GTCo advocates reduced CRR, challenges Fintechs on transparency

The Group Chief Executive Officer (GCEO) of the Guaranty Trust Holding Company Plc (GTCo), Segun Agbaje has decried the increase in Cash Reserve Ratio (CRR), which he said has further made things difficult for banks. The implication of the high CRR for Nigerian banks, he said, is that money that would have generated more interest […]

UK supports AfCFTA with £35m, to lift 30 million people out of poverty

The United Kingdom (UK) has expressed commitment to support the implementation of the African Continental Free Trade Area (AfCFTA), the world’s largest free trade area initiative. The International Trade Secretary, UK, Anne-Marie Trevelyan who announced the initiative said the programme (of up to £35m support to AfCFTA) is expected to lift 30 million people out […]

BOI aims $10b from foreign investors to support real sector

Having raised about $4 billion in the last four years from over 100 international banks/investors in over 20 countries, the Bank of Industry (BOI) has stated that it hopes to increase the figure to about $10 billion to deepen its intervention. Managing Director, BOI, Olukayode Pitan, explained that the funds raised over the years improved […]

Microsoft invests $200m in Nigeria as FG rallies private sector

Microsoft has invested $200 million in Nigeria through its newly unveiled African Development Centre (ADC) in Lagos. The ADC is the premier engineering centre for Microsoft. The centre was created by Microsoft to serve as a base for African industry leaders to create local solutions with global scalability as well as provide employment opportunities and […]

Farmers begin harvest of 5,120 hectares of wheat in Bauchi

National Wheat Farmers Processors and Marketers Association of Nigeria (NWFPMAN), has flagged off the harvest 2021/2022 dry season wheat farming programme sponsored by the Central Bank of Nigeria’s Anchor Borrowers’ Programme. The Federal Government had in 2021 released over N5billion worth of input for about 10,000 wheat farmers in Bauchi and some selected states to […]

Investors to receive over N780 billion from 2021 dividend payments

Investors are set to earn over N780 billion as dividends from the 2021 financial year. So far, 16 companies across seven sectors – consumer goods, financial services, industrial goods, oil and gas, services, healthcare and IT – have earmarked a total of N782.192 billion as final dividends from last year’s activities Under the consumer goods […]

CBN issues guidelines for BNCH operations

In a bid to ease huge cash management and deepen financial inclusion, the Central Bank of Nigeria (CBN) has released guidelines for the operation of the Bank Neutral Cash Hubs (BNCH). According to a statement on its website, the CBN said that the release of the guidelines was in furtherance of its mandate to promote […]

NGX put up with sliding profile amidst losses in 21 stocks

Transactions on the Nigerian Exchange Limited (NGX) sustained a sliding profile yesterday. The slide was occasioned by losses in Japaul Gold and 20 others, as market capitalisation depreciated further by N51 billion. Specifically, at the close of trading yesterday, the All-Share Index declined by 95.37 per cent, representing a decrease of 0.20 per cent, to […]

Transcorp Hotels profit rises by 143% as revenue hits N21.7 billion

Transcorp Hotels Plc has publicized its audited financial statements for the full year ended December 31, 2021, showing 114 per cent growth in revenue to N21.74bn from N10.16bn as of December 2020, while gross profit rose by 143 per cent to N16.23 billion from N6.67 billion. The results show improved performance, indicating the firm’s strong […]

Central Bank of Nigeria (CBN) plays lead role in agric to generate jobs, says Emefiele

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has expressed satisfaction with the level of interest in agriculture and the impacts the sector has recorded in the last six years, saying the bank is playing a central role in the sector to generate jobs and drive growth. Emefiele, while speaking to journalists […]