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Temple Group appoints subsidiaries’ MDs

THE Group Managing Director of Temple Group Limited, Segun Obayendo, has announced the appointment of Mrs Ifeoma George-Oji as the managing director of Temple SYC Limited; and Mrs Chinwe Uwaegbute as managing director of Drivers Testing Resources Limited. Their appointments took effect on April 14, 2022. The firm said the announcement signalled the end of […]

agencyreport
20th April 2022
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Appointments

Abbey Mortgage gets acting MD

Abbey Mortgage Bank Plc says its Managing Director/Chief Executive Officer, Mr. Madu Hamman, has been appointed as the new Managing Director of Federal Mortgage Bank of Nigeria, the apex mortgage bank in the country, by the President, Major General Muhammadu Buhari. As a result, the company said its board had also named Mr Mobolaji Adewumi, […]

agencyreport
20th April 2022
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Banking News

BoI Group records N62.28bn profit

The Bank of Industry Group on Tuesday said its profit before tax rose by 75 per cent to N62.28bn at the end of December 31, 2021, from N35.54bn recorded in the corresponding period of 2020. A statement from the bank on its financial performance said discounted for tax, the profit for the year under review […]

agencyreport
20th April 2022
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Why Nigeria must save oil revenues - IMF

Economy News

IMF upgrades Nigeria’s economic growth forecast to 3.4%

The increase in global oil prices has caused the International Monetary Fund to review Nigeria’s economic growth potential to 3.4 per cent in 2022. The IMF disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery, April 2022,’ report. In its January report, the Washington-based lender predicted a growth rate of 2.7 […]

agencyreport
20th April 2022
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FG to end fuel subsidy in 2023 - Minister

Economy

Paris Club: States write FG, kick against $418m deduction

State governments have asked the Federal Government to refrain from deducting from funds accruing to them and all local government councils as liquidation for the alleged $418 million London/Paris Club loan refund-related judgment debts. The governors stated this in a letter dated April 4 in response to a November 11, 2021 letter from the minister […]

agencyreport
19th April 2022
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Banking Oil and Gas

Vandalism, others push oil firms’ bank borrowing to N5.68tn

The combined bank borrowing of oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry rose from N5.19tn in January 2021 to N5.68tn in December 2021, showing an increase of N490bn. Operators in the downstream, natural gas and crude oil refining subsectors had borrowed N290bn from Nigerian banks in […]

agencyreport
19th April 2022
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Housing News

Five months after Tribunal report, Lagos yet to demolish Ikoyi skyscrapers

Five months after the collapse of a 21-storey building in Ikoyi, Lagos, the state government is yet to commence the demolition of two nearby high-rise buildings which failed the integrity test conducted by the state government investigative tribunal. This also came two months after the release of a white paper by the committee set up […]

agencyreport
19th April 2022
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News Ports and Airports

Imported vehicles: Dealers threaten shutdown over 15% levy

As controversy continues to surround the introduction of 15 per cent National Automobile Commission levy imposed on imported used vehicles by the Nigeria Customs Service, car dealers have threatened to close their stores this week. The NCS had recently introduced a 15 per cent National Automobile Commission levy on used imported vehicles, a decision which […]

agencyreport
19th April 2022
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FG budgets N8.68tn for agric, food imports - Report

Agribusiness Economy

Food prices jump over insecurity, fuel scarcity in Q1 – Report

THE rise in diesel prices, petrol scarcity, and heightened insecurity in the nation drove food prices to a record high in the first quarter of 2022, a new report by SB Morgen, has shown. The geopolitical intelligence platform disclosed this in its report titled, ‘The SBM Jollof Index Q4 2021 & Q1 2022; Geopolitics comes […]

agencyreport
19th April 2022
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World Bank punishes Nigerian firms, individuals for corruption

News Oil and Gas

Fuel subsidy puts Nigerian economy at high risk –World Bank

The World Bank says increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. The Washington-based lender said this in a new biannual report known as Africa’s Pulse. According to the bank, Nigeria is projected to have a 3.8 per cent […]

agencyreport
18th April 2022
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Economy News

25% of 2022 capital expenditure may not be funded –Economists

ABOUT 25 per cent of the projected N4.5tn capital expenditure in the 2022 Appropriation Act may not be funded, going by the funding priority of the Federal Government in the 2022 fiscal year, findings contained in a report by economists at AgustoConsulting showed. Economists at AgustoConsulting, a renowned firm in business advisory including economics, finance […]

agencyreport
18th April 2022
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Banking Economy

51 firms drive stock market gain by N500bn

Investors gained N500bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The market opened for four trading days last week as the Federal Government of Nigeria declared Friday (Good Friday) and Monday (Easter Monday) public holidays to commemorate the 2022 Easter celebrations. The NGX All-Share Index and market […]

agencyreport
18th April 2022
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NNPCL targets four FIDs by 2025, posts N5.89tn

FCCPC unveils taskforce to combat counterfeit products nationwide

Mauritius firm to acquire 26% stake in Nigerian

UK regulator partner Nvidia to allow banks experiment

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