International Breweries Plc has posted its Q3 results, which show a record 5.6% growth in revenue to record N49 billion, from N46 billion in Q3 2021. However, increased costs of sales and other expenses led to a loss for the period to the tune of N3.1 billion, compared to N2.2 billion same time last year. This is a result of ...

Funds available for sharing among the Federal Government, States and Local Government Areas in September grew by N87,098 to N760.235 billion as against N673.137 billion distributed in August. The Excess Crude Account (ECA) also gained about $2,000 and stood at $472,513.64, as against $470,599.54 in August. These were contained in a communiqué issued at the end of the Federation Account ...

Lagos Governor Babajide Sanwo-Olu has presented N1.692 trillion as budget estimates for the year 2023 to the House of Assembly. The ‘Budget of Continuity’ comprises revenue of N1.342 billion, and deficit financing of N350,000 billion. This further comprises total Internally Generated Revenue (IGR) of N1.108 billion and federal transfers of N234 billion. The estimate also proposes a recurrent expenditure of ...

The Federal Government has announced plans to address inflation by releasing food from its strategic reserves after flooding destroyed local supplies. This was disclosed by the Minister of Finance Mrs Zainab Ahmed at the presentation of the 2022 budget performance before the House of Representatives Committee on Finance on Wednesday in Abuja. The Minister also stated that the government has ...

The apex bank, the Central Bank of Nigeria (CBN)  has perfected plan to redesign the 200, 500, and 1,000 naira notes. This was revealed by the Governor of the apex bank, Godwin Emefiele,  during a special press briefing in Abuja. According to him, the redesign will take effect from Thursday, December 15, 2022, adding that the existing notes would seize ...

Nigeria’s foreign portfolio deficit, which is the gap between outflows and inflows, narrowed considerably by 91.02 per cent (N14.50 billion) to N1.43 billion between January and August 2022, report on the fund’s movement has shown. The report released by Financial Derivatives Company Limited, said the performance is an improvement compared to N15.93 billion in the corresponding period in 2021. According ...

The Central Bank of Nigeria (CBN) has published an exposure draft for its guidelines for contactless payment providers in Nigeria. The apex bank disclosed this in a circular titled Exposure Draft To The Guidelines For Contactless Payments Nigeria, seen by Nairametrics. According to the apex bank, the Guidelines were developed to make sure that individuals who participate in contactless payments ...

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has demanded that countries should adhere to the Bilateral Aviation Services Agreement (BASA). Emefiele made the demand during a meeting with the leadership of the House of Representatives, the International Air Transportation Association, Nigerian Airlines Operators, and the Minister of Aviation, Hadi Sirika. The CBN governor lamented that Nigerian airlines ...

Adekunle Sonola, the new Chief Executive Officer of Polaris Bank is a stalwart with 33 years of experience across Africa. His first message as CEO speaks volumes of his readiness for the new role if words were enough to judge character. He said: “This is an exciting time for the Nigerian financial services industry, and we are committed to building ...

Solar energy top investor, Akinyemi Odusanmi said solar energy could disrupt the energy system in Nigeria, paving the way for a brighter Nigeria. The CEO of Robert Richesmade this remark  during Nairametrics’ Business Half Hour in Lagos recently. He shared his thought on the use of solar energyin Nigeria. According to him, solar could soon phase out generator usage in ...