admin

A 62-year-old man, Uba Mohammed, was on Tuesday sentenced to one-year imprisonment by a Karu Upper Area Court in Abuja for stealing a patient’s cell phone in the hospital. The News Agency of Nigeria reported that the judge, Ishaq Hassan, did not give the convict the option of a fine, but rather warned him to […]

*As Bank Confirms Fire Outbreak At Lagos Facility Zenith Bank, Nigeria’s biggest bank by market capitalisation, is experiencing a total infrastructure downtime after a fire at the company’s primary data centre. The downtime affects Zenith Bank’s services, leaving millions of customers in the lurch. At one of the bank’s branches, a security official could be […]

President-elect Bola Tinubu has tactically rejected the request of Governor Nyesom Wike of Rivers State for refund of some road projects executed by his administration. Wike had requested that when Tinubu gets into office, the federal government should refund the money expended on construction of federal roads by the state government. “These projects ought to […]

Exchange Rates Improve across FX Markets Exchange rates improved Tuesday across the foreign exchange markets amidst fresh foreign investors’ exits from the local economy. The Nigerian Exchange said in its report that foreign portfolio investors’ transactions dropped in April. Also, foreign direct investment declined as the market faces a scarcity of US dollars. At the […]

Equities Market Sinks as Investors Exit Positions After the stock market lose N1 trillion in April, the Nigerian Exchange (NGX) opened negative in May 2023 due to early exit transactions conducted by sell-side investors. In total, equities market capitalisation slumped by about N57 billion despite earnings releases by listed companies in the Lagos bourse. Today’s […]

Nigerian Private Sector Returns to Growth in April -PMI There were signs of recovery in the Nigerian private sector in April as the cash crisis eased, S&P Ratings Global said in Stanbic IBTC’s purchasing manager index -PMI. According to the report, Firms reported renewed expansions in new business and output amid improved access to funds. […]

Liquidity Tasty Banks Raise N4trn from CBN in April Amidst liquidity pressures, some Nigerian deposit money banks raised N4 trillion from the Central Bank’s standing lending facility in April 2023, a condition that pushed funding rates higher for lenders. Partly, weak liquidity in the money market space was attributed to serial debits on local lenders […]

Deloitte Rated World’s Most Valuable Commerical Service Brand at USD34.5 billion Deloitte has once again emerged as the world’s most valuable Commercial Services brand after its brand value increased by 16% to USD$34.5 billion, according to a new report from leading brand valuation consultancy, Brand Finance.  Every year, leading brand valuation consultancy Brand Finance puts […]Read More

Nigeria Seeks Alternative Funding Model for Oil, Gas Sector The Nigerian Upstream Downstream Regulatory Commission (NUPRC) says the Federal Government has concluded plans to explore alternative funding models for the development of the country’s oil and gas resources. Mr Gbenga Komolafe, the Commission Chief Executive of NUPRC, said this on Monday during the opening ceremony […]

FG Increases Levy on Imported Vehicles, Alcoholic Beverages The federal government has introduced new set of taxes on imported vehicles, alcoholic beverages and single use plastics. It has also added to the list of items banned from being imported into the country. Under the new tax regime, imported vehicles with 2000cc (2 litres) to 3999cc […]

Nigerian Banks Book Heavy Losses on Ghana’s Debt Securities Nigerian big balance sheet deposit money banks with subsidiaries operations in Ghana lost more than N224 billion to Ghana’s debt exchange programme launched late in 2022, their separate audited financial statement show.   Excluding FBN Holdings which is yet to release its audited report, other banks in […]

KPMG Lists Polaris Bank as the Most Improved Retail Bank The 2022 KPMG Nigeria Banking Industry Customer Experience survey result listed Polaris Bank ‘as the most improved Bank under retail segment moving up five places to sixth position and 3rd under SME segment’, with the Bank showing significant improvement in customer ratings. Many customers have […]