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Jim Ovia is king as Nigeria’s top bank chiefs earn N2.3bn in interim dividend
Top Nigerian bank executives will earn a total of N2.3 billion in interim dividend for the half year ended June 30, according to an analysis done by TheCable. Despite the…
Shoprite hits brickwall at Lagos court over bid to vacate restraining order
A Federal High Court sitting in Lagos south west Nigeria today rejected an application filed to lift an injunction restraining South African retail outlet, Shoprite Checkers (PTY)…
Emefiele Rebuilds Investor Confidence, Begins Clearing FX Backlog
A major concern among Foreign Portfolio Investors (FPIs) in Nigeria since the twin shocks of the oil price and COVID-19 had been the repatriation of their funds.…
CBN places ban on gaming, sports betting company account
The Central Bank of Nigeria on Friday placed a “Post no debit order” on the account of several gaming and sports betting companies in a letter made available to…
Fuel Price Hike: Depot Owners, Marketers Rake In N4.2bn Extra Profit In 3 Days
••••Sell old stocks at new price Following the increase in the price of the Premium Motor Spirit (PMS) known as petrol by the Pipelines and Products Marketing Company (PPMS), some fuel depots…
NPA terminates boat contract handled by Atiku’s Intels
The management of the Nigerian Ports Authority (NPA) has terminated a boat operation contract being handled by Intels Nigeria Limited, INL. In a marine…
NNPC obtains circa $1b to fund Upstream Operations of NPDC
The Nigerian National Petroleum Corporation has obtained a prepayment funding of circa $1 billion to support the upstream operations of its subsidiary, Nigerian Petroleum…
GTBank Releases 2020 Half Year Audited Results, Reports Profit before Tax of ₦109.7Billion
Guaranty Trust Bank plc has released its audited financial results for the half-year ended June 30, 2020, to the Nigerian and London Stock Exchanges. The half-year result reflects GTBank’s leading position as one of the…
CBN Begins Clearing of $2bn Forex Backlog
In line with its earlier promise to foreign portfolio investors (FPIs), the Central Bank of Nigeria (CBN) has started the sale of foreign exchange (FX) to banks to clear the backlog…
Tyler Perry officially a billionaire
Tyler Perry, who was once homeless and slept in a car, has now become the latest addition to Hollywood’s list of billionaires. Forbes magazine, known for keeping track of celebrities’ net worth,…
Heineken buys more stakes in Nigerian Breweries
Netherlands-based Heineken N.V has continued its direct acquisition of additional equities stakes in Nigerian Breweries (NB). The latest transactions, which occurred between August 27 and…
Stock Exchange suspends six firms
The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit…
BUA Group signs France’s Axens for new refinery project
The new project will go head-to-head with Nigeria's other large scale refinery project, being built by the Dangote Group. France’s largest hydrocarbons group Axens has won a contract to license key refinery…
Zoom shares soar as earnings rocket
Zoom shares soared on Monday after the video-meeting service reported that quarterly revenue rocketed as its ranks of users more than quadrupled. The Silicon Valley-based company that has become a popular way to work, learn or…
CBN reduces interest rates on savings deposit from 3.9% to 1.25%
The minimum interest payable on savings deposited in banks across the country will be at least 10 percent per annum of the monetary policy rate. In an August 31 letter to deposit money banks signed by Bello Hassan,…
Brent hits five-month high at $46
OIL prices rose on Monday with Brent topping $46.50 reaching its highest level in over five months. Strong crude demand from China has been one of the most important drivers in the ongoing…
Banks’ Credit to Private Sector Rises to N30.189tn
Banking sector’s credit to the private sector rose by N757 billion or 2.57 per cent to N30.189 trillion as of July 2020, compared with the N29.432 trillion it was at the end of June. Latest money and credit statistics…
Cyber attackers hit website of New Zealand Stock Exchange
Cyber attackers have downed the website of the New Zealand Stock Exchange for the fifth day in a row. The attack, which started last week hit the bourse’s ability to operate normally. The…
N5.4bn not under-recovery but differentials, NNPC clarifies
The Nigerian National Petroleum Corporation, NNPC, said yesterday that the N5.35 billion it incurred from payment of marketers in June 2020 was not under-recovery but differentials in Petroleum Product Pricing…
Naira recovers as forex sales to BDCs near
The naira has strengthened by 1.3 per cent against the dollar in the official market as the Central Bank of Nigeria (CBN’s) plan to resume forex sales to Bureaux de Change (BDCs) begins…
How Billionaire Businessman, Harry Akande, Battled Shoprite to Standstill
Billionaire Harry Ayoade Akande towers above many of his contemporaries, particularly because he has been in a warm embrace of fame for many decades. Beyond his famed…
Polaris Taps Innocent Ike, Segun Opeke to Lead Bank
The Board of Polaris Bank Limited and the Asset Management Corporation of Nigeria (AMCON), its shareholder, have tapped Mr. Innocent Ike as the Acting Managing Director/CEO of the bank and may have…
Vehicle Importation: FG Urged to Review Customs’ Valuation Method
Customs agents in the country have called on the federal government to urgently review the valuation method on imported vehicles in line with customs law and articles VII of the World…
TAJBank Opens New Footprints in Sokoto State
TAJBank, Nigeria's most innovative Non-Interest Bank, has announced the launch of its 4th (fourth) branch in Sokoto State recently. The launch which held at the TAJBank office in Sokoto State…