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FCMB Group’s 11th AGM: Record Performance, Strategic Expansion, and Increased Capitalisation on the…
FCMB Group Plc will hold its 11th Annual General Meeting (AGM) on Friday, May 24, at the Balmoral Convention Center, Federal…
Borrowers face surge in interest payment after CBN’s rate hike
Customers who borrowed money from the banks will begin to witness a surge in interest payments, following the third straight time increase in benchmark…
U.S firm Oaktree Capital takes over Inter Milan over €395m loan default
A U.S. investment firm Oaktree Capital Management has assumed full control of Serie Achampions Inter Milan after Chinese firm Suning defaulted on a €395 million ($428 million) loan payment. Suning, which acquired a…
CBN’s interest rate hike will slow economic growth – Analysts
The Central Bank’s recent interest rate hike will slow economic growth and contract the real sector in 2024, many analysts have said. According to the FBN Quest daily note, the hike will slow economic growth and reduce…
BOI, Nigeria’s oldest financier, posts biggest ever profit
The Bank of Industry (BOI), Nigeria’s oldest development finance institution, posted the biggest profit in its 22 years of existence in 2023 as the lender ramped up credit to businesses in Africa’s most populous nation.…
MTN sets annual fees for chairman, directors
MTN Nigeria Communications Plc has fixed N54.120 million as annual fees for the Chairman of its Board of Directors for the financial year ending Dec. 31, 2024 and for succeeding years until reviewed. Mrs Uto Ukpanah,…
Naira Depreciation: Go after saboteurs – Gani Adams tells Tinubu
Aare Onakakanfo of Yorubaland, Gani Adams, has urged President Bola Tinubu to go after those sabotaging the Federal Government’s efforts at halting the depreciation of Naira. Adams also told the Governor of the Central…
JUST IN: CBN issues updated guidelines for BDCs, removes N200m caution fee
The Central Bank of Nigeria (CBN) has issued regulatory guidelines for bureau de change operations after consultation with stakeholders. In February, CBN released a ‘Draft Revised Regulatory and Supervisory Guidelines for…
Economic hardship: Dangote Foundation distributes rice to host communities
…shares 40,000 bags in Ogun The Aliko Dangote Foundation (ADF)’s N15 billion National Food Intervention programme has landed in Yewa land…
BREAKING: CBN increases interest rate by 150 basis points to 26.25%
The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has increased the benchmark interest rate by 150 basis points to 26.25% from 24.75%. The Governor of the CBN, Yemi Cardoso stated this at the…
Court freezes Capital Trust Investments’ accounts, assets over N6.2 billion debt
The Federal High Court sitting in Lagos has restrained all commercial banks in the country, from releasing, further releasing or dealing with Capital Trust Investments & Asset Management Limited and it’s alter ego,…
UBA Reiterates Commitment To Customers As It Marks 75 Years Anniversary
Africa’s Global Bank, United Bank for Africa (UBA) is 75years old. The financial institution held a Global Press Conference on Monday, May…
Why Emirates Airline return may drain our limited FX – AITE Chairman
Following the disclosure that Emirates Airlines would re-commence operations to Nigeria on October 1, Chairman of the Africa Investment and Trade Summit and Exhibition, AITE, Mr Tunde MacAlabi, has warned that the…
PoS: Anger, frustration over high cost of cash withdrawals
Nigerians have voiced anger over outrageous charges Point of Sale, PoS, operators take to withdraw money from their bank accounts. Citizens who spoke to Vanguard weekend expressed concern that PoS operators are…
FG gets 52% in tax for every N1 we make as profit – Aliko Dangote
Africa’s richest man, Aliko Dangote, has said that the Federal Government takes 52% tax on every N1 his company earns in profit in the country, highlighting the challenges of entrepreneurship in Africa. The business…
CBN faces tough choices on interest rate, inflation, others
The Central Bank of Nigeria (CBN) faces a dilemma: to continue the increase in benchmark interest rate or to hold on and continue to monitor the economic responses to its policy initiatives. The choice to hold…
Stanbic IBTC gets approval for N550b capital raising
Shareholders of Stanbic IBTC Holdings Plc have approved plans by the holding company to raise a total of N550 billion in new debt and equity capital, as the company seeks to meet the new minimum capital…
Foreign reserves build up despite naira volatility
Fourth consecutive rise in steady gain Nigeria’s foreign exchange (forex) reserves sustained recovery with addition of $195.01 million to close…
More Pressure On Naira Ahead Possible Interest Rate Hike
Financial experts have said there are concerns that the Central Bank of Nigeria (CBN) low net FX reserves and the defense of the naira sparked risk-off sentiments amongst foreign investors and limited inflows…
From student loans to global logistics: How three friends started DHL
DHL’s rise from modest beginnings to become a global leader in logistics is nothing short of remarkable. In 1969, three friends, Adrian Dalsey, Larry Hillblom and Robert Lynn, decided to start their delivery business…
CBN withdraws circular on cybersecurity levy
The Central Bank of Nigeria (CBN) has withdrawn its circular mandating banks and payment service providers to collect and remit the cybersecurity levy as proposed in the Cybercrime Prevention and Prohibition Amendment…
CBN tightens noose further as banks begin recapitalisation processes
The Central Bank of Nigeria (CBN) has set up internal sur- veillance and monitoring mechanisms to ensure that recapitalisation…
Ring-fenced pension funds: Despite Edun’s rebuttal, stakeholders warn FG to back off
The alarm raised last Wednesday by Atiku Abubakar, former vice president and presidential flag bearer of the People’s Democratic Party in the last general election through his ‘X’ handle about the Bola Ahmed…