Business

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has made some clarifications on stamp duty revenue. According to him, the total revenue collected as stamp duty in six years between 2016 and 2022 is N370.686 billion. It will be recalled that a  House of Representatives member, representing Kazaure, Roni, Gwiwa, Yankwashi of Jigawa State, Muhammed Kazaure, had raised the alarm ...

The Monetary Policy Committee of the Central Bank of Nigeria, CBN, has  decided to increase the benchmark interest rate by 100 basis points to 17.5 per cent. This was disclosed by the CBN Governor, Godwin Emefiele, dwhile reading the communiqué at the end of the two-day MPC meeting, the first of the year. The development means this is the fifth ...

The Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of 94 companies as digital money lenders in Nigeria. However, only 49 of the digital lenders were given full approval, while the remaining 45 got conditional approval. The Commission disclosed this in an update on its ongoing registration of digital money lenders in the country, an exercise targeted ...

The Federal Inland Revenue Service (FIRS) has announced that it collected over N10 trillion in tax revenue last year, the highest in its history. The Service made this known in its “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public yesterday, after his briefing with President Muhammadu Buhari. “The FIRS, in ...

There has been high demand for individual life insurance cover as it represents 41.2 per cent of the premium generated in life business by the insurance industry in 2022. Other life cover are annuity and group life insurance. This was made known in the National Insurance Commission (NAICOM) Bulletin of the Insurance Market Performance in third quarter 2022. The regulator, ...

Jaiz Bank Plc said it is targeting to achieve N9.780 billion in gross earnings for the first quarter of 2023. The non-interest bank made the projection in its Q1 2023 earning forecast obtained from the Nigerian Exchange Limited (NGX). The lender also projected a pretax profit of N1.403 billion and a profit after tax of N1.263 billion for the stipulated ...

In spite of  appeals by the Central Bank of Nigeria (CBN) to market men and women to embrace the new Naira notes, its rejection is on the increase. A customer at one of the first generation banks in the popular auto spare parts market, Ladipo, Mushin, Lagos, at the weekend, had to return the new naira notes in her possession ...

As people continue to complain on the scarcity of new naira notes lingers, the Central Bank of Nigeria (CBN), on Thursday stormed various banks’ Automated Teller Machines (ATMs) to ascertain their level of compliance with dispensing the redesigned naira notes. This was even as the CBN said it has waived conditions for Deposit Money Banks (DMBs) across the country to ...

The Federation Account Allocation Committee (FAAC) has shared N990.189 billion to the three tiers of government for the month of December 2022. This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, Director (Information/Press), Ministry of Finance, Budget and National Planning. From the N990.189 billion, the Federal Government received N375.306 billion, the 36 states of the federation and the ...

Financial Institution Training Centre (FITC) is worried by the rising involvement of bank workers in fraud cases in Nigeria. It said that such bank staff are taking undue advantage of their access to defraud bank customers. The report, which gave insights into fraudulent activities in Nigerian banks between April and June 2022, showed that 19 employees of banks were sacked ...