Gold lingers near historic highs as investors await Fed’s next move

Gold hits week high despite Q3 decline

Business a.m Gold traded higher on Wednesday, following the previous session’s record highs, as investors awaited Federal Reserve Chair Jerome Powell’s testimony later in the day for clues on the likelihood of a rate cut in June. The spot price of gold rose by 0.3% to $2,132.80 per ounce on Wednesday, after hitting a record […]

Edo Assembly serves impeachment notice on deputy gov., Shaibu

Business a.m The Edo State House of Assembly has issued an impeachment notice to  Philip Shaibu,the state’s deputy governor, on the charges of perjury and revealing confidential information about the state government. Charity Aiguobarueghian, the House Majority Leader, officially announced the impeachment notice during a plenary session of the House. He stated that the notice, […]

Alarm bells set off as CBN goes aggressive in monetary tightening 

Commercial banks’ loan to government hits N26trn,says CBN

  ONOME AMUGE    As the Central Bank of Nigeria’s (CBN) recent monetary policy announcements reverberate through the financial sector, a chorus of cautionary voices from economic pundits fills the air. Analysts and experts alike are assessing the implications of these policy decisions, weighing their potential impact on the economy.   The monetary policy rate, […]

Nigeria insurance faces costs, FX, inflation threats amid opportunities 

    PHILLIP ISAKPA IN LONDON, UK A specially coordinated introspective analysis of the Nigerian insurance industry conducted over dedicated social media platforms and monitored by Business a.m. over a four week time-span, has uncovered high cost of insurance and cost of doing business, prevalence of financially weak operators, unhealthy and unprofessional competition, among a […]

Gold nears all-time high as investors scramble for safety

Gold gets chipped by dollar’s biggest climb in seven years

Onome Amuge Amidst the turmoil of global financial markets and geopolitical strife, gold has become the apple of investors’ eyes. The yellow metal’s price soared to a new high of over $2,100 per ounce, tantalisingly close to its record-breaking peak.  The shift to an easing monetary policy by central banks is also bolstering demand for […]

Transcorp Power closes gong, then lists 7.5bn shares on NGX

   Raises market cap by N1.8trn  Business a.m Transcorp Power has today, rung the closing gong on the trading floor of the Nigerian Exchange Limited after listing 7.5 billion of its ordinary shares at N240 per share on Nigeria’s pioneer stock exchange. After performing the closing gong ceremony at the NGX Monday March 4 2024, […]

SEC to release new AML rules for digital asset market

  Cynthia Ezekwe    The Securities and Exchange Commission (SEC) has disclosed plans to issue new anti-money laundering (AML) guidelines aimed at enhancing the licensing, registration, and screening processes for digital and virtual asset service providers (VASPs), to prevent  individuals with criminal backgrounds from participating as operators within the capital market.   According to the […]

Business activity in Nigeria plummets to 3-Month low on soaring costs

PMI declines 3.5% to 51.0 in February Onome Amuge A dark cloud has descended over Nigerian businesses, as rising costs and output prices have driven private sector activity down to the lowest levels in three months. The Purchasing Managers’ Index (PMI) for February 2024 showed a worrying trend, with input costs and output prices rising […]

Senate backs food stamp initiative to address food insecurity

Business a.m The Nigerian Senate has proposed the introduction of a food stamps programme to mitigate the effects of food shortages across the country.  The motion to introduce food stamps in Nigeria was proposed by Ali Ndume, the Senate Chief Whip, and was adopted by the senate during a plenary session on Tuesday.  In presenting […]

NLC calls off nationwide protest, issues March 13 ultimatum to FG

NLC declares nationwide strike from Wednesday over fuel price increase

Business a.m The Nigeria Labour Congress (NLC) has announced the suspension of its nationwide protest, citing the success of the first day of protests. The Congress has however extended its deadline to the federal government to March 13 to implement all its demands. NLC said that it had achieved almost all of its objectives for […]