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Six Merchant Banks Shop for N230bn to Meet New Capital Six merchant banks operating in Nigerian have less than two years to shop for N230 billion to meet the recapitalization deadline set for first quarter of 2026. The central bank directed all banks to increase their capital base amid a drive toward a $1 trillion […]

TCN Reports Collapse of Tower on Jos-Gombe Transmission Line The Transmission Company of Nigeria (TCN), says its tower T290, one of the four new towers erected by its contractors along the Jos-Gombe 330 KiloVolt (kV} transmission line, collapsed during the cable stringing process. Mrs Ndidi Mbah, TCN’s General Manager, Public Affairs, said in a statement […]

Senate Committee Seeks Regulation on Crypto Trading The Senate Committee on Capital Markets , on Monday, called for the regulation of cryptocurrency to ensure some level of accountability and protection of investor’s funds. The Chairman of the Committee, Sen. Osita Izunaso, said this when he briefed newsmen in Abuja after the committee’s screening of Dr […]

Naira Sees Large Daily Gain as FX Pressure Eases The Nigerian naira saw a large daily gain in the official window as foreign currency liquidity challenge eased. According to data from FMDQ Securities, which shows the official exchange rate, the naira appreciated by 9.68%. The local currency exchange rate cleared at ₦1,339.33 per US dollar […]

Equities Investors Gain N143bn as ‘Fat’ Stocks Rally Equities investors gained about N142 billion on Monday in the local exchange as stocks rally. Data from the Nigerian Exchange showed that key performance indicators improved following fresh bargain hunting on fat or high value stocks. Last week, the market closed negative, losing N290.1 billion due to […]

Bank of Ghana Keeps Interest Rate at 29% The Bank of Ghana kept its benchmark monetary policy rate steady for a third consecutive meeting at 29% on May 27th 2024, aiming to control inflation and boost the local currency. The apex announced decision to keep rate on Monday, saying inflation would remain within the bank’s […]

UBA Plc. Pays Shareholders N95.8 Billion as Dividend for FY2023 Shareholders of Africa’s Global Bank, United Bank for Africa (UBA) Plc, have praised the board, management and staff of the Bank on the impressive performance recorded over the past years and especially in 2023, culminating in the payout of N78.7bn as final dividend for the […]

TAJBank Reports 11.3bn Profit as Earnings Surge by 149% TAJBank Limited, Nigeria’s foremost non-interest bank, has reported a profit before tax (PBT) of N11.3 billion in its 4th year of operations. According to the bank’s Founder/Chief Executive Officer (CEO), Mr. Hamid Joda, on Monday, this is the best in the non-interest lending sub-sector of the […]Read More

Oil under Pressure Ahead of OPEC+ Meeting Oil prices remain under pressure ahead of the Organisation of Petroleum Exporting Countries  (OPEC) and allied member (OPEC+) meeting this weekend. The weaker market suggests the group will fully rollover supply cuts at least into the third quarter, ING commodities analysts said in a note on Monday. Last […]

Investors Are Ramping up UBA, Zenith, GTCO, Others on NGX Reversing the previous downturn, shares of Nigerian big banks are currently trading higher. The market had priced these stocks lower amidst weak sentiment in the local bourse last week, causing investors to lose N290.1 billion over five trading sessions. Zenith Bank Plc is currently trading […]

A content creator and blogger, identified as Stanley Okoruwa, arrested by the Nigeria Police, Lagos State Command, for allegedly defaming a businessman, Emeka Okonkwo, popularly known as ‘E-Money’, has explained the reasons behind his action. Okoruwa, who was arrested in Uromi, Delta State, following a petition from the businessman, and brought to Lagos by the […]

*Says Lagos Already In Compliance with LG Autonomy, Should Be Excluded from Suit Against Governors The Lagos State Governor, Babajide Sanwo-Olu, says the state is fully complying with the Local Government autonomy already and as such shouldn’t be dragged to court alongside 35 other states. The federal government had filed a suit at the Supreme […]