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The Policy Monitoring and Accountability Foundation (PMAF), a prominent group of policy analysts, business leaders, and civil society advocates, has expressed strong support for Dr Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), and his leadership reforms. During a meeting in Lagos, the group commended Adedeji’s contributions to enhancing tax administration, ...
MTN Nigeria Communications PLC has announced to shareholders and the Nigerian Exchange (NGX) the successful completion of its Series 13 and 14 Commercial Paper (CP) issuance, raising N72.18 billion. This achievement follows the company’s earlier notification to the NGX regarding the successful issuance of Series 11 and 12 Commercial Papers, which collectively raised N75.1 billion. ...
The Federal Government of Nigeria, through the Debt Management Office (DMO), has announced plans to raise N120 billion through the auction of two Federal Government Bonds. The auction, scheduled for December 16, 2024, will offer investors an opportunity to subscribe to reopened debt instruments, with settlement set for December 18, 2024. This was the same ...
The Central Bank of Nigeria (CBN) has vowed to impose a N150 million fine per branch on any bank releasing naira notes to currency hawkers in the country. The CBN gave the warning in a circular signed by its Acting Director of Currency Operations, Mohammed Olayemi, over the weekend in Abuja. The apex bank decried ...
The Central Bank of Nigeria (CBN) says banks facilitating illicit flow of mint naira notes will face N150 million fine per branch. In a circular signed by Solaja Olayemi, the acting director of currency operations department, the CBN expressed concern over the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents. This, according to ...
The Central Bank of Nigeria (CBN) has reassured the public that both the old and redesigned naira notes will continue to serve as legal tender without any deadline. In a statement on Friday, Hakama Sidi Ali, CBN’s acting director of corporate communications, addressed the ongoing misinformation concerning the validity of the old N1000, N500, and ...
The naira on Thursday recovered by N25 on the parallel market also known as black market, following a moderation in demand for dollars. The naira traded at N1,690 per dollar on Thursday compared to N1,715 on Wednesday due to moderate demand amid activities of speculators on the black market. “We don’t actually know what is ...
In gratitude for their support in 2024, leading financial institution, Fidelity Bank Plc, recently hosted loyal customers to a night of entertainment, titillating cuisine and glamour. Themed, “Winning Together,” the bank’s Customer Appreciation Party held at the Fidelity Oniru Grounds in Lekki, Lagos on Saturday, 7 December 2024; and had in attendance captains of industry, ...
The House of Representatives has urged the Central Bank of Nigeria (CBN) to shut down illegal loan platforms used by criminals operating the “one chance” scheme. This resolution was passed on Wednesday following the adoption of a motion of urgent public importance moved by Billy Osawaru (APC, Edo) during plenary. In his motion, Mr Osawaru ...
The Central Bank of Nigeria (CBN) has denied the sale of foreign exchange (FX) to eligible bureau de change (BDC) operators at N1,301 per dollar. In a post on X, formerly Twitter, on Tuesday, CBN clarified that the circular did not originate from the bank. According to the fake circular, all BDCs are allowed to ...
Access Bank has established banking operations in Malta, The Access Bank Malta Limited. The company revealed this in a statement yesterday. According to the statement, the banking licence application has been approved by both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA). The company noted that the establishment of the Malta ...
President Bola Ahmed Tinubu has appointed Shamseldeen Babatunde Ogunjimi as the Acting Accountant General of the Federation (AGF). His appointment is effective immediately following the pre-retirement leave of the incumbent AGF, Oluwatoyin Madein. In announcing Mrs Madein’s successor, President Tinubu ensures a seamless transition in the administration of Nigeria’s treasury and consolidates the implementation of ...
Currency traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have warned that forex speculators will resist the rapid appreciation of the naira to cover their losses. They, however, urged the Central Bank of Nigeria (CBN) to keep the momentum and discourage the illegal act of speculation and currency ...
The Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, has backed the Federal Government’s moves to pass new tax laws at the national assembly. The corporate juggernaut speaking to journalists at the NewsDirect 14th Anniversary and Awards ceremony held in Lagos said there is need for Nigerians to be open to reforms and innovation especially in ...
The Nigerian Economic Summit Group (NESG) has expressed its disapproval over the Senate’s decision to suspend legislative action on the controversial tax reform bills. The Chief Executive Officer of NESG, Dr Tayo Aduloju, made the think tank’s position known during a media session on Friday. On Wednesday, the Senate suspended work on the tax reform ...
FCMB Group Plc has announced a 67% growth in Profit Before Tax (PBT) to ¦ 91.8 billion for the nine months ended September 30, 2024, reflecting robust financial and operational performance across its business divisions. The Group recorded a 67.2% increase in gross revenue to ¦ 587.8 billion, compared to ¦ 351.5 billion in the ...
The Central Bank of Nigeria has granted the merger of Providus Bank and Unity Bank. This was disclosed in a statement signed by the acting Director, Corporate Communications, Hakama Sidi, on Tuesday, adding that the action is in line with the provisions of Section 42 (2) of the CBN Act, 2007. This is the first ...
FCMB Group Plc has announced a pre-tax profit of N27.6 billion for the third quarter of 2024, up from N16.9 billion in the same period last year. This marks a year-on-year increase of 63.35 percent, bringing the total pre-tax profit for the nine months ending September 30, 2024, to N91.8 billion. In Q3 2024, the ...
By Matthew Denis In a bid to enhance operations of the Securities and Exchange Commission and the Nigerian capital market, the Senate of the Federal Republic of Nigeria has passed the Investments and Securities Bill 2024. The Investments and Securities Bill, meant to repeal the Securities and Exchange Commission (SEC) Act, scaled second reading on ...
Forex traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) say the permission of BDCs to purchase foreign exchange directly from authorized dealers by the Central Bank of Nigeria (CBN) is not automatic. It states that participation is subject to meeting the new capitalisation guidelines and requirements of BDCs ...
...Issues two Eurobonds to plug 2024 budget deficit By Seun Ibiyemi Nigeria has successfully returned to the international bond market after a two-year hiatus, issuing two significant Eurobond offerings to help plug the country’s 2024 budget deficit. The Federal Republic of Nigeria launched a dual-tranche Eurobond offering under its Global Medium Term Note Programme, raising ...
The Federal Government has opened subscriptions for the December 2024 issuance of the FGN Savings Bonds through the Debt Management Office. The FGN Savings Bonds initiative, designed to foster national investment, invites both individual and institutional investors to subscribe from December 2 to December 6, 2024. The December 2024 FGN Savings Bond offers two options: ...
The Central Bank of Nigeria Governor, Olayemi Cardoso said the federal government spent N6.2 trillion on foreign exchange subsidy in 2022 alone compared to N4.5 trillion spent on fuel subsidy. Cardoso disclosed this in a recent 59th annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos. According to him, in ...
