Category: Business

The stock market reacted negatively to the faceoff between the Central Bank of Nigeria and First Bank, as shareholders dumped shares of the lender, an investors priced First Bank’s stocks for cheap. Ripples Nigeria had reported that First Bank replaced its Chief Executive Officer, Sola Adeduntan, on Wednesday, with Gbenga Shobo. The former CEO’s tenure […]

The NBS disclosed that the World Bank did not dispute its employment statistics data collection as claimed by the Minister of Labour, Chris Ngige. The National Bureau of Statistics (NBS) disclosed that the World Bank did not dispute its employment statistics data collection as claimed by the Minister of Labour, Chris Ngige. The NBS disclosed this in […]

Osibanjo stated that the FG is re-convening the Technology and Creativity Advisory Council, to advise the government on policies in the sector. The Vice President of Nigeria, Yemi Osibanjo stated that the FG is re-convening the Technology and Creativity Advisory Council, to advise the government on policies in the sector. The Vice President, represented by Mr Kashifu […]

Naira closed trading significantly weaker to the dollar at the official market on Tuesday. Data from the FMDQ Security Exchange showed the Naira closed at N411.67 to the US dollar. Tuesday’s exchanged rate at the Investors and Exporters window showed Naira lost N1.67 or 0.41 percent in value compared to N410.00, the rate it closed […]

The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the recapitalisation of Microfinance Banks (MFBs) with immediate effect. This followed the adoption of a motion by Rep. Saidu Abdullahi ( APC-Niger) on the floor of the House on Wednesday in Abuja. Moving the motion, Abdullahi said that out of 874 […]

The NCRIB has urged the FG to support the penetration of insurance coverage for citizens in the country. The Nigeria Council of Registered Insurance Brokers (NCRIB) urged the federal government to support the penetration of insurance coverage for citizens in the country. This was disclosed by  Dr Bola Onigbogi, President/Chairman Governing Council of NCRIB, in a meeting […]

The FEC approved the sum of N665 million for the acquisition of poultry equipment for farmers in Borno, Yobe, Plateau and Zamfara. The Federal Executive Council (FEC) approved the sum of N665 million for the acquisition of poultry equipment for farmers in Borno, Yobe, Plateau and Zamfara. This was disclosed at the FEC meeting on Wednesday by […]

Sources in First Bank accuse CBN of meddling in its internal affairs. The Central Bank of Nigeria (CBN) has issued the Board of First Bank Ltd, one of Nigeria’s oldest banks a query for the removal of its CEO. On Wednesday the Board of Directors of First Bank of Nigeria Limited revealed it had appointed […]

Ecobank froze loan approval to some sectors in the first quarter of 2021 and also reduced loans approved to banks during the same period after the COVID-19 pandemic affected its market focus. Ripples Nigeria gathered from the company’s recently released 2021 Q1 financials, that loans to customers declined during the period under review, as Ecobank gave out […]

Despite the challenging economic environment, Nigerians carried out a total volume of 3,464,811,083 transactions valued at N356.47 trillion through Electronic Payment Channels in the last three months of 2020. The National Bureau of Statistics disclosed this in the banking sector data released on Sunday. According to NBS, online transfers dominated the banking activities last year […]

The Federal Government has banned the importation of refined sugar and its derivatives from the country’s Free Trade Zones (FTZs). The development followed a confrontation between the country’s two prominent businessmen, Aliko Dangote and BUA founder, Abdulsamad Rabiu. Dangote Industries Limited and Flour Mills of Nigeria had in a letter to the federal government said […]

The first quarter of 2021 didn’t augur well for Guaranty Trust Bank, as the financial company reported declining earnings amid winding down of Segun Agbaje’s tenure as Chief Executive Officer. In the first three months of 2021, the company’s Net Interest Income fell to N52.43 billion, falling short of the N64.28 billion GTBank recorded during the […]

The Ministry of Finance, Budget and National Planning hosted a meeting of the 40 Deliverables Mandate goals of the ministry related to the economy. The Federal government through the Ministry of Finance, Budget and National Planning hosted a meeting of the 40 Deliverables Mandate goals of the ministry related to the economy. This was disclosed […]

Profit-taking activities in the shares of Dangote Sugar, PZ Cussons, and Honeywell Flour mills pressured NGX CGI downward. Shares of consumer goods companies listed on the Nigerian Stock Exchange (NGX) traded slightly lower today owing to profit-taking activities in the shares of Dangote Sugar, PZ Cussons, and Honeywell Flour mills. The index failed to break […]

In the past few days, Bitcoin has been trading below $50,000, sending a shockwave among small holders. The dip in bitcoin price has triggered the sell sentiment in the cryptocurrency market, but before you go for the bait, there are a few things you need to know. There are different types of investors in the […]