Access Bank Plc has officially reacted to reports making the rounds in the media that its Managing Director/Chief Executive Officer, Herbert Wigwe and other top officials of the bank were slammed with a N2.5 billion suit bordering on stealing and others. Read more
The shareholders of Vitafoam Nigeria Plc have approved the payment of N260.51m dividend for the 2018 financial year, which translates to a dividend of 25 kobo per ordinary share. Read more
An economic and financial analyst, Mr David Ibidapo, says the amount spent on importation of textiles and garments into Nigeria can fund more than half of the nation’s budget deficit. Read more
Meristem Securities Limited and Nigerian Stock Exchange (NSE) have developed two new indices that will further enable investors and investment experts to track the performance of certain categories of stocks. Read more
Once the pride of the nation in the early 1970s and 1980s and major foreign exchange earner, the cotton, textile and garment (CTG) subsector of the economy had been in shambles since the advent of crude oil and now unable to make any meaningful contribution to economic growth. |Read more
Rights group, the United Action Towards Building Institutions in Nigeria (UATBIN) has decried that various interventions the Central Bank of Nigeria, CBN, had released to the real sector between 2014 and 2019 had not yielded the desired results despite billions of naira expended. Read more
Nigeria, Africa’s top oil producer, pumped more crude oil in February than the quota given by the Organisation of Petroleum Exporting Countries, a new survey has shown. Read more
Absa Group Ltd. has overhauled the executive management of its corporate and investment banking unit as part of an ongoing group-wide revamp to draw more revenue from operations in Africa. Read more
The Nigeria Employers’ Consultative Association has commended the Central Bank of Nigeria for reportedly banning the sale of forex to importers of textile materials. Read more
The President, Dangote Industries Limited, Alhaji Aliko Dangote, has said Dangote Cement’s exports to other African countries are targeted to rise to $600m annually. Read more
The Nigerian Ports Authority (NPA) says it is expecting 36 ships carrying petroleum products, food and other goods to berth at the Apapa and Tin Can Island Ports from March 6 to March 21. Read more
The Central Bank of Nigeria (CBN) has reiterated its plans to ensure that 80 per cent of Nigerians are captured in the financial equation of Nigeria by 2020. Read more
Shareholders of Access Bank Plc and Diamond Bank Plc on Tuesday unanimously approved the merger of both financial institutions aimed at creating a formidable force. Read more
The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it has recovered assets worth over N771million from some marketers, who had under-paid for petroleum products supplied to them from Petroleum Products Marketing Company (PPMC) Kaduna Depot. Read more
Nigerian firm, Pan African Towers (PAT) Limited, has entered into a N7.2 billion ($20 million) telecoms infrastructure investments deal with Canadian firm, Watt Renewable Corporation. Read more
For a period spanning over ten years, 2008 to 2017, Nigeria lost as much as $28 billion from crude oil due to outdated Production Sharing Contracts (PSCs) it signed with international oil companies (IOCs) operating in the country, the Nigeria Extractive Industries Transparency Initiative (NEITI), has disclosed. Read more
The National Bureau of Statistics (NBS) has said Nigeria recorded a total trade value of N32.26 trillion year-on-year in 2018, representing 39.3 per cent increase over the corresponding period in 2017. Read more
As the Presidential and National Assembly was concluded last week, there are strong indications that commercial banks in the country may be facing liquidity strain as more withdrawals were made than deposits in the weeks preceding the election. Read more
he Association of Bureaux de Change Operators of Nigeria (ABCON) has set N250 to dollar exchange rate agenda for President Muhammadu Buhari in his second term in office. Read more
The Nigerian National Petroleum Corporation, NNPC, Thursday, disclosed that there are currently over $48 billion investment opportunities in the Nigerian petroleum industry, while it called on foreign investors to tap into these opportunities. Read more