Business

The Federal Airports Authority of Nigeria (FAAN) has condemned a viral video showing a Nigerian Immigration Service (NIS) official soliciting money from a passenger at one of the country’s airports. In an official statement, Mrs. Olubunmi Kuku, Managing Director and Chief Executive of FAAN, reacted to the incident, stating, “I have seen the disturbing video circulating of a Nigerian Immigration…

NIRSAL Plc has completed a midyear training programme for lead farmers and extension agents in the Aquaculture and Cassava value chains across locations in Imo, Sokoto, Kwara, and Oyo States. The programme, aimed at boosting farmers’ capacities to access and repay commercial loans, had over 2,000 participants, with state government representatives also in attendance. As it continues to promote the…

The Central Bank of Nigeria (CBN) has disclosed that it injected $876.26illion into the foreign exchange (FX) market   through Retail Dutch Auction System (rDAs). rDAS  as the name implies is a direct sale of FX  by the CBN through the banks to the end users of the FX. Unlike the wDAs, the rDAs is based solely on actual demand of…

In alignment with President Bola Tinubu’s Renewed Hope Agenda, the Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama, is set to outline the Commission’s vision for the Nigerian capital market at the second Capital Market Committee Meeting (CMC). The meeting which will hold in Lagos on August 14, 2024, aims to develop strategies for enhancing the capital…

Central Bank of Nigeria (CBN) approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited. According to the apex bank, the bailout is aimed at strengthening the stability of Nigeria’s financial system, as confirmed in an official letter from the CBN, which detailed the terms and structure of the financial…

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance provider, has announced the appointment of Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General. The appointments further strengthen HIG’s governance and leadership team.  HIG has enjoyed rapid growth since its launch in 2021, as consumers benefit from the Group’s unique offering of digitally driven insurance…

The Central Bank of Nigeria (CBN) has approved merger between ProvidusBank, and Unity Bank Plc. The management of Unity Bank and ProvidusBank in a joint statement on Tuesday announced that the CBN has approved the merger between the two banks, marking a significant milestone in the evolution of both institutions. According to the statement, the merger represents a strategic and…

The naira on Tuesday appreciated by 0.4per cent to N1,601.00 against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to data from the FMDQ, the exchange rate closed trading on Tuesday at N1,601/$1, a slight appreciation from the N1,617/$1 reported on Monday. The intra-day highs and lows for the week also recorded N1,623 and N1,560, respectively, suggesting…

·       strong earnings prospects from the new refinery GCR Ratings (GCR) has affirmed the national scale long-term and short-term issuer ratings of AA+(NG) and A1+(NG) respectively accorded to Dangote Industries Limited (DIL). GCR in its recent report also affirmed the national scale long-term issue rating of AA+(NG) accorded to each of Dangote Industries Funding Plc’s Series 1 N10.5 billion tranche…

The Airline Operators of Nigeria (AON) has commended the Nigerian Judiciary for its recent ruling against the controversial sale of Nigeria Air to Ethiopian Airlines. In a statement signed by AON President Alhaji Abdulmunaf Yunusa Sarina, the association expressed gratitude to the judiciary for upholding justice. On Monday, Justice A. Alagoa of the Federal High Court in Lagos ruled against…