FINANCING

These are not the best of times for Nigerian banks. Caught between the attrition of fintech companies nibbling away at market share and the muscle of the latest entrants to the financial system – mobile-phone companies – they are forced to contemplate the portents of a fast-changing industry. Measures by the Central Bank of Nigeria (CBN) to bring more people ...

Fidelity Bank plc, a leading Nigerian bank has released its annual report and financial statements for the year ended 31 December 2021 with 33.5% increase in profit after income tax to N35.579 billion from N26.650 billion in 2020. Gross earnings also rose to N250.774 billion from N206.204 billion in 2020. Meanwhile, the Board of directors has recommend a dividend of ...

The Court of Appeal sitting in Owerri, Imo State on Tuesday ordered the Managing Director and the other three management staff of Shell Petroleum Company to appear before it on April 8, 2022 to show cause why they should not be committed to the cordial centre for contempt of court. The MD and other management staff had been ordered to ...

Malam Mele Kyari, Group Managing Director, Nigerian National Petroleum Company Ltd. (NNPC) says NNPC has nothing to hide and will comply with the request of the House of Representatives Committee on Public Accounts. The disclosure by the NNPC CEO came in the wake of the House of Representatives Committee on Public Accounts’ request to the company seeking the appearance of ...

Access Holdings Plc has announced the changes and appointments to the board of its banking subsidiary, Access Bank Plc, following the completion of the scheme of arrangement between Access Bank Plc and its shareholders. The completion of the scheme of arrangement has resulted in the listing of Access Holdings Plc as the parent company of the bank and related group ...

The Federation Accounts Allocation Committee (FAAC), has shared N695.03 billion to the three tiers of government as revenue for February amid fears among State governments that the plans by the Nigerian National Petroleum Corporation (NNPC) limited to deduct N242.53 billion for subsidy will affect their income. The FAAC Director Information, Mr. Olajide Oshundun, disclosed this in a communique on Tuesday, ...

The Central Bank of Nigeria, (CBN) is set to step up its intervention in the energy sector as it approaches the regulators in the sector on modalities for the intervention. Disclosing this at a media briefing yesterday after its Monetary Policy Committee, MPC, meeting the CBN Governor, Mr Godwin Emefiele, said the apex bank would be meeting with the Nigerian ...

The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, has stated that Nigeria received a cumulative investment of $20 billion from Free Trade Zones in 30 years. The Minister stated this at the commissioning of the new Nigeria Export Processing Zones Authority (NEPZA) facility and unveiling of NEPZA’s new special economic zone security unit in Lagos. According to ...

The International Monetary Fund projected that the Federal Government of Nigeria may spend 93 per cent of the country’s revenue on the payment of interests incurred on its debts by 2022. The Fund also projected that 139 per cent of the nation’s revenue on paying off of interests from debts by 2026. This projection was provided in the IMF’s ‘Nigeria ...

As a financial market infrastructure positioned to champion and support market-driven initiatives towards facilitating growth and development in the Nigerian financial markets, FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”), through its Board Listings and Markets Committee, admitted the listing of the Ardova PLC ₦11.44 billion Tranche A and ₦13.86 billion Tranche B Series 1 Fixed Rate Bonds under ...