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AfDB to support FERMA with $10 billion for roads, others

In a bid to assist in promoting infrastructural development in the country, the African Development Bank (AfDB) has offered $10 billion to Federal Roads Maintenance Agency (FERMA) for road and other infrastructure projects in Nigeria. The bank’s delegation led by Dr Abayomi Babalola, a transport specialists/consultant to the bank disclosed this while on a visit to FERMA headquarters […]

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Zenith Bank: Strong growth in Non-Interest Income offset weakness in Interest Income

Zenith Bank recently released its FY 2019 AUDITED report wherein Interest Income declined 6% y/y to N415.6 billion, owing largely to lower Interest earned on Loans and advances to Customers (down 15% y/y) and Treasury bills (down 19% y/y)- we attribute the decline in both line items to the lower yield environment in 2019 compared to […]

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Audit Query: Customs CG, AGF disagree over N28billion unremitted fund

There was drama at the Senate yesterday as the Accountant General of the Federation and the Comptroller General (CG) of the Nigeria Customs Service (NCS) disagreed over the N28 billion unremitted fund into the Federation Account in 2015. The disagreement occurred when Col. Hameed Ali, Comptroller General of NCS and Ahmed Idris, the Accountant General […]

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Here’s Nigeria’s action plan to improve ease of doing business in the country

Nigeria has a new national action plan 5.0 that is aimed at accelerating the actualisation of the country’s ease of doing business target. The action plan will run between February 5th and April 4th of 2020. The special adviser to President Muhammadu Buhari on ease of doing business, Jumoke Oduwole, recently joined CNBC Africa’s Esther Awoniyi to discuss the action plan. According […]

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Zenith Bank reports 7.9% profit increase for full-year 2019

Zenith Bank Plc has released its audited full-year financial statement for the period ended December 2019. Across board, the result showed fairly positive improvements, including the profit for the period. which increased by 7.9% year on year. See the summary below. Gross revenue and net interest income: The bank’s gross revenue grew by 5.06% to N662.3 billion in FY 2019, up from […]

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DMO backs Buhari’s lending policy, seeks increased revenue to service loans

In recent times, the Federal Government has attempted to borrow more in a bid to address infrastructural deficits and other challenges in the country. Though the Debt Management Office (DMO) believes borrowing is necessary, it disclosed the major challenge facing the country. The major challenge, according to the Director-General of DMO, Mrs Patience Oniha is […]

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Investors channel funds to forex, equity after OMO ban- Report

The Central Bank of Nigeria’s ban placed on individuals from trading in the Open Market Operations has boosted activities in the Money market, USD funds and the equity market. This was disclosed by EFG Hermes in a report released recently. In the report, the firm stated that local non-banks like Pension Fund Administrators (PFAs), individuals, […]

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Filmhouse, Silverbird, others generate over N79.8 million on Valentine’s weekend

Valentine’s Day drove revenue of cinema houses across Nigeria over the weekend, making it the highest-grossing weekend since the yuletide period, after generating N79.8 million. The total amount was generated by 20 movies, both Nollywood and international films, with Dear Affy emerging as the most grossed Nollywood film. During the Valentine weekend, 10 Nollywood films, 8 western movies, one Ghollywood […]

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Shell disburses N56 million grant to support youths in entrepreneurship

Shell Petroleum Development Company of Nigeria Limited (SPDC) has disclosed the disbursement of N56 million grants to 140 youths under the Shell LiveWIRE Nigeria entrepreneurial training. The youths, who were reportedly selected from eight states which include Abia, Akwa Ibom, Bayelsa, Cross Rivers, Delta, Edo, Imo, and Rivers states were provided with business and financial support in […]

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US queries Buhari’s anti-corruption credentials over Bagudu’s $100m

The U.S.has opposed plans by the Buhari government to hand about $100 million the American authorities said was stolen by former dictator Sani Abacha to Governor Atiku Bagudu of Kebbi state. According to Bloomberg, the disagreement may hamper future cooperation between the two nations to recover state money moved offshore by Abacha, who Transparency International […]

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Banks beware: Small challenger banks are introducing disruptive account setup options

Imagine opening a fully-functional bank account in just five minutes. This probably sounds too good to be true. But it is happening, made possible by the disruptive technologies of small challenger banks in Nigeria. Nairametrics’ Founder, Ugochukwu “Ugodre” Obi-Chukwu, recently shared his experience with this disruptive new way of banking. Writing on his Twitter page, he recounted how a friend of his exposed him to this new […]

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Italian Judge links Nigerian businessman to an oil graft case between Eni, Shell

An Italian Judge has ordered Alhaji Aliyu Abubakar, a Nigerian businessman involved in the controversial Eni and Shell OPL-245 offshore oilfield deal, to stand trial over alleged international corruption charges. Abubakar was said to have played a major role in the deal where he handed out more than $500 million in cash to powerful Nigerian […]

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How Coronation Merchant Bank sees Nigerian economy in 2020

Despite the uncertainties in economic indices and parameters, exchange and interest rates, Coronation Merchant Bank is optimistic that there are investment opportunities in Nigeria’s economy in 2020. This was disclosed by the Acting Managing Director of the bank at the Coronation Breakfast Session, tagged “Re-risking the financial system” in Lagos. At the Breakfast session, which […]