By Peter Egwuatu Union Bank of Nigeria Plc has recorded 8.9% growth in its gross earnings to N175 billion for the financial year ended December 31, 2021 from N160.7 billion recorded in the corresponding period 2020. The details of the results released on the Nigerian Exchange Limited, NGX yesterday show that Non-interest income rose 26.7% […]

The Nigerian Custom Service, NCS, Tincan Island Port, TCIP has seized eight 20 foot containers comprising 206 thousand pieces of brand new machetes; Sodium bromated and baking powder; Indian hemp; vehicles; among others. Also, the port collected N135. 4 billion revenue between January and March 2022, indicating a 20.18 percent or N22.7 billion, Year-on-Year, YoY, […]

By Prince Okafor Oil and gas companies operating in the Niger Delta spilled 1,545 barrels of crude oil, an equivalent of 246, 000 litres, in three months, from January to March 2022, according to data obtained from the National Oil Spill Detection Response Agency, NOSDRA. Although this indicates 52.6 percent less than the 3,262 barrels […]

By Nkiruka Nnorom DLM Capital Group, a development investment bank, has received the final approval of the Central Bank of Nigeria (CBN) for its acquisition of Links Microfinance Bank. The approval, according to the bank, will further solidify the Group’s much awaited digital banking entrance and launch. This development transitions DLM Capital as one of […]

By Sebastine Obasi All is not well in Nigeria’s oil industry as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that oil output dropped to an average of 1.24 million barrels per day (bpd) from 1.25 million recorded in February 2022. NUPRC stated this in its latest crude oil and condensate production data for March […]

By Yinka Kolawole The myriad of challenges caused by worsening insecurity and crisis in the energy sector may subdue the Gross Domestic Product (GDP) growth projections for Nigeria in 2022, the Lagos Chamber of Commerce and Industry (LCCI) has warned. President, LCCI, Dr Michael Olawale-Cole, who gave the warning at a quarterly briefing on the […]

By Peter Egwuatu, Providence Ayanfeoluwa & Cynthia Alo The Nigerian Breweries, NB Plc, has said that it will pass on to consumers, in the most optimal way possible, the recently introduced Excise Duty on non-alcoholic drinksManaging Director/CEO NB, Mr. Hans Essaadi, disclosed this at a pre Annual General Meeting AGM, in Lagos saying that the […]

By Emma Ujah, Abuja The second pitch competition for the Tertiary Institutions Entrepreneurship Scheme (TIES) of the Central Bank of Nigeria (CBN) opened in Abuja, yesterday, with 30 universities and polytechnics vying for the top five positions. The five best among the competitors would receive a total of N900 million. The first position would attract […]

By Emma Ujah Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said the Federal Government will enforce recovery of N5.2 trillion debt owed by over 5,000 debtors through various Ministries, Departments and Agencies, MDAs. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this at the launching of the Project […]

By Nkiruka Nnorom Nigerian Exchange Limited (NGX) has listed new issuances worth N1.7 trillion and Eurobonds worth $4 billion on its platform in the first quarter of 2022 (Q1’22). The issuances listed across both the bonds and equities markets, according to the NGX, in a statement, are integral in deepening the market, improving liquidity and […]

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 […]