…As Diesel Price Rises By 50.20% Motorists and other Premium Motor Spirit (Petrol) consumers in the country paid an average retail price of N679.36 per litre in February this year, compared to the N263.76 they paid for the same quantity of in February 2023, representing a 157.57% increase in the commodity’s price. The National Bureau […]
Budgeting
Anchor Borrower Programme: Banks Fail To Repay N358Bn Loan – Senate
The Senate Ad-hoc Committee investigating the Ways and Means loans from the Central Bank of Nigeria (CBN) has reported that commercial banks are yet to pay back N358 billion out of the credit given them under the apex bank’s Anchor Borrower Programme (ABP). The chairman of the committee, Sen. Isah Jibrin; made this disclosure at […]
Nigeria Customs, JTB Seal MoU To Enhance Tax Administration
The Nigeria Customs Service (NCS) and the Joint Tax Board (JTB) have signed a Memorandum on Understanding (MoU) aimed at strengthening their collaboration in the current drive by the fiscal authorities to enhance tax administration at all tiers of government in the country. The deal was sequel to an earlier meeting held on the 16 […]
Adora Umeoji Emerges Zenith Bank’s First Female GMD/CEO
The Board of Zenith Bank Plc has appointed Dr. Adora Umeoji as the Group Managing Director and Chief Executive Officer of the bank. Umeoji, who before her new appointment served as the Deputy Managing Director of the bank, and has now become the first female GMD/CEO of the leading deposit money bank (DMB), succeeded Dr. […]
Financial Literacy Key To Nigeria’s Wealth Creation, Citizens’ Wellbeing – CBN
The Central Bank of Nigeria (CBN) has restated the need for adequate financial literacy as a desirable step towards wealth creation, improved incomes, improved living standard for millions of Nigerians, particularly those in the grassroots. The apex bank’s Head, Consumer Education and Evaluation Division, Consumer Protection Department of the CBN, Lanre Gbadamosi, made this remark […]
Senate Confirms Alade As AMCON’s New MD
The Senate on Tuesday confirmed Mr. Gbenga Alade as the Managing Director of Asset Management Corporation of Nigeria (AMCON) based on his nomination by President Bola Tinubu and recommendations by the appropriate committee of the upper legislative chamber. Others that were confirmed by the lawmakers as Executive directors of AMCON were Adeshola Lamidi, Lucky Adaghe […]
Nigerian Fintech Raises $8.5Mn To Enhance Payment Infrastructure
Zone, one of the fast-growing Africa’s payment infrastructure companies, has raised $8.5 million in a seed funding round led by VC firms Flourish Ventures and TLcom Capital The fund raising marked a significant milestone in the company’s ongoing initiatives to build a Blockchain-based decentralized payment infrastructure for financial services providers in Africa and the other […]
CBN Intervention Facility: Lagos Borrows N196Bn To Fund Rail Projects
The latest report by the Central Bank of Nigeria (CBN) detailing its intervention disbursements to key sectors of the economy in the last four years showed that Lagos State Government borrowed around N196 billion for the financing of its ongoing Red Line and Blue Line rail projects across the state. The apex bank, in its […]
DisCos Spend N273.3Bn On 414,000 Prepaid Meters – CBN
The Central Bank of Nigeria (CBN) has reported that Electricity Distribution Companies (DisCos) spend N273.3 billion in seven years to provide 414,000 prepaid meters to electricity consumers in the country. The latest report from the apex bank on development finance interventions between 2015 and 2022, indicated that the DisCos spent an average of N670,000 for […]
Bank Of Japan Ends 8-Year Negative Rates Policy
The Bank of Japan has ended eight years of negative interest rates and other remnants of its unorthodox policy, making a historic shift away from a focus of reflating growth with decades of massive monetary stimulus. News reports on the BoJ’s latest policy on Tuesday indicated that while the move was Japan’s first interest rate […]