By Ayomide Otitoju Zenith Bank has announced its financial results for the second quarter of 2024, revealing a remarkable pre-tax profit of N406 billion, a 370% increase compared to the N86.8 billion reported during the same period last year. This significant boost in profits was primarily driven by substantial gains in forex-related activities. The bank’s…
Billy Gilly-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has cautioned Nigerians to brace for higher prices of Premium Motor Spirit (PMS) in the near future. Speaking on Channels Television’s Morning Brief on Tuesday, Gilly-Harry indicated that petrol prices, which are currently around ₦950 to over ₦1000 per litre at…
Billy Gilly-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has advised Nigerians to brace for higher prices of Premium Motor Spirit (PMS), stating that future prices will align with current market rates. Gilly-Harry made this announcement on Tuesday during an appearance on Channels Television’s Morning Brief. He indicated that the…
Aliko Dangote, owner of the Lagos-based refinery, announced on Tuesday that petrol from his 650,000 barrels per day facility will soon be available on the market, pending final arrangements with the Nigerian National Petroleum Company Limited (NNPCL). Dangote indicated that these final arrangements could be completed within 48 hours, after which petrol will be distributed…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPCL) has finally acknowledged its “significant debt to petrol suppliers,” a situation that the company admits threatens the sustainability of fuel supply in Nigeria. This admission comes amidst reports that a $6 billion debt owed by NNPCL has exacerbated the ongoing petrol scarcity, a persistent issue…
By Ayomide Otitoju Fidelity Bank Plc, in partnership with Mastercard, has announced the launch of a groundbreaking initiative aimed at enhancing cross-border payments and remittances in Nigeria. The new product, Fidelity Send, leverages Mastercard’s extensive global network to facilitate near-real-time and cost-effective outbound transactions, a move set to drive financial inclusion across the country. In…
Nigerian households are bracing for a significant increase in spending on food, driven by the nation’s soaring inflation rate, according to a recent survey conducted by the Central Bank of Nigeria (CBN). The survey, which ran from July 22 to 26, 2024, revealed that households expect to allocate a substantial 54.9% of their income to…
By Ayomide Otitoju Zenith Bank Plc has reported a remarkable 117% increase in gross earnings, climbing from N967.3 billion in the first half of 2023 to N2.1 trillion in the same period of 2024. This significant growth was driven by substantial gains in both interest and non-interest income. In its half-year financial results filed with…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPCL) is grappling with significant financial challenges as escalating costs associated with the supply of Premium Motor Spirit (PMS) threaten the sustainability of its operations. This development has raised serious concerns about the long-term stability of fuel availability across the country. The NNPCL made this disclosure…
