Billionaire businessman, Femi Otedola has exited his stakes in Transnational Corporation Plc (Transcorp), a publicly traded diversified conglomerate chaired by Tony Elumelu. According to sources, Elumelu purchase Otedola shares using Transcorp’s closing price on Thursday at an options contract due to be paid in a series of instalments over time “Both parties believed that reaching an agreement was in their ...

Telecoms companies have called for the scrapping of multiple taxes in the industry, saying this would reduce the pressure on their operations. The companies, who spoke under the aegis of Association of Telecommunications, Information Technology, Cable Satellite Network Operators and Alleid Services Employers’ of Nigeria (ATICEN), said taxes on telecoms companies by federal, state and local governments, have been a ...

The Central Bank of Nigeria (CBN) has taken its cashless policy sensitisation to the University of Nigeria, Nsukka (UNN) saying that the policy is aimed at reducing the physical cash transactions and creating awareness for the adoption of digital payment. Speaking in Nsukka on Thursday, during a courtesy visit on the Vice Chancellor of UNN, Prof Charles Igwe, the CBN’s ...

The Development Bank of Nigeria (DBN) disbursed N631billion loans to more than 313,058 Micro Small and Medium Enterprises (MSMEs) last year. Women-owned MSME businesses got 69 per cent share of the loans while 23 per cent Youth-owned MSMEs benefited too. The bank stated this yesterday in Abuja in its yearly integrated and statutory report for last year. These figures are ...

Access Holdings Plc has announced that its gross earnings for the year ended 2022 rose to N1.38 trillion as against N971.89 billion recorded in the corresponding period of 2021. According to its consolidated and separate financial statements for the year ended December 31, 2022, the group’s interest income advanced by 37.5 per cent year-on-year (y/y) to N827.47 billion in 2022, ...

Jaiz Bank PLC’s audited results for the period ended December 31st, 2022, showed a Profit After Tax (PAT) of N6.88 billion. In a statement made available to the press yesterday Abuja, the Bank indicated that the N6.88 billion surplus was an increment compared to the N4.9 billion realised in the corresponding year 2021. While the bank cut unrealised foreign exchange ...

The President-General of Umueri community in Anambra State, John Metchie, has alerted the Central Bank of Nigeria (CBN) and security agencies to the circulation of fake N200 notes in the area, especially Otuocha Market. In a statement over the weekend, he said intelligence reports indicated that some unscrupulous elements were making use of fake N200 notes to defraud unsuspecting members ...

Nigeria has failed to service its debt to China which has accumulated to N110.31 billion in the last two years. According to report by the Debt Management Office (DMO), the China debt stock included the principal and repayment charges. DMO said that from January 2021 to December 2022, the principal fee stood at N69, 009,417,500 ($153.85million), while the interest charges ...

Agents are gradually taking over the underwriting space through retail practice which has placed them top in life business premium drive This is despite the challenges confronting them. According to data obtained from the latest edition of the Nigeria Insurance Digest 2020, published by the Nigerian Insurers Association (NIA), agents controlled life business with N141.39 billion premium generated in 2020. ...

MTN Nigeria has partnered United States-based digital music platform, Apple Music, to offer free access to a premium selection of songs as part of efforts to ensure customers can enjoy quality entertainment on the go. MTN customers who subscribe to the service will have access to Apple Music’s catalogue of over 100 million local and international songs. The partnership will ...