The Central Bank of Nigeria (CBN) has debunked reports alleging that it plan to revoke the licences of more Deposit Money Banks (DMBs). Some reports making the rounds on social media have alleged that the Apex bank plans to revoke the licences of Unity, Keystone and Polaris...
BUSINESS
An Economist, Mr Abba Adaudu, has decried the revocation of the licence of Heritage Bank by the Central of Nigeria (CBN) due to a breach of banking regulations. Adaudu, who is also a financial consultant, spoke with the News Agency of Nigeria (NAN) on Tuesday in Abuja. He...
FirstBank has won two awards by emerging Best SME Bank in both Nigeria and Africa at the Asian Banker Global Excellence Retail Awards 2024. FirstBank Group Head, Marketing and Corporate Communications, Ms Folake Ani-Mumuney, in a statement on Monday while expressing her delight, dedicated the two awards to...
FBN Holdings Plc declared N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) ended March 31, 2024 results, which was about 325.2percent growth from the N56.1 billion reported in Q1 ended March 31, 2023. The Q1 2024 results was a reflection of 2023 impressive...
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Heritage Bank Plc. The insurer of depositors’ funds said this in a statement on Monday shortly after the Central Bank of Nigeria (CBN) revoked the commercial bank license with national authorisation. The apex bank also...
By MBAFAN ADE, Abuja – c The Central Bank of Nigeria (CBN), has announced revocation of the licence of Heritage Bank Plc with immediate effect. The Acting Director, Corporate Communications Department, Hakama Sidi-Alion, disclosed this in a statement issued on Monday in Abuja. Sidi-Ali said the action was in...
Nigeria business community has confirmed its commitment to comply with the provisions of the disability laws, especially in providing five per cent employment opportunities for People Living with Disabilities (PwDs) They made the commitment at a conference recently held in Lagos between members of the business community and...
Trading on the Nigerian Exchange Ltd. (NGX) this week closed higher by 1.73 per cent, following investors’ increased demand for banking, insurance, consumer as well as oil and gas stocks. Specifically, the All-Share Index and Market Capitalisation appreciated by 1.73 per cent to close the week at 99,300.38...
Oando Plc, an energy solution provider, has posted a turnover of N3.4 trillion in its 2023 full year-end unaudited financials. The figure represents an increase of 71 per cent when compared to N1.9 trillion posted in 2022. Mr Wale Tinubu, Group Chief Executive Officer, Oando Plc, said this...
The World Bank Group (WBG) and the International Monetary Fund (IMF) deepen cooperation to help countries scale up action to confront the threat of climate change. This is according to a statement by the IMF, a copy obtained by the News Agency of Nigeria (NAN) in Abuja on...
By CALLISTUS OFFOR, Abuja – The Nigerian Communications Commission (NCC) is committed to driving the country’s digital economy and President Bola Ahmed Tinubu’s Renewed Hope Agenda forward by integrating its Key Strategic Focus Areas into its regulatory framework, ultimately aiming to propel the growth and development of Nigeria’s...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) on Thursday announced the signing of a settlement agreement facilitating the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc. This is coming two years after the divestment plan was announced. The NNPC Ltd., in...
The President, African Development Bank (AfDB), Dr Akinwumi Adesina, has said an increase in the Gross Domestic Product (GDP) must translate to job creation for youths to ensure growth on the continent. Adesina said this at a presentation on the African Economic Outlook held on the sidelines of the...
The African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, has reaffirmed the bank’s commitment to continue to deliver at scale to countries in the continent. Adesina said this at the sideline of an event to celebrate the bank’s 60th anniversary. The event was held on the sidelines of...
The Naira on Monday experienced huge appreciation at the official market, trading at N1,339.33 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N143.48 This represents a 9.67...
Access Bank Plc. has again been ranked Nigeria’s most valuable brand by Brand Finance, a leading brand valuation consultancy. Managing Director/Chief Executive Officer of Access Bank Plc., Mr Roosevelt Ogbonna,said in a statement on Sunday that the bank was proud of the feat and would continue to deliver...
Turkish Airlines has announced that it would on Saturday, May 25, resume its flight operations in Lagos, which were suspended following the disruption of its operations in the state, four days ago. “Due to actions at our counter at the Lagos Murtala Muhammed International Airport that jeopardised...
The National Bureau of Statistics (NBS), says prices of rice, garri, tomato, beans, yam and other food items increased in April 2024. The NBS said this in its Selected Food Prices Watch report for April 2024 released in Abuja on Friday. The report said that the average price...
The Nigerian National Petroleum Company (NNPC), Energy Services Limited (EnServ) and Schlumberger (SLB), a renowned global technology company, have signed a technical partnership agreement toward bolstering upstream operations. The agreement was signed at the NNPC Ltd’s Corporate Headquarters in Abuja on Thursday, with senior management teams from both...
Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said the Federal Government is set to seal a deal worth 20 billion dollars to boost oil and gas production in Nigeria. Lokpobiri said this on Thursday in Abuja when a delegation of Schlumberger (SLB) Ltd. led...