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Total loans to businesses hit N18.9 trillion in one year
August 6, 2020 1951 880

Total gross credit for various transactions in Nigeria rose by N3.33 trillion from N15.56 trillion at end-May 2019 to N18.90 trillion at end-June 2020. These credits were largely recorded in manufacturing, consumer credit, general commerce, and i... Read more

Business
FG, Lagos unveil smart meters initiative to improve electricity access
August 5, 2020 2170 939

In efforts to address the metering gap in Lagos and Nigeria, the Lagos State Government through its Ministry of Energy and Mineral Resources, in collaboration with the Eko Innovation Centre, has unveiled a Smart Meter Initiative, tagged, “Th... Read more

Business
Why Shoprite is quitting Nigeria’s retail market
August 4, 2020 2437 1129

While the announcement of the imminent exit of South Africa’s retail giant, Shoprite, from Nigeria may have come to many as a surprise, available data have shown that weakness in purchasing power, foreign exchange hitches and intense competi... Read more

Business
Checking rising incidence of unclaimed dividend in capital market
August 3, 2020 2803 1193

Dividends are the distributable earnings of a company, which are determined by its board of directors. However, when declared, it becomes a liability on the company, CAMA (1990). When a dividend is not claimed by the shareholder for any reason, i... Read more

Business
Experts canvass synergy of fiscal and monetary interventions
July 27, 2020 6125 2563

Experts have appraised the effectiveness of fiscal and monetary policies of the Ministry of Finance, Budget and Planning (MFBP), and the Central Bank of Nigeria (CBN), in tackling the country’s economic challenges and found them to be inadeq... Read more

Business
CBN sets November 2022 for migration to new messaging standard
July 24, 2020 6288 2377

The Central Bank of Nigeria (CBN), has directed all financial institutions to on or before November 2022, migrate to a new standard for exchanging electronic messages known as ISO20022. The ISO20022 Standard (International Organization for Standa... Read more

Business
Government under pressure to resume train operations
July 24, 2020 5989 2065

Residents around the Warri-Itakpe region in Delta and Kogi states are eagerly awaiting the commencement of full commercial operations of the rail line. The Coordinator, Warri- Itakpe Train Service, Sanni Abdulganiyu, disclosed this in Abuja, on Tu... Read more

Business
Airlines bid farewell as jumbo 747 begins final approach
July 24, 2020 5726 1770

It’s been a long time in coming. Now it is here. It is the end of an era for the iconic Boeing 747 jet – ‘the queen of the skies’ – that airlifted about 500 passengers at a lift. The disruption of travel during the co... Read more

Business
At Arotile’s burial, cleric advises goverment to stop neglecting patriots
July 24, 2020 5492 1477

The authorities in Nigeria have been advised to halt the practice of neglecting young men and women who served the country with dedication. Group Captain (Rev.) Dogo Gani gave the charge yesterday while officiating at the funeral of the nation&rsq... Read more

Business
Naira weakens further as dominant currencies alter pricing decisions
July 24, 2020 5410 696

With many trade transactions benchmarked against dominant currencies like the U.S. dollar, the International Monetary Fund (IMF), has expressed concerns that currency movements pose great challenges to developing countries’ domestic economy,... Read more

Business
Aviation workers vow to resist airport concession
July 1, 2020 5012 331

Fault N1.7b consultation fee awardAviation workers yesterday rejected the planned concession of the big four airports in Lagos, Abuja, Port Harcourt and Kano, describing the processes as faulty and unilateral decision of the Minister of Aviation, ... Read more

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