Nigeria’s Gross Domestic Product (GDP) grew by 2.25% (year-on-year) in real terms in the third quarter of 2022. In its Gross Domestic Product Q3 2022 report, the National Bureau of Statistics (NBS) stated that growth rate declined from 4.03% in the third quarter of 2021. According to NBS, reduction in growth is attributable to the base effects of the recession Read More
Seplat Energy Plc has released its unaudited result for the three months ended March 31, 2022, recording profit before tax of N34.7 billion. The result of the company listed on both the Nigerian Exchange and London Stock recorded an increase of 197.8 per cent in profit compared with N10.6 billion recorded the same period of 2021. The company also generated Read More
Leading financial institution, Fidelity Bank Plc has recorded 35.7% growth in Profit Before Tax for its 2021 financial year to close the year at N38.1bn according to the bank’s recently issued financial result. Analysis of the results indicates that the bank grew Gross Earnings by 21.6 per cent Year-on-Year (YoY) (23.2 per cent Quarter-on-Quarter ( QoQ)) to N250.8 billion driven Read More
Access Bank Plc, a Nigerian lender with operations in 16 countries, plans to strengthen operations in nations with stronger currencies to stabilize earnings in its home market. The lender targets deepening its services in the U.K., South Africa, Botswana, Kenya and Ghana to lead growth among the subsidiaries owing to either the size of the economies or strength of their Read More
Nigeria’s 2021 Gross Domestic Product (GDP) has grown by 4.0 per cent yera-on-year(y/y) in the fourth quarter (Q4) of 2021 despite the emergence of new variants of the pandemic and uptick in case count. The fourth quarter (Q4) growth brought the full-year rate to 3.4 per cent y/y (fastest pace since 2014), exceeding the expectations of the IMF (3.0 per Read More
Local equities yesterday closed on positive trend gaining N262 billion as investors continue to reposition for dividend paying stocks. Operators said that they are not surprised over the market growth trend as there was expectation that the bullish trend recorded in the month of January would extended to the first week in February. Admitting that the market witness increased investment Read More
The World Bank projects that the global growth forecast will taper to 4.1 per cent in 2022. In it’s January 2022 Global Economic Prospects Report, the World Bank says it is down two tenths of a percent from 5.6 per cent in 2021. According to the report, developing countries are facing issues ranging from lower vaccination rate, global macro policies Read More
Minister of State Petroleum Chief Timipre Sylva has declared that the Petroleum Industry Act (PIA} will enhance energy growth and sustainability in Nigeria. Speaking as a participant at a ministerial roundtable, at the World Petroleum Congress (WPC), in Houston Texas, on Wednesday, Sylva said the passage of the law has created renewed interests in Nigerian oil and gas business environment. Read More
The Federal Commissioner, National Commission for Refugees, Migrants and Internally Displaced Persons, Hajia Imaan Suleiman-Ibrahim, has said the number of Internally Displaced Persons (IDPs) in Nigeria has increased by one million in the last one year. Addressing members of the House of Representatives Committee on IDP during the year 2022 budget defence on Monday, Suleiman-Ibrahim said because of increasing number Read More
A voluntary think-tank group of the All Progressives Congress, known as APC Legacy Awareness and Campaign (APC-LAC) has said that President Muhammadu Buhari, is now recognised as a global climate action leader and champion due to his commitment to climate change. The group said ambitious and impactful climate action will no doubt be one of the many positive legacies of Read More
Nigeria’s leading lender, First City Monument Bank (FCMB), has received another global commendation for its consistent and outstanding support towards the growth of Small and Medium Scale Enterprises (SMEs) in Nigeria. Last week in the United States of America, the SME friendly Bank received honourable mentions and certificates in two prestigious award categories – “SME Financier of the Year” and Read More
Union Bank, one of Nigeria’s longest-standing and most respected financial institutions, posted profit before tax of N16.0billion for the third quarter financial year ended September 30, 2021 The amount represents an increase of N1 billion or 0.63 per cent against N15.9 billion reported the same period of 2020. The bank’s result released on Thursday showed that gross earnings up three percent Read More
The Association of Ebonyi State Indigenes in Diaspora (AESID) has described the recent assessment of governor Dave Umahi’s performance in the state by the founder and Director of Adoration Ministry, Reverend Father Ejike Mbaka, as against the realities on ground in the state. The Ebonyi indigenes warned that Fr. Mbaka should not be carried away by Umahi’s gift to the Read More
