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FCMB Holds Virtual AGM as Shareholders Commend Performance and Approve Dividend
Shareholders of FCMB Group Plc have again applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the…
BP records $4.4 billion quarterly loss as oil prices crash
BP on Tuesday said it slumped into a $4.4-billion net loss in the first quarter as the coronavirus pandemic crushed demand for oil. “The economic impact of the COVID-19 pandemic coupled with pre-existing supply and demand factors…
CBN lifts suspension on cheque clearing
The Central Bank of Nigeria (CBN) has lifted suspension placed on cheque instruments in the Nigerian clearing system. Consequently, cheque instruments will be allowed to pass through the…
Lockdown: FIRS Wants Your Taxes Paid Before Due Date
Amid the growing revenue strains, the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has appealed to corporate bodies…
Budget: FG to retain $30 benchmark despite oil price fall
The Federal Government is not considering tinkering with the $30 per barrel oil price benchmark for the 2020 budget despite the drop in crude oil price, investigations have revealed. Crude…
Venezuelan oil price falls below $10
The price of Venezuelan oil has fallen to below $10 a barrel — its lowest level in more than two decades, the government said. The oil ministry said the price between Monday and…
MTN Group to reduce stake in Nigeria
MTN Group Ltd will push on with the plan to reduce its majority stake in the wireless carrier’s business, it was learnt on Thursday. But the turmoil caused by the…
Brent crude shoots up 11.8%, West Texas 30% on U.S., Iranian tensions
AN upward swing in the prices of oil on Thursday rekindled hope of rebounds at the international market. Brent crude, the international benchmark which is Nigeria’s oil…
Rosabon offers treasury note at 16.5 percent to help customer save
Rosabon Financial Services has offered for subscription, its second quarter Treasury Note of up to 16.5 per cent to help customers save during this COVID-19 period. The Rosabon Treasury Note (RTN), which is a bulk fund placement…
GTBank Releases Q1 2020 Unaudited Results…….. Reports Profit Before Tax of ₦58.2Billion
Guaranty Trust Bank plc has released its unaudited financial results for the period ended March 31, 2020, to the Nigerian and London Stock Exchanges. A review of the results shows positive performance across all…
South Africa aiming for new viable airline from SAA business rescue
The South African government will work with unions to ensure that a new financially viable and competitive airline emerges from South African Airways (SAA) business rescue process, the Public Enterprises Ministry said on Tuesday. The…
This Is What It Takes to Be in the 1% Around the World
Delta Air Lines jets parked in Victorville, California on March 28. Source: AirTeamImages Here’s What You Do With Two-Thirds of the World’s Jets When They Can’t Fly Just finding space to park can be a problem, and idle…
Why taxpayers may still have to bail out Branson
Sir Richard Branson is not having a good crisis. When he looks across his business empire from his Necker Island retreat, he must feel like Napoleon after the battle of Liepzig – not routed altogether but dangerously…
Trump mulls stopping Saudi oil shipments as oil prices plunge into negative
U.S. President Donald Trump said on Monday that his administration was looking at the possibility of stopping incoming Saudi Arabian crude oil shipments to…
EXPLAINER: What negative oil price means and how it affects Nigeria
For the first time in the history of trading US crude, West Texas Intermediate, its benchmark, is trading in negative territory. As of 8:22pm on Monday, US WTI was trading at…
BREAKING: US oil price hits $-2 per barrel — lowest point since 1915
The US crude, also known as West Texas Intermediate, is currently trading in negative territory at $-2 per barrel. This is the lowest point ever. The last time prices dipped so low was in…
COVID-19: GTBank gives 90-Days Moratorium on SMEs Loan
Guaranty Trust Bank, Africa’s foremost financial institution, has placed a hold on its loan repayment plan for all Small and Medium Enterprises (SMEs) that have obtained credit facilities from the bank. According to the biggest bank…
Nigeria To Earn $10.61bn For Rest Of The Year After Cut In Crude Production
Nigeria may earn about $10.61bn from crude oil sales between May and December this year following latest decision by members and non-members of the Organisation of Petroleum Exporting…
80,000 apply for COVID-19 loan
NIRSAL Microfinance Bank (NMFB) has resolved that the business plans for the ₦50 billion Targeted Credit Facility as a stimulus package to support households and MSMEs is no longer…
Dangote Cement’s N100b debut bond closes amid high expectations
Nigeria’s largest quoted company and Sub-Saharan Africa’s largest cement company, Dangote Cement Plc, on Tuesday completed the book building and allotment of its N100 billion debut bond…
IT, health care… businesses thriving during COVID-19 outbreak
The COVID-19 outbreak across the world has ground activities to a halt in various sectors with projections that the global economy will suffer a recession. The World Bank also projects that sub-Saharan Africa’s economy will slip…
Nigeria pegs oil output at 1.412m barrels a day
Nigeria is set to peg its daily oil output at 1.412 Million barrels per day from the average 1.87mbd. The production cut will take effect from May-June 2019. Petroleum Minister,…
Oil producers agree record 9.7m barrels output cut
Top oil-producers agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers dominated by…
Stock market defies lockdown as equities recover
•Investors net N150b gains • Turnover rises by 60% THE stock market has seen increased level of activities and considerable recovery as the market continues to operate unhindered in spite of the…