Business

The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent from 18 per cent. In a communique from the 291st Monetary Policy Committee meeting posted on CBN’s website on Wednesday, the Governor of the apex bank, Godwin Emefiele, stated that its investigation and research ...

The Chartered Institute of Taxation of Nigeria (CITN) has identified weak institutions and poor leadership as major factors responsible for rising cases of tax fraud in the country. The President and Chairman of CITN, CITN,Adesina Adedayo stated this while delivering a keynote speech at its 2023 yearly seminar for the Society of Women in Taxation (SWIT) in Abuja. Adedayo said: ...

The Chairman of Dangote Group, Alhaji Aliko Dangote, has assured Nigerians that the first petrol from the Dangote refinery will hit the Nigerian market by end of July/ beginning of August 2023. Dangote gave the assurance in his remarks at the official inauguration of the 650,000 barrels per day refinery complex in Ibeju-Lekki, Monday. He said the facility has a ...

The management of Nigerian Breweries Plc, has said the bond between Amstel Malta and Zagg Energy drink and consumers, is the reason the two brands threw their weight behind the Ninth Africa Magic Viewers’ Choice Awards (AMVCAs). According to a statement by the breweries giant, the premium malt drink, Amstel Malta, and Zagg, a blend of Energy and Malt flavour, ...

Nigeria’s banking sector assets rose by 25.34 percent (N9.98 trillion) between the end of February 2022 and 2023, driven largely by balances with the Central Bank of Nigeria (CBN)/banks, FGN bonds, Treasury Bills and credit, according to members of the Monetary Policy Committee (MPC) in their personal statement at the last meeting in March, 2023. The industry’s total assets rose ...

The Founder and Chairman of the First City Monument Bank (FCMB), Otunba Michael Subomi Balogun is dead. Entrepreneurtv.ng gathered that the FCMB Chairman died in London at the age of 89 years after a brief sickness. As of the time of filing this report, the cause of his death is yet unknown. More to come..

The notion that the continuous application of the Unstructured Supplementary Service Data (USSD) in transferring funds would deepen the cashless policy being pursued by the Central Bank of Nigeria (CBN) is not correct, the Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO), Segun Agbaje, has said. Agbaje, who spoke  in Lagos while presenting GTCO’s financials to the media, said ...

Naira on Wednesday fell to N465.13 per dollar, the lowest ever at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange (FX) market. This represents a 0.11 percent lower than N464.58 per dollar quoted on Tuesday at the I&E window, data from the FMDQ indicated. The naira’,s weakness followed increased demand for the dollar by the end users ...

FCMB Group Plc  has said it 500,000 new customers which pushed its customer base to 11.4 million in the first quarter of 2023. This growth, it said, reflected the Group’s commitment to delivering exceptional financial services and its ability to attract and retain a large and loyal customer base. In a statement, it disclosed this in a statement on its ...

The Federal Government has stated that about N350 trillion would be needed to secure Nigeria’s future in line with the National Development Plan (2021-2025). According to the government the NDP would ease constraints hindering the economy from attaining its full potential, particularly in the product-mapping space as it will expunge obstacles to businesses. Minister of Finance, Budget and National Planning, ...