Category: BUSINESS

In a strategic move aimed at boosting sustainable agricultural business and attracting global investments, Access Bank Plc, one of Nigeria’s leading financial institutions with presence in over 19 countries, has enhanced its Agriculture Desk for improved value for customers and stakeholders at large. In a statement by the bank, the executive director, Commercial Banking, Hadiza Ambursa, said during a press conference that, “The Agriculture Desk is not only about financing; it’s about driving transformational change within the agricultural landscape. Our commitment extends beyond monetary support to encompass capacity building, technology…

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Afrexim Bank is currently working out details to determine the volume of crude oil the Nigerian National Petroleum Company Limited is willing to give out in exchange of its loan request. The bank is tapping oil traders to finance a much-needed $3 billion loan to the company to help shore up the sliding naira currency, three sources told Reuters. Afrexim approached traders in recent weeks seeking their interest in funding the oil-backed loan to state oil company NNPC LTD, the sources said. It is now working to craft terms that…

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Information reaching our news desk has it that the United Bank for Africa (UBA) has again emerged as the headline sponsor of the 2023 edition of the annual Lagos International Trade Fair. UBA, in partnership with the organisers of the annual event, the Lagos Chamber of Commerce and Industry (LCCI), reiterated his readiness to bolster small and medium scales businesses, while catalysing entrepreneurial growth across the continent. For the past five years, UBA has been the headline sponsor of the Lagos International Trade Fair. The year’s edition which is the…

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By NewsBits Dr. Olayemi Michael Cardoso, who was recently nominated by President Bola Ahmed Tinubu as Governor Central Bank of Nigeria (CBN) has on Friday, September 22, formally assumed duty, in an acting capacity, as the Governor, pending his confirmation by the Senate. This follows the resignation of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), according to a press release by Isa AbdulMumin, director, Corporate Communications, CBN, Friday September 22. Similarly, the Deputy-Governors-designate have also assumed duty, in acting capacities, sequel to the formal resignation of…

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Abia State Governor Dr. Alex Otti has reiterated his administration’s desire to partner with the private sector in the quest to rebuild the state. Kazie Uko, the Chief Press Secretary to Abia State Governor in a statement said the Governor Otti restated government’s position to work with the private sector while receiving the Group Managing Director of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, who led a team of the bank’s senior management team on a business visit to the Governor on Tuesday. He welcomed the bank’s request to partner the state…

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L-R: Mr Kamilu Omokide, Receiver/Manager Arik Air; Mrs Iyatum Adode-Kobiti, Group Head, Corporate Services, Asset Management Corporation of Nigeria (AMCON); Mr Ahmed Lawan Kuru OFR, Managing Director/Chief Executive Officer, AMCON and Mr Olugbenga Ataiyero, CFO AMCON at the media parley organised by AMCON in Lagos…Monday “The challenge of Sir Arumemi Johnson’s Arik Air Limited (in Receivership) under the auspices of the Asset Management Corporation of Nigeria (AMCON), may seem difficult, but the situation is not irredeemable. There is always a way out of every resolution situation however, there must be…

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Ecobank Nigeria Limited has started the remodelling of its branches across the country. This strategic development will see the bank turn its existing banking halls into modern smart banking arenas designed to offer cozy experience to customers and other stakeholders of the bank who visit the branches. Speaking on the branch transformation exercise, Titi Olarinde, Head, Branch Network, Ecobank said it is a deliberate and strategic decision of the bank to ensure that customers transact seamlessly in an environment where they are happy to come to everyday whilst providing the…

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According to the National Bureau of Statistics (NBS), Nigeria’s public debt stock increased from N49.85 trillion (108.30 billion dollars) in the first quarter of 2023 to N87.38 trillion (113.42 billion dollars) in the second quarter of 2023. The NBS said this on Friday in its Nigerian Domestic and Foreign Debt Report for Q2 2023 released in Abuja. The report said Nigeria’s public debt stock which included external and domestic debt, grew by 75.27 per cent in Q2 of 2023 It said that External debt stood at N33.25 trillion (43.16 billion…

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Nigeria currency, the Naira on Tuesday appreciated against the dollar as it exchanged at N742.10 at the Investors and Exporters window. The local currency gained by 4.06 per cent compared to the N773.50 it exchanged for against the dollar on Monday. The open indicative rate closed at N761.24 to the dollar on Tuesday. A spot exchange rate of N807.15 to the dollar was the highest rate recorded within the day’s trading before it settled at N742.10. The naira sold for as low as N738 to the dollar within the day’s…

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Investors on the stock market of the Nigerian Exchange Limited (NGX) have lost N757 billion in two days over the demotion of the exchange from frontier to unclassified market status by FTSE Russell. The downgrade by FTSE Russell, a subsidiary of London Stock Exchange Group (LSE), was against the backdrop of Nigeria’s foreign exchange (FX) challenges, which was a new source of negative sentiment capable of triggering stock sell off on the market. The stock market, which had closed last week at N37.295 trillion, dropped by 2.07 per cent or…

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