Evacuation of cargo from Apapa port by rail will resume in next month as stakeholders engage in several meetings to finalise strategy for a smooth take off.  Vanguard gathered that a meeting of the various stakeholders comprising officials of the Nigeria Customs Service, NCS, the Nigerian Ports Authority, NPA, terminal operators, the Nigerian Railway Corporation… Read more

Transactions resumed on the Nigerian Exchange Ltd. (NGX), on Monday, on a negative posture with the market indices declining by 3.15 per cent due to selloffs. Specifically, the market capitalisation which opened at N57.849 trillion, shed N1.82 trillion or 3.15 per cent to close at N56.028 trillion. Similarly, the All-Share Index(ASI) also dropped by 3.15… Read more

he recent sharp depreciation of the Naira in the foreign exchange market as well as the rising inflation rate has started eroding the value of assets under insurance cover. Financial Vanguard findings from the recent developments in the industry have indicated that most risks are now under-insured as value of claims are getting lower than… Read more

Foreign capital inflow into Nigeria dipped by 26.4% to $3.9 billion in 2023, plunging to a 17-year low since 2007 when capital importation stood at $5.3 billion. Read more

The real estate sector in Nigeria is forecast to grow to $2.26 trillion in 2024, of which residential estate will contribute $1.93 trillion or 85.4 percent. Analysts who made the forecast noted that the growth would be happening at the backdrop of challenges of weakening currency, poor infrastructure, multiple taxation, high construction costs, among others confronting… Read more

Immediate past governor of Anambra State, Chief Willie Obiano, has condoled with the Wigwe family and the banking industry over the tragic passing of the Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe. The consummate banker, his wife, Doreen; son Chizi; and former Group Chairman of Nigerian Exchange Group, Abimbola Ogunbanjo, lost their lives in… Read more

The Rivers State caucus in the House of Representatives and Nigerian Safety Investigation Bureau, NSIB, have called on the United States’ government and its relevant agencies to thoroughly investigate the cause of the helicopter crash that claimed the life of Access Holdings Plc’s Group Managing Director/Chief Executive Officer, Dr. Herbert Wigwe, his wife, son and the… Read more

The financial services industry during the week led activities on the equity market of the Nigerian Exchange Ltd. (NGX) as investors traded a total turnover of 1.6 billion shares worth N36.50 billion in 42,546 deals this week. The NGX weekly market report revealed that this was in contrast to a total of 2.478 billion shares… Read more

The Central Bank of Nigeria (CBN) will no longer allow cash for Business Travel Allowance (BTA) and Personal Travel Allowance (PTA). All such allowances are to be issued in cards, the bank has announced. It said that the new measure was part of efforts towards making such that only genuine travellers obtained BTA and PTA,… Read more

Fitch Ratings has projected a faster increase in bad loans in Nigerian banks due to the latest depreciation of the Naira. The global rating agency stated this in a statement. Fitch said: “The Nigerian naira was recently devalued sharply (end-2023: 899/USD; 13 February: 1,516/USD; about 40% devaluation), exceeding our expectations of a more moderate depreciation… Read more