N7.314trn accrues to Federation Account in HY2 2023, says RMAFC
Post AMUGE
April 22, 2024
NNPC Ltd remits N874.6bn; NUPRC: N1.568trn; FIRS: N3.65trn ; NCS: N1.216trn Ben Eguzozie The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the Federation Account received a little above N7.314 trillion (N7,314,129,314,386.08) in half-year 2023 (HY 2023 – July to December), as captured in the Federation Account Allocation Committee (FAAC) monthly report by the […]
Adeduntan leaves after 9-years leading Nigeria’s oldest bank
Post AMUGEApril 22, 2024
Business a.m. Adesola Adeduntan Adesola Kazeem Adeduntan left First Bank of Nigeria Limited, Nigeria’s oldest banking institution, which he led for nine years as managing director and chief executive officer. His retirement from his position followed an illustrious journey marked by exemplary leadership and innovative financial solutions to reposition the bank as an enviable financial […]
Alebiosu, banking veteran, replaces Adeduntan as First Bank MD/CEO
Post AMUGEApril 22, 2024
Olusegun Alebiosu, acting managing director/CEO, First Bank Nigeria Limited Onome Amuge First Bank of Nigeria Limited has appointed Olusegun Alebiosu as its acting managing director with immediate effect, following the abrupt resignation of Adesola Adeduntan who had served as the managing director/CEO of the premier bank. The bank informed the Nigerian Exchange Limited and the […]
Climate Action Africa announces opening of applications for CAAF24 Deal Room
Post AMUGEApril 22, 2024
Business a.m. Climate Action Africa (CAA), a leading advocate for climate resilience and sustainable development, has announced the opening of applications for the Deal Room at the 2024 Climate Action Africa Forum (CAAF24). The Deal Room is a groundbreaking platform that aims to connect high-impact climate innovators in Africa with potential investors seeking to accelerate […]
Nigeria banks on low-interest $2.25bn World Bank loan to boost economic recovery
Post AMUGEApril 22, 2024
Business a.m. The Nigerian government has qualified for processing a loan from the World Bank, totalling $2.25 billion at a low interest rate of one per cent. Wale Edun, minister of finance and coordinating minister of the economy made the disclosure at a joint press conference conducted by the Ministry of Finance and the Central […]
Access Holdings’ shareholders endorse $1.5bn capital raising drive with unanimous backing
Post AMUGEApril 19, 2024
Applaud Aig-Imoukhuede’s homecoming as chairman to drive financial success Onome Amuge Access Holdings Plc shareholders turned out in full force at the company’s 2nd annual general meeting, showering the group with an overwhelming vote of confidence in its ambitious plans to raise up to $1.5 billion in capital. The shareholders not only backed the […]
CBN’s FX Interventions top $581m in 2024- FMDQ
Post AMUGEApril 19, 2024
Business a.m. The Central Bank of Nigeria (CBN) has committed $581 million to foreign exchange interventions at the Nigeria Autonomous Foreign Exchange Market (NAFEM) in the first few months of 2024, according to data released by the FMDQ Securities Exchange. Despite the significant FX interventions by the Central Bank of Nigeria in NAFEM, only a […]
Africa’s infrastructure investment landscape set to evolve at AVCA’s annual summit in Johannesburg
Post AMUGEApril 18, 2024
Business a.m. The African Private Capital Association (AVCA), in partnership with industry leaders, will host the 20th Annual AVCA Conference & VC Summit in Johannesburg from April 22 to 26. The highly anticipated gathering is expected to bring together key players in Africa’s private capital landscape, including development finance institutions, institutional investors, private investors, policymakers, […]
CBN eases loan restrictions 15% to curb inflationary pressure on banks
Post AMUGEApril 18, 2024
Business a.m. The Central Bank of Nigeria (CBN) has introduced a policy change aimed at tightening the country’s monetary framework. The new measure reduces the Loan-to-Deposit Ratio (LDR) from 65 per cent to 50 per cent, an indication that deposit money banks (DMBs) will now be required to limit their lending activity to a maximum […]
Nigeria’s FUGAZ banks navigate 2023 headwinds with N9.6trn gross earnings
Post AMUGEApril 15, 2024
ONOME AMUGE Nigeria’s banking sector, navigating through a perfect storm of economic headwinds, steered a very profitable course and rewarded their shareholders with impressive returns in the 2023 financial year, according to a review of the reports turned in by the country’s biggest banks in the last few weeks. The year 2023 marked a pivotal […]