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How Nigerian banks performed first half of 2022
Banking

Why bank stocks dropped by N141bn – Analyst

Market experts and analyst have explained why the banking sector performance ended the year out of the loop as five banks saw their value downed by 5.5 per cent from N2.57tn in 2021 to N2.43tn at the close of trading in 2022. The five banks collectively known as Tier-1 banks all saw a decline in […]

News

Oil production hit 1.235m barrels in Dec 2022 – NUPRC

  The Nigerian Upstream Petroleum Regulatory Commission stated on Sunday that crude oil production in Nigeria increased to 1.235 million barrels per day in December 2022, the highest output since March, when the country produced 1.237 million barrels per day. According to figures received from the commission in Abuja, oil output jumped from 1.185mbpd in […]

Over one million Canadian applications pending despite backlog drop
Housing

Nigerian real Estate stakeholders hail Canadian property policy

Real Estate Stakeholders have said that Canada’s decision to foreign property investors would positively impact the Nigerian real estate market.   Recall, that the Canadian government on June 23, 2022, introduced a policy banning non-canadian citizens from buying residential properties as investments effective from January 1, 2023.   According to a CNN report, the law […]

Monarchs begs CBN to extend old naira deadline
News

CBN’s cash withdrawal limit kicks off today

  The Central Bank of Nigeria’s policy restricting daily cash withdrawal is expected to start today, Monday, January 9. Under this new policy, the maximum weekly withdrawal limit for individuals and corporations across all channels is now N500,000 and N5 million, respectively. As a result,anyone or entity with a compelling need to withdraw above the […]

News

Agents protest as customs hike imported vehicle duty

Following the Nigeria Customs Service’s decision to increase duty on imported automobiles by 10%, freight forwarders have predicted a congestion at the nation’s seaports due to the influx of imported vehicles. According to The PUNCH, the agents accused the service of effecting 10 per cent duty increase but failed to apply the 10 per cent […]

Debt
News

Rising debt profile not sustainable, says OPS

  The Lagos Chamber of Industry as well as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture have stated that the current debt profile is not sustainable. According to The PUNCH, the agency through its Director-General, Patience Oniha, said this during the public presentation of the 2023 budget organised by the Minister […]

Pollution: Shell to pay Nigerian farmers €15m compensation
News

Shell to pay first tax in UK since 2017

Following significant global gains last year, Shell has announced that it will pay taxes in the UK for the first time since 2017. In the last three months of the year, the energy company predicted that profits in the UK and the EU would “take a knock” of about $2 billion (£1.7 billion). In order […]

Oil and Gas

NUPRC shortlists 139 firms for gas flare trading

The Nigerian Upstream Petroleum Regulatory Commission has selected 139 companies from a total of 300 applicants to participate in the Nigerian Gas Flare Commercialisation Programme 2022. The upstream petroleum regulator announced on Friday that 300 companies had expressed interest, including those who had already submitted proposals. In order to prevent gas flaring from oil production […]

Banking

PennyTree redesigns app to improve retail banking

Nigerian Fintech company, PennyTree, has redesigned its mobile app to provide retail banking services for individuals and merchants looking to scale and grow their business operations.   The Co-founder of PennyTree, Abayomi Ogunjobi, announcing the launch on Thursday, explained that the new direction is a necessary solution designed to help individuals make the most of […]

News

CBN halts ‘over-the-counter’ withdrawal of new notes

  The Central Bank of Nigeria has directed deposit money banks not to pay customers who make over-the-counter withdrawals of fresh naira notes. To guarantee that the money circulates across the country prior to the deadline of January 31, 2023, when the old notes will no longer be accepted as legal tender, the central bank […]

Kogi residents lament scarcity of new naira note
News

New naira same as old notes, stains white surfaces – NSPM

  Nigerian Security Printing and Minting Plc has drawn attention to some of the new naira notes’ features in an effort to educate Nigerians who have voiced concerns about the notes’ quality. The company underlined the need to educate Nigerians about the new Naira’s attributes in a statement released on Friday and signed by NSPM’s […]

Banking

Zenith Bank suspends international transactions on naira cards

Zenith Bank Plc. has suspended international transactions on naira cards.   The bank, in a notice to its customers on Thursday, said the latter will no longer be able to carry out any international transaction on their naira debit cards effective from Monday, January 9.   The notice read, “Please be informed that you will […]

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