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By Seun Ibiyemi The Board of Unity Bank has appointed Ebenezer Kolawole as the Acting Managing Director of the Bank, following recent leadership changes. This appointment comes after the retirement of Oluwatomi Somefun, who completed her tenure as Managing Director, with necessary approval from the Central Bank of Nigeria (CBN). In a statement on Wednesday, ...
Minister of Finance and Coordinating Minister of the Economy, Wale Edun has reiterated the commitment of the Federal Government in implementing reforms that will foster the growth of the private sector. The Minister gave the assurance yesterday in his office in Abuja when he hosted Alhaji Aliko Dangote, President of the Dangote Group, for crucial ...
...Says loans hurting Nigerian economy The Asset Management Corporation of Nigeria (AMCON) has called on the media to play an active role in exposing debtors as part of its efforts to recover over N4 trillion in outstanding debts. The appeal was made by AMCON’s Head of Corporate Communications, Mr Jude Nwauzor, during a recent interaction ...
…As FG spends ¦ 8.47trn on external debt servicing By Seun Ibiyemi Nigeria has allocated approximately ¦ 8.47 trillion ($5.47 billion) towards external debt servicing between January 2024 and February 2025, underscoring the mounting pressure on government revenue and the nation’s foreign reserves, according to data from the Central Bank of Nigeria (CBN). Figures from ...
Nigeria expended a total of $5.47bn on external debt servicing between January 2024 and February 2025, data from the Central Bank of Nigeria have shown. The figures, published on the apex bank’s website, indicate the growing burden of debt obligations on the country’s external reserves and fiscal stability. An analysis of the data revealed that ...
The Central Bank of Nigeria (CBN) has expressed deep concern over the increasing prevalence of unlawful transactions involving the Naira, calling for urgent measures to curb the trend. CBN Governor, Olayemi Cardoso, made this known during the Bank’s Security Workshop in Abuja on Thursday, where security and law enforcement agencies convened to address the issue. ...
The Minister of Finance, Wale Edun, has stated that the Federal Government is gradually reducing its reliance on borrowing to fund budget deficits, shifting instead towards optimising national assets and attracting private investment to stimulate economic growth. He explained that this transition is designed to lessen the country’s dependence on debt while making more efficient ...
Fidelity Bank Plc has awarded a cheque of N500,000 to Ms Grace Adamu, the latest winner in its ongoing Get Alert In Millions Season Six “Youth Empowerment” promotion. The symbolic cheque was handed over to the recipient on Wednesday at the headquarters of Patani Local Government Area in Delta State. The presentation was led by ...
The naira on Monday witnessed further depreciation as it fell sharply to N1,530 on renewed dollar shortage at the official Foreign Exchange (FX) market. After trading on Monday, the naira lost N19.91 or 0.8 percent as the dollar was quoted at N1,530.15 compared to N1,517.24 quoted on Friday at the Nigerian Foreign Exchange Market (NFEM), ...
Ecobank Nigeria, in collaboration with the Regional Off-Grid Electricity Access Project (ROGEAP), has unveiled a three-day Entrepreneurship Business Training Workshop for small and medium-sized enterprises (SMEs) in the solar energy sector. The training will take place in Abuja from 10th to 12th March, equipping 50 SMEs with essential technical, financial, and business management expertise to ...
Wema Bank has unveiled an extensive lineup of activities to commemorate International Women’s Day (IWD) 2025, underscoring its strong commitment to gender equality and inclusion. According to the bank, its IWD 2025 event will be held in Lagos under the theme, ‘Harnessing Innovation & Technology To Accelerate Financial Inclusion for Women,’ and will dwell on ...
Access Bank PLC (Access Bank), a leading African financial institution, has received the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for its headquarters, Access Tower, in Oniru, Victoria Island, Lagos. The EDGE certification programme, supported by the Government of Japan in Nigeria and globally funded by the UK Government’s Department for ...
Nigeria’s economic policies are yielding positive results, with the country recording a $16 billion trade surplus, rising foreign reserves, and increased investor confidence, according to the Presidency. Speaking in a recent interview, Special Adviser to the President on Media and Public Communications, Sunday Dare, attributed the economic boost to the bold policy decisions of President ...
By Seun Ibiyemi Transnational Corporation Plc (Transcorp) has published its financial results for the year ending December 31, 2024, reporting a pre-tax profit of N136.6 billion. This marks an impressive 132.41 percent increase from the N58.8 billion reported the previous year, buoyed by a substantial rise in revenue. The group recorded total revenue of N407.9 ...
The Central Bank of Nigeria has disclosed that the federal government raised N2.72 trillion through Nigerian Treasury Bills in the first two months of 2025, marking an 8.6% decline from the N2.97 trillion raised during the same period in 2024. The CBN is tightening monetary policy with higher interest rates and large NTB auctions to ...
The Chartered Institute of Taxation of Nigeria (CITN) has described the Federal Government’s tax reform as a promising development for the majority of Nigerians. CITN President, Mr Samuel Agbeluyi, made this assertion while speaking to journalists on Friday in Jos. Agbeluyi is in Jos for CITN’s first Council Meeting of 2025. Agbeluyi explained that if ...
The Central Bank of Nigeria (CBN) conducted an Open Market Operations (OMO) auction on 6 March 2025, attracting total subscriptions of N1.88 trillion—more than three times the initial N600 billion on offer. Despite the strong investor demand, stop rates on the 355-day and 362-day bills declined further, reflecting a shift in the fixed-income market as ...
...Membership will boost FDI, strengthen economy — Edun By Matthew Denis, Abuja Nigeria has joined 76 other nations becoming a member of the European Bank for Reconstruction and Development (EBRD). This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun yesterday while officially receiving Nigeria’s membership certificate. In a ...
Dangote Industries Limited and its subsidiaries has disclosed that it paid over N402 billion in taxes in 2024, making it the highest taxpayer in the country. Dangote’s Chief Branding and Communication Officer, Anthony Chiejina, declared during a meeting with some senior media executives who visited him in his Lagos Office that Dangote Industries Limited (DIL) ...
Bureau de Change (BDC) operators, under the umbrella of the Association of Bureau De Change Operators of Nigeria (ABCON), have expressed concerns about being unable to purchase foreign exchange from banks. The operators attribute this challenge to the current situation where the exchange rate at the parallel market is trading lower than the interbank sales ...
The Office of the Accountant General of the Federation (OAGF) has clarified that the Federal Government has not discarded Remitta as the Central Bank of Nigeria (CBN) approved payment gateway. The Director, Press and Public Relations, OAGF, Bawa Mokwa gave the clarification in a statement on Wednesday in Abuja. Mokwa explained that Remitta would rather ...
The African Development Bank (AfDB) is set to offer a $230 million trade finance package to Access Bank Plc, designed to enhance trade finance activities and provide foreign exchange (FX) liquidity to small and medium-sized enterprises (SMEs) in Nigeria. The details of this initiative were revealed in a Project Summary Note on Wednesday, which outlined ...
The Federal Nigeria Society for the Blind (FNSB) has commended First City Monument Bank (FCMB) for supporting the visually impaired community in Nigeria. Through financial donations and essential supplies, FCMB has strengthened programmes at FNSB, Pacelli School for the Blind, Bethesda Home for the Blind, and Farmcraft Centre for the Blind, making a tangible difference ...
