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Business
Obasanjo slams Buhari for not signing Africa free trade deal
Former President Olusegun Obasanjo has decried the failure of President Muhammadu Buhari to sign the Africa Continental Free Trade Area agreement, expressing hope that he will change his mind before it is too late.Obasanjo poured out…
CBN lends banks N27.6tr in six months
Banks borrowed N27.46 trillion from the Central Bank of Nigeria (CBN) in six months, according to the apex bank’s half year report on financial sector performances released yesterday. The 2017 half-year Financial Markets Activity…
Bank CEOs target 60m new customers by 2021
Body of Bank Chief Executive Officers (CEOs) on Tuesday set a three-year target of 60 million new customers for all the lenders. The Chairman of Body of Banks CEOs, Herbert Wigwe, said the target is in line with the Central Bank of…
Access Bank confirms it took a N32.8 billion hit on 9 Mobile but there is a twist
Access Bank held its conference call and as expected provided insights into its N34.4 billion net provisioning for 2017. They also provided some interesting explanations for their derivatives income which helped boost non-interest…
This is the Heineken ad “everyone” is saying is “racist”
Social Media users have criticized a new Heineken Ad that suggests racist undertones. Heineken is brewed, marketed and sold in Nigeria by Nigeria Breweries Plc. In the ad (see below) a bartender can be seen sliding a Heineken beer to…
SPECIAL REPORT: Ajaokuta Steel Company, Natasha Akpoti, House Of Reps And The Acquisition Plot
Ajaokuta Steel Company Limited in Kogi state Nigeria, the second largest in Africa and 12th largest iron ore in the world has not only been under lock and key, but has remained a big centre for massive looting and wastage of the…
Milost cancels $1b Unity Bank stake plan
Milost Global Inc., a New York private equity firm, yesterday terminated a $1 billion equity and debt deal meant to grant it 60 per cent stake in Unity Bank Plc. In a statement, the management of Milost said it had analysed all its…
TSA: FG renegotiates fees with service providers
•Why we keep funds outside TSA — NNPCThe Federal Government has commenced negotiations with all service providers on the Treasury Single Account in a bid to reduce the cost of running the policy.The Accountant-General of the Federation,…
Exchange Rate For 26th March 2018
This is exchange rate for March 26, 2018 courtesy Guardian Nigeria and powered by Zenith. However, it's worthy of note that this could possibly change after today.
University of Lagos to set up refinery soon – Vice-Chancellor
The University of Lagos, UNILAG, would soon set up conventional and standard locally-built refineries to boost the nation’s refinery capacity, according to the Vice-Chancellor, Professor Oluwatoyin Ogundipe. The institution’s…
Tony Elumelu is set to earn over ₦1 billion from dividends this year
Pan African businessman Tony Elumelu has lots to smile about this year as he could earn over a billion Naira as dividends from quoted companies for the 2017 financial year. Here is a breakdown of his estimated earnings from each firm…
Investors Splash N12.56 Trillion on Fixed Income, Currency Instruments in February
Trading activities in Nigeria’s Fixed Income and Currencies (FIC) markets in February enjoyed a boost as investors, mostly banks, increased their stake by N860 billion. Transaction turnover for February increased to N12.56 trillion,…
Non-oil exporters earned $2.34bn in 2017 — Report
Exporters of non-oil products in the country earned the sum of $2.34bn (N714bn) in the 2017 fiscal period, data obtained from the Central Bank of Nigeria revealed. The amount is contained in the CBN economic report, which was obtained by…
Card to card transfer … here’s the latest addition to Nigeria’s FinTech environment
You can now transfer money from debit card to debit card without the stress of handling cash or complex bank shortcodes. The service was launched on Friday by PaySend in its new partnership with Access Bank. “We are delighted to…
Teleology’s plans for 9Mobile looks like a leverage buyout
Teleology Holdings has moved one step closer to taking over embattled GSM operator 9Mobile. Reports by Thisday, state the company has paid the $50 million non-refundable deposit (Thisday seems to get all the scoops on Teleology).…
Why MAN wants the hike in alcohol and tobacco excise duty reversed
The Federal Government has been advised by the Manufacturers Association of Nigeria (MAN) not to go ahead with the proposed excise duty hike on alcoholic beverages and tobacco products in Nigeria, as doing so would portend negative…
CBN appoints interim management for Fortis Microfinance Bank
In a notice to the Nigerian Stock Exchange, (NSE), Fortis Microfinance Bank has announced the appointment of an Interim Management Committee by the Central Bank of Nigeria (CBN) to pilot the affairs of the bank. Members of the…
Dollar extends losses on Fed move, Donald Trump revives trade war fears
The dollar extended losses in Asia on Thursday after the Federal Reserve stuck to its target for interest rate hikes this year, but fresh fears of a trade war hit equity markets as Donald Trump prepared new sanctions on China. After…
This is how much taxes Dangote Cement has paid in the last 5 years
Dangote Cement recently released its 2017 annual report revealing that it made a profit of N204.2 billion compared to N142.8 billion in 2016. The company has often been criticised for “not paying taxes” or perhaps not paying enough…
Access bank profit drops to ₦80 billion in 2017
Access Bank today released its financial statements for the year ended December 2017. Gross Earnings increased from ₦381 billion in 2016 to ₦459 billion in 2017. Profit before tax fell from ₦90 billion in 2016 to ₦80 billion in 2017.…
Aliko Dangote will earn over ₦100 billion in dividends
The first half of the year must be a jolly one for Africa’s richest man going by an estimate of dividends he will earn from his various companies. Dangote Industries Limited (DIL) will earn over ₦100 billion in dividends from the…