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Naira Lost 7.6% after CBN Gives Notice on FX Inflows The naira recorded large daily depreciation at the Nigeria autonomous foreign exchange window amidst expectation that the apex bank would saturate FX market with US dollar sales. According to FX traders, the volume of US dollar available at the official window became insufficient to meet […]

Ecobank Transnational Repays $500m  Eurobond Ecobank Transnational Incorporated (ETI) says it has successfully repaid its 500 million dollar five-year eurobond on Thursday, in testament to its financial strength. Dr Ayo Adepoju, Group Chief Financial Officer, ETI revealed this in a notification sent to the Nigerian Exchange Ltd.(NGX) on Thursday in Lagos. Adepoju explained that the […]

Investors Lost N35bn as Equities Market Relapsed April isn’t going too well for the Nigerian Exchange equities investors following a sustained risk off sentiment that has persisted for long. On Thursday, equities investors on the floor of the Nigerian Exchange (NGX) lost more than N35 billion as market relapsed again.  The local bourse saw a […]

ECOWAS Commission President Lauds ICC’s Maritime Security Achievements in Gulf of Guinea The President of the ECOWAS Commission, Dr Omar Touray, has lauded the efforts of the Inter-regional Coordination Centre, ICC, for its maritime security achievements in the Gulf of Guinea. Touray made this known at the 4th Annual Meeting of the Heads of Institution […]

Transcorp Hotels Sells Calabar Subsidiary to Eco Travels & Tours. Transcorp Hotels Plc on Thursday said it had divested its 100 per cent interest in Transcorp Hotels Calabar Ltd., to Eco Travels and Tours Ltd., an indigenous hospitality company. Mr Stanley Chikwendu, Company Secretary, Transnational Corporation, disclosed this in a notification sent to the Nigerian […]

New Cash Reserve Regime to Weaken Ghanaian Bank Profits – Fitch The profitability of Ghanaian banks will weaken due to the Bank of Ghana’s (BoG) recent decision to link cash reserve ratio (CRR) requirements to loans/deposits ratios (LDRs), Fitch Ratings says. The new regime is partly intended to boost bank lending by raising CRR requirements […]

Sustainable Transport Infrastructure Key to Nigeria’s Economic Growth – Expert The Global Transport Policy (GTP) Ltd., a communication outfit, has stressed the need for a sustainable conversation for an excellent transport infrastructure blueprint to boost Nigeria’s economic development. Dr Oluwasegun Musa, the Chairman/Chief Consultant, Global Transport Policy, said this at a media conference on Thursday […]

Eko Disco Reiterates Commitment to Improved Service Delivery  The Eko Electricity Distribution Company (EKEDC) says it is dedicated to ensuring reliable power supply to its customers within the areas under its jurisdiction. Mrs Rekhiat Momoh, acting Managing Director, EKEDC, gave the assurance during a town hall meeting, tagged, “Customers Consultative Forum” in Lagos on Thursday. […]

Transcorp Power Appoints Tuedor-Matthews, Odita, as Non-Executive Directors Transcorp Power Plc (Transcorp Power) on Thursday announced the appointment of Ms Faith Tuedor-Matthews and Mr Charles Odita as Independent Non-Executive Directors, following the approval of its Board of Directors. Mr Stanley Chikwendu, Company Secretary, Transcorp Power, announced this in a disclosure sent to the Nigerian Exchange […]

The Nigeria Correctional Service (NCoS) has refuted claims that controversial cross-dresser, Idris Okuneye, popularly known as Bobrisky, who was sentenced to six months in prison for naira abuse, has been transferred from the Ikoyi custodial centre to the Kirikiri facility in Lagos State. An NCoS official, who spoke to PUNCH Metro on condition of anonymity, […]

A former Speaker of the Kaduna State House of Assembly, Yusuf Zailani, has denied claims that the Ninth Assembly under his leadership approved the $350m World Bank loan obtained by former Governor Nasir El-Rufai. The Kaduna State House of Assembly, on Tuesday, set up a fact-finding committee to probe all finances, loans and contract projects […]

The Federal High Court, sitting in Lagos, has been urged to stop the proposed Extra-Ordinary General Meeting of First Bank Holdings Plc slated for April 30, 2024. In a motion on notice filed at the Registry of the Court on April 17, 2024, the plaintiff in the case, Mr. Olusegun Onagoruwa, is seeking an order […]