Business

AN economist and the former Director General of the West African Institute for Financial and Economic Management, Prof Akpa Ekpo, has urged the federal government to take seriously the implementation of the currency swap agreement with the Peoples Bank of China to trim down reliance on dollars for trade. Ekpo …

NIGERIA’s external reserves dropped by $915 million after the Central Bank of Nigeria officially floated the Naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, when the Naira was floated, fell to $33.74bn as …

The Federal Government and the National Insurance Commission (NAICOM) have opened discussions to establish new guidelines for the insurance of government assets. The new strategy is being nurtured by the Secretary to Government of the Federation, Senator George Akume, who has already opened talks with the Commissioner for Insurance (CFI), …

GOVERNOR Babajide Olusola Sanwo-Olu has unveiled Optimus Bank, the latest addition to the Nigeria’s financial space in grand style. The governor, in his speech, emphasized the bank’s potential to further drive economic growth and stability in Lagos state. He said, “Optimus Bank will not only play a crucial role in the …

Inlaks, a leading ICT infrastructure and systems integrator in sub–Saharan Africa has been recognized as the Best Digital Business Solutions Provider of The Year, at the Titan of Tech Awards in Lagos. The company’s remarkable achievement is attributed to its outstanding business transformation initiatives which have played a vital role …

Deposit Money Banks (DMBs) in Nigeria have unveiled a new campaign targeted at curbing rising cyber fraud. The banks, through the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI), in partnership with Cybersafe Foundation and the Central Bank of Nigeria (CBN), made public the initiative, tagged ‘NoGoFall …

The struggle to control assets of Nigeria’s oldest bank, FBN Holdings Plc, is not over as strong indications emerged, yesterday, that billionaire businessman and chairman of Geregu Power Plant, Femi Otedola, has acquired 110 million units of the bank’s shares worth N2 billion in a fresh deal. The units represent …

A coalition of minority retail shareholders in FBN Holdings Plc yesterday called on regulatory authorities to wade into alleged attempts by certain individuals to undermine the oldest financial services group in the country. Shareholders who staged a solidarity protest at the Marina, Lagos head office of FBN Holdings, said several …

LARFARGE Plc., a leading cement manufacturer in Nigeria, has defied economic challenges in the first half of 2023 as profit before tax rose by 18% in H1 2023, despite the expiration of the Pioneer Status Incentive (PSI), which impacted the Profit After Tax (PAT) growth. The unaudited financial report showed …

The Central Bank of Nigeria (CBN) directed the exemption of microfinance and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks. The apex bank clarified that the …