By Eyo Nsima The Lagos Chamber of Commerce, LCCI, has reacted as the The National Bureau of Statistics, NBS, releases Nigeria’s Gross Domestic Produt, GDP, report for the second quarter of 2021. Commenting on the GDP report, the LCCI, stated: “The National Bureau of Statistics has released the national accounts for Q2 2021 showing that […]
LCCI reacts as NBS releases Q2’21 GDP Report Read More »
The Economic and Financial Crimes Commission, EFCC, has urged the banks to investigate their customers’ sources of income. Addressing members of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, who visited him in Abuja, Abdulrasheed Bawa, EFCC chairman, said: “I will like to urge you to know your customers, know the kind
Banks should investigate customers’ source of income — EFCC Read More »
The Department of Petroleum Resources has faulted the claim by the Nigeria Customs Service that it was partly responsible for the continued smuggling of Premium Motor Spirit popularly called petrol, which has been subsidized by the Federal Government. The Head, Downstream Department, DPR, Bashir Sodiq, said filling stations along the land borders now get less
SMUGGLING: NCS, NSA grant border stations waivers —- DPR Read More »
While there are a wide range of agritech innovations that could propel African farmers to profitability, only 23% of youth engaged in agriculture are using any form of agricultural technology-noting a lack of financing and training, according to a new 11-country survey by Heifer International (www.Heifer.org). The report, “The Future of Africa’s Agriculture: An Assessment
Aggregates carrier INDI NURMATALIA 07 with 2,200 tons of cement onboard has run aground on coral reefs at night on August 7, 2021, according to FleetMon. It stated: “Aggregates carrier INDI NURMATALIA 07 with 2,200 tons of cement on board ran aground on coral reefs at night August 7, 2021, while approaching Manokwari, West Papua,
Cement carrier stuck on coral reefs in West Papua Read More »
By Dr. Chinyere Almona At the Council Meeting of the Lagos Chamber of Commerce & Industry on Wednesday 4th August 2021, there were deliberations on what practical steps can be taken by the Government to boost revenue and foreign exchange inflows. Nigeria’s fiscal and financial challenges have been of concern to several stakeholders including the
Practical Steps Toward Boosting Nigeria’s Revenue and Foreign Exchange Inflows Read More »
By Eyo Nsima Wema Bank Plc, a leading commercial bank, has concluded plans to acquire a fintech firm or a merger with another commercial bank. Moruf Oseni, the bank’s deputy managing director, said, Friday, in Lagos during the company’s half-year 2021 investors/analysts presentation, that this was targeted at bringing about growth. He said: “In organic
Wema Bank plans acquisition, N40bn rights issue in September Read More »
CBN introduces guidelines for Payments Service Holdcos By Eyo Nsima The Central Bank of Nigeria, CBN, has introduced guidelines for the regulation of Payments Service Holding Companies, PSHCs, in the nation. The guidelines, stated: “The regulation requires companies desirous of operating more than one license category, to set up a PSHC, with activities of subsidiaries
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DBN increases loan portfolio to N215bn The Development Bank of Nigeria (DBN) has increased its loan portfolio to N215.1 billion. DBN’s Managing Director, Mr. Tony Opkanachi, who provided the loan portfolio data in a statement, stated: “Notably, the Bank maintains a BASEL II capital ratio of 75.2 percent, several multiples of the minimum 10 percent
DBN increases loan portfolio to N215bn Read More »
By Eyo Nsima Dangote Sugar Refinery recorded strong improvements in performance indices in half year ended June 30, 2021, as group revenue increased by 27.8 percent to N131.95 billion in contrast to N103.23 billion recorded at the same period in the preceding year. According to the refinery’s unaudited results for the period, Gross profit grew
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