Latest Nigeria Business News
Banks will be collaborating with credit bureau operators to achieve the Central Bank of Nigeria’s (CBN’s) 60 per cent Loan to Deposit Ratio (LDR) policy, The Nation has learnt. The CBN’s directive, expected to lead to more than N1.4 trillion in loans to customers, is in line with the apex bank’s commitment to boost economic growth through […]
Wema Bank, the creator of Africa’s first fully digital bank, ALAT, has launched a new online platform to provide seamless payment services to customers and merchants. The platform, named Outlet By ALAT, is primarily designed to connect shoppers with a range of digital services, including payments, event and movie ticket purchases, flight bookings, bet wallet […]
Flour Mills of Nigeria Plc witnessed contractions in sales and profitability in the immediate past business year, as net profit declined by 70.6 per cent from N13.6 billion in 2018 to N4 billion in 2018. Key extracts of the audited report and accounts of the company for the year ended March 31, 2019 showed that […]
Fidson Healthcare Plc has successfully raised about N2.345 billion from its shareholders to recapitalise its operations. The healthcare company had set out to raise N3 billion through a rights issue to existing shareholders, but the offer was undersubscribed by N655 million. Fidson Healthcare had offered 750 million ordinary shares of 50 kobo each through a […]
The ongoing data recapturing of pension contributors and retirees by Pension Fund Administrators (PFAs) nationwide is meant to protect pension clients against cybercrime and other fraud, the Managing Director, IEI-Anchor Pension Managers Limited, Mr. Glory Etaduovie, has said. Etaduovie in a paper titled: National Data Base Harmonisation and Pension Data Recapture, made available to journalists in Lagos […]
FirstBank of Nigeria Limited has introduced the Visa Multi-Currency Card, which can be linked to naira, dollar, euro and Pound Sterling accounts. In a statement, the bank said with the Visa Multi-Currency card, its customers – within and outside Nigeria – can now enjoy the luxury of having their local and foreign denominated accounts in […]
Skyway Aviation Handling Company (SAHCO) Plc recorded a net loss of N665.65 million in 2018 despite almost a quarter increase in the aviation handling company’s turnover. Key extracts from the audited report and accounts SAHCO for the year ended December 31, 2018 showed that the company recorded a net loss of N665.65 million in 2018 […]
Access Bank has emerged winner of the Karlsruhe Sustainable Finance Awards for “Outstanding Business Sustainability Achievement”. It received the award at a ceremony held at the City Hall, Karlsruhe, Germany. This is the fourth time the bank would win the award. The award was presented to the Bank’s Group Managing Director/CEO, Herbert Wigwe, with top […]
The nation’s external debt stock rose by 148 per cent in almost four years of the President Muhammadu Buhari administration, data from the Debt Management Office showed. The external debt soared to $25.61bn on March 31, 2019 from $10.32bn on June 30, 2015, according to the DMO. Eurobonds worth $10.87bn accounted for the largest chunk […]
A total of 720,000 small-holder farmers have received credit facility totalling N120.6bn through the Central Bank of Nigeria’s Anchor Borrowers’ Programme, Vice-President Yemi Osinbajo has said. The Vice President also hinted about the government’s plans to extend more agricultural credit to farmers in the South to encourage more people to engage in mechanised farming. He […]