The deputy state Chairman of Peoples Democratic Party (PDP) in Yobe state, Alhaji Umaru Amale, the party’s assistant state secretary Ahmadu Biriri and others on Tuesday defected to All Progressives Congress (APC). Receiving former PDP officials in Damaturu, the state Governor and Chairman APC Caretaker Extraordinary Convention, Mai Mala Buni, said they should be part of the movement to salvage Read More
The Board of Directors of Central Securities Clearing System (CSCS) Plc has reappointment Mr Haruna Jalo-Waziri as Managing Director/Chief Executive Officer for another term of five years for outstanding performance and exemplary leadership style. The reappointment will be effective from November 1, 2021. The reappointment comes after four successful years of transformative leadership which has led to enhanced productivity and value Read More
Analysts say its a mystery that the World Economic Outlook (WEO) says Nigeria has reasons to outgrow their initial forecast, alongside some countries in the Sub-Saharan Africa (SSA), even when the sub region exports fall behind its imports. Bismarck Rewane, Chief Operating Officer (COO) of Financial Derivatives Company (FDC) Limited, for instance wondered why inflation is on the rise globally, Read More
Nigeria has recorded a high growth in digital financial channels in the last one year, according to the Central Bank of Nigeria (CBN). Dr. Hassan Mahmud, Director of the CBN’s Monetary Policy Department, in a presentation titled “Implications of Trends in the Digital Financial Ecosystem for Monetary Policy Implementation said the overall population of Nigerians who use digital payment has Read More
Trading activities on the floor of Nigerian Exchange (NGX) yesterday sustained growth profile, gaining N247 billion. Specifically, market capitalisation of listed equities increased by 1.17 per cent to N21.216 trillion from N20.969 trillion reported on Monday. The NSX All Share Index also appreciated by 473.61 basis points to 40716.66 points from 40243.05 points traded the previous day. Investors traded 432.992 Read More
The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, Tuesday, received two commendation and awards from two groups in one day. While the Special Assistant on Media and Public Relations, Dr Umaru Jibrilu Gwandu, received the one of Karnati Global Resource, the Special Assistant to the President on Financial Crime and Compliance, office of the AGF, Barr. Read More
Chief Missioner Nasrul -L-lahi Fathi Society (NASFAT) (Abuja branch) Mallam Sharafdeen Aliagan has received a doctorate degree award in Commerce and Enterprises Development from the Institute for Commerce Research and Enterprises Development (ICRED). The cleric, while speaking to journalists weekend after receiving the award in Abuja, said he could now speak with authority and principles of commerce and enterprises for Read More
The ruling All Progressives Congress (APC) has replied criticism by the opposition Peoples Democratic Party (PDP) over its borrowing spree, saying the act “is for the good of the country.” In a statement signed Wednesday in Abuja by the National Secretary Caretaker/Extraordinary Convention Planning Committee (CECPC), Sen. John James Akpanudoedehe, the ruling party said unlike in the brazen looting days Read More
The Federal Government has called on commodity Associations to come together to form a united front to make them more sustainable and contribute meaningfully to the nation’s economic growth. Director, Export Commodities Department, Ministry of Industry, Trade and Investment, Mr. Suleiman Audu, stated this at a meeting he had with stakeholders in moringa value chain on Friday in Abuja. The Read More
The Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu has charged innovators to build a strong, Science, Technology and Innovation driven-nation that is united, peaceful, prosperous and highly respected globally. The Minister made the charge on Tuesday in Abuja, at the presentation of Prizes, Cash, Awards/Plaques to outstanding exhibitors/innovators of the 2021 STI EXPO. He urged awardees to work Read More
The President of Chartered Institute of Stockbrokers, (CIS) Olatunde Amolegbe has said that for Nigeria to achieve the potential inherent in our economy and improve the standard of living of the people, the country needs to push for an annual average Gross Domestic Product (GDP) growth rate of 10 per cent or more over the next 10-to-20 year period. Speaking Read More
Former President General Ibrahim Babangida has been described as a leader who survived more coups than any other leader in Nigeria and one whose intellectual capacity was evident on the way he handled security matters while presiding the affairs of this nation. A business mogul and a close ally of General Babangida, Chief Emmanuel Iwuanyanwu in a statement in honour Read More
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