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Power Sector Bad Loans Drags Banks into N100 Billion Indebtedness

A whooping total of N100.42bn loans advanced by the nation’s banks to power firms have been recorded as non-performing, the latest data from the National Bureau of Statistics have revealed. The PUNCH reports that the power and energy sector, out of 22 sectors/business lines, accounted for the fifth biggest share of banks’ N1.69tn non-performing loans […]

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World Bank

CCECC Tops Six Corrupt Chinese Firms Blacklisted By World Bank In Nigeria

The World Bank has blacklisted six Chinese companies currently operating in Nigeria over alleged fraud and corruption. The companies, according to an announcement published on the World Bank’s website, are CCECC Nigeria Railway Company Limited, CRCC Petroleum and Gas Company Limited and CCECC Nigeria Company Limited. Others are China Railway Construction (International) Nigeria Company Limited, […]

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Kennedy Uzoka

UBA, LCCI Collaborate Over 2019 Lagos International Trade Fair

Nigeria’s major  financial services institution, United Bank for Africa (UBA) Plc, and the Lagos Chamber of Commerce and Industry(LCCI), have entered into a partnership over the organization the of the 2019 Lagos International Trade Fair. With the collaboration, the 33rd edition of the annual Fair, which holds between November 1st and 10th, 2019, is expected […]

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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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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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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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