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Fidelity Bank extends GMD/CEO contract
Appointments

Fidelity Bank extends GMD/CEO contract

Fidelity Bank Plc has decided to prolong Dr. Nneka Onyeali-Ikpe’s employment term as GMD/CEO from 2024 to 2026. This decision was made public. According to The Times, The warning sent by the company to the Nigerian Exchange Limited. The decision was made at the board meeting on February 12, 2024, according to the statement, which […]

Naira plunges to record low against pounds
Banking

Naira plunges to record low against pounds

Melvin Onwubuke   Nigerian naira plunges further to a record low of N2040 to one Great British Pound, attributed to persistent demand pressure, that continues to devalue the naira. According to nairametrics, this marks a significant decrease of 5.3% or N110 when compared to the N1930 rate recorded the previous day. This unusual occurrence, represents […]

PenCom recovers N25.45bn unremitted contributions
Banking

PenCom recovers N25.45bn unremitted contributions

By Melvin Onwubuke   The National Pension Commission has made huge progress in ensuring compliance among employers regarding pension contributions. According to nairametrics, PenCom has successfully retrieved a total N25.45 billion in unremitted pension contributions, from defaulting employers between the years 2012 and 2023. This was disclosed by Mr. Ibrahim Buwai, the Director of Corporate […]

Telcos to receive $1bn network equipment in July — Minister
featured Technology

Nigeria to surpass India in technology talents export — Minister

The Minister of Communication, Innovation and Digital Economy, Bosun Tijani, said Nigeria will overcome India as the net global exporter of technology talents.   Tijani said this in an interview on Channels Television’s Sunrise Daily on Monday.   He said the overall target of one of the flagship programmes of his ministry is to create […]

Telcos to receive $1bn network equipment in July — Minister
Tech

FG launches Project 774 LG Connectivity

The Minister of Communications, Innovations and Digital Economy, Bosun Tijani has launched Project 774 LG Connectivity. According to the minister, the project aims to provide “connectivity to all 774 Local Government Secretariats across Nigeria.” “As part of our plans to foster inclusive development and promote access to digital public infrastructure in government, I am happy […]

No fraud found in Nigerian unit, says Olam Group
News

No fraud found in Nigerian unit, says Olam Group

Singapore’s Olam Group has addressed concerns by announcing that its investigation team found no evidence implicating its Nigeria unit in an alleged multi-billion-dollar foreign exchange fraud. The company stated that no charges were brought against Olam Nigeria, maintaining its innocence. In a recently released statement, Olam Group clarified that the investigation team, sanctioned by the […]

Naira falls at official rate despite dollar weak gains
Banking

Naira falls as banks’ dollar sales drop by $252m

Dollar sales at the Nigeria Autonomous Foreign Exchange Market on Friday decreased by $252 million to $84.1 million by Deposit Money Banks and other entities. This is a 74% decrease from the $331.1 million in transactions that were registered at the official Nigeria Autonomous Foreign Exchange Market on Thursday. In the meantime, the value of […]

Stakeholders advocate tax holidays in housing sector
Housing

Stakeholders advocate tax holidays in housing sector

In an effort to boost growth in the housing sector and encourage investment, stakeholders have urged the government to offer tax holidays to developers. According to the PUNCH, this was said during the recent Real Estate Outlook for 2024 event in Lagos with the topic “Looking Ahead, Gauging Opportunities.” The president of the Nigerian chapter […]

Lagos vows to uphold monthly rent agreement
Real Estate

Lagos budget allocation can’t meet housing gap – Commissioner

Lagos State’s Commissioner for Housing, Moruf Akinderu-Fatai, has said budgetary allotments are insufficient to meet the state’s housing shortage. According to The PUNCH, he revealed this during a recent media briefing in Lagos, when he provided an overview of the state government’s housing intervention plans for the year. “The state budget cannot meet the enormous gap […]

Lagos has maintained it's position as the top recipient of Capital Influx in Nigeria during the fourth quarter of 2023 (Q4 2023).
Business

Lagos maintains top spot for capital inflow into Nigeria

Melvin Onwubuke Lagos has maintained it’s position as the top recipient of Capital Influx in Nigeria during the fourth quarter of 2023. According to Nairametrics analysis of the published National Bureau of Statistics report, in regards to capital importation in Nigeria in Q4 2023. Capital inflow into Lagos State totaled $771.68 million during the fourth […]

African economic growth slumps to 3.2% in 2023
Business

African economic growth slumps to 3.2% in 2023

Melvin Onwubuke Nigeria and other African nation’s economic growth fell to 3.2 per cent 2023 contrary to 4.1 per cent in 2022. According to Africa Development Bank, the political instability, and China’s economic slowdown were exacerbating the shocks of covid 19 and the war of Russia in Ukraine. In the statement, the bank said “The […]

Estate developers abandon building projects amid forex crisis
Business

Estate developers abandon building projects amid forex crisis

Melvin Onwubuke Nigerian Estate developers are facing a Herculean task in meeting project delivery timeline, due to the foreign exchange crisis. A report by Nairametrics show that the situation is aggravated for those who had previously entered into contracts with variation clauses, as they now battle significant losses as a result of sharp increase in […]

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