Economy
-
BREAKING: FBN Holdings declares N309.89bn profit in 2023
FBN Holdings Plc on Thursday announced N309.89billion profit after tax in its unaudited full year ended December 31, 2023. This is an increase of 127.58per cent from N136.17billion declared in full year ended December 31, 2022. The unaudited result and accounts released on the Nigerian Exchange Limited (NGX) revealed N362.24billion profit before tax in 2023, representing an increase of 129.66…
Read More » -
Ogun constitutes ambassadors to intensify efforts on investment drive
By Kolawole Olayinka, Abeokuta The governor of Ogun State, Prince Dapo Abiodun has inaugurated a 12-man committee of Ogun Invest Ambassador Network to create a robust and seamless working relationship between government and investors, for businesses to thrive. Abiodun, during the inauguration and orientation course for the ambassadors, at Ogun Invest Office, Isheri, in Ifo Local Government Area of the…
Read More » -
BRICS: UAE pays China with new digital Dirham
BRICS members UAE and China settled a cross-border transaction on Monday using the new Digital Dirham sidelining the US dollar. This is the first-ever transaction made directly to China from the UAE using the new mode of payment with the Digital Dirham. The direct trade settlement was initiated by the UAE through the ‘M Bridge’ platform making ways for BRICS…
Read More » -
Femi Otedola succeeds Ahmad Abdullahi as chairman of FBN Holdings
The management of FBN Holdings Plc on Wednesday announced the appointment of Mr. Femi Otedola as new Chairman of the oldest financial institution in Nigeria. The billionaire investor and philanthropist succeeds the outgoing Chairman of the board, Alhaji Ahmad Abdullahi. The Holdings in a notification to the Nigerian Exchange Limited (NGX) and the investing public stated that the board and…
Read More » -
Nigerian travel agents give foreign airlines ultimatum to cut fares
Following the release of all outstanding backlogs of $64.44 million in blocked airline funds by the Central Bank of Nigeria (CBN), the National Association of Nigerian Travel Agents (NANTA) has said that foreign airlines have no further reason and justification to restrict inventory in the Nigerian market. The national president of NANTA, Mrs Susan Akporiaye in a statement on Wednesday…
Read More » -
Group applauds Tinubu on removal of fuel subsidy
A civil society organisation, Independent media and Policy Initiative, has applauded President Bola Tinubu over his decision to remove the petrol subsidy. President Tinubu announced the withdrawal of subsidies in his inaugural speech on Monday, saying that the past administration did not make provision for such in the 2023 appropriation act. The announcement, however, came after a severe fuel shortage…
Read More » -
At N78.74trn, money supply hits all-time high in 2023
Nigeria’s broad money supply increased to N78.74 trillion as of December 2023, the highest ever recorded in the country. This is an increase of N26.58 trillion or 51per cent year on year when compared to N52.16 trillion recorded in 2022. This is according to the latest data from the Central Bank of Nigeria (CBN) as contained in its money and…
Read More » -
CBN tackles dealers on inaccurate, misleading FX rates
The Central Bank of Nigeria (CBN), on Monday warned all authorised foreign exchange dealers to desist from reporting inaccurate and misleading information on transactions concluded in the financial market. Naira of lately has witnessed speculative trading at the foreign exchange market, leading to its free fall to N1,348.63 against the dollar as of January 29, 2024 at the Nigerian Autonomous…
Read More » -
Adeleke commends TCN, seeks early completion of Ede Transmission Project
Osun State Governor, Ademola Adeleke, has commended the Transmission Company of Nigeria for completing many abandoned transmission.project across the country , describing the TCN as the heartbeat of the Nigerian electricity system. The Governor was at the TCN headquarters to follow up on the preliminary work already done by his Chief of Staff, Hon Kazeem Akinleye and the House of…
Read More » -
BREAKING : President Tinubu moves revenue from crude oil sales to CBN
For transparency and accountability, President Bola Tinubu has ordered the Central Bank of Nigeria to take over the responsibility for crude oil sales from Nigerian National Petroleum Company Limited (NNPCL). Under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation Source within the CBN confirmed the development to Western Post, saying receipts…
Read More »
