Category Archives: Business News

CBN’s PMI report shows growth in manufacturing

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  The Manufacturing Purchasing Managers’ Index (PMI) in the month of June stood at 57.0 index points, indicating expansion in the manufacturing sector for the 15th consecutive month, a Central Bank of Nigeria (CBN) survey has shown. The Manufacturing and Non-Manufacturing PMI Report on businesses is based on survey responses, indicating the changes in the […]

SON shuts substandard LPG cylinder facilities

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SON

The Standards Organisation of Nigeria (SON) has shut some facilities used for the fabrication of suspected substandard liquefied petroleum gas (LPG) cylinders in Onitsha, Anambra State. Located on Bida Road in  Onitsha, the LPG cylinder fabrication sites were filled with various sizes of cylinders including 3kg, 5kg, 6kg, 12.5 kg and 50 kg. Its Director-General, […]

SEC okays ASHON as trade group

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SEC logo

  Red Star Express had secured shareholders’ approval to transit to holding company and raise additional capital. The new capital raising could be raised through debt issue, equity issue or a combination of both equity and debt. The Group include three subsidiaries- Red Star Freight Limited, Red Star Logistics Limited and Red Star Support Services […]

‘Labour’s lack of unity responsible for minimum wage delay’

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The labour movement comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) of Nigeria must take the blame for the delay in the implementation of the new National Minimum Wage. The two labour centres have not been effective in enforcing the existing N18, 000 minimum wage; they have not been effective in […]

NSE adds Oando, Beta Glass to most influential stocks’ group

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The Nigerian Stock Exchange (NSE) at the weekend picked Oando Plc and Beta Glass Company Plc as two of the 30 most capitalised stocks. In its half-year review of sectoral indices, the NSE added Oando Plc and Beta Glass to the NSE 30 Index, the influential index that tracks the 30 most capitalised companies at […]

Nigeria, Britain explore ways to list Naira bonds in London

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Britain and Nigeria are exploring ways to list Naira-denominated bonds on the London Stock Exchange to help fund infrastructure projects in the West African country, the City of London’s Lord Mayor disclosed. According to source, Charles Bowman, who acts as an ambassador for the British capital’s financial district, made the comments during a three-day visit […]

Nigerian Stock Exchange market capitalization inches N198bn

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NSE

The market capitalization of the Nigerian Stock Exchange (NSE) on Friday inched N198 billion, due to gains by some blue chips, after dropping for three consecutive trading days. According to source, the market capitalization improved by N198 billion or 1.45 percent to close higher at N13.866 trillion, against N13.668 trillion on Thursday. The All-Share Index, […]

Naira remain stable at N360 to dollar at parallel market

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The Naira on Friday remained stable at the parallel market in Lagos, exchanging at N360 to the dollar. The Nigerian currency had traded at same rate for the past two days, while the Pound Sterling and the Euro closed at N480 and N421 respectively. At the Bureau De Change (BDC) window, the Naira also closed […]

NSE demands govt framework on housing delivery

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The Nigerian Society of Engineers (NSE) President, Mr Kunle Mokuolu, has called on the Federal Government to provide proper framework that would ensure better housing delivery for Nigerians. To achieve this, Mokuolu wants the Federal Government to create the enabling environment for private sector initiative and to engage more private sector participants in its mass […]

Lagos tanker fire: VICTIMS’ RELATIVES STORM HOSPITALS

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Whereabouts of toddler, driver unknown Mass burial for victims likely Family members of the victims of Thursday’s tanker fire outbreak on the Lagos-Ibadan Expressway yesterday besieged government hospitals in search of loved ones. This was just as a source hinted on the possibility of mass burial for the deceased victims of the explosion, given the […]