ASSETS & FINANCIALS

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has said that Nigeria can easily earn N10tn annually through efficient management of its non-oil assets. Oyedele stated this recently in Lagos at a stakeholders’ forum …

The Central Bank of Nigeria has affirmed the safety of funds in Nigerian banks, emphasising the stability of the country’s banking sector. The apex bank therefore advised the public to continue with their regular banking activities without succumbing to the …

The Home Finance Department of the Ministry of Finance, Budget and National Planning has received the sum of $5.6m from the World Bank to procure 21 items, which included office stationeries, furniture, solar inverter, office equipment, and vehicles. The approvals …

Tunde Lemo The Special CBN Investigator, Jim Obazee, has summoned the Chairman of Titan Trust Bank, Babatunde Lemo, in connection with the acquisition of Union Bank of Nigeria Plc by TTB. The TTB chairman, a former deputy governor of the …

Godwin Emefiele Embattled former Governor of the Central Bank of Nigeria, Godwin Emefiele, has faulted allegations of stolen funds against him in the recently released report of the Special Investigator on the CBN and Related Entities. He explained his stance …

The Central Bank of Nigeria has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, …

Yuan The House of Representatives has called for the adoption of the Chinese Yuan as an official foreign exchange reserve currency with other internationally recognised currencies to protect the naira from further depreciation. The resolution was sequel to the adoption …

The market capitalisation of the Nigerian Exchange Limited crossed the N40tn mark at the close of trading on Wednesday on the back of increased activity in banking stocks. Similarly, the benchmark index of the exchange, the All-Share Index, crossed 73,000 …

Experts have urged the government to prioritise local steel manufacturing to reduce the cost of vehicles in the country. Battery and Power Systems Analyst at DM Lustrous Cars Ltd, Victor Ezeali, in an interview with media source, stressed the need to …

The Africa Development Bank has lamented the spate of illicit flow of funds in Africa’s financial system and called for increased measures to combat the menace. This was as the bank’s Chief Economist and Vice President, Economic Governance and Knowledge, …

The benchmark index of the Nigerian Exchange Limited, All-Share Index rose by 0.55 per cent on Wednesday at 72,299.79 points, thus crossing the 72,000 basis points for the first time in history.  This was as trading activities on the NGX …

Dr. Chinyere Almona Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has applauded the decision by the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits above specified thresholds, saying it would …

The Corporate Affairs Commission is set to delist 91,843 companies for failing to file their annual returns with it. In a list published on its website, the commission listed 91,843 companies for delisting (2,738 less than the 94,581 it initially …

The Federal Government recently opened applications for the Presidential Conditional Loan Scheme to Businesses in Nigeria (including Nano businesses) as part of the Presidential Palliative Program. The Presidential Palliative Program is part of the FG’s effort to alleviate the effect …

African Development Bank Group President, Dr Akinwumi Adesina, has warned that a new EU carbon border tax could significantly constrain Africa’s trade and industrialisation progress by penalising value-added exports including steel, cement, iron, aluminium and fertilizers. While addressing delegates at …

Nigeria recorded $11.11bn aggregate foreign exchange inflow in July and August, figures obtained from the Central Bank of Nigeria revealed. According to figures obtained from the CBN’s August economic report on foreign exchange flows through the economy, August’s figure rose …

At least five multinationals have winded down operations in Nigeria in the last 10 months, an analysis of separate notices filed by the firms has shown. On Wednesday, Consumer goods giant Procter & Gambles said it would dissolve on-ground operations …

The Director-General of the World Trade Organisation Ngozi Okonjo-Iweala, has been listed on Forbes’ 100 Most Powerful Women list. According to Forbes’ 20th annual ranking released on Tuesday, the Nigerian economist held the 87th spot, while South African businesswoman Mpumi …

Banks have been asked to disconnect Switches, Payment Solution Service Providers, and Super Agents from the Nigeria Inter-Bank Settlement System Instant Payment Outwards System. The NIBSS disclosed this in a circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. …

Trading Floor of NSE The Nigerian Exchange Limited rebounded on Wednesday as the market capitalisation gained N132bn driven by appreciation in the share values of Seplat Energy (+10 per cent), Meyer Plc (+9.79 per cent), Sunu Assurance (+9.56 per cent), …