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LAGOS — The bulls returned to the Nigerian stock market on Tuesday with investors’ net worth appreciating by N102 billion on bargain hunting. The bullish performance was due to investors’ buy interest in industrial goods, consumer goods, and oil & gas sector stocks. Specifically, the market capitalization rose by N102 billion to close at N20.266 trillion from N20.164 trillion recorded on Monday. Also, the All-Share Index increased by 195.30 points or 0.50 percent to close...

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France President, Emmanuel Macron, on Tuesday, hosted African leaders and global financial institutions for a summit seeking to provide Africa with critical financing after the coronavirus pandemic that drained the coffers of the continent. Africa has so far been less badly hit by the pandemic than other global regions — with a total of 130,000 dead across the continent, compared with 3.4 million worldwide. But the economic cost is only too apparent, with the International...

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The Nigerian stock market began trading for the week on Monday with 0.44 per cent loss, amid losses recorded by some blue chips. Specifically, the All-Share Index decreased by 175 points or 0.44 per cent to close at 39,306.47 from 39,431.47 achieved on Friday. Similarly, the market capitalisation which opened at N20.579 trillion lost N92 billion to close at N20.487 trillion. The downtrend was driven by price depreciation in medium and large capitalised stocks amongst...

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The Federal Government on Wednesday in Abuja granted N10 million as seed fund to five innovators that emerged winners in the World Creativity and Innovation Day (WCID) challenge. The News Agency of Nigeria reports that the five startup winners emerged among over 800 entries made for the challenge and received N2 million each. The winners were Muhammed Bature for Schoola Limited, Jeremiah Kuro for Blieu-1 Automations Limited, and Nwachinemere Emeka for Kitovu Technology Company with...

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The Debt Management Office (DMO), on Wednesday, announced the auctioning of three Federal Government bonds of N150 billion at N1, 000 per unit. Details obtained from DMO’s website said that the three bonds were valued at N50 billion each, with interest rates of 16.29 per cent; 12.50 per cent, and 9.80 per cent, respectively. It listed the auction date as April 21, while the settlement date is April 23. “Minimum units for sale are N50,...

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The Department of Petroleum Resources (DPR) has disclosed that 32 refinery project licenses issued to private investors in the country have become invalid in the past three years. According to the DPR, the numbers of valid refinery project licenses presently in the country are 23 as of March 2021, from the 44 in April 2018. Analysis of the agency’s new list of valid refinery project licenses and that of April 2018 revealed that 32 licenses...

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The International Monetary Fund (IMF) says Nigeria might experience a 2.5 percent economic growth in 2021. The new growth projection is 1.0 percent higher than IMF’s 2021 forecast in January which was estimated at 1.5 percent. The Washington-based institution disclosed this on Tuesday during the 2021 Virtual Spring Meetings. IMF also predicted a growth of 3.4 percent for the Sub-Saharan Africa region in 2021, up 0.2 percent, from the previous forecast. It also lifted its...

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The Federal High Court sitting in Kano on Thursday convicted one Okungbowa Collins and Florence Omorodion accused of obtaining money by false pretense. The Economic and Financial Crimes Commission EFCC has charged the convicts before the federal High Court, Kano on separate counts of obtaining money by false pretense. Okungbowa Collins is to restitute the sum of N420,000 to his victims, while Omorodion was ordered to restitute her victim the sum of N218,000. They allegedly used their...

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ABUJA — Mrs. Abike Dabiri-Erewa, Chairman, Nigerians in Diaspora Commission (NiDCOM) has emphasised the need for collaboration with the Nigerian Investment Promotion Commission (NIPC) on diaspora investment incentives. This is contained in a statement signed by Gabriel Odu, Media, Public Relations and Protocols Unit of NiDCOM on Tuesday in Abuja. Dabiri-Erewa noted that such collaboration “a necessary step toward for national development. She was quoted as speaking at a strategic meeting with the Executive Secretary...

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LAGOS — The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, has advised indigenous and multinational firms to consider the opportunities that Nigeria offers and begin to set up their manufacturing lines in Nigeria. Emefiele gave the advice at the Local Manufacturing Contract Signing of Oral-B Toothpaste, between Procter and Gamble Nigeria and Colliery Cosmetics, on Friday in Lagos. According to him, Nigeria should be the first port of destination for anybody...

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