The Federal Government on Thursday charged the newly appointed board members of the Nigeria Deposit Insurance Corporation (NDIC) to vigorously pursue sundry initiatives aimed at sustaining the stability of the nation’s financial system stability and growth in view of the increasing risks posed by financial technology (Fintech) and block chain technology to the global financial […]
Researchers and economic development analysts have attributed the improved financial sector’s contribution to Nigeria’s Gross Domestic Product (GDP) in Q1 2023 to higher charges on customers as e-transactions mainly characterized the sector’s operations in the period. The National Bureau of Statistics (NBS) had on Wednesday in its ‘Nigeria Gross Domestic Product Q1 2023’ report disclosed […]
The United Nations Environment Programme (UNEP) has harped on a “fundamental and urgent” need for collaboration with the global insurance industry to successfully tackle the climate emergency. The agency’s call came amid concerns about major re-insurers withdrawal from the global Net-Zero Insurance Alliance (NZIA). Earlier this week, another leading re-insurance the Swiss Re, announced its […]
With just less than one week to the end of his eight-year tenure, President Muhammadu Buhari has written a letter to the National Assembly, seeking the Senate’s approval for the payment of sundry judgment debts in the sum of $566,754,584.31, £98,526,012.00, and N226 billion The requested funds are the monies which the Federal Government owed […]
The National Bureau of Statistics (NBS) reported on Wednesday that the nation’s Gross Domestic Product (GDP) grew by 2.31% (year-on-year) in real terms in the first quarter of 2023. The Bureau, which is Nigeria’s statistical system coordinating agency, in its just published ‘Nigeria Gross Domestic Product Q1 2023’, disclosed that the Q1 2023 growth rate […]
Trading on the Nigerian Exchange (NGX) floor maintained a bullish trend for the third consecutive day this week on Wednesday amid bullish bargaining with investors gaining N167 billion, thereby driving up the broad market performance Available data from the Nigerian Exchange Group (NGX), the market’s supervisory entity, showed that the All-Share Index (ASI) grew by […]
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its meeting in Abuja on Wednesday by increasing the benchmark interest rate (MPR) for the third time this year by 50 basis points to 18.5%. The latest 18.5% MPR is the highest approved by the committee in the past 22 years in […]
….promises to refund past deductions Nigeria’s 36 state governors under the auspices of the Nigeria Governors Forum (NGF) on Tuesday disclosed that the Federal Government had agreed to stop further deductions from the State Governments’ federal accounts monthly allocations to offset Local Government Councils’ London/Paris Club debt obligations. The outgoing Chairman of NGF, Governor Aminu […]
The Lagos State Government has announced the raising of N134.8 billion in long-tenure bonds to finance infrastructure projects in electricity and other key sectors in the state The State Governor, Babajide Sanwo-Olu, who made the disclosure late Tuesday via his official Twitter account, expressed optimism that the investment would boost the short- and long-term development […]
The Central Bank of Nigeria (CBN) has revoked the licences of 132 Microfinance Banks (MFBs), three four Primary Mortgage Banks (PMBs) and two other finance companies in furtherance of its regulatory roles in the nation’s financial system. The revocation of the licensed MFBs and other financial institutions (OFIs) licences was contained in a gazetted circular […]