Economy
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CBN warns banks over Benin Republic transactions, says neighbouring country drug trafficking hub
The Central Bank of Nigeria has warned Nigerian banks on transactions relating to Benin Republic. The apex bank in a circular dated April 11 signed by Director of Banking Supervision Department, Asuquo Evelyn, directed banks to implement enhanced measures on existing accounts and transactions relating to the neighbouring country. According to the CBN, intelligence reports from competent sources have revealed…
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Nigerian Breweries to spend N56bn on Ama plant expansion, targets 6m hectolitres per annum
Nigerian Breweries has earmarked N56bn for the expansion of Ama Brewery in Enugu. The expansion, when completed, would boost the brewing capacity to 4.8 billion hectolitres from an initial capacity of 2.7 billion hectolitres and further increase it to 6 billion hectolitres after the second phase. Speaking at the commissioning of the expansion project, Governor, Central Bank of Nigeria, Godwin…
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Be vigilant of transactions related to Benin Republic, CBN to banks
The Central Bank of Nigeria (CBN) has warned Nigerian banks to be vigilant regarding transactions related to the Benin Republic due to intelligence that suggests the country is increasingly becoming a drug trafficking transit and consumption hub in West Africa. This was disclosed in a circular sent to Nigerian banks titled “NEED TO IMPLEMENT ENHANCED MEASURES FOR CUSTOMER ON-BOARDING AND…
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BudgIT opens US office, plans to lead on civic technology, coordinate global expansion
BudgIT on Wednesday introduced its United States office in Washington, DC to a group of leaders, stakeholders, donor representatives and citizens. The event hosted people from across the development sector such as Transparency Accountability Initiative, Carnegie Endowment fund, Open Government Partnership, MacArthur Foundation and other distinguished leaders from across the world. This is part of BudgIT’s post anniversary strategy to…
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Market cap hits N27trn, as NGX ASI crosses 50,000 basis points
Opening the holiday shortened week on Wednersday, the equities market of the Nigerian Exchange Limited (NGX) resumed trading on a positive trend as the market capitalisation hit N27 trillion. The NGX All Share Index (ASI) rose by 487.47 basis points or 0.98 per cent to close at 50,126.41 basis points, while the overall market capitalisation value gained N263 billion to…
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Lekki Deep Seaport game changer, says Lai Mohammed
Minister of Information and Culture, Alhaji Lai Mohammed, has described the Lekki Deep Seaport as a game changer in the maritime sector, with the capacity to turn Nigeria into a shipping hub, boost the economy and create jobs. The minister made the remarks on Wednesday in Lekki, during a media tour of the deep seaport, located 65 kilometers East of…
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Dangote Cement issues N116bn series 2 fixed rate senior bond
Dangote Cement Plc on Wednesday announced the successful completion of its N116billion Series 2 Bond issuance, which is the largest corporate bond issuance in the history of the Nigerian Capital Market. The cement manufacturing company noted that the Bond Issuance, which is the second issuance under its N300billion MultiInstrument Issuance Programme, attracted participation from a wide array of institutional investors,…
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Access Holdings, UBA, Zenith bank, 7 others report N322.26bn profit in 3 months
A total of 10 banks on the Nigerian Exchange Limited (NGX) reported N322.26billion profit before tax in the first three months of 2022, an increase of about 14 per cent from N282.41billion reported in the first three months of 2021. The 10 banks also reported 11 per cent increase in profit after tax to N271.01billion in Q1 2022 from N244.65billion…
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MTN to launch 5G in Nigeria second half of 2022
Nigeria’s telecommunications company, MTN, will launch 5G network in the country in the second half of the year. This was disclosed by MTN CEO, Karl Toriola, at the launch of a media fellowship named Media Innovation Programme (MIP). The MIP which is for Nigerian journalists is in partnership with the Pan Atlantic University (PAU). Toriala said MTN had spent N3.4trillion…
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NCC engages PwC to conduct study on colocation competition level
The Nigerian Communications Commission (NCC) has commenced the process of conducting a study to assess the current level of competition in the colocation and infrastructure sharing (CIS) segment of the Nigerian telecommunications sector. The Commission engaged the services of Messrs. Price Waterhouse Cooper (PwC), one of the world’s reputable consulting firms, to conduct the study on its behalf, in exercise…
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