Business

President Bola Tinubu on Friday approved the nomination of Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN),. His appointment will be for a term of five (5) years at the first instance, if he is confirmed by the Nigerian Senate. This directive is in conformity with Section 8 (1) of the Central ...

Nigeria’s total public debt hit N87.38trn at the end of the second quarter of 2023, according to the Debt Management Office recent report. The figure represents an increase of 75.29 per cent or N37.53trn compared to N49.85trn recorded at the end of March 2023. The DMO in a report on Thursday said the debt includes the N22.71trn Ways and Means ...

The Central Bank of Nigeria, CBN, has ordered banks to save gains from foreign exchange (FX) revaluation as a buffer against emerging economic shocks. The regulator in this regard stopped banks from using FX revaluation gains to pay dividends or meet operating expenses. The apex bank disclosed this in a letter to all banks titled: “Impact of Recent FX Policy ...

United Bank for Africa (UBA) Plc grew its pre-tax profit by 371 per cent to N404 billion in the first half. The audited results for the first half ended June 30, 2023 released yesterday at the Nigerian Exchange (NGX) showed that UBA recorded triple-digit growths across major income lines, as the pan-African banking group continued to show substantial progress in ...

The United States Chamber of Commerce has invited President Bola Tinubu to ring the closing bell at the NASDAQ. NASDAQ is the most active stock trading venue in the US by volume and is ranked second behind the New York Stock Exchange (NYSE) on market capitalisation. The ringing of the closing bell signifies the end of a trading session on ...

Ongoing macroeconomic reforms have the potential to significantly leverage Nigeria’s investment market and deliver above average returns to investors. One of Africa’s leading investors and entrepreneurs, Mr. Tony Elumelu, said the economic atmosphere in Nigeria offers the best opportunity for good returns for investors. Elumelu owns the single largest stakes in several publicly quoted companies, including United Bank for Africa ...

Securities and Exchange Commission (SEC) has said the remarkable growth witnessed in the Nigerian banking industry over the past decade was partly due to the capital market and SEC’s comprehensive regulatory approach. Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda said this at the 2023 Chartered Institute of Bankers (CIBN) graduates induction and prize award in Lagos. He ...

President Bola Tinubu has successfully attracted a monumental 3 billion U S dollars investment pledge from Indian investors, to boost steel industry in the country. This is according to a statement by Mr Abdullahi Haruna, Special Assistant, Media and Publicity to Minister of Steel Development, Prince Shauib Audu, in Abuja on Wednesday, The president made the commitment during the Nigeria-India ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) was has  worried over the paltry N193.59 billion generated from solid minerals in 2021. It said despite meagreness, the amount represented an impressive growth of N124.68 billion (236.33%) over the N67.76 billion raked in in 2017 and N177.44 billion in 2021. Besides, citing the National Bureau of Statistics, the watchdog organization said the ...

The federal government recorded a retained revenue of N4.06 trillion, representing 73.5 percent of the prorata target of N5.52 trillion, in the First half of the Year (H1). The Technical Assistant (TA) to the Director-General of the Budget Office of the Federation, Prof. Olumide Ayodele, disclosed this, at a workshop organized to sensitise Budget Officers on the 2024 Budget preparation, ...