Business

The Central Bank of Nigeria (CBN) has set up interim management for Union Bank of Nigeria Plc, Keystone Bank and Polaris Bank whose boards and management were dissolved on Wednesday. For Union Bank, Yetunde Oni is the Managing Director while Mannir Ubali Ringim is the Executive Director. The interim managers for Keystone are Hassan Imam, who is the Managing Director…

The Naira experienced a significant decline on Tuesday closing at N1,089.51 against the dollar from N922.22 against the dollar the previous day at the Nigerian Autonomous Foreign Exchange Market (NAFEM).  This represents a notable depreciation of 27.19per cent compared to the previous closing, raising concerns about the currency’s trajectory in the new year.  Fourth-time Naira crossed the N1,000/$ threshold  This latest…

The Dangote Petroleum Refinery, on Monday, announced its readiness to commence production of refined petroleum products as it received the 6th batch of one million barrels of crude oil required by the plant for its initial operations. “Dangote refinery appears set to commence production of refined petroleum products with the receipt of the sixth batch of barrels of crude supplied…

President Bola Tinubu has sacked the chief executives of the Bureau of Public Enterprises (BPE) and Federal Competition and the Consumer Protection Commission (FCCPC). Presidential spokesman Ajuri Ngelale disclosed this in a late Monday statement, saying the dismissal of Babatunde Irukera as the FCCPC EVC/CEO and Alexander Ayoola Okoh of BPE is part of restructuring moves. “In conformity with plans…

The Economic and Financial Crimes Commission (EFCC) on Monday expressed dissatisfaction with a judgment of the Federal Capital Territory, FCT, High Court awarding N100 million damages against it in favour of a former governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele. Justice O.A. Adeniyi, on Monday fined the Commission after he ruled that the Commission’s detention of…

Africa’s Global Bank, United Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share. At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from…

Guaranty Trust Bank (GTBank) has begun the deduction of the sum of N50 for all international transactions as an electronic money transfer levy (ETML). This was contained in a notice sent to customers on Friday. GTBank said the transaction fee was due to a directive from the Federal Inland Revenue Service (FIRS) to all deposit money banks. The bank said…

The equities market of the Nigerian Exchange Limited (NGX) gained N2.7trillion in first four-day trading activities of 2024 to sustained its positive momentum from 2023 rally. Specifically, the overall equities market capitalisation closed on Friday at N43.593 trillion, gaining N2.7trillion or 6.54per cent from N40.917 trillion it opened for trading in 2024. Consequently, the NGX All-Share Index increased to historic…

Nigerian Exchange Limited (NGX), in collaboration with the National Pension Commission (PenCom) launched the NGX Pension Broad Index (NGXPENBRD) on 15 June 2023, which provides a broader benchmark for equities investment by the pension industry. The NGX Pension Broad Index is designed to track the performance of equity securities that adhere strictly to the profitability and dividend payment criteria, along…

NOVA Merchant Bank Limited has announced that it is set to begin its conversion to full Commercial Banking Business following its recent requisition of the national commercial banking license from the relevant authorities. To this end, the Bank has appointed Mr. Adebowale Oyedeji, as the new Managing Director and Chief Executive Officer to effectively stir its operations and deliver on…