Business

The cash scarcity and implementation of the revised daily cash withdrawal by individual and corporate bank customers by the Central Bank of Nigeria (CBN) that has fuelled resort to the use of electronic channels of transferring cash may soon shoot up debts owed to telecom firms by commercial banks over the use of the Unstructured Supplementary Service Data (USSD), it ...

TAJBank Limited, a top non-interest banking services provider has opened a new branch in Apapa, Lagos in furtherance of its current drive to provide seamless financial transactions and advisory services for its growing customer-base. Speaking at the opening ceremony, TAJBank’s Founder/Managing Director, Mr. Hamid Joda, said Apapa was targeted for the commencement of the bank’s network expansion in the South ...

Nigerians registered mobile transactions worth N2.37 trillion in January 2023, representing a staggering 125% increase over the same period the previous year despite the country’s ongoing cash shortage. This is according to recent data from the Nigeria Inter-Bank Settlement Systems (NIBSS). Furthermore, the volume of mobile transactions in the largest African economy increased by 55% year on year to 108.1 ...

Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, has filed processes challenging the jurisdiction of the Supreme Court to suspend the scheduled deadline for cash swap Malami, in a preliminary objection he filed on behalf of the Federal Government, applied for an order striking out the suit that three Northern States filed to halt the full ...

Global financial group, the International Monetary Fund (IMF) has called for the extension of the February 10 deadline for cash swap. The International monetary body made the call few minutes after the Supreme Court restrained the Federal Government and Central Bank of Nigeria(CBN) from enforcing the deadline. The IMF, in a statement in Abuja on Wednesday by Laraba Bonet, hinged ...

The Nigerian Exchange (NGX) closed negative amidst buy-interests and sell-offs as bears dominated proceedings, driving down the broad market on Tuesday. The All-share Index (ASI) depreciated by 0.12% to close at 54,299.76 points. In the same vein, Market Capitalization grew by N37 billion to close at N29.575 trillion while the Year-to-Date (YtD) returns settled at 5.24%. The stock market has ...

An indigene of Akwa Ibom State, Kufre Ekanem from Essien Udim Local Government Area has made a breakthrough in technology by building a Kekane Air Turbine Engine which does not use fuel, diesel or water to operate. According to this young Akwa Ibom- born inventor, Kekane Air Turbine Engine is a new invention that has the features of a very ...

A Chief Magistrate Court in Ogba, Lagos State has jailed the Managing Director of Fidelity Bank PLC, Nneka Chinwe Onyeali-Ikpe, and Company Secretary, Ezinwa Unuigboje. The Magistrate, Lateef Owolabi jailed the Managing Director and Company Secretary six weeks each recently. Lateef jailed Onyeali-Ikpe and Unuigboje for disobedience of a garnishee order of court restraining the bank from allowing a judgment ...

Amid a revenue crunch, the Federal Government has targeted raising N250.09bn from excise duty in 2023 as a viable solution. This was according to the latest 2023 fiscal framework document seen by DAILY POST. In perspective, the Federal Government targeted a combined figure of N98.53bn from excise duty in 2021 and N161.7bn in 2022. It means that the government revenue ...

The Kaduna State Governor, Nasir El-Rufai, has accused the Central Bank of Nigeria (CBN) of printing only N300 billion new redesigned naira notes after mopping up over N2 trillion of the old naira notes. He said that APC governors under the aegis of the Progressive Governors’ Forum (PGF) have asked President Muhammadu Buhari to prevail on the CBN to allow ...