Business

The Central Bank of Nigeria (CBN) has fined Union Bank of Nigeria (UBN) Plc for breaching its regulation on cryptocurrency trading in the country. Union Bank was fined N200 million by the financial regulation for breaching the cryptocurrency regulation, Ripples Nigeria learnt on Wednesday. Recall that the central bank warned …

Bags of rice. File photo Rising insecurity in the country, import ban and others factors have caused the price of one kilogramme of local rice to rise by 201.52 per cent in seven years, according to findings. This happened despite a multibillion naira funding support of the Central Bank of …

Despite strong economic headwinds, leading indigenous property management, investment, and development company, Afriland Properties Plc has reported an upward trend for the financial year ending 31st December 2022. The real-estate firm reported a 19% increase in revenue declaring a total revenue of N1.9billion from the total revenue of N1.6billion earned during …

World Bank building The World Bank has disclosed that Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022. This was according to the Macro Poverty Outlook for Nigeria: April 2023 brief released by the bank. …

  Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its unaudited results for the first quarter ended March 31st, 2023, recording remarkable growth across all its major income lines.  The Bank’s result which was released to the Nigerian Exchange Limited (NGX)  on Thursday, April 13, 2023 showed …

  Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per …

LAGOS, NIGERIA: 14th April, 2023 ALAT by Wema, Africa’s first fully digital bank, is celebrating its 6th anniversary with the launch of “Sounds of ALAT,” a boot camp and creative workshop aimed at supporting young creatives in the entertainment industry in Nigeria. The event, which will run from May 1st to May …

Dr Akinwumi Adesina AfDB President. African Development Bank (AfDB) says the African continent faces an annual GDP shortfall that could exceed 127.2 billion dollars by 2030. It stated on Friday that the shortfall would occur if current trends in climate finance flow into Africa continued. “Africa may lose as much …

  As the President Mohammadu Buhari’s administration winds down in glorious departure, mischief makers have rolled up their sleeves to drag in the mud the hard-earned credibility of Mr. Mele Kyari, the group managing director of the Nigerian National Petroleum Company Limited (NNPCL), alongside Mr. Umar Ajiya, the company’s group …

The Central Bank of Nigeria, CBN, has slammed a minimum fine of N2 million as a penalty on banks that disobey its new guidelines on the management of dormant accounts, unclaimed balances and other financial assets in financial institutions in the country. CBN defines a dormant account as a bank …