Business

In a resounding commencement of the year 2024, Wema Bank Plc said it has disbursed a total of N8million in cash rewards to 116 fortunate customers in the 6th monthly draw of the Wema Bank 5 for 5 Promo Season 3. The live draw, which held at the Oba Adesida branch of the bank in Akure, Ondo State, on Friday,…

Wema Bank Plc has extended condolences to the Board, Management, and Staff of Access Holdings PLC, owners of Access Bank, over the tragic and untimely death of their group Chief Executive Officer, Mr. Herbert Wigwe. Wigwe, his wife, Son, and Mr. Bimbola Ogunbanjo, a former Group chairman of Nigeria Exchange Group (NGX Group), lost their lives in a helicopter crash…

Bayobab, a pan-African digital connectivity solutions provider, has partnered with MTN Nigeria to land a 45,000km subsea cable in Nigeria. Known as ‘2Africa,’ the cable landing station is at Mopo-Onibeju Lekki area of Lagos. 2Africa is said to be the longest under-water cable in the world, passing through three continents and 33 countries, several of which are in Africa; expanding…

President Bola Tinubu has approved the appointment of a new management team for the Asset Management Corporation of Nigeria (AMCON), pending their confirmation by the Nigerian Senate: (1) Gbenga Alade — Managing Director/CEO (2) Aminu Ismail — Executive Director (3) Adeshola Lamidi — Executive Director (4) Lucky Adaghe — Executive Director The President expects unflagging dedication, professionalism, and dutifulness from…

The Nigerian Naira on Wednesday experienced a significant depreciation, reaching a record low of N1,830 per dollar in the parallel market, commonly referred to as the black market. This marks a 7.10% decline or N130.00 weaker compared to the previous day’s closing rate of N1,700. The observed depreciation underscores the severity of the current economic challenges, with this drop representing…

The Minister of Housing and Urban Development, Arc. Musa Dangiwa has raised concerns about cement manufacturers using the fluctuating foreign exchange rates as a pretext to significantly increase cement prices, thereby adding to Nigeria’s economic challenges.  This issue was brought to light during a meeting Dangiwa convened with key figures from the cement industry, including Dangote Industries Limited’s Group Chief…

Kunle Sanni The Abuja Electricity Distribution Plc (AEDC) has announced its intention to disconnect the electricity supply of 86 Ministries, Departments, and Agencies (MDAs) as a result of their collective debt of N47.1bn. The disco gave the MDAs a notice on Monday, with a 10-day deadline to comply and settle their debts or face a blackout starting from February 28,…

The National Bureau of Statistics (NBS) on Monday revealed that for the third quarter of 2023, the unemployment rate surged to five per cent, marking a notable increase from the 4.2 per cent recorded in Q2 2023. According to the report, among men, the unemployment rate stood at four per cent, while among women, it was six per cent.  The…

Global rating agency Fitch Ratings has affirmed that several Nigerian banks have intrinsic strengths to maintain stable business outlook, despite macroeconomic challenges. In its latest ratings report, Fitch stated that Nigeria’s largest banks and many others have sufficient buffers to remain stable in the face of macroeconomic challenges. Fitch affirmed the banks’ ratings of Long-Term IDR at ‘B-’ as well…

Secretary to the Government of the Federation (SGF), Senator George Akume, has described the Governor of the Year award received by the Ogun State Governor, Prince Dapo Abiodun, as well deserved recognition for a leader who has done so well for his state. The SGF also called on Nigerians to join hands with the present administration of President Bola Ahmed…