Stanbic IBTC Holdings Plc has released its financial report for the first half of 2023, revealing a staggering 121.46% growth in Profit After Tax (PAT). The PAT rose to N67.919 billion, up from N30.669 billion in the same period last year. The financial report was filed with the Nigerian Exchange Limited after a delay. The …
Stanbic IBTC’s H1 2023 Profit Skyrockets by 121% Read More »
Zenith Bank Plc has made a significant addition to its board of directors. The bank announced the appointment of Dr. Juliet Ehimuan as a Non-Executive Director, effective August 29, 2023. Dr. Ehimuan is a seasoned professional with a strong background in technology. She has held various leadership roles in the tech industry, making her a …
Juliet Ehimuan Appointed as Zenith Bank’s New Non-Executive Director Read More »
Eight banks and 18 other companies have been slapped with fines totalling N125m. The fines were imposed for failing to file their 2022 audited financial statements and quarterly reports for H1 2023 on time. The affected banks include Unity Bank, FBN Holdings, and Access Holdings. Non-banking companies like John Holt, PZ Cussons, and Notore Chemical …
Nigerian Firms Face N125m Fines for Late Financial Filings Read More »
The Securities and Exchange Commission (SEC) has announced a 7.35% increase in unclaimed dividends. The total value now stands at N190bn, up from N177bn in 2021. The revelation came during a media briefing following the quarterly Capital Market Committee meeting in Abuja. Dayo Obisan, SEC’s Executive Commissioner of Operations, emphasized the need to focus on …
Unclaimed Dividends Surge to N190bn, SEC Reports a 7.35% Increase Read More »
Nigerian banks have reported a staggering increase in fraud cases, with losses amounting to N9.75 billion in the second quarter of 2023. This marks a 277% rise from N2.58 billion in the previous quarter. The Financial Institutions Training Centre (FITC) released these findings in a report on fraud and forgeries in Nigerian banks for Q2 …
Nigerian Banks Lose N9.75B in Q2 2023 from Fraud Surge Read More »
In the face of Nigeria’s dwindling revenue, oil and gas corporations in the nation flared an alarming 12.7 million standard cubic feet (mscf) of gas in July 2023. This revelation, courtesy of the National Oil Spill Detection and Response Agency (NOSDRA), marks a 35% increase from the 9.4 mscf gas flared in July 2022. The …
Gas Flaring Escalates: Nigeria’s N34.1bn Revenue Evaporates Read More »
In a recent call to action, experts have urged the Federal Government of Nigeria to expand the tax net to include the informal sector and unregistered businesses. This move aims to enhance the country’s revenue base, especially in light of Nigeria’s low-income generation, where debt servicing and recurrent expenditures consume a significant portion of the …
Experts Urge Government to Tax Informal Sector for Revenue Boost Read More »
Last week, Nigerian Exchange Limited (NGX) investors faced a loss of N150bn as bears took control of trading, ending consecutive weeks of gains. This downturn was linked to sell-offs and profit-taking in high-priced and blue-chip stocks. Investors also cautioned as they assessed the recently released inflation figure of 24.08% and its potential impact. The NGX …
Investors on Nigerian Exchange Lose N150bn in a Week Read More »
Nigeria’s oil revenue took a significant hit in July, with a loss of N249bn as oil production dropped by over four million barrels. The total oil production in June was 37.5 million barrels, but it fell to 33.5 million barrels in July, according to data from the Nigerian Upstream Petroleum Regulatory Commission. This decline led …
Nigeria Suffers N249bn Loss in July Due to Drop in Oil Output Read More »
The Central Bank of Nigeria (CBN) has established a new operational mechanism. This mechanism instructs the Bureau De Change (BDC) sector to match their foreign currency trading rates with those on the Investor & Exporter forex window. This directive was detailed in a circular from August 17, 2023. Its primary goal is to boost the …
Forex Trading Faces CBN Restrictions; BDC Operators React Read More »
