Trapped funds: CBN to release another $150m to airlines
The Central Bank of Nigeria (CBN) has concluded plans to release $120 million by October 31, to international airlines whose stuck funds are yet to be cleared. This is just as the CBN says it is unacceptable for foreign airlines to resort to ‘blackmail’ against the …
Elon Musk takes control of Twitter
Elon Musk has completed his $44 billion Twitter deal. A CNN report on Thursday said that the world’s richest man took control over the microblogging company after completing the much talked about, tempestuous $44 billion deal.
Fitch sees increased social instability in Nigeria with Tinubu win
Protests and social discontent are likely to ramp up in Africa’s most populous nation if Bola Tinubu, the candidate of the ruling All Progressive Congress (APC), wins the presidential election next year, according to Fitch Solutions. A win for Tinubu, who Fitch Solutions is tipping to win the election next February, would…
Zenith Bank’s nine-month gross earnings jump to N680.6bn
Zenith Bank Plc, Nigeria’s biggest lender by market capitalisation, has reported a 20 percent growth in gross earnings to N620.6 billion for the nine months ended September 30, 2022, compared to the same period last year. The bank announced its unaudited results for the third quarter on Thursday, saying in a statement…
Why lower naira notes are not for redesign – CBN
The Central Bank of Nigeria has given reasons for excluding the lower denomination notes from its plans to redesign the naira notes. Godwin Emefiele, governor of CBN announced on Wednesday that the bank had received the approval of President Buhari to redesign, produce and circulate new series of..
MRS records N351m profit in H1 2022, highest in four years
The billions of naira Africa’s largest oil-producing country squanders due to the absence of full deregulation in Nigeria’s downstream sector is no longer news, but what is new is how firms braced the odds in 2022 to post significant upticks in both top-line and bottom-line figures. Findings by BusinessDay showed MRS..
Your Sunday UK Briefing: A Painful Rate Hike Lies in Wait
– The big hikes: The BOE and the Federal Reserve are both expected to make 75-basis-point rate hikes this week in their bid to drag down inflation. But the US economy, fresh off a positive GDP print for the third quarter, looks in better shape to absorb the shock. Source Bloomberg Read More
FIRS Introduces Real-time Direct Collection of Taxes from Online Gaming Transactions
– The Federal Inland Revenue Service (FIRS) has issued a Public Notice announcing its intention to deploy the Sentinal National Payment Gateway (“Sentinal” or “the Gateway”) developed by e-Technologies Global, a UK-based Fintech company. Source KPMG Read More
Naira Plunges to a Record Low of N785 After CBN Announces Plans to Replace Higher Naira Notes
– The naira plunged to record lows against the US Dollar on Friday, 48 hours after the central bank announced plans to replace higher denomination notes of its local currency. Source Proshare Content Read More
Osinbajo, Ex-Colombian President, Others to Lead New Job Creation Effort for Billion Dollar Carbon Market in Africa
– The federal government is to pioneer a voluntary billion dollars’ worth carbon market in Africa with the Vice President, Prof. Yemi Osinbajo serving in the committee to realise the goal. Source ThisDay Read More
CBN Destroys Over N6tn Banknotes Under Buhari
– The Central Bank of Nigeria is expected to have destroyed over N6tn worth of mutilated and old banknotes when the regime of the President, Major General Muhammadu Buhari, (retd) expires in May 2023, an analysis by The PUNCH has shown. Source Punch Read More
NNPC, Akwa Ibom Sign Deal on Marine Logistics Hub to Support Offshore Construction
– The Nigeria National Petroleum Company (NNPL) Limited, Akwa Ibom government, and Solutions Hub Limited, have signed a deal to establish a fully integrated, deepwater logistics shore base in the state. Source TheCable Read More
Currency Redesign: DMBs Plan More Counters, Assign Special Tellers to Handle Huge Note Deposits
– The CBN Governor, Godwin Emefiele, had last week informed the paex bank would be redesigning the N200, N500, N1000 denominations to enable its rakin an estimated N2.77trillion floating outside the financial system and which many believe has been fueling illegal transactions within the country. Source Sun Read More
Oil Slips as China COVID Curbs Outweigh Concerns Over U.S. Output
– Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Source Reuters Read More
Touch and Pay Wins $50,000 Ecobank Fintech Challenge 2022
– Ecobank Group is proud to announce that Touch and Pay a Nigeria-based fintech has won the 2022 edition of the Ecobank Fintech Challenge. Source Ecobank Read More
The SIM Card, Catching the Elusive Mole of Cybersecurity
– In cybersecurity, certain vulnerabilities arise not as a direct consequence of code porosity but due to systems that enable such walls to be manoeuvred. These vulnerabilities, called “architectural flaws,” form a large portion of cybersecurity threats in today’s world. Source Phillips Consulting Read More
FG Harps on Data Protection, Consumer Rights
– The Nigeria Data Protection Bureau and Federal Competition and Consumer Protection Commission have entered into a Memorandum of Understanding for the purposes of protecting consumer rights and personal data as well as fostering healthy trade competition within the Nigerian economic space. Source Punch Read More
Telcos Register 16 million Subscribers In Nine Months
– Telecommunication companies have registered 16.72 million subscribers in the first nine months of the year, according to new data from the Nigerian Communications Commission. This brings the total number of active GSM lines in the nation to 211.85 million subscribers. Source Punch Read More
LivingTrust Mortgage Bank Plc Reports N672.82m PAT in Q3 2022 Results, (SP: N1.43k)
LivingTrust Mortgage Bank Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
- Gross Earnings grew by 55.2% from N1.12bn to N1.74bn.
- Profit before tax stood at N748.8m
- Profit after tax stood at N672.82m
- Share Price Currently Stands at N1.43k
Union Bank of Nigeria Plc Reports N9.21bn PAT in Q3’22 Results, (SP:N 6.35K)
Union Bank of Nigeria Plc released its Q3 2022 Unaudited results for the period ended September 30th, 2022.
- Gross Earnings grew by 12.89% from N125.37bn to N141.53bn.
- Profit before tax stood at N10.17bn
- Profit after tax stood at N9.21bn
- Share Price Currently Stands at N6.35k