Market Updates

Mutual Benefit Assurance Invests $64m in Oil Producing Assets Mutual Benefit Assurance Plc said besides its core insurance operations, it has diversified into the energy sector having invested a whooping $64 million (N96 billion) in a producing oil asset as a hedge against economic volatility.  This was revealed by the company’s... Read More →

LIRS: 98% of Workers’ll Pay Less or Zero Tax Under New Regime The Lagos State Internal Revenue Service (LIRS), has said that under Nigeria’s new tax regime, only 1.6 per cent of Lagos taxpayers will face higher tax bills, while about 98 per cent of workers will either pay less or nothing at all.... Read More →

Naira slips across FX markets on supply constraints The naira closed the week on a weaker note across both official and parallel market segments, with analysts pointing to supply constraints and demand pressures in the foreign exchange market. At the Nigerian Autonomous Foreign Exchange Market, the local currency shed recent... Read More →

Equities decline as NGX sheds N394bn in weekly trading The Nigerian equities market experienced a sharp pullback last week as investors engaged in profit-taking, causing the Nigerian Exchange Limited to lose N394bn in market capitalisation. Market activity slowed compared with the previous week as cautious sentiment gripped both retail and... Read More →

New tax law tackles double taxation – NRS The Federal Government has outlined fresh measures to curb double taxation, expand the tax net, and strengthen compliance under Nigeria’s new tax laws, according to a Frequently Asked Questions report obtained by The PUNCH on Sunday. The document, issued by the Nigeria... Read More →

Investors flood CBN auction, subscriptions hit N3.44tn The Central Bank of Nigeria recorded an oversubscription rate of about 199 per cent at its Nigerian Treasury Bills primary market auction on Wednesday as investors aggressively positioned for high yields, with total subscriptions rising to N3.44tn against an offer of N1.15tn. The... Read More →