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By Gbenga Abulude Prudential Zenith Life Insurance has donated the sum of One Hundred Thousand United States Dollars (US$100,000) to Slum2School Africa to help combat the impact of the COVID-19 pandemic on education in disadvantaged communities in Nigeria. The donation was made through a Corporate Social Responsibility (CSR) Fund from the Prudence Foundation, the community…
August 19, 2020
The 'punitive policies' by the Central Bank of Nigeria (CBN), especially the Cash Reserve Ratio (CRR) debits on Nigerian banks will have a negative impact on their earnings, top International Rating Firm, Fitch Ratings has predicted. This is even as the CRR debits on Nigerian banks have exceeded the N2 trillion mark in 2020 alone.…
August 14, 2020
The Foreign exchange scarcity in Nigeria took a turn for the worse on Friday as the exchange rate between the naira and dollar at the parallel market was offered for as high as N485/$1 on Friday at the parallel market. Some traders sell for N475/$1 while others sell for as high as N490/$1. The exchange…
July 31, 2020
Announces Six New Country CEOs In Africa, International And Senior Group Roles In a bid to further consolidate its position as one of Africa’s leading financial service provider, United Bank for Africa Plc (UBA) has announced the appointments of Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun, and Usman Isiaka as Chief Executive…
July 28, 2020
A recent report has indicated that Nigerian banks wrote off a minimum of N1.9tr worth of bad loans in four years dating back from the 2015/2016 recession until now. This is contained in the 2020 Banking Industry Report published by Agusto & Co, a leading Credit Rating Agency in Nigeria. The report posited that Nigeria’s…
July 27, 2020
Billionaire Chairman of the United Bank Of Africa Plc, UBA, Tony Elumelu has purchased an additional 2, 199, 373 shares from the top lender. In a statement signed by Bili A. Odum, Company Secretary, UBA, and released on the floor of the Nigerian Stock Exchange, NSE, the bank stated that Mr. Tony O. Elumelu bought…
July 24, 2020
By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk) As the effects of the pernicious COVID-19 pandemic continue to make landfall, managers of 22 Nigerian banks have reached out to the CBN to help restructure a total of 35,640 diverse loans in their kitty. This was disclosed by CBN Governor, Mr. Godwin Emefiele…
July 21, 2020
In yet another worrying sign of Nigeria worsening Foreign Exchange crisis, Nigerian customers abroad will have their debit card spending limited by some of their banks. This is in a bid to limit foreign currency settlement risk by the banks. Two of Nigerian leading banks have moved to temporarily suspend the use of debit cards…
July 20, 2020
The International Monetary Fund, IMF has disclosed that if Nigeria is to increase revenue generation and make tax collection more efficient, the country needs to improve its audit capacity and update its tax registry. This, the Fund said should be the focus of the government rather than the proposed raising of the tax rate. IMF…
July 18, 2020
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By Gbenga Abulude Prudential Zenith Life Insurance has donated the sum of One Hundred Thousand United States Dollars (US$100,000) to Slum2School Africa to help combat the impact of the COVID-19 pandemic on education in disadvantaged communities in Nigeria. The donation was made through a Corporate Social Responsibility (CSR) Fund from the Prudence Foundation, the community…
August 19, 2020
The 'punitive policies' by the Central Bank of Nigeria (CBN), especially the Cash Reserve Ratio (CRR) debits on Nigerian banks will have a negative impact on their earnings, top International Rating Firm, Fitch Ratings has predicted. This is even as the CRR debits on Nigerian banks have exceeded the N2 trillion mark in 2020 alone.…
August 14, 2020
The Foreign exchange scarcity in Nigeria took a turn for the worse on Friday as the exchange rate between the naira and dollar at the parallel market was offered for as high as N485/$1 on Friday at the parallel market. Some traders sell for N475/$1 while others sell for as high as N490/$1. The exchange…
July 31, 2020
Announces Six New Country CEOs In Africa, International And Senior Group Roles In a bid to further consolidate its position as one of Africa’s leading financial service provider, United Bank for Africa Plc (UBA) has announced the appointments of Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun, and Usman Isiaka as Chief Executive…
July 28, 2020
A recent report has indicated that Nigerian banks wrote off a minimum of N1.9tr worth of bad loans in four years dating back from the 2015/2016 recession until now. This is contained in the 2020 Banking Industry Report published by Agusto & Co, a leading Credit Rating Agency in Nigeria. The report posited that Nigeria’s…
July 27, 2020
Billionaire Chairman of the United Bank Of Africa Plc, UBA, Tony Elumelu has purchased an additional 2, 199, 373 shares from the top lender. In a statement signed by Bili A. Odum, Company Secretary, UBA, and released on the floor of the Nigerian Stock Exchange, NSE, the bank stated that Mr. Tony O. Elumelu bought…
July 24, 2020
By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk) As the effects of the pernicious COVID-19 pandemic continue to make landfall, managers of 22 Nigerian banks have reached out to the CBN to help restructure a total of 35,640 diverse loans in their kitty. This was disclosed by CBN Governor, Mr. Godwin Emefiele…
July 21, 2020
In yet another worrying sign of Nigeria worsening Foreign Exchange crisis, Nigerian customers abroad will have their debit card spending limited by some of their banks. This is in a bid to limit foreign currency settlement risk by the banks. Two of Nigerian leading banks have moved to temporarily suspend the use of debit cards…
July 20, 2020
The International Monetary Fund, IMF has disclosed that if Nigeria is to increase revenue generation and make tax collection more efficient, the country needs to improve its audit capacity and update its tax registry. This, the Fund said should be the focus of the government rather than the proposed raising of the tax rate. IMF…
July 18, 2020
