Category: Business
Femi Otedola increases stake in First Bank Holdings, buys 546.7 million units of shares
20 Jun 2024
By acquiring an additional N546, 674, 034 shares of FBN Holdings, valued at N12.01 billion, Mr. Femi Otedola has increased his ownership stake in the company. The Nigerian Exchange Limited, or NGX, released information on Thursday showing that Otedola paid N21.97 per share at the Exchange for the shares via Calvados Global Services Limited. Prior […]
Continue ReadingGTBank records largest ever 1st quarter profit in Nigerian banking history
20 Jun 2024
Guaranty Trust Holding Company (GTCO), one of Nigeria’s most efficiently run bank, has just announced the largest ever pre-tax profits in Nigerian banking history. According to information contained in its first-quarter earnings, the bank posted a pre-tax profit of N509.3 billion, more than six times the profits it made in the same period in 2023. […]
Continue ReadingNigerians’ visa ban will soon be lifted by the UAE, says FG
18 Jun 2024
Festus Keyamo, minister of aviation and aerospace development, says the United Arab Emirates (UAE) will soon lift the visa restriction on Nigerian travellers. Keyamo spoke on Saturday during an interview with the State House media. According to him, the nation has followed all procedures to enable the lifting of the visa prohibition. “We have done […]
Continue ReadingGTBank sues 60 bank executives over a N17 billion debt.
17 Jun 2024
While a lawsuit between GTBank and Afex Commodity Exchange regarding a N17 billion loan from the Anchor Borrowers Program remains pending, Guaranty Trust Bank has brought no fewer than sixty senior executives of thirteen commercial banks before the court. The 60 executives, who include the chairmen, CEOs, directors, and company secretaries of the 13 banks, […]
Continue ReadingCBN sells $575m in May, highest in single month
03 Jun 2024
The Central Bank of Nigeria sold $575m in May, its highest dollar sales in a single month in 2024, according to data obtained from FMDQ Securities Exchange and reported by BusinessDay on Monday. This amount exceeds the combined total of $151m in April and $189m in March. Despite this increase, the CBN’s sales only accounted […]
Continue ReadingNaira depreciates to N1,530/$ in official market
16 May 2024
The Naira yesterday depreciated in the parallel market to N1,530 per dollar from N1,525 per dollar on Tuesday.However, the Naira yesterday appreciated to N1,459.02 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,459.02 per dollar from N1,520.4 per dollar on […]
Continue ReadingInflation increases to 33.69%
15 May 2024
Nigeria’s headline inflation rate has increased to 33.69 per cent in April 2024 up from 33.20 per cent recorded in March 2024, the National Bureau of Statistics has said. This represents a month-over-month increase of 0.49 per cent points in the headline inflation rate, according to the Consumer Price Index report, the NBS stated in […]
Continue ReadingReps accuse Binance of blackmail to divert attention
14 May 2024
The House of Representatives has accused the cryptocurrency company, Binance of blackmailing its members to divert attention and cover up the ‘heinous allegations of financial and economic crimes’ levelled against it by the Nigerian government. Chairman of the House Committee on Financial Crimes, Hon. Ginger Obinna Onwusibe made the allegations at a media briefing on […]
Continue ReadingMan calls out Sportybet over inability to access N14m in his account
13 May 2024
Sportsbet is in the news for a Nigerian customer’s complaint about the inability to access his account which he claims has a sum of 14 million nairas. Emenike said in a video recorded by The Punch that he has N14million in his Sportsbet account which he tried to withdraw but was logged out. Felix stated […]
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