Business

The Rice Farmers Association of Nigeria (RIFAN) has called on the federal government to restart the Anchor Borrowers Program (ABP) and address insecurity across the country as a measure to stem the ever-increasing rice…

As the board of banks sit to deliberate on the options they can explore to meet the new capital requirements, analysts and operators in the banking industry have said some may be forced to consider downgrading their…

The Economic and Financial Crimes Commission will on Thursday arraign Binance Holdings Limited and two of its senior executives, Tigran Gambaryan and Nadeem Anjarwalla, who recently escaped from custody and fled Nigeria,…

The spouse of a detained senior official at Binance, the cryptocurrency trading platform, has reached out to the U.S. Congressional delegation in Nigeria, requesting their intervention for the release of her husband,…

Days after the Central Bank of Nigeria (CBN) unfolded new policy requiring banks to increase their minimum capital, Access Holdings Plc, yesterday, took the first step among its peers by…

Foreign airlines operating in Nigeria have begun to unblock their low-priced fares on Nigerian routes as the Central Bank of Nigeria completes the payment of about $7bn backlog, which includes over $700m unremitted…

The Central Bank of Nigeria (CBN), alongside law enforcement agencies, will closely monitor the Nigerian banking sector’s recapitalization efforts to prevent the influx of illicit financing into the sector.  A circular…

UAC Nigeria Plc has posted a pre-tax profit of N12.34 billion in FY 2023, representing a massive turnaround from the N4.37 billion loss recorded in 2022. The group’s pre-tax profit in 2023 is also its highest since 2014,…

The recent announcement from the Central Bank of Nigeria (CBN) indicating a new round of bank recapitalization has significant implications for foreign-owned banks operating in Nigeria, including US-owned Citibank and…

The Central Bank of Nigeria (CBN) has announced a significant inflow of over $1.5 billion into the Nigerian economy, a development that underscores the effectiveness of its monetary policy strategies.   Mrs Hakama…

Some Nigerians who benefited from the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank’s targeted credit facility (TCF) have failed to pay N261.07bn out of N419.42bn given out. Daily Trust reports that the…

Bankers are voicing opposition to the Central Bank’s decision to omit retained earnings from the share capital calculation in its recent recapitalization guidelines. The Central Bank announced on Thursday a new set of…

The Central Bank of Nigeria (CBN) has increased the capital base for commercial banks with international authorization to N500 billion and national banks to N200 billion. This sweeping financial reform, announced on…

The price of Indomie Instant Noodles, a Dufil Prima Foods Limited brand, has reduced because of low demand and sales from cash-strapped consumers in Nigeria. BusinessDay survey of some stores across Lagos shows that the…

The daily forex turnover soared to $857 million on Thursday, March 28th, marking the highest level since the Central Bank implemented its new forex policies. This is also the largest turnover since 2021, according to…

New mining licenses will be issued by the federal government solely to companies that propose a strategy for local mineral processing, as part of the new guidelines being established by the Ministry of Solid Minerals.…

The naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market, following the recent foreign exchange (FX) policy measures of the Central Bank of Nigeria (CBN). With…

Oando PLC, a prominent Nigerian energy company listed on both the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), has been suspended from the JSE as of 27 March 2024. The suspension was…

The Federal Inland Revenue Service has said that the Federal Government is eyeing a Value Added Tax of N5 trillion in 2024 while also putting mechanisms in place to close identified tax gaps. It also said that the FG…

Disgraced cryptocurrency wunderkind Sam Bankman-Fried was sentenced to 25 years in jail on Thursday following his conviction in one of the biggest financial fraud cases in history. US prosecutors were seeking a prison…

Nigeria’s Dangote oil refinery is poised to slash the annual $17 billion gasoline importation from Europe to Africa, placing additional stress on European refineries threatened by rising competitive forces.  A Reuters…

The Central Bank of Nigeria (CBN) successfully conducted an auction of Nigerian Treasury Bills (NTBs) on March 27, 2024, which saw a substantial amount of N1.64 trillion being sold, as shown in the auction result report.…

The Federal Government has directed commercial banks in the country to henceforth deduct and remit 0.375% on all loans disbursed by them. The deduction is to be made on the principal loan amount, according to a message…

The Federal Government will, on April 4, arraigned Binance Holdings Limited and its two top officials; Tigran Gambaryan and fleeing Nadeem Anjarwalla, on allegations bordering on tax evasion. The News Agency of Nigeria…