The Ghanaian government has banned spending and transaction of businesses in foreign currencies in the country. The Central Bank of Ghana, which disclosed this in a statement Thursday, warned citizens and companies to stop transacting business, pricing goods and services and advertising in foreign currencies. According to the country’s apex bank, it is illegal for individuals, […]

By Etop Ekanem Jumia and UPS have announced a partnership giving UPS access to Jumia’s last mile logistics capabilities and infrastructure to grow its delivery services in Africa. Leveraging the Jumia infrastructure in Africa, UPS will offer its customers an extended range of delivery solutions, including door-to-door package delivery and collection, with a variety of […]

By Nkiruka Nnorom United Bank for Africa (UBA) Plc has assured shareholders and investors of its unwavering commitment to sustain its current growth trajectory even as its efforts at business diversification across Africa and beyond continues to yield increasing returns. The Group Chairman, Tony Elumelu, who made this declaration at UBA’s 60th Annual General Meeting […]

By Nkiruka Nnorom The Securities and Exchange Commission (SEC) yesterday disclosed it has commenced measures to tackle any potential cyber-security threat in the Nigerian capital market. Director-General of SEC, Mr. Lamido Yuguda, disclosed this yesterday in Lagos disclosing that the measures include the development of a sectoral strategy in collaboration with other government agencies. He […]

By Obas Esiedesa WITH Nigeria facing its most difficult energy challenges in decades, Nigerian Institute of Power Engineers (NIPE) yesterday called for a wholesale review of the Nigerian Electricity Supply Industry (NESI) including unbundling of the National Transmission   Company, TCN and phasing out of the Nigerian Bulk Electricity Trading Plc, NBET. The institute at briefing […]

Shareholders of Zenith Bank Plc have approved N2.80 per share final dividend earlier recommended by the Board of Directors for the year ended December 31, 2021. This has brought total dividend to N3.10 per share with a total value of N97.33 billion. Speaking at the bank’s 31st Annual General Meeting (AGM) in Lagos, the Founder and […]

•Analysts advocate N2trn cut in expenditure By Babajide Komolafe Nigeria’s public debt is set to exceed N50 trillion this year, representing a 29.8 per cent increase above the N39.56 trillion at the end of 2021. According to the Debt Management Office, DMO, latest data, the national public debt rose by 20 per cent, year-on-year, YoY, […]

•As volume of PoS transactions falls By Elizabeth Adegbesan The value of transactions performed through electronic payment channels rose month-on-month, (MoM) by 2.08 per cent to N29.4 trillion in February 2022 from N28.8 trillion in January 2022. Similarly, the volume of e-payment transactions grew MoM by 3.9 per cent to 480.77 million in February 2022 […]

Fidelity Bank Plc has recorded 35.7 percent growth in Profit Before Tax, PBT, in its 2021 financial year to close the year at N38.1billion. Analysis of the results indicates that the bank’s gross earnings rose by 21.6 percent to N250.8billion driven by a combination of 60.3 percent growth in non-interest revenue (NIR) and 15.2 percent […]

By Peter Egwuatu Experts have predicted that Nigeria’s currency, Naira, will further depreciate while the Gross Domestic Product, GDP will further grow by almost three percent. Addressing economic stakeholders and participants at the Stanbic IBTC’s Blue Talks Enterprise Banking webinar, Muyiwa Oni, Regional Head of Equity Research, West Africa, Standard Bank Group, said that the […]