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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 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 ...
The naira is expected to maintain stability this week and beyond as the Central Bank of Nigeria (CBN) continues to intervene in the foreign exchange (FX) market. The CBN had directed the Bureau De Change Operators (BDCs) to purchase $25,000 weekly from authorised dealers at Nigerian Foreign Exchange Market (NFEM) rates. In a circular signed ...
The African Export-Import Bank (Afreximbank) and the Pan-African Payment and Settlement System (PAPSS) have formed a strategic partnership with the Caribbean Community (CARICOM) and the Intra-Regional Payment Committee to facilitate seamless cross-border payments. PAPSS serves as a financial market infrastructure that enables instant, cross-border payments in local currencies across African markets. In a statement, Afreximbank ...
By Seun Ibiyemi In its recent Monetary Policy Committee (MPC) meeting held on February 20, 2025, the Central Bank of Nigeria (CBN) decided to retain the Monetary Policy Rate (MPR) at 27.5 percent. This decision has significant implications for Small and Medium Enterprises (SMEs), particularly concerning their borrowing costs, operational expenses, and overall growth prospects. ...
The Central Bank of Nigeria (CBN) has reiterated its dedication to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across Nigerian financial institutions. Special Adviser to the CBN Governor on Compliance, Ms Shola Phillips, made this known in a statement on Sunday. Phillips spoke at a high-level Mandatory Compliance ...
Reinforcing its reputation as an institution committed to empowering Small Medium Enterprises (SMEs), Wema Bank has undertaken an initiative to empower 800,000 Nigerian businesses; following its Memorandum of Understanding (MoU) signing with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN). SMEDAN is a national agency established in 2003 with the goal of promoting ...
The Securities and Exchange Commission (SEC) has advised women to steer clear of investment schemes promising unrealistic returns, warning of the risks associated with such fraudulent ventures. In a statement issued in Abuja on Sunday, the SEC said this advisory forms part of its activities to mark International Women’s Day (IWD) 2025. The Commission announced ...
The ECOWAS Bank for Investment and Development (EBID) in conjunction with the European Investment Bank (EIB), has announced a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region. A statement signed by Head of Communications at EBID, Anita Somda-Dala said the partnership had the support of the European ...
The Nigeria Deposit Insurance Corporation (NDIC) has appealed for the continued support of external solicitors’ of the Corporation in facilitating debt recovery and assets realisation of failed banks. Mr Hassan Bello, the Managing Director of NDIC, made the appeal at the 2024 Sensitisation Seminar for External Solicitors of the NDIC in Abuja on Thursday. Bello, ...
Financial institutions in Nigeria lost N52.26 billion to fraud in 2024 according to the latest report by the Nigeria Inter-Bank Settlement System (NIBSS). This represents a significant increase of N34.59 billion compared to the N17.67 billion recorded in 2023. The NIBSS Fraud Report documents fraud activities, whether attempted or successful, and related metrics identified by ...
The Federal Government has stated that the introduction of crude oil sales in Naira is a strategic move aimed at enhancing the operational efficiency of local refineries by reducing foreign exchange risks and transaction costs. President Bola Tinubu made this announcement on Tuesday, while officially opening the eighth edition of the Nigeria International Energy Summit ...
...Recommends retaining current 7.5% VAT rate By Austine Agbo Emmanuel, Kaduna Arewa Consultative Forum (ACF) has submitted a comprehensive report to the National Assembly detailing its concerns and recommendations on the proposed Executive Tax Reform Bills. In a statement issued to newsmen in Kaduna on Monday by the National Publicity Secretary of ACF, Prof. T.A ...
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to enhancing economic cooperation between Nigeria and the Kingdom of Saudi Arabia, according to a statement released recently. CBN Governor Olayemi Cardoso made this known during a courtesy visit by the Saudi Arabian Ambassador to Nigeria, Faisal bin Ibrahim Alghamdi, and his delegation to the ...
Sterling Financial Holdings Company Plc has communicated to the public and the Nigerian Exchange Group (NGX) regarding the delayed filing of its Audited Financial Statements for the fiscal year ending 31st December 2024. According to the disclosure signed by the company’s Executive Director, Olayinka Oni, the delay stems from a transition in the core banking ...
Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalisation targets set by the Central Bank of Nigeria (CBN). With a successful first phase of its capital-raising initiative that recorded over 238% over subscription and share price growth of over 100% evidencing a huge surge in investor confidence for the bank. ...
