The Board of Directors of Red Star Express Plc has submitted application to capital market regulators seeking to raise about N1.33 billion in new equity funds from existing shareholders. Red Star Express plans to offer 294.75 million ordinary shares of 50 kobo each through a rights issue to existing shareholders at N4.50 per share. The […]

Aiteo Group is negotiating an alternative financing package that would enable it fund about $5 billion investment to be able to increase its oil production to about 250 000 barrels per day (bpd).This  will also  grow gas output to about 3 million standard cubic feet per day (mmscfd) of gas. The Managing Director, Eastern Exploration […]

liquefied Natural Gas projects in Nigeria, Egypt, Mozambique and elsewhere on the African continent are expected to attract nearly $103bn investments this year. According to a statement ahead of the 5th Gas Summit of the Gas Exporting Countries’ Forum in Malabo, Equatorial Guinea, it is clear that gas liquefaction is viewed as the most profitable […]

The Manufacturers Association of Nigeria on Wednesday urged the newly inaugurated ministers to hit the ground running in their various ministries towards speedy economic recovery of the country. Chairman of the Association of Iron and Steel Fabricated Metal  Products, an arm of MAN, Kamoru Yusuf,  gave the advice in a statement issued in Abuja. He […]

The power sector is going to get another intervention of N600bn from the Federal Government very soon. President Muhammad Buhari has signed for the release of the funds; it was gathered on Wednesday in Abuja. The Market Operator, Transmission Company of Nigeria, Edmond Eje, disclosed this while speaking on the sidelines of the third MO […]

The Federal Government’s N145bn August bonds, which was offered on Wednesday were underscribed by N49.91bn The Debt Management Office showed the breakdown of the auctioned bonds include a N40bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent; N50bn 10-year reopening bond that would mature in April 2029 […]

The Chairman of Nigerian Insurers Association, Mr Tope Smart, has asked the Nigerian Stock Exchange to assist the insurance companies in its bid to meet the new capital base prescribed by the National Insurance Commission. The commission had increased the capital requirements for insurance and reinsurance companies from N2bn to N8bn for life insurance companies, […]

the nation’s stock market on Wednesday saw its biggest daily gain in over two months as investors gained N120.7bn at the end of trading on the floor of the Nigerian Stock Exchange. The market capitalisation of equities listed on the NSE increased from N13.186tn the previous day to N13.307bn. The All Share Index advanced by […]

Nigerian banks, fintech companies and mobile money operators are likely to earn $1.19bn from remittances this year, according to estimates made by PricewaterhouseCoopers. The global consulting firm had predicted that remittances by Nigerians in the Diaspora could grow to $25.5bn this year, in its latest white paper entitled ‘Strength from abroad: The economic power of […]

The Nigerian Stock Exchange has delisted the shares of defunct Skye Bank Plc and Fortis Microfinance Bank Plc from the daily official list of the Exchange. The NSE issued a statement on Wednesday, notifying dealing members of the delisting of the two banks. The statement read in part, “Pursuant to Clause 15 of the General […]