The Nigeria Deposit Insurance Corporation (NDIC) has begun disbursing a maximum of N5 million to each depositor affected by the closure of Heritage Bank. This payment process utilizes Bank Verification Numbers (BVN) as a means to identify and locate depositors’ alternate accounts in other financial institutions. This initiative follows the Central Bank of Nigeria’s (CBN)…
Access Bank, Nigeria’s largest bank by means, has unveiled its ‘ Switch to Solar by Access’ campaign to offer affordable backing openings to businesses and customers to borrow a cleaner and further dependable source of electricity through solar photovoltaic( PV) and batteries. Unveiling the crusade, Group Head, Consumer Banking, Njideka Esomeju said, “ In alignment…
The Central Bank of Nigeria (CBN) announced that it sold a total of $876.26 million to end users through 26 successful banks, with a cut-off rate set at N1495 per dollar. This sale marks the beginning of the bank’s latest Retail Dutch Auction System. In a statement released on Wednesday, signed by Omolara Duke, the…
Ex-president, Olusegun Obasanjo has said cabals in Nigeria’s oil and gas division will proceed to frustrate the $20 billion Dangote Refinery since it is profiting from refined petrol purport. He unveiled this in a later meet with the Financial Times. This comes in the midst of the proceeded emergency Dangote Refinery is hooking with within…
Nigeria’s total debt burden is expected to rise from N121.67 trillion in the first quarter of 2024 to N130 trillion by December this year. Afrinvest, in its latest report titled ‘Bank Recapitalization, Catalyst for $1 Trillion Economy’, said The investment management firm said the estimate comes amid concerns over the country’s debt-to-GDP ratio. POST DAILY…
The Naira has continued to appreciate against the dollar in the forex market despite the ongoing protests against misgovernance across the country. This comes at a time when the Naira has gained tremendous value in the official and stable forex market. , FMDQ data showed that the Naira appreciated against the dollar from N1,608.73 on…
In a significant development, Group First Bank Chairman, Femi Otedola and the Chairman of the African Union Bank (UBA), Tony Elumelu, have expressed support for the Federal Government’s new forex windfall tax. This decision follows President Bola Tinubu’s motion on July 17 in the National Assembly to amend the Finance Bill, 2023, which unilaterally imposes…
The stock market closed at 55.545 trillion, down 171 billion or 0.31 percent, from an opening of 55.716 trillion. The All Share Index also closed at 97,830.65, down 0.31 percent or 302 points from Monday’s 98,132.15. As a result, the year-to-date (YTD) return has declined to 30.84 percent. I will paint 1,000 people’s faces with…
Telecommunications giant MTN has closed its stores and service centres in Nigeria. It was gathered that the decision was due to the damage caused to the company’s offices and customers who were aggrieved by the disconnection of their lines under the government’s NIN-SIM connectivity policy. On Monday, a group of angry customers demolished the fences…
