Business

Retail insurance is where future is in Nigeria- Elumelu

The chairman, of Heirs Holdings, Tony Elumelu has said that retail insurance is where the future is in Nigeria. He said this at an event marking the 60th anniversary of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, on Thursday, September 29. Elumelu urged stakeholders to introduce simple and smart insurance to Nigerians, especially now that there is ...

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Naira falls sharply against Dollar after hike in interest rate

Naira fell significantly against the dollar Thursday afternoon at the parallel market, two days after the Central Bank of Nigeria made its biggest interest rate hike yet in a bid to check inflation and defend the currency. The local unit depreciated from N725 it exchanged hands with the greenback on Wednesday to trade at N735.00 and above at the unauthorised ...

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Telecom operators may withdraw USSD service banks over N80bn debt from banks

Telecommunications operators in Nigeria may soon withdraw their service support to the banks as the Unstructured Supplementary Service Data (USSD) debt rises to N80 billion. The Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbenga Adebayo disclosed this in Lagos while speaking with media at the NITRA ICT Growth Conference 2.0 organised by the Nigeria Information Technology Reporters’ Association. ...

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Exchange rate between Naira and Dollar depreciates by 0.42 per cent

The exchange rate between the naira and the US dollar continued its depreciation as it recorded a fall of 0.42% on Wednesday morning, 28th September 2022, to trade at N725/$1 at the parallel market, compared to N722/$1 traded on Tuesday, the previous trading session. This is according to information obtained from black market traders. The naira fell slightly by 0.08% ...

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CBN sheds light on provision of Dollars to airlines

The Central Bank of Nigeria (CBN) has informed foreign airlines that the apex bank is not compelled by any law to provide dollars to airlines. Central Bank governor, Mr. Godwin Emefiele, stated this at today’s monetary policy committee meeting. The apex bank also stated that it was determined to clear the forex backlog owed to the airlines as long as ...

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Sterling Bank Plc restates commitment to promotion of arts

Sterling Bank Plc has said the role of the Kaduna Book and Arts Festival (KABAFEST) in promoting literacy and education aligns perfectly with its HEART strategy, which focuses on investments in five key sectors of the economy, namely: Health, Education, Agriculture, Renewable Energy, and Transportation. In his goodwill message delivered online during the opening ceremony of the festival in Kaduna ...

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CBN grants license to GABSYN Microfinance Bank

The Central Bank of Nigeria (CBN) has granted GABSYN Microfinance Bank the final approval to operate as a Microfinance Bank in Ikorodu, Lagos State. Gabsyn MFB announces the receipt of a letter from the CBN conveying the final approval to commence operations, Mr. Waheed Odekale, the Bank’s Managing Director, said recently. With this approval, Gabsyn MFB joins over 876 licensed ...

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Stock Market: Market capitalisation declines by N88 billion

The Nigerian Bourse (NGX) closed negative amidst buy-interests and sell-offs as bears dominated proceedings, weighing down the broad market by 47 basis point. The All-share Index (ASI) depreciated by 0.47% to close at 49,190.34 points. In the same vein, Market Capitalization declined by N88 billion to close at N26.45 trillion while the Year-to-Date (YtD) returns settled at 14.77%. The stock ...

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Bodies propose inclusion of stockbrokers in board of SEC

In an effort to enable the registration of all professionals in the securities business against the current duplication of roles among different professional bodies, the Chartered Institute of Stockbrokers (CIS) and Association of Securities Dealing Houses of Nigeria (ASHON), have presented a bill to the National Assembly. According to a statement from the bodies, the rationale and benefits of passing ...

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Senator Adeyemi urges FG to introduce property tax for unoccupied buildings

In a bid to reduce the nation’s capital housing deficit and boost revenue for the FCTA, the Federal Government should introduce property taxes for unoccupied buildings in the Federal Capital Territory (FCT). This was disclosed by Senator Smart Adeyemi (APC-Kogi), on Thursday at the opening of the Senate’s Committee on FCT’s meeting in Abuja. The Senator also warned that the ...

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