Nigeria’s Actual Daily Oil Production Unknown, NEITI Insists
The Nigeria Extractive Industries Transparency Initiative (NEITI) on Tuesday doubled down on its recent disclosure that Nigeria does not know its actual daily oil production. The Executive Secretary of the organisation, Dr. Ogbonnaya Orji, who spoke when he received the Accountant-General of the Federation (AGF), Mr. Ahmed Idris, in his Abuja office, said the Department […]
TAJBank Records Biggest Industry EPS Growth Rate
TAJBank, Nigeria’s non-interest banking services provider, has recorded the biggest earning per share (EPS) growth rate in the nation’s banking industry with its shareholders earning N11.82 per N1.00 share, representing an appreciation of 1,182% growth rate in the financial year 2020. This is even as the lender reported N845 million Profit After Tax (PAT) in […]
GTBank Matures Deposit To N3.7trillion In First Quarter 2021
Guaranty Trust Bank Plc has matured its total deposit for the first quarter ended March 31, 2021 (Q1’21) to N3.717 trillion, representing a 3.0 percent increase compared to N3.611 trillion recorded in Q1’20. The financial report of the bank for the period released in the Nigerian Exchange Limited, however, showed that the bank’s profit before […]
Wema Bank Accumulates Total Assets To N1 trillion In 2020
Wema Bank Plc has documented a total asset of N1 trillion for the financial year ended December 2020. Meanwhile, the bank has formulated a dividend payment of 4 kobos per share, making it the third consecutive year of paying dividends. The Chief Finance Officer of the bank, Tunde Mabawonku who gave updates on the results, […]
AU Set To Improve Intra-African Agricultural Trade
The African Union (AU) has set out strategies to construct industrial parks that will improve the manufacturing of agricultural products as well as the supply chain. The AU Commission (AUC) made this known during a forum it organized with the United Nations Food and Agriculture Fund (FAO) recently where it launched the framework to boost […]
FG Defects World Bank’s Claims On Poor Electricity Supply
The Federal Government has defected claims by the World Bank report which indicated that 78% of power consumers in Nigeria get less than 12 hours of daily electricity supply. The government in a statement issued by the Special Adviser to the President on Infrastructure, Mr. Ahmad Rufai Zakari, in Abuja, said it was unclear what […]
CBN Directs Banks, Forex Dealers To Accept Lower Denominations Of USD
The Central Bank of Nigeria (CBN) has directed Deposit money banks (DMBs) in the country to accept both old series and lower denominations of United States Dollars (USD) that are legal tender for a deposit from their customers. In a circular on Thursday signed by the Director, Currency Operations Department (CBN), Ahmed Umar, the apex […]
High Inflation Tormenting Mortgage Banks
The Managing Director of Infinity Trust Mortgage Bank (ITMB), Dr. Olabanjo Obaleye, has lamented the depreciation in the exchange rate and that rising inflation are hurting the housing sector and mortgage banks. Obaleye disclosed this in Abuja, during the earnings conference organized by the financial institution to relay information about the performance of ITMB to […]
Lack Of Access To Adequate Forex Causes Flight Delays, Cancellations
To say the country’s aviation sector, particularly its domestic airline business is in a bad shape may not be an exaggeration given the series of flight delays and cancellations. This is just as key players are calling on the Central Bank of Nigeria (CBN) to make available enough forex to the domestic airlines to enable […]
CBN Governor Emefiele Says Govt Targets $504b Goods In AfCFTA Deals
The African Continental Free Trade Agreement (AfCFTA), when fully implemented, could afford Nigerian companies preferential access to African markets worth $504.17 billion in goods, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said. Delivering his remarks at the Zenith Bank’s 2021 Export Seminar held virtually in Lagos, Emefiele said an additional $162 billion […]
