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Business
CBN Sacks 50 More Staff
117 gone in 20 days Staff accuse mgt of illegality, double standard External vendors affected Fifty more staff of the Central Bank of Nigeria (CBN) were sacked on Monday, adding to…
Enugu Trade Fair: Dangote has added immense value to Nigeria’s Economy ― Jideonwo, ECCIMA…
… We’ll keep pushing new boundaries to satisfy our consumers ― Dangote The president of Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Sir Odeiga Jideonwo, has…
Recapitalisation: CBN projects massive inflow of Foreign investments into banks
The Central Bank of Nigeria, CBN said that it expects a massive inflow of Foreign Direct Investment, FDIs, with foreign investors taking position in Nigerian banks through the ongoing recapitalisation exercise. Director,…
CAC Places First Bank Records On Caveat Over Litigation
The Corporate Affairs Commission, CAC, has placed the records of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the crisis rocking… The Corporate Affairs Commission, CAC, has placed the…
CBN explains exclusion of retained earnings from bank recapitalization process
The Director of Financial Policy & Regulatory Department of the Central Bank of Nigeria (CBN), Haruna B. Mustafa, has provided reasons for the exclusion of retained earnings of banks in the proposed capitalization…
Dealers demand N850/litre diesel as Dangote, marketers meet
Oil marketers have called for a downward review in the pump price of the Automotive Gas Oil, popularly called diesel, being produced by the Dangote Petroleum Refinery to between N700 and N850/litre, as operators plan to…
UBA to pay N2.30 final dividend as pre-tax profit hits N757.680bn
United Bank for Africa (UBA) Plc has released its audited results for the year ended December 31, 2023. The group’s profit before income tax (PBT) printed higher at N757.680billion as against N673.011billion in…
Stanbic IBTC says capable of raising N138bn in capital shortfall
The management of Stanbic IBTC Holdings Plc is sure it will comfortably raise the N138 billion in capital shortfall for its national banking license following the recapitalisation announcement from the Central Bank of…
Crude oil sells above $90 per barrel as cease fire deal between Hamas and Israel fades
Oil prices increased during early Asian trading as optimism faded regarding the potential for ceasefire negotiations between Israel and Hamas to alleviate tensions in the Middle East. Brent crude futures climbed by 40…
Dangote Cement to pay shareholders N511 billion dividend for FY 2023
Shareholders of Dangote Cement Plc will receive a dividend of N511.215 billion for the financial year ended December 2023, representing a reward of N30.00 for each share held. The board of directors of Dangote Cement…
Oil-for-cash loan: Nigeria to get $1bn from Afreximbank
THE federal government has concluded arrangements to receive $1.05 billion syndicated loan backed by oil towards the end of May 2024. The loan is part of the $3.3 billion “pre-export finance facility” facilitated by the…
Naira nears N1000/$ as CBN’s policies stress-test banks, unlock liquidity
• CBN to release $16 million to retail market via BDCs this week• Intervention, others cost foreign reserves $1.1 billion in three weeks• Banks to wind down naira loans-backed FX collaterals in 90 days• Policy to…
GTCO Plc Releases 2023 Full year Audited Result
…….. Reports Profit Before Tax of ₦609.3billion Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial…
Dollars pour into Nigeria at fastest clip in five years
Foreign exchange (FX) inflows into Nigeria surged to a five-year high in the month of March as investor confidence improves on the back of the…
FBN Holdings eyes N300bn new capital as recapitalisation race intensifies
When shareholders of FBN Holdings Plc meet virtually on April 30, the Board will be seeking their approval to raise about N300billion in new capital. The capital raise transaction will be by Issuance of shares via a…
Four ways FG can help Cardoso to stabilise naira
The Central Bank of Nigeria (CBN) has continued to ramp up efforts to bring in capital inflows to the country through tighter monetary conditions, a move which has seen the naira strengthen against the US dollar.…
Zenith Bank reports ‘best ever’ profit of N679.9 billion in 2023
Zenith Bank Plc, one of Nigeria’s largest banks, published its audited accounts for the fiscal year 2023, showcasing gross earnings of N2.13 trillion. This represents a growth of 125.4% year on year and is the…
BREAKING: CBN stops use of foreign currencies as collateral for naira loan
The Central Bank of Nigeria (CBN) has banned the use of foreign currency-denominated collaterals for obtaining naira loans, except under specific conditions. This was conveyed through a circular distributed to all Nigerian…
Customs exchange rate for import duties falls below official market rate
The Nigeria Customs exchange rate of import duties and cargo clearance has dropped below the official market of N1251/$. Checks on the Nigeria Customs foreign exchange portal reveal that the exchange rate of import…
ReelFruit Champions Sustainable Manufacturing with Support from FCMB
First City Monument Bank (FCMB) has reaffirmed its commitment to sustainable manufacturing that minimizes negative environmental impact while conserving…
BREAKING: CBN sells dollars to BDCs below market rate at N1,101/$1
The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1. In a circular seen by Nairametrics, each BDC is…
BREAKING: Court remands Binance executive in Abuja prison
A Federal High Court in Abuja has remanded a Binance executive, Tigran Gambaryan, in Kuje Correctional Centre, pending the determination of his bail application. The trial judge, Justice Emeka Nwite, gave the order after…
Cardoso needs help as monetary policy nears wits’ end
The Central Bank of Nigeria (CBN) has ticked offnearly all items on its long-awaited monetary policy reform list, buying time for the government to chart a much-needed path to long-term and more sustainable dollar…
Fall and rise of 48-year-old Sim Shagaya, brain behind Miva Open University, uLesson Group
Sim Shagaya is a Nigerian media and technology entrepreneur and the brilliant mind behind Miva Open University. He has left an indelible mark on the education landscape in Africa, along with several innovative ventures…