CAN demands Sterling Bank CEO’s sacking over Easter advert
The Christian Association of Nigeria has demanded the sacking of the Chief Executive Officer of Sterling Bank, Abubakar Suleiman, over a controversial Easter advert. In a statement signed on Wednesday by the National Publicity Secretary, Joseph Daramola, CAN stated that the advert was “wicked and insensisitve” towards Christians. Sterling Bank
Nigerian stocks close in on 14-year peak on stronger appetite for bank shares
Nigerian stocks edged up by 0.07 per cent on Monday, touching a pinnacle last seen on September 15, 2008 as investors’ cash piled into financial services stocks more than other sectors even though the size of trade was five per cent smaller than Friday’s. Unilever, United Capital and Access Holdings
Wema Bank lost N119.1m from 1,195 fraud, forgery cases in 2021
In the financial year ended December 31, 2021, Wema Bank Plc recorded 1,195 cases of fraud and forgeries valued at N263.853million, according to the bank’s financial statement at the Nigerian Exchange Limited (NGX). The bank said on page 56 of its annual report that 3percent of the fraud/forgeries perpetrators were
Businesses hurt as visa denials persist despite Ramaphosa’s visit
Expectations that the visit of Cyril Ramaphosa, South Africa’s President, in December would boost trade and strengthen ties between Nigeria and South Africa appear to have been dashed as Nigerians still face visa denials and delays. During the visit, President Ramaphosa tasked respective officials with identifying key sectors for investment
Stock market investors gain N5bn on bulls return
The stock market last week staged a comeback from the rout of the previous week as investors reacted positively to MTN Nigeria’s Payment Service. Bank (PSB) licence approval amid bargain hunting across stocks with attractive entry prices. Consequently, the domestic bourse traded positively in all sessions with investors gaining N5
CPPE asks FG to address concerns about conflicting trade policies
The Centre for the Promotion of Private Enterprise (CPPE) has appealed to the Federal Government to intervene in addressing what it described as conflict and contradictions in the trade policy space, especially as it relates to the import prohibition list and the Central Bank of Nigeria’s (CBN) forex exclusion list.
‘Power sector needs additional $410bn investment’
Despite spending about N1.3 trillion in the past few years on the power sector, the Federal Government has said that it seeking additional $410 billion investment to strengthen the nation’s transmission and distribution infrastructure. Despite spending about N1.3 trillion in the past few years on the power sector, the Federal
Adulterated petrol: No sanctions for NNPC, importers, say Reps
The House of Representatives, on Thursday, has said nobody will be sanctioned for the supply of adulterated Premium Motor Spirit, otherwise known as petrol, which caused a major crisis in Nigeria’s fuel chain and untold hardships on Nigerians. At the plenary on Thursday, the House considered and adopted the reviewed
Why naira-dollar exchange rate gap is widening – ABCON
The Association of Bureaux De Change Operators of Nigeria (ABCON) says the widening gap between the official and parallel market exchange rates is driven by acute dollar scarcity due to the continued suspension of foreign exchange sales to BDCs by the Central Bank of Nigeria (CBN). ABCON stated this in
PenCom kicks against bill seeking payment of “at least 75 per cent” lump sum to retirees
The National Pension Commission (PenCom) has frowned at the suggested payment of “at least 75 per cent’’ lump sum to retiring workers under the Contributory Pension Scheme (CPS). The suggestion was made in the Pension Reform Amendment Bill currently before the National Assembly. PenCom’s Director-General, Aisha Dahir-Umar, said the suggestion