Business

Zenith Bank Plc, Guaranty Trust Holding Company Plc, among other commercial banks in the country have now cleared 95per cent of the debt owed to telecom operators for Unstructured Supplementary Service Data (USSD) services. The Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) Engr. Gbenga Adebayo revealed this on Thursday during a virtual chat with the media…

The Nigerian equities market on Thursday closed trading session on a positive note as gains in Beta Glass Plc and 42 others pushed the overall capitalization up by N678 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 1,074.26 points, representing a gain of 0.92 per cent to close at 117,861.13 points. Also, market capitalisation rose by N678 billion…

The Federal Competition and Consumer Protection Commission (FCCPC) has sealed a visa application centre, TLSContact, over alleged obstruction of the Commission’s investigation into a consumer complaint. The operation occurred at the TLSContact office in Abuja, in the company of police officers and other security operatives, and was monitored by Nairametrics. FCCPC officials targeted the office, asked staff to leave, and…

Fidelity Bank has announced its commitment to exit Central Bank of Nigeria (CBN) forbearance arrangements by the end of the first half (H1) of 2025, ensuring compliance with regulatory requirements and positioning itself for a dividend payout to shareholders for the 2025 financial year. CBN issued a directive instructing banks under regulatory forbearance to suspend dividends, defer executive bonuses, and…

First HoldCo Plc on Thursday expressed commitment to paying a dividend in the 2025 financial year and complying with the Central Bank of Nigeria (CBN) forbearance prudential guidelines. The Company Secretary, First Holdco, Adewale Arogundade, disclosed in a statement by the lender on the platform of the Nigerian Exchange Limited (NGX). The HoldCo is one of the banks impacted by…

Agusto & Co has upgraded Wema Bank’s credit rating from BBB+ to A-, citing improved profitability, stronger operational efficiency, a solid liquidity profile, and substantial shareholder support. The rating upgrade underlines Wema Bank’s strengthened business risk profile, driven by sustainable earnings growth and strategic financial positioning.One of the key factors contributing to the enhanced rating is the bank’s successful rights…

 The $20 billion Dangote Petroleum Refinery & Petrochemicals has been hailed as a symbol of industrial revolution, driving Nigeria’s economic emancipation. This commendation was made by the Technical Committee of the One-Stop Shop (OSS) for sale of crude and refined products in naira initiative during a tour of the facility on Tuesday. Members of the Technical Committee of the One-Stop…

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…

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…

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…