Business

Naicom

Foreign investors Taking-Over Insurance Firms Over Recapitalisation

It has been revealed that many indigenous underwriting firms have been taken over by foreign investors since the last recapitalisation that took place in the insurance sector. The Punch reports that the National Insurance Commission (NAICOM), apex regulator of the Insurance sector, confirmed that a number of local players in the insurance sector preferred being […]

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Cbn

Nigeria Loses $482 million From External Reserves In One Month

Nigeria’s external reserves dipped by $482.18m from N45.14bn as of July 8 to $44.65bn as of August 8, latest statistics from the Central Bank of Nigeria have shown. The reserves which had maintained a steady rise in recent months has started suffering decline. A research by FSDH according to The Punch, noted in its monthly […]

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CBN Gets Buhari’s Directive to Stop Forex for Food Imports

The Central Bank of Nigeria (CBN) has been directed byPresident Muhammadu Buhari to stop providing foreign exchange for importation of food into the country in a bid to ensure Nigeria attains food security. A statement yesterday by a presidential spokesman, Mallam Garba Shehu, quoted Buhari as telling All Progressives Congress (APC) governors, who came to […]

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Zenith500

Zenith Bank, Cross River Collaborate on Agricultural Revolution

A partnership has been established between Zenith Bank and the Cross River State government and towards the industrialisation of the state through its agricultural value chain policy, which is aimed at complimenting efforts by Governor Ben Ayade. This followed a visit by the management of the bank led by its Group Managing Director and Chief […]

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Cbn

CBN auctions N34bn T-bills after public holiday

The Central Bank of Nigeria announced on Wednesday august 14th, that it’s auctioning N34bn worth of Treasury bills, 14, roll over existing Federal Government T-bill maturities. Analysts at Zedcrest Capital Limited said upon resumption from the Salah break, despite the small volume of T-bills on offer, they expected stop rates to clear above their previous […]

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Aisha Umar

Workers total pension assets hit N9.32tn

Total assets under the Contributory Pension Scheme for workers in Nigeria, rose to N9.32tn as of the end of June 2019. The Punch, reported that the funds, which had continued to record a steady rise, hit N8.33tn as of the end of August 2018. Figures obtained from the National Pension Commission on Thursday revealed 69.5 […]

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World Bank Investments portfolio in Nigeria now $11bn

The World Bank has disclosed that its net portfolio commitment into Nigeria currently stands at over $11 billion, with 30 operational projects in all the states of the federation. The disclosure by the bank’s Country Director for Nigeria, Mr. Rachid Benmessaoud, coincided with the call by Governor of Kaduna State, Mallam Nasir El- Rufai, on […]

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Ndic

MfBs’ Bad Loans Decline By 5.3% To N25bn — NDIC

The Nigerian Deposit Insurance Corporation, NDIC Bad or nonperforming loans (bad loans) in the portfolios of microfinance is said to have declined by 5.2 percent in 2018 to N25 billion against N26.18 billion in 2017. NDIC disclosed this in its 2018 annual report, which also revealed 14.7 percent increase in total deposits of the industry […]

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Ebenezer Onyeagwu

ZENITH BANK LAUNCHES HIGH INTEREST-YIELDING TARGET SAVINGS ACCOUNT -UPGRADES MOBILE BANKING APPLICATION

Foremost Nigeria’s financial institutions, Zenith Bank Plc, has introduced a high interest-yielding target savings account named “SAVE4ME”, which enables customers plan and save towards their aspirations and needs conveniently. The new product is designed to support flexible savings for predetermined purposes such as asset acquisition or even marriage, and offers a higher interest rate than […]

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Uba Promo

UBA rolls out 20 more Wise Savers Promo Millionaire Customers, With N30m Doles Out In 3rd Draw

Pan African financial institution, United Bank for Africa (UBA) Plc, has yet rewarded another 20 customers who have emerged winners in the third quarterly draw of the UBA Wise Savers Promo winning N1.5 million each, bringing the total amount won so far by 60 customers to N90 million. The electronic raffle draw, which was held […]

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SMEDAN, MFBs Seek Ways To to Ease Bottleneck To Loans

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has introduced One Local Government One Product (OLOP) in order to ease access to loans from the Central Bank of Nigeria (CBN) for Small and Medium Enterprises (SMEs) in Northwest region of Nigeria. Speaking at the signing of Memorandum of Agreement with Candidates of Cooperatives […]

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CBN July Purchasing Manager’s Index rises by 2% To 57.6 Points

The Central Bank of Nigeria’s (CBN) Purchasing Manager’s Index (PMI) for the month of July 2019, has shown expansion in the economy. According to the PMI report for July released by the apex bank on Wednesday, Manufacturing PMI stood at 57.6 points in July, compared with the 57.4 points recorded in June. The expansion in […]

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