Business

The Nigerian Communications Commission (NCC) and telecommunications companies have ruled out any extension to the deadline for Sterling Bank Plc, others to settle their N250billion Unstructured Supplementary Service Data (USSD) debts. This decision leaves defaulting lenders scrambling to meet the deadline by the close of business on Monday. Initially, nine banks were in arrears, but by Friday, the number had…

Zenith Bank Plc has raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer. In a statement released to the Nigerian Exchange (NGX) Group on Monday, the Bank announced that it has secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in respect of…

The Federal Government of Nigeria on Monday said it is actively working to enhance its domestic drone technology capabilities and has engaged representatives of Loong UAV, a China-based global leader in tactical drone solutions. The Director-General of the Nigeria-China Strategic Partnership, Dr Joseph Tegbe, who led the Nigerian delegation, said the collaboration with Loong UAV aims to strengthen Nigeria’s capabilities…

The Central Bank of Nigeria (CBN) has revealed that Nigeria’s Purchasing Managers’ Index (PMI) for December 2024 rose to 51.0 index points, signalling a return to expansion in economic activities after two consecutive months of contraction.  The Central Bank of Nigeria (CBN) released the data as part of its monthly Purchasing Managers’ Index (PMI) report for December 2024, revealing positive…

The President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Alaribe, has commended the Nigeria Deposit Insurance Corporation (NDIC) for its continuous compliance to the highest standards of integrity and transparency which is critical to the success of its operations in safeguarding depositors’ funds and ensuring the stability of the financial system. This formed part of the…

Zenith Bank Plc has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades. This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity. With over 8,000 employees, this significant investment in…

The Federal Airports Authority of Nigeria (FAAN) has announced the suspension of access gate fees at the Nnamdi Azikiwe International Airport, Abuja. According to a statement released on Saturday via the authority’s official X handle, the suspension which aims to alleviate the traffic challenges caused by ongoing construction, will take effect from January 24, 2025, and last until February 7,…

FMDQ Securities Exchange Limited on Friday announced the approval for the registration of Lucky Fibres Limited N20.00 billion Commercial Paper (CP) Issuance Programme on its platform. Lucky Fibres Limitedm, a subsidiary of Tolaram Group, is a leading manufacturer of carpeting and flooring materials in West Africa. With over 25 years of experience, the Company produces a diverse range of woven,…

US bank JP Morgan has warned that emerging economies like Nigeria may face a significant outflow of capital if former President Donald Trump’s ‘America First’ policies continue to gain traction. This warning comes from a Reuters report citing a JP Morgan statement. Although Nigeria was not specifically mentioned in the report, the reference to emerging markets undoubtedly includes economies like…

Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga has lauded Ms. Arunma Oteh, one of Africa’s leading financial professionals, for her thought leadership and extensive contributions to the field of capital markets through her new book, All Hands on Deck: Unleashing Prosperity Through World Class Capital Markets. Speaking at the book launch at Oxford University, United…