The Nigeria Deposit Insurance Corporation (NDIC) has announced that it has successfully disbursed the insured deposit amount of ₦5 million each to 82.36% of the customers of the defunct Heritage Bank. In a statement issued on Sunday, Bashir Nuhu, NDIC’s Director of Communication and Public Affairs, revealed that 17.64% of the insured deposits are still…
By Ayomide Otitoju Zenith Bank Plc has solidified its position as a leader in the Nigerian banking sector, with its 2023 financial performance showcasing significant growth and value for investors. The bank reported an earnings per share (EPS) of N21.55, translating to an impressive earnings yield of approximately 60%, making it a standout value investment…
The Nigerian National Petroleum Company Limited (NNPC) has requested a refund of N4.71 trillion from the Federal Government to cover outstanding debts incurred from importing Premium Motor Spirit (PMS), commonly known as petrol, between August 2023 and June 2024. The claim, detailed as “Exchange rate differential on PMS and other joint venture taxes,” was revealed…
The United Bank for Africa (UBA) has announced a strategic partnership with the Young Lawyers Forum (NBA-YLF) of the Nigerian Bar Association to support the professional development of over 50,000 young legal practitioners across Nigeria. In a statement released on Thursday, UBA outlined that the collaboration will provide academic sponsorships and specialized training with reputable…
E-commerce platform Jumia Technologies AG has announced an 8% reduction in its operating loss to $20.2 million year-over-year, despite navigating a challenging economic environment. In a statement released on Thursday, Jumia detailed the effects of economic volatility on its performance, including a revenue decline and a slight decrease in gross merchandise value (GMV). The company…
Alhaji Aliko Dangote, President and Chief Executive of Dangote Group, has reaffirmed that the $20 billion Dangote Petroleum Refinery was designed to process Nigerian crude oil and add value domestically. Despite this focus, Dangote acknowledged that the refinery has been refining crude oil grades from Europe, the United States, and other countries. In a statement…
Access Bank has introduced a new product aimed at providing affordable financing options for businesses and customers to transition to cleaner and more reliable solar energy. The initiative, titled ‘Switch to Solar by Access,’ was unveiled in a statement from the bank on Thursday. Njideka Esomeju, Group Head of Consumer Banking at Access Bank, emphasized…
The Nigerian Exchange Limited (NGX) has expressed strong support for FCMB Group Plc’s plan to raise N110.9 billion through a public offering. The offering, which began on July 29 and will run until September 4, involves 15.197 billion shares priced at N7.30 per share. In a statement released on Thursday, FCMB Group revealed that the…
The impasse between Arik Air and its creditor has been resolved, the Nigerian Civil Aviation Authority (NCAA) announced on Thursday, just eight days after the Federal Government grounded one of the airline’s aircraft. The NCAA confirmed that Arik Air is now set to resume operations. The grounding followed a court ruling in favor of the…
