Business

Nigeria’s Letter of Credit payments in the first seven months of 2024 have dropped by 57.04 per cent to $391.91m compared to $912.35m in the same period of 2023. This is according to the weekly International Payments Data provided by the Central Bank of Nigeria on its website. A Letter …

Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2024, recording an impressive triple-digit growth of 117% in gross earnings from N967.3 billion reported in H1 2023 to N2.1 trillion in H1 2024. This superior performance has been achieved even as the Nigerian banking industry …

The Centre for the Promotion of Private Enterprise (CPPE) has advised the Federal Competition and Consumer Protection Commission (FCCPC) to avoid controlling the prices of goods. On Thursday, FCCPC gave businesses a one-month ultimatum to reduce prices. Tunji Bello, executive vice-chairman and chief executive officer (CEO) of FCCPC, said businesses …

The Central Bank of Nigeria (CBN) has terminated the appointments of the board and executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). A source at CBN confirmed on Saturday. NIRSAL, a non-bank financial institution owned by CBN, was created to redefine, measure, re-price and share …

The Chartered Institute of Bankers of Nigeria (CIBN) held its 2024 second induction for 741 new members on Saturday in Lagos. The institute reassured Nigerians that the planned banks recapitalisation would boost the nation’s Gross Domestic Product (GDP). The President of CIBN, Prof. Pius Olarenwaju, during the hybrid induction and …

The Lagos State Government has reappointed MoneyMasterPSB, a leading payment service bank, for the second phase of the “Ounje Eko” food discount market, which will open throughout the state on Sunday, September 1, 2024. The Lagos State Government launched Ounje Eko, a programme that offers the people a 25 percent …

Ukpe Philip The strategies adopted by Nigeria’s wealthiest and most profitable company, the Nigerian National Petroleum Company Ltd (NNPCL) to ramp up crude oil production has again proven to be effective after a surprise 3.19 per cent growth in Nigeria’s Gross Domestic Product (GDP) which defied expert projections. The GDP …

Tajudeen Suleiman It was a pleasant shock for me to read the National Bureau of Statistics’ report released last Monday that Nigeria’s economy grew by 3.19% in the second quarter of 2024. The growth rate was quicker than the 2.51% growth seen in the second quarter of 2023, and the …

Rotimi Akinde, BOI executive director of corporate finance and risk management President Bola Tinubu has appointed Rotimi Akinde and Ifeoma Uz’Okpala as executive directors of the Bank of Industry (BOI). According to a statement on Wednesday by Theodora Amechi, head of public relations division at BOI, the appointment took effect …

The House of Representatives Committee on Privatisation and Commercialisation has assured port stakeholders of the readiness of the committee to collaborate with the Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, to resolve the port concession renewal. This assurance was given during the committee’s oversight visit to the terminal …