CACOVID Provides Activity Updates, Reveals Plans to Empower Youths and Businesses
Businessam StaffNovember 25, 2020
The Coalition Against COVID-19(CACOVID), a private sector alliance formed for the sole purpose of eradicating coronavirus from Nigeria, has announced updates of its fully owned activities as well as intentions to support the government’s efforts in rebuilding the nation’s economy. This follows the mayhem caused by hoodlums who hijacked the EndSARS protests, resulting in vandalism, […]
Lagos appoints FBNQuest to oversee rebuilding trust fund, LSRTF
Hamid AyodejiNovember 24, 2020
By Hamid Ayodeji FBNQuest Trustees, a subsidiary of FBN Holdings Plc which provides trust solutions to individuals, corporate and government institutions, has been appointed by the Lagos State Government (LASG) to manage the Lagos State Rebuilding Trust Fund (LSRTF) established by Governor Babajide Sanwo-Olu. The governor signed an executive order early in November to […]
GTB emerges Nigeria’s best digital bank in Agusto & Co index
Businessam StaffNovember 20, 2020
Followed by First Bank, Access Bank, Zenith Bank Agusto & Co, an indigenous African credit rating agency and a leading provider of industry research and knowledge in its third edition of the consumer banking satisfaction index has revealed that Guaranty Trust Bank (GTB) emerged the best digital bank in Nigeria for the year 2020 […]
CBN issues new directives on use of Forms M, LCs, other forms of payment
Charles AbuedeNovember 20, 2020
By Charles Abuede Name of beneficiary should be same as ultimate supplier of products Urges all authorised dealers to strictly comply The Central Bank of Nigeria (CBN) has directed all authorised dealers and stakeholders that the destination payment for all forms M, letters of credit and other forms of payment such as the […]
GTB posts N142.28bn 9-months’ PAT, down 3.2% YoY, but Q3’20 up at N48.01bn
Charles AbuedeNovember 19, 2020
By Charles Abuede Nigeria’s Tier-1 lender, Guaranty Trust Bank Plc, has reported a profit after tax (PAT) of N48.01 billion for the third quarter of 2020. This figure is N155.85 million higher than the N47.86 billion recorded during the same period of 2019. The bank also recorded N2.77 billion increase in its profit […]
NAICOM chief questions adequacy of existing insurance policies, suggests review
Onome AmugeNovember 19, 2020
By Onome Amuge Sunday Thomas, Commissioner for Insurance and chief executive officer, National Insurance Commission (NAICOM) has expressed displeasure that most losses arising from the pandemic were not adequately covered by existing insurance policies. As a result, he suggested a review of conventional insurance products to upscale a new value proposition for the Nigerian […]
Naira down N6 as stronger FX demand from lockdown easing feared to pressure EXR
Charles AbuedeNovember 19, 2020
By Charles Abuede Market players expect rates in secondary T-Bills market to remain low due to huge money supply as CBN plans resumption of liquidity intervention of OMO worth N103.1bn to hit system Strong demand impelled lower rate in the money market as profiteering halts a bullish run in the domestic bonds market […]
Equities Trading Sell-off fails to dampen market rally, posts best in 6 years as investors gain N2.1trn
Charles AbuedeNovember 19, 2020
By Charles Abuede Expect more profit taking this week in fundamentally strong counters Despite the sell-off witnessed at the close of last week, the local equities market gained N2.1 trillion from last week’s trading, stoked by the risk-on posture of investors bolstered by record-low yields. The local bourse wrapped up another week of […]
New PSA transfer window democratizes pension fund management in Nigeria, says StanbicIBTC PM
Zainab IwayemiNovember 17, 2020
By Zainab Iwayemi Following the official opening of the transfer window, under the pensions reform Act of 2014,which took effect on Monday, Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings PLC, a leading leading pension services provider in Nigeria, has commented that the transfer window, which allows for pension fund contributors to […]
Nigeria food crisis begins to signal as inflation rises to 14.23%, highest since February 2018
Zainab IwayemiNovember 17, 2020
By Zainab Iwayemi The composite food index rose by 17.38% A food crisis appears to be in the making in Nigeria, Africa’s largest economy by gross domestic products and the continent’s most populous. The country’s October inflation numbers were released on Monday and it showed that the inflation rate rose to 14.23 percent […]