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Jaiz Bank Targets N9.78Bn Gross Earnings In Q1 2023

Jaiz Bank Plc has, in its Q1 2023 earnings forecast submitted to the Nigerian Exchange Limited (NGX), projected N9.780 billion as gross earnings in the first quarter of this year. The bank made the projection in its submission to the NGX, even as it forecasts  a profit before tax (PBT) profit of N1.403 billion and […]

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FG To End Fuel Subsidy By June 2023, Budgets N3.36Trn For Regime

The Federal Government on Wednesday vowed to end the fiscal regime by the end of June this year. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who gave this hint during her public presentation on the breakdown of the 2023 Federal Government budget in Abuja, said that the government had made provisions […]

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FRC Slams £1.25Mn Fine On Deloitte Over Audit Breaches

Deloitte has been handed a heavy fine by the Financial Reporting Council (FRC) over failings in relation to its 2015 and 2016 audits of building materials supplier SIG plc, according to Accountancy Age news report. Following a four-year investigation, the Big Four firm admitted two major breaches of FRC standards. The watchdog responded with a […]

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Jaiz Bank Reports N3.26Bn Profit In Q3 2022

Jaiz Bank Plc, Nigeria’s leading non-interest bank, has reported that its profit rose to N3.26 billion in the third quarter of financial year 2022, representing 14.59 percent higher than the N2.99 billion profit reported in the corresponding quarter of last year. The lender, in its unaudited financial statements filed with the Nigerian Exchange (NGX), stated […]

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Goldman Sachs Group Restructures Business Into Three Units

Goldman Sachs Group on Tuesday unveiled a plan to re-organize its business into three units in another overhaul in less than three years. The US bank also reported a smaller-than-expected 44% slump in third-quarter profit. According to the Wall Street giant, it will now have three operating segments, comprising asset and wealth management, global banking […]

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Banks’ Credit To Private Sector Hits N267.11Trn 2021 – NBS

The National Bureau of Statistics (NBS), the Nigerian statistical system coordinating agency,  has reported that bank credit to the organized private sector (OPS) totalled N267.11 trillion in 2021. The statistics agency, in its latest ‘Selected Banking Sector Data Q1-Q4 2021’ report published in October 2022, indicated that the total credit allocated to the private sector […]

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Judicious Use Of Tax Revenue Will Improve Compliance Rate – FIRS

The Federal Inland Revenue Service (FIRS), the agency responsible for federally collectible revenue administration, has said that when governments deploy tax revenues for the common good of the citizens, there is a concomitant increase in tax compliance by citizens who see the direct benefit of the taxes they pay. The Executive Chairman of the Service, […]

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PenCom Revises Retirement, Terminal Benefits’ Regulation

The National Pension Commission (PenCom) has released a revised Regulation on Retirement and Terminal Benefits for immediate implementation by PFAs and other stakeholders involved in the nation’s pension management. Specifically, the revised regulation contains new provisions on Pension Enhancement, Voluntary Contributions, payment under the Micro Pension Plan (MPP), payment of benefits of missing persons and […]

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Reps Laud CAC On Nigeria’s Corporate Registry System Transformation

The House of Representatives Committee on Commerce has commended the Corporate Affairs Commission (CAC) for the transformational processes it introduced in the nation’s corporate registry system and the attendant benefits to the country. The commission’s Head of Media unit, Mr Rasheed Mahe, in a statement on Monday indicated that the lawmakers, led by Hon. Femi […]

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Fuel Subsidy: NNPC Ready For Forensic Audit Amid Fraud Allegations

—-as Reps, Customs query daily subsidy claims by coy   The Nigerian National Petroleum Company Limited (NNPC Ltd) has reacted to allegations of fraud in the fuel subsidy regime, saying it is prepared to open its books for a forensic audit of fuel supply and subsidy management over the past years. The company, in a […]