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Tag: Economy

Real estate lunk agriculture with $900bn dead capital - PwC
Real Estate

Real estate lunk agriculture with $900bn dead capital – PwC

PricewaterhouseCoopers Nigeria has stated that Nigeria may have dead capital stashed away in residential and agricultural real estate valued up to $900 billion. The PUNCH reported that this was said in a recent research by the worldwide professional services network titled “Nigeria Economic Outlook: Seven trends that will shape the Nigerian economy in 2024.” It […]

Cadbury's $7m debt to stock conversion approved by shareholders
News

Cadbury’s operational profit hits N80.40bn

Cadbury Nigeria Plc increased its operational profit by 4,228 percent to N8.40 billion in 2023, from N195 million the previous year. The unaudited financial statement that the board of directors of Cadbury authorized shows that the company’s gross profit increased by 130% in 2022 to N17.79 billion from N7.72 billion. Between the period under review […]

EFCC investigating Sirika's Nigerian Air deal – Keyamo
Economy

EFCC investigating Sirika’s Nigerian Air deal – Keyamo

Minister of Aviation and Aerospace Development, Festus Keyamo has disclosed that the Economic and Financial Crimes Commission is investigating the controversial Nigeria Air deal initiated by former Aviation Minister, Hadi Sirika. Keyamo made this known during an appearance on Channels Television’s Politics Today program on Wednesday. Keyamo stated, “There is a criminal investigation going on. […]

Banking

Femi Otedola named First Bank Holdings chair

Nigerian billionaire, and entrepreneur Femi Otedola, has been appointed as the new chairman of the board of directors for the First Bank of Nigeria Holdings. The decision, announced after a recent board meeting, saw Otedola taking over from the outgoing Chairman, Alhaji Ahmad Abdullahi. This move comes amid Otedola’s recent excitement about rejoining the Forbes […]

Economy featured

Senate summons CBN governor over naira decline

The Senate, through its Committee on Banking, Insurance, and other Financial Institutions, called upon Central Bank of Nigeria Governor Olayemi Cardoso before it next Tuesday. The summons pertains to queries regarding the economy’s status and the drastic fall of the naira in the forex market. Chaired by Senator Adetokunbo Abiru (APC Lagos East), the committee […]

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks.
Economy

CBN moves to curb FX circulation, naira hoarding

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks. The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” emphasizes the CBN’s concerns over the growing trend of banks holding large foreign currency positions. To tackle these […]

Bolt cracks down on fake ride requests in Nigeria, South Africa
Tech

Bolt expands into Zimbabwe

Estonian e-taxi company, Bolt has expanded its services in Harare, Zimbabwe. As part of the move, Bolt is waiving commissions from drivers for at least six months as part of its launch strategy, a similar approach employed during the platform’s introduction in Zambia. Unlike its standard 18% commission in countries like Kenya, Bolt has opted […]

NNPC, First E&P provide free healthcare in host communities
Oil and Gas

NNPCL attracts South Korean investors for gas projects

The Nigerian National Petroleum Company Limited has met with a South Korean consortium led by Daewoo E & C to discuss the development of gas projects in Nigeria. According to The PUNCH, NNPCL said in a statement issued in Abuja on Tuesday that the discussions in Seoul, South Korea, intended to strengthen the oil company’s […]

Wema Bank, NYSC collaborate on youth empowerment
Banking

Wema Bank profit rises by 105%

Wema Bank’s profit increased by more than 105 percent to N23.36 billion in 2023, from N11.35 billion the previous year. The PUNCH reported that according to the lender’s unaudited financial statement submitted with the Nigerian Exchange Limited on Tuesday, revenue increased by 61.36 per cent to N181.87 billion. Net interest income climbed to N83.11 billion […]

Market capitalization falls N857bn due to sell-offs
Business

Market capitalization falls N857bn due to sell-offs

The Nigerian Exchange’s market capitalization fell for the second time this year, losing N857 billion to close at N56,425 trillion due to sell-offs. The PUNCH reported that the All-Share Index fell 1.49 per cent on Tuesday, closing at 103,110.15 points. The first loss of the year happened in January 10,  with the market capitalization falling by […]

How Edo IGR rose by 40% to N62bn in 2023 - Panel
Business

How Edo IGR rose by 40% to N62bn in 2023 – Panel

Edo State’s Internally Generated Revenue increased by more over 40% to N62 billion in 2023, from N45 billion the previous year. According to The PUNCH, the Chairman of the Edo Taskforce on Internally Generated Revenue, Osagie Inegbedion, announced this at a press briefing held in Benin City, the capital of Edo State, following the 2024 EIRS Management Performance […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
featured

Relocated CBN staff to resume Lagos office February 2

The Central Bank of Nigeria’s redeployed staff, estimated at 1,533 or 36.22 per cent, are due to resume in the Lagos headquarters on Friday, February 2. According to The PUNCH, a person who was privy with the situation stated the plan was still in place and affected employees would return this weekend. “Yes, the plan is […]

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