The Central Bank of Nigeria (CBN) Governor Godwin Emefiele added that the Federal Government is making efforts to enable the Dangote Refinery sell refined crude to Nigeria in naira when it commences production. He also added that the first shipment of Urea from the Dangote Fertiliser Plant would begin in March to help boost agriculture in the country. Dangote made ...

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has been under heavy fire online for describing cryptocurrency as money made out of thin air. The CBN governor made this remark while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market. Emefiele said that cryptocurrency is used to describe the activities ...

Highly rated Zenith Bank Plc, through its Board if Directors has announced the payment of a final dividend of N2.70 for every share of 50k held by shareholders,. By calculation, this amounts to a total of N84.8 billion for the year ended 2020. The statement which was released and signed by the company’s secretary, Michael Osilama Etu has been sent ...

United Capital Plc recorded impressive performance in 2020 with double-digit growths in turnover and profitability. Key extracts of the audited report and accounts of United Capital for the year ended December 31, 2020 released at the Nigerian Stock Exchange (NSE) showed that turnover rose by 50 per cent while pre and post tax profits jumped by 61 per cent and ...

Stanbic IBTC Pension Managers has appointed Olumide Oyetan as its new Managing Director. It took effect from February 1, 2021. He replaced Eric Fajemisin who has left the company. According to the PFA’s website, Oyetan joined Stanbic IBTC in 2000 and has served in various roles across the Group within and outside Nigeria. Prior to his appointment, Oyetan was Executive ...

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has defended the banning of crypto currency by the bank apex bank saying that it is done in the best interest of depositors He said this while appearing before  a joint senate committee on banking, insurance and other financial institutions; ICT and cybercrime; and capital market. Acccording to the apex ...

Minister of Finance, Budget and National Planning Zainab Ahmed on Monday while appearing before the National Assembly, explained how Federal Government’s efforts that helped the country exit recession in the fourth quarter of this year. She however lamented that the challenges brought about by COVID-19 made government’s revenue to drop by 65 per cent in 2020. Senate President Ahmed Lawan ...

The National Insurance Commission (NAICOM) has lamented that businesses like the oil & gas and aviation sectors are not fully patronizing local insurers. The statement was made by rhe Commissioner for Insurance and Chief Executive of NAICOM, Mr Sunday Thomas,  while speaking at a directors’ conference. Acccording to him,  more businesses are being shipped abroad for reinsurance have further, noting ...

The Managing Director, Nigerian Export-Import Bank (NEXIM) Abba Bello has said that it would grow its balance sheet to N1.2 trillion next year, He said the bank practically crawled its way out of bankruptcy between 2017 and 2020. According to Bello, between 2015 and 2017, the bank was weighed down by 94 per cent Non-Performing Loans (NPL), a crop of ...

Members of the Organised Private Sector (OPS) has reacted to Nigeria’s inflation rate which it said it is alarming. Inflation rose from 15.75 per cent last December to 16.47 per cent in January, this year, the highest since April 2017. The OPS members included Manufacturers Association of Nigeria (MAN) and Lagos Chamber of Commerce and Industry (LCCI). While MAN said ...