Business

Leading banks in Nigeria, Guaranty Trust Holding Plc (GTCO), Zenith Bank Plc, United Bank for Africa Plc and Access Holdings Plc have reported N563.21billion bad loans or Non-Performing Loan (NPL) in 2022, an increase of about four per cent from N543.56billion reported in 2021. The reported bad loans in the period under review is on the backdrop of double-digit inflation…

Shareholders of Fidelity Bank Plc, have commended the board and management for delivering an exceptional performance in FY 2022. This was made known at the bank’s 35th Annual General Meeting (AGM) held virtually. Speaking at the AGM, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu applauded the bank’s management for “listening to shareholders and declaring…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Wednesday raised its interest rate or Monetary Policy Rate (MPR) to 18.5 per cent from 18 per cent. Members at the third MPC meeting in 2023 voted to increase the interest rate on the heels of tackling inflation rate in Nigeria. The members retained the asymmetric corridor…

Following the revocation of licenses of 179 Microfinance Banks (MfBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the closed banks speedy payment of their insured sums. NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave this assurance in a statement which followed the revocation of…

For the third consecutive session, the equities market of the Nigerian Exchange Limited (NGX) on Tuesday maintained the bull run bringing the overall capitalisation up by N138 billion on sustained buying interest in Stanbic IBTC Holdings Plc and 32 others. The All Share Index (ASI) gained by 252.06 basis points or 0.48 per cent to close at 52,621.19 points. Accordingly,…

Chairman of Dangote  Group, Alhaji Aliko Dangote has disclosed that the first fuel products from the Dangote Refinery will be ready by June 2023. He disclosed this during the ongoing commissioning of the refinery on Monday in Lagos He thanked President Muhammadu Buhari for his support through the arduous process that has seen the birth of the refinery. According to…

Trading activities in the Nigeria equities market on Monday closed positive with a gain of N98 billion to commence trading activities for the week.  Accordingly, the NGX All Share Index (ASI) gained181.20basis points or 0.35 per cent to close at 52,369.13 basis points. Also, market capitalisation gained N98 billion to close at N28.515 trillion. As measured by market breadth, market…

FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the listing of the FCMB Group Plc’s N20.69 billion Series 1 Fixed Rate Resettable NC5.25 Additional Tier 1 Subordinated Bond under its N300 billion Debt Issuance Programme on its platform. Speaking on the successful bond issuance, Group Chief Executive, FCMB Group PLC, Mr. Ladi Balogun, in a statement said: “FCMB Group is…

In an epoch-making event that will positively transform Nigeria’s oil and gas sectoral landscape, President Muhammadu Buhari will Monday commission Dangote Petroleum Refinery & Petrochemicals, the world’s largest single train refinery in Ibeju-Lekki, Lagos alongside his counterparts from Ghana, Togo, Senegal, Niger, and Chad. Promoted by Africa’s richest man, Aliko Dangote, the petroleum refinery with a capacity to process 650,000…

The Central Bank of Nigeria (CBN) has disclosed that currency in circulation increased to N2.38trillion in April 2023 from N1.68trillion in March 2023. This represents an increase of 41.32 per cent. The reported currency in circulation is the highest this year and it is on the backdrop of CBN’s suspension of its local currency redesign policy. Currency in circulation opened…