Category: BUSINESS

By Tony Adibe The National Pension Commission (PenCom) has advised artisans, traders, and other self-employed people to enrol in the Micro Pension Plan of the commission to guarantee a functional retirement plan they can always bank on.   The Head, Corporate Communications of PenCom, Abdulqadir Dahiru, gave the call in Enugu on Thursday while explaining the importance of the Micro Pension Plan to Nigerians in the informal sector and those working in organizations with less than three employees. Dahiru, who explained that the commission is at the ongoing Enugu International…

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By NewsBits The House of Representatives, on Tuesday, approved the request by the Federal Government to borrow $973,474,971.38 from China Development Bank. This followed the decision by the China-Exim Bank to reject Nigeria’s $22,798,446,773 loan request earlier approved by the National Assembly. The Chairman of the House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval for the failed loan deal. The motion was titled ‘Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.’ Moving the motion, Fulata…

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Zenith Bank Plc has announced its audited results for the year ending December 31, 2022, achieving an impressive double-digit growth of 24% in gross earnings from NGN765.6 billion reported in the previous year to NGN945.5 billion in 2022. This is despite the persistent challenging macroeconomic environment and headwinds. Zenith Bank Plc has announced its audited results for the year ending December 31, 2022, achieving an impressive double-digit growth of 24% in gross earnings from NGN765.6 billion reported in the previous year to NGN945.5 billion in 2022. This is despite the…

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By NewsBits The House of Representatives, yesterday, approved the request by the Federal Government to borrow $973,474,971.38 from China Development Bank. This followed the decision by the China-Exim Bank to reject Nigeria’s $22,798,446,773 loan request earlier approved by the National Assembly. The Chairman of the House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval for the failed loan deal. The motion was titled ‘Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.’ Moving the motion, Fulata said,…

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By Tony Adibe The 34th edition of the Enugu International Trade Fair organized by the Enugu Chamber of Commerce, Industries Mines and Agriculture (ECCIMA), has commenced, with the federal government disclosing that it has initiated policies aimed at promoting Micro, Small and Medium Enterprise (MSME)  in Nigeria. Minister of Industry, Trade and Investment in Nigeria, Adeniyi Adebayo while declaring open the fair at its permanent site in Enugu, assured that the Federal government would continue to create an enabling environment for the private sector to flourish in the country. The…

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By NewsBits Banks in satellite towns of the Federal Capital Territory (FCT), on Saturday opened for business as directed by the Central Bank of Nigeria (CBN). The News Agency of Nigeria (NAN) correspondent who monitored some banks in the Territory, reports that huge crowds of customers were seen at banks’ Automated Teller Machines (ATM) galleries. NAN also reports that customers were also seen standing on queues entering the banking halls one after another. The banks that opened for operations along Nyanya-Mararaba road include First City Monument Bank (FCMB), United Bank…

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The Centre for the Promotion of Private Enterprise (CPPE) said the Nigerian economy has lost about N20 trillion to the persistent cash crisis. The centre said in a statement signed by its director and managing director, Dr. Muda Yusuf that the cash crisis has led to decelerating economic activities, crippling trading activities, stifling of the informal economy, contraction in the agricultural sector and the paralysis of the rural economy. It also stated that there have been also corresponding job losses in hundreds of thousands. In a statement tagged ‘The Trauma…

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Nigerian Deposit Money Bank (DMBs) have been directed by the Central Bank of Nigeria (CBN) to reissue old naira notes to members of the public and also collect the old banknotes from customers. According to a statement issued by the Anambra State governor and former governor the CBN, Prof Charlse Soludo, the regulatory bank Governor, Godwin Emefiele confirmed the latest development to him in a phone conversation. Soludo, who posted the statement on his official Twitter handle on Monday said “The Governor, Dr Godwin Emefiele, personally confirmed the above to…

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