Business

Retail lender, Unity Bank Plc grew its deposits to N333.38 billion, representing a marginal increase of two per cent compared to N327.42 billion recorded in H1 2022 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Limited (NGX). The growth in deposits demonstrates incremental gains by the lender from its commitment to deepening its retail footprint through a…

The Department of State Services (DSS) has arrested and detained Ms Aisha Ahmad over allegations of fraud. Ms Ahmad is the deputy governor of the Central Bank of Nigeria (CBN) in charge of financial system stability. According to a source, she is been detained over the alleged fraudulent acquisition of shares in Polaris Bank, Titan Bank/Union Bank. “Ms Ahmad is…

Group Chairman, Heirs Holdings, Mr. Tony Elumelu has urged the Indian private sector to seize the opportunity to invest in Nigeria, during the Nigeria-India Presidential Roundtable and Conference recently held in India. The Presidential roundtable and conference was jointly organised by the High Commission of Nigeria to India, the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC).…

The Nigerian Railway Corporation (NRC) generated N1.10billion in revenue in the second quarter of 2023, an increase of 84 per cent from N598.74million recorded in the second quarter of 2022. This is disclosed by the National Bureau of Statistics (NBS) in its rail transportation data for Q2 2023. According to NBS, “In Q2 2023, a total of 474,117 passengers travelled…

The National Bureau of Statistics (NBS) on Thursday disclosed that Nigeria’s total exports stood at N7.02trillion in second quarter of 2023, a decline of 5.20 per cent when compared with the N7.4trillion recorded in the second quarter of 2022. However total exports gained 2.99per cent to N5.56 trillion in Q1 2023. The bureau in its “Foreign Trade in Goods Statistics…

Respite has come the way of bank depositors as interest rate on savings increased to 5.24 per cent in July 2023 following the hike in Monetary Policy Rate (MPR) to 18.75 per cent by Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The MPR is the baseline interest rate in an economy, every other interest rate used…

The equities market of Nigerian Exchange Limited (NGX) on Thursday sustained its bearish performance with N112 billion loss, following selloffs in Nestle Nigeria Plc and 29 others. The All-Share Index declined by 204.17 basis points or 0.30 per cent, to close at 68,082.11 basis points. Similarly, the overall market capitalisation value lost N112 billion to close at N37.262 trillion. The…

The Director-General, Securities and Exchange Commission (SEC), Lamido Yuguda has stated that the Nigerian Capital Market has the capacity and well positioned to finance Public-Private Partnership (PPP) infrastructure projects in the country. Yuguda made this remark at the 2023 Chartered Institute of Stockbrokers (CIS) National Workshop which held in Abuja on Thursday. Speaking on the theme; leveraging the capital market…

The Securities and Exchange Commission (SEC) has said the remarkable growth witnessed in the Nigerian banking industry over the past decade is partly attributable to the capital market and commission’s comprehensive regulatory approach. Director General of SEC, Mr. Lamido Yuguda said this at the 2023 Chartered Institute of Bankers (CIBN) graduates induction and prize award recently in Lagos. He said,…

Following Nigeria’s commitment to adopt the International Sustainability Standards Board (ISSB) standards, Ms. Tinuade Awe, the Chief Executive Officer of NGX Regulation Limited (NGX RegCo), emphasized the importance of Nigerian banks swiftly integrating environmental, social, and governance (ESG) principles into their business strategies. Awe asserted that doing so would provide them with a competitive edge in the global market. This…