Over three million Nigerians have lost about N18bn through Ponzi schemes, the Securities and Exchange Commission stated on Tuesday. Director-General, SEC, Lamido Yuguda, said this during a webinar organised by the commission. Ponzi schemes are fraudulent investing scams which generate returns for early investors with money taken from later investors. They are similar to pyramid […]

 Petrol scarcity in Abuja and neighbouring Nasarawa and Niger states persisted on Tuesday and provoked an over 100 per cent rise in transport fares in many locations of the affected areas. Also, hundreds of black marketers of petrol surfaced in various roads in Abuja and environs, as they sold the commodity at between N300 to […]

The Secretary-General of the Organisation of the Petroleum Exporting Countries has said OPEC and its allies need to remain disciplined with their production to ensure full oil price recovery as the global economy continues to rebound from the COVID-19 pandemic. “We must emphasise in strong terms: cautious optimism, cautious optimism, cautious optimism,” Barkindo said at […]

First Bank of Nigeria Limited has launched an account designed to benefit Small and Medium-scale Enterprises in order to boost national growth and development. It said this in a statement on Monday titled ‘FirstBank unveils FirstSME account, reiterates its commitment to the continued growth of SMEs’. The statement said the SME accounts, namely FirstSME Classic […]

Seplat Petroleum Development Company Plc, a Nigerian independent energy company listed on both the Nigerian Stock Exchange(NSE) and the London Stock Exchange(NSE), has recorded a revenue of $530.5 million (N190.9 billion)for year ended December 31, 2020, compared with $697.8 million (N214.2 billion). However, Loss after tax stood at N30.712 billion in 2020 compared with a […]

The nation’s stock market started the month on a positive note on the back of price appreciation recorded by UAC of Nigeria Plc and 11 other firms on Monday. Investors in the market had recorded a total loss of N1.37tn in February as market capitalisation tumbled below N21tn amid profit-taking. The Nigerian Stock Exchange All-Share […]

The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019. The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December, according to […]

The Central Bank Governor, Godwin Emefiele, has said that weekly diaspora remittances rose from $5m to $30. He noted that the initiatives introduced by the Central Bank of Nigeria to boost forex in the country were yielding result. Emefiele spoke during the CBN/Bankers Committee’s initiative for economic growth which was organised with Vanguard on Friday. […]

The Shell Petroleum Development Company of Nigeria Limited has keyed into the Federal Government’s goal of using the country’s proven gas reserves to increase economic activities for gas-based industrialisation of the country. SPDC’s Managing Director and Country Chairman of Shell Companies in Nigeria, Osagie Okunbor, said this while speaking at the Nigerian Gas Association’s 12th […]

MTN Nigeria Communications Plc has reported a profit before tax of N298.87bn for the 2020 financial year, up from N291.28bn in the previous year. The telecommunications company, in its audited financial statements filed with the Nigerian Stock Exchange, said its profit after tax rose to N205.21bn last year from N203.28bn in 2019. Its revenue increased […]