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Stock market investors lose N170bn in two days following announcement of election results

The nation’s stock market recorded sustained losses totalling N170bn in two days, following the announcement of the results of the presidential election. Investors lost N84.4bn on Tuesday and N85.6bn on Wednesday, erasing the gains recorded in previous sessions before the elections. The market recorded early gains on Wednesday but dropped below the 32,473.82 basis points, which

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Aliko Dangote is 64th richest in the world

President of Dangote Group, Aliko Dangote moved significantly higher  on World billionaires’ list, as he emerged 64th richest person in the world, with an estimated worth of $16.6 billion, as against his previous ranking of 103rd in the world last year.  Dangote, who has remained Africa’s richest man for the 8th year running, was the

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FAAC shares N610.368b to FG, States,LGAs

The Federation Accounts Allocation Committee (FAAC) has shared N610.368 billion federal revenue generated last month to the three tiers of government. The Accountant-General of the Federation (AGF), Ahmed Idris,  said approval is being awaited from the Minister of Finance for additional N50 billion from the Foreign Exchange Equalisation Account, which will be distributed accordingly. He spoke at

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80m youths to benefit from Digital Commerce-Study

About 80 million young people will benefit from the rise of digital commerce in Africa by 2030. The expectation is from a study pioneered by Mastercard Foundation in partnership with BFA, a global consulting firm specialising in using finance to create solutions for low-income people The findings indicated that the digital commerce sector has the potential

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China congratulates Buhari on re-election

China on Wednesday congratulated Muhammadu Buhari on his re-election as President of Nigeria. Nigeria is China’s strategic partner of cooperation in Africa, Foreign Ministry spokesperson Lu Kang said at a daily news conference in Beijing. “China always attaches high importance to bilateral ties and stands ready to work with the new Nigerian government to strengthen exchanges and

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INEC presents Certificate of Returns to Buhari, Osinbajo

The Independent National Electoral Commission, INEC, has presented President Muhammadu Buhari and his Vice, Yemi Osinbajo their Certificates of Return. The certificates were issued to them at the International Conference Center, ICC, in Abuja by the Chairman of INEC, Mahmood Yakubu. The Independent National Electoral Commission, INEC, had on Wednesday morning declared the presidential candidate

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PDP rejects presidential election result, considers legal action

The Peoples Democratic Party  (PDP) has rejected the result of the Presidential election. President Muhammadu Buhari was declared winner having scored 15,191,847 votes as against its candidate, Atiku Abubakar of the PDP who scored 11,262,978. Reacting to the declaration of Buhari as the winner, PDP presidential collation agent, Osita Chidoka said his party does not accept

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