Nigeria’s external reserves dropped 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 noted in its monthly economic and financial markets […]

Many indigenous underwriting firms have been taken over by foreign investors since the last recapitalisation that took place in the insurance sector, investigation has shown. The National Insurance Commission confirmed that a number of local players in the insurance sector preferred being acquired by foreign entities to becoming stronger through merging with other local operators. […]

Lafarge Africa Plc has gained N115.08bn ($316.29m) as a result of its divestment from its South African subsidiary. The company said the South African subsidiary, Lafarge South Africa Holdings, was sold after shareholders gave their approval at the 60th Annual General Meeting of the company. It said a transaction closing meeting was held on July […]

International Breweries Plc has posted a loss after tax of N6.84bn for the six months period ended June 30, 2019. An analysis of the company’s financial statement, which was made available to the Nigerian Stock Exchange, showed that in comparison with its performance last year, International Breweries reported revenue of N68.63bn, an increase of 29.22 […]

The Central Bank of Nigeria is on Wednesday billed to auction 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 level due […]

Going by the steady growth projection of pension funds assets, the funds may hit N10 trillion by December. The funds, which has been growing at the rate of over N100 billion  monthly, since January 2019, stood at N9.33 trillion in June. This was shown in the monthly pension funds’ summary report by the National Pension […]

LAGOS State Government  has presented Retirement Benefit Bond Certificates worth N1.13 billion to 311 public service retirees, the state’s pension commission (LASPEC) Director-General (DG), Mrs Folashade Onanuga, has said. She spoke at the 65th edition of Retirement Benefit Bond presentation in Lagos, assuring retirees that the state government’s interest in the well-being of its retirees […]

The Central Bank of Nigeria (CBN) Governor and Chairman of the National Financial Inclusion Steering Committee, Godwin Emefiele has set a target of 95 per cent financial inclusion rate for Nigeria by 2024. The plan is part of commitment to further enhance the level of financial inclusion in the country and by implication sustain inclusive […]

EcobankPay, the lifestyle digital payments and collections service of Ecobank Nigeria, has recorded transactions worth over N1 billion. EcobankPay offers customers a multi-channel payment experience, including: Mobile QR Payment at merchant stores (mCash, Masterpass and mVisa).  Merchant QR is set up via Facebook Messenger as well as USSD payment for low-income phone users. EcobankPay is used […]