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By Seun Ibiyemi Guaranty Trust Holding Company Plc (GTCO PLC) has filed a preliminary “red herring” prospectus (Red Herring Prospectus) with the Securities and Exchange Commission (SEC) in connection with a proposed offering for subscription of ordinary shares of 50 kobo each in its share capital (the Ordinary Shares) to raise gross proceeds of up ...
Retail lender, Unity Bank Plc has projected a Profit After Tax of N5.2 billion in Q3, 2024, according to its latest earnings forecast released to the Nigerian Exchange Group. The lender projects a pre-tax profit of N5.7 billion while targeting a turnover of N26.93 billion in gross earnings during the quarter, an 8.2 percent increase ...
By Opeyemi Abdulsalam The African Development Bank (AfDB) has launched a series of training programs aimed at enhancing the debt management capabilities of 22 fragile or transitional African countries. According to a statement released by the bank in Abuja on Wednesday, the Public Finance Management Academy for Africa (PFMA) organised the inaugural edition of the ...
The banking sector in Nigeria has undergone significant transformations since the inception of President Bola Tinubu’s administration. The sector, which is a critical component of the nation’s economy, has witnessed notable reforms aimed at strengthening its resilience, enhancing its stability, and promoting economic growth. This article will delve into the banking sector’s performance since President ...
...As FAAC meets in Abuja By Seun Ibiyemi The Federation Accounts Allocation Committee (FAAC) has shared a total of N1.143 trillion to the federal government, states, and local government councils as revenue for May. This was announced at the end of the committee’s meeting in Abuja, which was chaired by the Minister of Finance and ...
The currency’s value in circulation has risen to N3.97 trillion at the end of May, representing an all-time high and a 1.07 percent increase over the previous month. The data released on the Central Bank of Nigeria website indicated that the currency in circulation has been rising consistently over the months from N3.92 trillion in ...
By Matthew Denis, Abuja Contrary to reports making rounds, the Central Bank of Nigeria (CBN) has dismissed a purported sack of the current board and management of Unity, Keystone and Polaris Banks. Speaking on Monday Night with our correspondent on a telephone call, the CBN Head of Media Mr. Olalekan Ajayi said, “it is old ...
The Naira posted significant losses against the haven currency at the last reading session of the week as investors increased their buying pressure on the greenback. The Naira lost ground against the dollar in the black market, falling from N1,485 on Thursday to N1,495 on Friday, as short sellers attempted to breach the N1,500/$ support ...
Nigeria’s Gross Domestic Product per capita is expected to reach $1,120.67 by 2029, according to the International Monetary Fund. The IMF data revealed a fluctuating trend in Nigeria’s GDP per capita since 2014, with a high of $3,222.69 in 2014 and a low of $1,087.89 in 2024. GDP per capita is a widely used indicator ...
By Opeyemi Abdulsalam Minister of Finance and Coordinating Economy, Wale Edun, has expressed optimism that the economic reforms introduced in the past year by President Bola Tinubu will yield long-term benefits, His statement is coming despite the current economic austerity faced by Nigerians. The country is currently facing inflation over 30 percent, a plummeting naira ...
Amidst Nigeria’s struggles to stabilise its exchange rate, the Naira has failed to make the list of Representative Exchange Rates for Selected Currencies for June 2024, published by the International Monetary Fund. The list, which includes currencies from around the world, features several African countries, such as the Algerian dinar (134.492200), Botswana pula (0.072800), Mauritian ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, joined the rest of the world to commemorate the 2024 Children’s Day, by hosting a fun-filled event at the National Stadium, Surulere, Lagos, on Monday for the children. UBA partnered with U-Ideals Limited to organise the event which provided the kids a platform to interact with ...
Zenith Bank Plc has been named the “Most Sustainable Bank, Nigeria” in the International Banker 2024 Banking Awards, retaining the title for the second consecutive year. Commenting on the award, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, said, “We are deeply honoured to be recognised as the Most ...
By Abdulsalam Abdullahi The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has attributed the significant increase in tax revenue to the economic parameters set by President Bola Tinubu. In an interview, Adedeji stated that the President’s courageous decisions, such as removing fuel subsidies and unifying exchange rates, have created a conducive environment ...
The Association of Bureau De Change Operators of Nigeria has demanded that the Central Bank of Nigeria reverse the new capital requirement for its operations. In a circular issued, the CBN issued fresh guidelines for the operations of the Bureau De Change in Nigeria which include two new categories of licences with different capital bases. ...
