BoI Group assets hit N2.38trn
By David Awoyemi The Bank of Industry Group (BoI) has said it’s total asset rose by 39.2 per cent to N2.38tn as of the end of 2022 financial period. The statement reads in part, that the growth was achieved following…
Money market
Lagos Chamber cautions FG to tread cautiously in raising tax rates
The Lagos Chamber of Commerce and Industry (LCCI) on Tuesday urged the Federal Government to tread cautiously in raising tax rates in an attempt to shore up its revenue in 2023. Dr Michael Olawale-Cole, President, LCCI, gave the charge at…
Nigeria’s 96% revenue being used to service debt — World Bank
Stories by David Awoyemi The World Bank disclosed that, Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022. According to the ‘Macro Poverty Outlook for…
GTCO’s records profit tax of 214.2bn
Guaranty Trust Holdings Company (GTCO) has reported and recorded a Profit Before Tax of N214.2 billion during its 2022 financial year, representing a 3.3 per cent dip from N221.5 billion posted in the corresponding year that ended December 2021. GTCO…
Over 500 Microfinance Banks seek roles in CBN’s policies
According to the list of CBN licensed MfBs as at 30th June, 2021, there are 876 of them operating in the 36 states and Abuja. It was disclosed also that over 500 licensed Microfinance Banks (MfBs) under the aegis of…
IMF 3.2% projections: Buhari handing over a more resilient economy – BMO
Latest economic projection by the International Monetary Fund (IMF) has shown that President Muhammadu Buhari will be handing over a stable economy to the in-coming administration of President-elect, Bola Tinubu. This is contained in a statement by the Buhari Media…
CBN set to mop up dormant account balances, unclaimed funds
By David Awoyemi The Central Bank of Nigeria (CBN) is set to mop up funds in accounts that have been dormant for up to 10 years into a trust fund account. This was disclosed recently in the released exposure draft…
Fidelity Bank announces private placement of over 3billion shares
Fidelity Bank Plc has completed and announced the result of the Private Placement of 3,037,414,308 ordinary shares of 50 kobo each at N4.60 per share. According to a corporate action document published on the Nigerian Exchange completely done, the private…
CBN approves George-Taylor as new MD/CEO Heritage Bank
The Board of Directors of Heritage Bank has announced Mr Akinola George-Taylor as the substantive Managing Director/Chief Executive Officer of the bank. Mr Ozena Utulu, Group Head, Corporate Communications of the bank, said this in a statement on Sunday. The…
CBN describes recruitment portal as fake, baseless
By Matthew Denis The Central Bank of Nigeria (CBN) has debunked a fake recruitment portal created in its name that its appealing and inviting eligible Nigerians to submit job applications on Thursday. This is contained in a statement signed by…