Business

Aside from Unity Bank Plc with a decline in profit, Fidelity Bank Plc and four other banks reported 39.1 per cent in profit to N193.445billion in unaudited full year result and accounts for the period ended December 31, 2022 from N139.08billion reported in the full year ended December 31, 2021.  Other Tier-2 banks investigated by Westernpost are: Wema Bank Plc, FCMB…

External reserves depreciated by $86.62million in January as the Central Bank of Nigeria (CBN) intensified its effort at intervening in the foreign exchange market.  The external exchange buffer that opened in 2022 at $37.08billion dropped by 0.23per cent to $36.99billion as of January 2023.  Nigeria’s external reserves fell by $3.43billion in 2022, according to CBN The CBN disclosed in its…

In continuation of its clampdown at elements frustrating efforts in making the redesigned Naira notes available to bank customers, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), on Friday said it arrest First City Monument Bank (FCMB) and Stanbic IBTC bank managers over alleged sabotage. The bank official, who is the Branch Service Head of Stanbic IBTC Bank,…

Ardova Plc has reported N7.6billion loss in its unaudited financial statement for the period ended December 31, 2022, becoming one of its worst performance in over six years. The petroleum marketing company’s worst results continued in 2022 as it had reported N3.85 billion loss in 2021 financial statement. Ardova also reported N7.14billion loss before tax in 2022 from N2.94billion reported…

The equities market on Thursday advanced by N271 billion, as investors continue to digit a flurry of full year corporate earnings released on the Nigerian Exchange Limited (NGX). The All Share Index (ASI) rose by 498.44 basis points or 0.93 per cent to close at 53,998.12 points. Accordingly, investors gained N271 billion in value as market capitalisation went up to…

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe has been presented the award of the Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards. Organized by Leadership Media Group, publishers of Leadership newspapers, the colourful ceremony was held at the Abuja International Conference Center on Tuesday, 31 January 2023. The well-attended event was chaired…

Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. The agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote alongside the Group Executive Director, Strategy, Capital Projects & Portfolio Development, DIL, Devakumar Edwin, while China Sinoma Engineering was represented by its Group President,…

The equities market of the Nigerian Exchange Limited (NGX) on Monday started the week positively, with a gain of N273 billion due to strong corporate earnings and increased interest in Airtel Africa Plc and 27 others. The All Share Index (ASI) rose by 499.95 basis points or 0.95 per cent to close at 53,157.83 basis points. Accordingly, investors gained N273…

In its moves to enhance payment service ecosystem, the Central Bank of Nigeria (CBN) on Thursday unveiled the Nigerian National Domestic Card Scheme – Afrigo, in conjunction with the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, the Bankers Committee, and other financial ecosystem stakeholders Afrigo card is operated by AfrigoPay Financial Services Limited (AFSL), a national domestic card scheme duly licensed…

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday reversed prior day’s gains, closing N24 billion lower as investors sold off Geregu Power Plc and 13 others. Also, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously voted to increase the Monetary Policy Rate (MPR) further by 100basis points  to 17.5 per cent at…