Business

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has stated that smart regulation is a catalyst for inclusive growth that promotes transparency, protects investors, and ensures financial stability in a rapidly evolving ecosystem. Dr. Agama stated this while delivering a keynote address at the FintechNGR Conference with the theme “Positioning Africa’s Fintech Ecosystem to Accelerate…

In a show of strong support for Guaranty Trust Holding Company (GTCO), the Central Bank of Nigeria (CBN) has set the record straight by debunking false allegations being peddled against GTCO and its Executive Management by faceless and unqualified entities. This was contained in a statement released by the apex banking authority in Nigeria today, reassuring the public that their…

Access Holdings Plc on Monday announced to investing public and the Nigerian Exchange Ltd that its flagship subsidiary, Access Bank Plc (‘Access Bank’ or ‘the Bank’) has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in Namibia. Commenting on the development, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank PLC, said:  “This expansion…

With the growth in loans and deposits from customers, Ecobank, and five other Tier-1 banks generated N169.1 trillion in total assets as of June 30, 2024, about 40.57per cent increase from N120.3trillion reported in 2023 financial year. The remaining Tier-1 banks are:  Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), FBN Holdings Plc, Zenith bank Plc…

The National Agency for Science and Engineering Infrastructure (NASENI) is organizing a 3-day procurement in-house training for all procurement and other relevant officers in NASENI system -wide to acquaint them with best procurement operations and in line with global practices. The training will take place at the NASENI Headquarters, beginning from Tuesday 8th  to 10th October, 2024, targeted at building…

The Governor, Central Bank of Nigeria (CBN) Mr Olayemi Cardoso, has said the decision of the Monetary Policy Committee (MPC) to raise the Monetary Policy Rate (MPR) to 27.25 per cent was a bold move, stressing that higher interest rates though painful for borrowers, but is necessary to curb excess money in circulation and control inflation.  While addressing members of…

The Central Bank of Nigeria (CBN) said it sold $543.5 million  to authorised dealers between Sept. 6 and Sept. 30. According to a statement issued by Omolara Duke, the Director, Financial Markets Department of the CBN, the transaction was through a two-way quote at the Nigeria Foreign Exchange Market (NFEM) on 11 dealing days. Duke said that the spot sales…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria may experience gas supply crisis with a potential shortfall of 3.1 billion cubic feet (bcf) per day by 2030. Chief executive officer (CEO) of NUPRC, Gbenga Komolafe disclosed this at the Association of Energy Correspondents of Nigeria (NAEC) conference on Thursday. “Between 2020 and 2030, demand for gas is…

The Central Bank of Nigeria (CBN) says the industry sector contracted in September, while the agriculture and service sectors expanded. In its Purchasing Manager’s Index (PMI) report, CBN said the composite PMI — which is the combination of the sectors’ performance — for September 2024 stood at 50.5 index points, indicating expansion in economic activities for the second consecutive month,…

The Nigerian equities market closed the second trading session of October 2024 on negative by dropping N671 billion over investors profit-taking in Dangote Cement Plc, and 27 others.  The All-Share Index (ASI) lost 1,167.97 points, representing a decline of 1.19 per cent to close at 97,064.42 points. Also, market capitalisation declined by N671 billion to close at N55.777 trillion. Investor…