Business

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…

By Innocent Raphael The Minister of Aviation and Aerospace Development, Festus Keyamo, has announced intentions to revise existing agreements between Nigeria and other nations, aiming to facilitate easier international operations for local carriers. Speaking at the Global Transport Policy and Annual Round Table in Lagos, the minister highlighted the importance of improving connectivity and positioning Nigeria as a regional air…

The staff of the Securities and Exchange Commission (SEC) were in great jubilation as newly appointed Director General, Dr. Emomotimi Agama assumed office in an Acting capacity pending confirmation by the Senate of the National Assembly. Agama who resumed at the Commission’s Head office Tuesday and was received by excited members of staff, promised to ensure that the capital market…

Dangote Cement Plc has disowned a truck laden with cement that collided with a bus on Okene-Lokoja bypass in Kogi State, leading to the death of some passengers. The Federal Road Safety Corps (FRSC) had said 19 persons were killed in a fatal road crash on Sunday, April 28, 2024, at Okene bypass, on the Okene-Lokoja highway in Kogi State.…

By Innocent Raphael The Nigerian Civil Aviation Authority (NCAA) has strongly denied recent media reports alleging financial impropriety, including the purchase of a luxury vehicle valued at over N250 million. The agency also threatened legal action against the online publisher unless the story is retracted. Recall that over the weekend, an online publication reported allegations of financial misconduct, government procurement…

The Central Bank of Nigeria (CBN) has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value. Sources confided in The Gazette anonymously since they were not authorised to speak publicly on the matter, asserting that the CBN…

The need to leverage on financial technology (Fintech) to promote financial inclusion to enhance the well-being of Nigerians and ensure sustainable economic growth took the centre-stage at the maiden Nigeria Fintech & Financial Inclusion Roundtable 2024 organised by Business Journal Media Group in Lagos. Experts at the event with the theme, the ‘Role of Fintech & Financial Inclusion in Citizen…

 Management of Dangote Cement Plc has revealed that the company dispatched seven ships of clinker- from Nigeria to Ghana and Cameroon and that the export, for the first quarter of 2024 increased by 87.2 per cent at 264kt. While the company commissioned 10 of the 17 Alternative Fuel Projects across the Group, the local demand for cement, in the same…