Dangote Cement Shareholders endorse N20 per share dividend
Dangote Cement Plc shareholders praised the company’s management for outstanding performance in the fiscal year 2021 despite economic headwinds. They also approved the N20 per share dividend recommended by the Board of Directors for the fiscal year ending December 31, 2021, an increase from the N16 paid the previous year. These were among the decisions […]
Ecobank Launches Super Rewards Season 3; 100 customers to get N50,000 Monthly
Season 3 of Ecobank Nigeria’s Super Rewards Campaign has begun. Ecobank created the customer-focused project to celebrate customers’ loyalty, with Season 3 slated to award 100 clients with cash prizes of N50,000 each month, and two customers will walk away with N1 million each at the end of the season. The two-month campaign will begin […]
Debt servicing doubles, hits N896bn in three months, DMO report says
Findings show that Nigeria’s debt servicing bill has increased by 109 per cent to N896.56 billion. Data obtained from Debt Management Office, showed that as the result of the development, Nigeria had in 15 months spent N3.83tn on debt servicing payments. In 2021, a total of N2.93tn was spent on debt servicing payments while a […]
FG borrowing from bonds market declines 73.6% to N600bn
The Nigerian financial market has experienced a significant shift as the Federal Government and companies withdraw from the bonds segment of the market, while the equities market has experienced a significant rebound. The value of government securities listed on the Nigerian Exchange Limited, NGX, fell by 73.6 percent in the first quarter of the year, […]
Finance Minister, Soludo, Perterside implore FG to remove fuel subsidy
The Minister of Finance, Zainab Ahmed, has implored the Federal Government to consider removing fuel subsidy. According to her, the retention of fuel subsidy has been costing the economy and impeding investments in human capital development. She spoke on Tuesday in Abuja at the launch of the Nigeria Development Update (NDU) 2022 report by the World Bank. The minister added that Nigeria […]
Wema Bank Emerges Most Profitable In PAT Growth In Q1 2022
By Benjamin Odjugo The Nigerian banking sector recorded impressive growth in the first quarter of the year, recording a 23.24% year-on-year increase in real GDP. This is also evidenced by the performance of the twelve commercial banks listed on the Nigerian Exchange (NGX). Wema Bank proved its mettle in the key metrics of total assets […]
Again, funds worth $23.4m looted by Abacha recovered in UK
Funds worth $23,439,724.98 stolen and laundered out of Nigeria to the United Kingdom in the 1990s by the associates and family of former Head of State, General Sani Abacha, have been recovered. The National Crime Agency (NCA) in the UK said in a communique on Thursday that the funds formed part of a larger pool […]
Flour Mills completes full acquisition of Honeywell
Bid by Flour Mills Nigeria Plc to acquire Honeywell Flour Mills has been consummated by both parties. This came as Flour Mills has obtained all required regulatory approvals to acquire a 71.69 per cent stake in Honeywell, formerly a portfolio company of Honeywell Group, and a 5.06 per cent stake in HFMP held by First […]
Africa adopting Bitcoin as legal tender won’t fix economic problems —IMF
The International Monetary Fund (IMF) on Thursday warned countries against adopting Bitcoin as legal tender. IMF Director, African Department, Abebe Selassie, who spoke at a media briefing on the organisation’s economic outlook for Sub-Saharan Africa, cautioned that Bitcoin is not a remedy for the economic troubles in African countries. The Central African Republic had a […]
Why Nigeria can’t adopt free floating FX regime —Emefiele
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said that Nigeria cannot freely float the Naira at the foreign exchange market because such a policy would lead to foreign exchange spiral for Nigerians. He stated this during an interview on Thursday on the sidelines of the on-going IMF/World Bank Spring Meetings in Washington DC, […]