Business

Customers’ deposit in top deposit money banks rose 66 per cent Year-on-Year (YoY) to N76.04 trillion in 2023 from N45.81 trillion in 2022. The rise in customers’ deposit is in spite rising inflationary trend and other economic challenges in the country. The banks are Zenith Bank Plc, Access Bank Plc, FBN Holdings Plc, United Bank for Africa (UBA) Plc, Guaranty…

The Central Bank of Nigeria (CBN) on Monday ordered banks, others to implement 0.5 per cent levy on all electronic transactions value as part of efforts to contain the rising threats of cybercrime in the financial system. The implementation followed the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a)…

By Innocent Raphael The Nigeria Civil Aviation Authority (NCAA) has announced plans to establish a dedicated unit for the integration of Unmanned Aircraft Systems (UAS), commonly known as drones, into its operations. The Authority stated that the move aims to enhance safety measures and regulate the growing use of drones across various sectors. In a statement released via its official…

The Federal Government has approved a downward review in electricity tariff for Band A customers to N206.80/kwh, from N225/kwh. Ban A customers are electricity consumers with a minimum supply of 20 hours daily. In a notice to its customers on Monday, Ikeja Electric, stated: “Please, be informed of the downward tariff review of our Band A feeders from N225/kwh to…

 The Aliko Dangote Foundation (ADF) has underscored the pivotal role of religious and traditional institutions in tackling the pressing issues of malnutrition and hunger within Nigeria.  Speaking at an event organized by the National Council on Nutrition and the World Bank-Assisted Accelerating Nutrition Results in Nigeria Project, Mrs. Zouera Youssoufou, the Managing Director/Chief Executive Officer of Aliko Dangote Foundation, emphasized…

The Nigerian Electricity Regulatory Commission (NERC) is set to boost electricity supply to domestic customers following its order mandating the System Operator (SO) to start capping power supply to international customers, which include neighbouring Benin Republic, Niger and Togo. The SO, is a department in the Transmission Company of Nigeria (TCN). In the NERC Order dated April 29, 2024, tagged:…

By Innocent Raphael The Federal Airports Authority of Nigeria (FAAN) and the Office of the National Security Adviser (ONSA) have reached a consensus to decrease number of military and paramilitary personnel conducting inspections on passengers’ belongings at the country’s international airports. Managing Director of FAAN, Mrs Olubunmi Kuku, revealed this development over the weekend, expressing concern over the prevalence of…

Guaranty Trust Holding Company Plc (GTCO) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of N509.3billion, representing an increase of 587.5per cent over N74.1billion recorded in the corresponding period ended March 2023. The Group’s loan…

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024 (Q1 2024), to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN). This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number…

The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage for Deposit Money Banks (DMBs) from N500,000 to N5,000,000 and would provide full coverage of 98.98 per cent of the total depositors compared with the current cover of 89.20 per cent This was announced on Thursday by the Managing Director/Chief Executive of the NDIC Mr. Bello Hassan…