The electronic banking revenue of ten listed banks experienced a significant upswing of 38.9 percent last year, largely attributed to the Central Bank of Nigeria (CBN)’s cashless initiative. An analysis conducted by BusinessDay based on the latest financial statements of these banks revealed a total revenue surge from N309 billion in 2022 to N427 billion…
Royal Exchange Plc, a conglomerate specializing in life assurance, health insurance, and credit financing, fell short of achieving full subscription for its rights issue, concluding at 75.83 percent. The Nigerian Exchange Limited’s weekly report disclosed this development, noting the completion of Royal Exchange’s rights issue and its subsequent listing on the market. The report stated,…
In this interview, Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria (MAN), discusses the repercussions of unresolved dollar debts on manufacturing firms with Edidiong Ikpoto. Contrary to the Central Bank of Nigeria’s (CBN) assertion of clearing all valid outstanding forex backlog, MAN reported that many of its members still await unsettled dollar requests….
Tinubu’s Economic Optimism Masks CBN’s Tough Tactics Nigeria’s President, Bola Tinubu, exudes confidence in the nation’s economic trajectory, urging citizens to anticipate better days ahead. However, behind this optimism lies a complex interplay between fiscal decisions and the Central Bank of Nigeria’s (CBN) stringent monetary policies. Tinubu’s assertions of economic improvement during his Easter message…
Landmark CEO Addresses Concerns Over Coastal Highway’s Impact on Landmark Beach Resort Paul Onwuanibe, CEO of Landmark Africa Group, reassured the public that the construction of the Lagos-Calabar Coastal Highway is unlikely to disrupt operations at Landmark Beach Resort. Speaking via his official X (formerly Twitter) account, Onwuanibe responded to growing concerns and media attention…
– Band A Consumers Demand Downgrade Due to Under-Supply, Tariff Hike – Consumer Network Reports Ongoing Insufficiency in Electricity Supply PowerUp Nigeria Urges Government Awareness Campaigns for Consumers Following dissatisfaction among Band A consumers over the persistent under-supply of electricity by Distribution Companies (DisCos), several communities have sought to downgrade their band classification to Band…
Report: Nigeria Incurs N720 Billion Revenue Loss Due to Decreased Crude Oil Production As reported on April 15, 2024, Nigeria faced a significant revenue setback amounting to approximately N720 billion due to consecutive declines in crude oil production during February and March of the same year. The inability to meet the crude oil production benchmark…
Petroleum Minister Attributes Q1’s Low Crude Oil Production to Trans-Niger Pipeline Issues The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has identified problems with the Trans-Niger pipeline and maintenance activities by certain oil companies as the primary reasons for the low crude oil production in the first quarter of the year. Assuring that…
Nigerian Customs Command Reports Impressive Revenue Growth in Q1 2024 The Port & Terminal Multipurpose Limited (PTML) Command of the Nigeria Customs Service has announced a significant increase in revenue collection for the first quarter of 2024. According to Muhammad Yakubu, the command’s Public Relations Officer, the PTML Command collected N66.9 billion in revenue during…
SERAP Urges Tinubu to Disclose Nigeria’s Loan Agreements Since 1999 In a recent plea to President Bola Tinubu, the Socio-Economic Rights and Accountability Project (SERAP) has called for transparency regarding the loan agreements and expenditure particulars of loans secured by Nigeria’s previous administrations since May 1999. SERAP has urged Tinubu to instruct relevant government bodies…
