The newly appointed President of the Institute of Chartered Accountants of Nigeria, ICAN, Davidson Alaribe, yesterday, said that working with the Federal Reporting Council, FRC for effective financial reporting in Nigeria, will be top priority during his tenure. He said this in his acceptance speech at his Investiture as the 60th President of ICAN, held…
The Central Bank of Nigeria, CBN, has revoked the operating licence of Heritage Bank. The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement. She said: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers…
Credit to the government rose month-on-month, MoM, by 2.0 percent to N19.98 trillion in April from N19.58 trillion in March. Data from the Central Bank of Nigeria, CBN, Money and Credit Statistics for April showed mixed trend in credit to the government since January where it stood at N23.5 trillion. How i went from selling…
United Bank for Africa (UBA) Plc has emerged as the Best Regional Bank – West Africa at the prestigious African Banker Awards 2024. The annual African Banker Awards, organised by the African Banker Magazine, took place at the JW Marriott Hotel in Nairobi, Kenya, on the side-lines of the African Development Bank Annual Meetings. The…
Federal High Court sitting in Lagos has authorised Guaranty Trust Bank to temporarily take over funds and assets of Afex Commodities Exchange following its N17,808,452,467.107 Central Bank of Nigeria (CBN) Anchor Borrowers’ Loan debt. Justice Chukwujekwu Aneke granted the bank an interim Global Standing Instruction (GSI) injunctive relief, following its application on May 27. The…
The naira on Tuesday traded at the same rate of N1,339.33 to a dollar at the official market. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, NAFEM, revealed that the naira remained static. This indicated that the local currency neither gained nor lost…
Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, on Monday, disclosed that the ministry injected an estimated value of N309 billion into the economy within the last one year. Kyari gave the hint while making his presentation during the ongoing Ministerial Sectoral Update, a platform President Bola Ahmed Tinubu’s cabinet members are using…
The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, retaining the title for the second consecutive year. The award, published in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides…
The Naira yesterday depreciated in the parallel market to N1,525 per dollar from N1,520 per dollar last weekend. However, the Naira appreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,339.33 per dollar from N1,482.81 per dollar last…
Manufacturers’ confidence in Nigeria’s economy surged by 53.3 points in the first quarter of 2024, up from 51.8 points last year. Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, recently disclosed this in its CEO Confidence Index report. The quarterly report measures stakeholders’ concerns about changes in economic government policies. In his comment, Ajayi-Kadir…
