By Sodiq Adelakun Different experts have lamented the continued depreciation of the naira and persistent inflation saying it eroded the N13.72 trillion that workers’ salaries gained in the last four years. This is as total workers’ salaries in the formal…
By Sodiq Adelakun Naira has on Monday strengthened by 0.26 per cent against the dollar as demand slows at the parallel market, also known as black market. Traders said on Monday that there was enough dollars but not much demand…
By Sodiq Adelakun The Senate has indicted the Office of Accountant General of the Federation over failure to repay short-term loans given to Ministries, Departments, and Agencies from Special Funds Accounts totalling N910 billion. The lawmakers discovered this after a…
The growth of the financial technology, Fintechs, with over 200 startups, is revolutionising the financial services industry. The sector raised about $440 million in investments in 2020 and more than $600 million in 2021, amounting to nearly a quarter of…
By Sodiq Adelakun The Board of Directors of Wema Bank Plc. has announced the appointment of Dr. Oluwayemisi Olorunshola, as its new Chairman. Her appointment was confirmed during the weekend days after the retirement of the former Board Chairman, Babatunde…
By Sodiq Adelakun The Central Bank of Nigeria (CBN) has confirmed the appointment of Dr. Isa Abdulmumin as its Substantive Director, Corporate Communications. Abdulmumin was in February appointed the Acting Director of the department, taking over from Mr Osita Nwanisobi,…
First Bank of Nigeria Ltd. recorded significant growth across key metrics in the first quarter of 2023. In its first quarter 2023 financial result, the bank stated that it recorded gross earnings of ₦245.7 billion, a 44.2 per cent growth…
The President of the World Bank Group, David Malpass, has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. Malpass said this in a blog post titled…
By Sodiq Adelakun The Central Bank of Nigeria (CBN) has refuted claims that the apex bank devalued the naira to N631/$1 in an effort to unify the exchange rate. This came after unverified reports from a newspaper (not Nigerian NewsDirect) …
Wema Bank Plc has assured shareholders of its commitment to conducting the expected rights issue before end of this year adding that it just raised N21 billion Alternative Tier-1 Capital in line with the objective of increasing its capital base…
