Author Archives: Ajibola

FG plans to generate N136.3 billion from Electronic Money Transfers

The Federal Government of Nigeria has projected to generate N136.3 billion as revenue from Electronic Money Transfers (ETM) to be paid by bank customers in 2023. This is based on a projected 2.7 billion volume of eligible online transfers in the year. The Budget Office of the Federation, which disclosed this in its 2023-2025 Medium Term Expenditure Framework and Fiscal ...

Read More »

Dangote’s net worth drops to $19 billion as he loses $863 million

Aliko Dangote, the founder of the Dangote Group and the richest man in Africa, saw his wealth estimate moderated amid stock sell-offs record on Dangote Cement. When Tuesday’s trading session came to a conclusion, the Kano State-born entrepreneur’s net worth was $19 billion and he ranked 80th globally in the Bloomberg Billionaires Index. Recent price movement on the Nigerian stock ...

Read More »

AIICO Insurance Plc announces GWP of N45.5billion

AIICO Insurance Plc has announced a gross written premium (GWP) of N45.5billion in the half year 2022, up by 21.4% compared with N37.481billion recorded within the same of in 2021. This was on the back of high inflation environment and currency devaluation. Inflation rate increased to 18.60% as at end of June 2022, highest in 11 months due to increased ...

Read More »

Nigeria, others listed as top World Bank’s debtors

Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list. The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021. However, the newly released World Bank Fiscal Year 2022 audited ...

Read More »

Ecobank announces 100 winners in its Super Rewards Season

Ecobank Nigeria has announced the 100 winners of the Super Rewards Season 3 campaign. Each got N50,000. Season 3 will reward 200 customers, while two customers will go home with N1 million each at the end of the Season. The two-month campaign kicked off on June 20 and would end August 21. Announcing the first winners in Lagos, the Head, ...

Read More »

CBN not planning to sell Polaris Bank at N40bn- Bank debunks report

Polaris Bank has dismissed a report that the apex bank, the Central Bank of Nigeria was about to sell the bank to Auwal Lawan Abdullahi for N40 billion. The bank made the disclosure in response to media reports about an alleged secret acquisition of Polaris Bank. The statement by the bank said that such speculative publication was a deliberate intention ...

Read More »

Jaiz Bank records 27.6% increase in Profit After Tax

Jaiz Bank Plc’s unaudited financial results for the second quarter ended 30 June 2022 were released to the Nigerian Exchange Group (NGX), revealing a 27.6% increase in Profit After Tax (PAT) from N1.99 billion declared in June 2021 to N2.54 billion at the end of June 2022. Given the performance, the bank’s total income increased by 17.8% during the review ...

Read More »

Access Bank restates commitment to SMEs operators in the north

The management of Access Bank Plc revealed that the bank has embarked on a business conversation with its customers, especially the Small and Medium Enterprises (SMEs), with a view to support and promote their business engagement through sharing of different business promotions and protection bundles the bank offers. This was disclosed by the bank’s Deputy Managing Director, North, Mr Victor ...

Read More »

Shareholders of MTN Nigeria lose N609 billion in July

Shareholders of MTN Nigeria, recorded a loss of about N609 billion in the month of July following sustained sell pressure witnessed on the stock during the month. The telecom stock dropped by 13% to N200.10 per share from N230 which was the opening figure for the trading month. The market sentiment for the telecom firm has remained very low amidst ...

Read More »

Stakeholders in blockchain to hold inaugural conference in Lagos

Stakeholders in Blockchain Association of Nigeria (SiBAN) will be holding its inaugural Peer-to-Peer (P2P) conference in Lagos. The event, which holds at the at the Civic Centre, Victoria Island, Lagos, this Saturday, will attract key stakeholders in the industry. President of SiBAN, Senator Ihenyen said the conference, which would be a hybrid event, is part of the association’s commitment to ...

Read More »