Browsing Category
Business
First Bank pledges to cooperate with CBN
First Bank of Nigeria Limited on Friday embraced the board changes effected by the Central Bank of Nigeria (CBN), just as the financial institution disclosed that Dr. Adesola Adeduntan has resumed as Managing…
Amazon posts record profits as AWS hits $54 billion annual run rate
Amazon.com, one of the biggest winners of the pandemic, posted record profits on Thursday and signaled that consumers would keep spending in a growing U.S. economy and converts to online shopping are not likely to leave.…
11 Nigerian banks pay N308.2 billion dividends to shareholders
A total of 11 listed banks have declared a cumulative N308.206 billion dividends to their numerous shareholders in their respective 2020 financial year, in a move to give these investors good returns on investment,…
First Bank confirms resumption of Adeduntan as CEO
First Bank has confirmed the return of Dr. Adesola Adeduntan as MD/CEO following the Central Bank of Nigeria intervention. The bank had annulled Adeduntan’s…
PenCom orders recap, raises PFAs shareholders fund to N5b
The National Pension Commission (PenCom) has ordered recapitali-sation in the pension industry, The Nation has learnt. The Commission has raised the shareholders’…
First Bank: The N75bn Otudeko Loan Crisis
Facts are emerging on the board room crisis that precipitated the sack of Adesola Kazeem Adeduntan as the managing director/ chief executive officer of First Bank Nigeria Limited and his replacement with Gbenga…
Dangote Cement gets N22.3 billion tax credit for road construction
Dangote Cement Plc has received tax credit certificates valued at ₦22.32 billion for the construction of roads. The tax credit certificates are for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the…
UPDATED: CBN Sacks All First Bank Directors (See Governor Godwin Emefiele’s Statement)
The Central Bank of Nigeria (CBN) has sacked all the board members of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc. The apex bank had queried the Board of…
BREAKING: CBN sacks ALL directors of First Bank Holdings, reinstates Sola Adeduntan as MD
The Central Bank of Nigeria (CBN) has reinstated Sola Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited. Godwin…
Samsung posts 46.3% jump in profit on strong smartphone sales
South Korean tech giant Samsung Electronics posted a 46.3 percent rise in first-quarter net profits on Thursday, largely driven by robust sales of its smartphones. Samsung Electronics is the flagship…
Tesla makes more profit from Bitcoin than car sales
Tesla’s first quarter earnings report released on Monday showed that the company sold off 10 per cent of its Bitcoin holdings. It made $272m in proceeds and $101m in profit from Bitcoin. The car maker made more money from…
Segun Agbaje’s Successor: Friends, Colleagues Push for Mariam Olusanya as the New CEO of GTB
…Ademola Odeyemi waiting in the wings As the tenure of Segun Agbaje, the Group Managing Director/Chief Executive Officer of Guaranty Trust Bank, winds up…
Airtel Africa appoints Olusegun Ogunsanya as CEO
Airtel Africa Plc has announced the appointment of the Managing Director and Chief Executive Officer of Airtel Nigeria, Olusegun Ogunsanya, as MD/CEO of the Airtel Group. He…
Spotify premium subscriber count increases to 158 million
Spotify now boasts 158 million premium subscribers and 356 million monthly active users, according to its latest earnings report released today. That’s a 21 percent and 24 percent year-over-year increase, respectively. It’s…
Dangote Cement increases capacity to meet demand surge
In a response to the growing demand, Dangote Cement Plc is poised to raise capacity by more than a third to meet the escalating demand as the Nigerian…
CBN Queries First Bank as CEO is ‘Purportedly Ousted’
•Says bank under forbearance, liquidity support can’t remove helmsman without approval •Shareholders weigh options, Otudeko, Odukale and Adenuga in battle for control The Central Bank of…
FCMB’s Priceless Gift of Sight: Over 300,000 Nigerians with Eye Defects Benefit
First City Monument Bank (www.fcmb.com), in partnership with Tulsi Chanrai Foundation (TCF) of India, has so far carried out free eye…
Nigeria now our biggest market – Crypto trading platform
Paxful, a global peer-to-peer fintech, has said Nigeria is now its biggest market with a volume of $1.5bn. It disclosed this on Tuesday in a statement, titled ‘Nigeria emerges as Paxful’s biggest market, hits $1.5bn…
BREAKING: First Bank appoints Gbenga Shobo as MD/CEO designate, Abdullahi Ibrahim as DMD
The Board of First Bank of Nigeria at its meeting on Wednesday, approved the appointment of Mr Gbenga Shobo, currently Deputy Managing Director, as Managing Director…
Nigeria’s Flutterwave makes TIME’s 100 Most Influential Companies
Flutterwave, a Nigerian fintech firm, has been named a “Pioneer” on TIME’s 2021 list of the 100 Most Influential Companies in the World.…
Banks electronic transfers hit N356.47tr
The National Bureau of Statistics (NBS) yesterday said in the Fourth Quarter (Q4) 2020, total transactions recorded through Electronic Payment Channels…
Commercial banks’ loan exposure to government hits N1.8 trillion
The total commercial loans to the government, at all levels, rose to N1.77 trillion at the close of last year, about 18 per cent increase from the N1.5 trillion reported in December 2019. This comes as the…
Investment in Bitcoin prone to fraud – EFCC warns
The Economic and Financial Crimes Commission on Monday warned Nigerians to be cautious before investing in Bitcoin. The anti-graft agency explained that due to the unregulated nature of the cryptocurrency market, investments…
IBEDC generates N7bn monthly — Official
Ibadan Electricity Distribution Company (IBEDC) says it generates over N7 billion revenue monthly from its coverage areas. The Chief Technical Officer of IBEDC, Mr Akin Abiodun, disclosed this on Saturday during the…