Despite facing significant economic challenges and grappling with a record-high inflation rate, President Bola Tinubu’s administration has secured several positive economic deals and investments in 2023. These deals, totaling billions of dollars, are expected to have a significant impact on Nigeria’s economic outlook for 2024. Here are the top five major deals signed by the…
The Ministry of Petroleum Resources has presented its budget of N9.641bn to the Joint Committees of Senate and House of Representatives on Petroleum Resources (Upstream and Downstream, as well as Gas Resources) as part of the ongoing budget implementation and 2024 budget defence by Ministries, Departments and Agencies (MDAs) to the relevant National Assembly Committees….
The National Pension Commission (PenCom) has released data showing that Nigeria’s pension fund assets surged to N17.658 trillion as of October 31, 2023. This represents a significant increase of about 1.78% compared to the N17.349 trillion reported in September 2023. The details of this growth were outlined in PenCom’s monthly report for October 2023. The…
Nigerian stocks have concluded the year 2023 with a remarkable surge, gaining 46.6% or N13 trillion in the Lagos market. This surge signifies a substantial improvement in the market value of equities compared to the previous year. The total value of the 155 equities at the close of trade on Friday stood at an impressive…
Jim Obazee, the investigator appointed by President Tinubu to probe the Central Bank of Nigeria (CBN), has encountered resistance from Babatunde Lemo and other top officials of Titan Trust Bank (TTB) Ltd amid questions about his authority to summon individuals for questioning. Lemo, who serves as Titan Trust’s chairman, and Cornelis Vink, its chief executive,…
The Nigerian House of Representatives has put forward a bill that aims to make the delayed or failed payment of employees’ salaries by employers and corporate entities a criminal offense in the country. Sponsored by Wale Hammed, a House member representing the Agege Federal constituency in Lagos State, the bill, titled ‘The Employees Remuneration Protection…
The optimism of over 5000 aggrieved Maritime workers, who were ordered to leave the Seaport in 2000 by the then Minister of Transportation, Chief Ojo Maduweke, has been buoyed by a recent conciliatory meeting facilitated by the Ministry of Labour and Employment. At a press briefing on December 26, 2023, the union’s executives expressed hope…
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, recently announced that the committee has developed a new tax regulation, which is set to amend existing laws. Speaking at a stakeholders’ forum organized by the Harvard Business School Association of Nigeria in Lagos, Oyedele revealed that the regulation is part…
The Nigerian Naira faced a significant decline, hitting a new low on Thursday, December 28th, 2023, closing at N1,043.09 per dollar in the official market. This represents a 16.35% depreciation from its previous closing rate, raising concerns just days before the new year. This is the second time the Naira has crossed the N1,000/$ threshold,…
Emmanuella Olofu, a journalist in Abuja, experienced a shocking incident when she tried to pay her taxi fare using her mobile banking app, only to find her savings depleted. Despite a friend’s attempt to send her money, which also disappeared, her bank has not resolved the issue. This case is just one of many instances…