38 DEALS………    4,570.00 VOLUME……    371,245,831.00 VALUE……..    N4, 874,462,011.64 EQUITY CAP… N15, 374,966,993,132.77   Advancers Symbols        Last Close         Current    Change      %Change SEPLAT        N660.5             N675        14.5            2.20% NASCON      N22                   N22.95     0.95             4.32% INTBRE        N57                   N57.65     0.65            1.14% UNILEVER  N51.2                N51.55     0.35  …

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Nigeria’s foremost insurance and financial services group, Royal Exchange Plc has announced plans to undertake a corporate restructuring exercise of its key operations, to enable the group and its various subsidiaries become nimble, efficient and able to respond to the ever-changing demands and needs of its clientele across the country. This restructuring exercise which has already begun was announced by …

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The Central Bank of Nigeria’s manufacturing Purchasing Managers’ Index hit 56.3 index points in February, the CBN’s PMI survey report showed on Wednesday. The manufacturing PMI had hit 57.3 index points in January. The CBN stated that the 56.3 index points indicated expansion in the manufacturing sector for the 11th consecutive months. The PMI index however grew at a slower …

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Seplat Petroleum Development Company Plc on Wednesday released its audited financial statement for the period ended December 31, 2017 with an improvement compared to what was recorded same period in 2016. For instance, the company profit after tax growing significantly faster than revenue for the period, leaving a robust N143.96 Earnings Per Share (EPS), compared with the N79.73 loss in …

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The Central Bank of Nigeria (CBN) said further to the circular issued on January12, 2017 and other financial institutions on virtual currency operations in Nigeria, the bank wishes to reiterate that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, etc and Exchanges such as NairaEx are not licensed or regulated by the CBN. According to a statement signed by …

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