The recent announcement of the merger between Unity Bank and Providus Bank marks a significant development in the financial sector. As these two entities prepare to consolidate their operations, stakeholders, particularly customers, are keenly observing how this union will impact their banking experience. Recall that, the Central Bank of Nigeria[Read More…]
Business
CBN reintroduces publication of key economic reports
The Central Bank of Nigeria (CBN) has announced its plans to reintroduce the publication of several economic reports, including the Purchasing Managers’ Index (PMI), inflation expectation report, and other macroeconomic indicators. According to a circular released on Tuesday and signed by Hakama Sidi Ali, acting director, corporate communications, this action[Read More…]
Alleged 5.4bn shares: CBN, FBN Holdings ask court to dismiss Barbican Capital‘s suit
The Central Bank of Nigeria (CBN) and FBN Holdings Plc have asked a Federal High Court sitting in Lagos to dismiss a suit filed by an investment firm, Barbican Capital Ltd, over the alleged alteration of its alleged 5,386,397,202 units of shares in the bank, according to court documents seen[Read More…]
Nigeria’s economic activities drop for 13th straight month in July, says CBN
Economic activities in Nigeria fell for the thirteenth month in July as high costs reduced new orders and employment declined, Central Bank’s Purchasing Managers’ Index showed. According to the report released Wednesday, the composite PMI stood at 49.7 points indicating a contraction in economic activities for the thirteenth consecutive month.[Read More…]
How we grew from 5m to 33m customers in 5 years –Umeoji, CEO, Zenith Bank
Dame Adaora Umeoji, the Group Managing Director and Chief Executive Officer of Zenith Bank Plc, has shed light on how the financial giant expanded its customer base from 5 million to 33 million in just five years. During the “Facts Behind the Offer” meeting at the Nigerian Stock Exchange (NGX)[Read More…]
NGX index down 0.72 %, as BUA Cement, Zenith Bank, GTCO shed weight
WorldStage Newsonline– Trading on the Nigerian Exchange reversed its previous session’s gain on Monday, recording a loss of N404 billion or 0.72 per cent for equity market investors. The market’s decline was primarily driven by losses in major stocks, including BUA Cement and Tier-one banks such as Zenith Bank and[Read More…]
Nigeria Approves First Banking Merger Under New Capital Rules
The Central Bank of Nigeria approved its first bank merger since increasing capital requirements four months ago and ordering lenders to consider equity offers and business consolidation to comply. The Abuja-based regulator sanctioned a tie-up between Providus Bank Ltd. and Unity Bank Plc. It said the merger was “contingent upon[Read More…]
FG issue $500m denominated bonds, target 200% subscription rate
FG has introduced Series I Domestic USD Bond, aiming to raise at least $500 million from both local and international investors. However, this launch occurs amid a challenging backdrop where five of Nigeria’s Eurobonds have been ranked among the worst performers in a Bloomberg index of emerging and frontier sovereign[Read More…]
Guinness Nigeria records 31% revenue growth
Guinness Nigeria Plc has announced 31 per cent revenue growth for the financial year ended June 30, 2024. A statement by Guinness said the strong performance was even more pronounced in the second half of the year, with revenue growth accelerating to 41 per cent, up from 20 per cent[Read More…]
Experts Discuss Wealth Transfer Strategies to Gen Z at Cordros Summit
At the recent Cordros Summit in Lagos, leading financial experts gathered to explore innovative strategies for transferring wealth to Generation Z. As this demographic begins to come of age and accumulate wealth, understanding effective methods for asset transfer becomes increasingly crucial. The second edition of Cordros Summit with theme: “Wealth[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]