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Business
Zugacoin, Samzuga GPT not licensed in Nigeria, says SEC
The Securities and Exchange Commission (SEC) has issued a stern warning regarding two cryptocurrency products—Zugacoin and Samzuga GPT—stating that they are not licensed to operate within Nigeria’s financial market. In an official statement on Wednesday, the commission disclosed that it became aware of online promotions advertising Zugacoin, including variants such as SZCB and SZCB2, alongside Samzuga GPT. SEC clarified that…
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Business
FCMB Group clarifies CBN’s N538.8bn forbearance package
FCMB Group Plc on Wednesday clarified its position on the Central Bank of Nigeria (CBN) N538.8 billion forbearance package, maintaining that the proceeds are expected to be settled July 31, 2025. The Group responded to the recent directive from the CBN on enhanced prudential measures for banks operating under regulatory forbearance, reassuring its investors, analysts, and stakeholders of its strong…
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Business
Zenith Bank to exit CBN’s forbearance package June 30
Zenith Bank Plc on Wednesday announced that it plan to exit from the Central Bank of Nigeria’s (CBN) regulatory forbearance regime by June 30, 2025, signalling improved asset quality and stronger financial footing. The bank is also optimistic about dividend payments to shareholders this year.The bank in a statement by its Company Secretary, Michael Otu, also pointed out that it…
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Business
CBN restricts Zenith Bank, others under forbearance from distributing capital
The Central Bank of Nigeria (CBN) has imposed temporary restrictions on capital distributions, including dividends and bonuses, on Zenith Bank, other banks under its regulatory forbearance to support the retention of their internally generated funds and enhance their capital adequacy. The temporary restrictions and other measures announced by the apex bank are additional regulatory measures for a small group of…
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Business
Fidelity Bank clarifies N5bn bail bond, denies bribery allegation against MD
Fidelity Bank on Tuesday denied reports that its Managing Director (MD) and Chief Executive Officer (CEO), Dr. Nneka Onyeali-Ikpe, allegedly paid a bribe of N5 billion to avoid detention by the police. This disclosure is contained in a press statement issued by Fidelity Bank, where it clarified that its Managing Director was asked to sign a N5 billion bail bond…
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Uncategorized
Zenith Bank, others may suspend dividend payments till 2028 – Rencap Report
A new research note by Renaissance Capital has revealed that Zenith Bank Plc, among other big banks are facing significant exposure to regulatory forbearance loans and may likely suspend dividend payout till 2028. The report titled “Nigerian Banks, Cash is King” suggests some are now likely to suspend dividend payments for multiple years as they work to meet stricter prudential…
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Business
Dangote Refinery offers transport-free deliveries of petroleum products to marketers
A recent initiative by the Dangote Petroleum Refinery, which includes the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecommunications companies, the aviation sector, and other large-scale users across the country, with free logistics support to enhance the distribution network, has the potential to reduce inflation, create employment opportunities, and lower the prices of petroleum…
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Business
PHOTO NEWS: IPMAN seeks NNPCL collobration to explore opportunities in CNG initiative
The Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, represented by the Executive Vice President, Downstream, Mumuni Dagazau, on Monday received a delegation from the Independent Petroleum Marketers Association of Nigeria (IPMAN) led by the National President, Abubakar Maigandi Shettima Garima, on a courtesy visit to the NNPC Towers in Abuja. Discussions focused on the long-standing relationship…
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Business
Banking shares depreciate by 4% amid CBN’s forbearance package policy
The Nigerian Exchange Limited (NGX) Banking Index, on Monday opened the week on a bearish note, dropping by four per cent to 1,169.74 basis points amid investors reaction to the Central Bank of Nigeria’s (CBN) directive suspending bank dividend payouts, director bonuses, and new foreign investments. Accordingly, the NGX ASI Month-to-Date and Year-to-Date returns moderated to +3.2per cent and +12per…
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Economy
Nigeria charting a clear path toward industrialisation, says Wale Edun
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that the country is once again charting a clear path toward industrialisation, after decades of economic stagnation following independence. He made this known while speaking at the African Sovereign Investment Forum (ASIF) hosted by the Nigerian Sovereign Investment Authority (NSIA) in Abuja on Monday. Edun declared: “We…
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