Business

The country’s apex bank, the Central Bank of Nigeria (CBN) has given a fresh directive as regards the new Naira policy. The apex bank on Thursday ordered deposit money banks (DMBs) to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily payout limit of N20,000. The directive is coming on the heels of ...

Nigeria’s public debt stock, which includes external and domestic debt, stood at N44.06 trillion (US$101.91 billion) in Q3 2022, having risen by N1.22 trillion from N42.84 trillion (US$ 103.31 billion) in Q2 2022. This was disclosed recently by the National Bureau of Statistics in its Nigerian Domestic & Foreign Debt Q3 2022 report. The NBS report said that Nigeria’s external ...

Nigeria’s largest telecommunications company MTN became the first publicly listed company to hit the N2 trillion mark in revenues. MTN first cross one trillion naira in revenues in 2019 meaning it has taken the company just three years to surpass N2 trillion in revenues. The company released its 2022 audited financial statements posting revenue of N2 trillion a 21.6% rise ...

Fidelity Bank Plc has announced an impressive growth in Profit Before Tax to N52billion for the Full Year 2022. This was made known in its unaudited statement of account presented to the Nigerian Exchange (NGX) on Wednesday, 31 January 2023. According to the regulatory filing, the bank grew Gross Earnings by 33.9% to N335.897billion (from N250.774billion in FY 2021). Net ...

The Board of Directors of the United Bank for Africa Plc, Africa’s Global Bank, has announced the appointment of Mrs. Abiola Bawuah, as Chief Executive Officer (CEO) of UBA Africa. Bawuah will also join the Group Board as an Executive Director, overseeing the Group’s operations across the African continent, outside Nigeria. UBA operates in 19 African countries beyond Nigeria, in ...

The Fiscal Policy Partner and Africa Tax Lead at PwC, Mr. Taiwo Oyedele, has said that encouraging Nigerians to use e-payment channels for transactions may not necessarily address the current scarcity of naira notes in circulation until the government makes e-payment easier and safer for the people. According to him, many countries that have embraced electronic payments and minimal use ...

The Federal Government has been challenged to provide a window of special funding for airline operators in the country. The Chairman of United Nigeria Airlines, Prof. Obiora Okonkwo, made the call in Abuja on Thursday while speaking at a retreat organised by the company to mark its two-year operation in the Nigerian aviation industry. Okonkwo explained that the call for ...

United Kingdom has launched the Developing Countries Trading Scheme (DCTS) in Nigeria which will see exports of goods from Nigeria attracting no duty. DCTS offers one of the most generous sets of trading preferences in the world and demonstrates the UK’s commitment to building long term, mutually beneficial relationships with countries like Nigeria. The DCTS launch took place yesterday at ...

Africa richest man, Aliko Dangote has said that Dangote Refinance located at Lekki Lagos was not part of the projects President Mohammadu Buhari commissioned in his visit to Lagos. The prominent entrepreneur made this known in a press release by his media department. Here is the press statement: Our attention has been drawn to some misleading reports regarding the commissioning ...

The Governor of the Central Bank of Nigeria, Godwin Emefiele has explained why it has continued to extend overdraft credits to the federal government via a policy termed “Ways and Means”. The Governor noted  the reason why the apex bank continues to support the government through ways and means is part of its responsibility as the lender of last resort ...