By Ayonide Otitoju Zenith Bank Plc has finalized plans to raise about N290 billion in fresh capital, surpassing the N230 billion requirement to meet the new recapitalization mandate of the Central Bank of Nigeria (CBN). In a statement released on Monday, the bank announced the capital raise during the rights issue/public offer signing ceremony in…
By Ayomide Otitoju The MTN Foundation has announced an escalation in its efforts to combat substance abuse among Nigerian youth through its Anti-Substance Abuse Programme (ASAP), launched in 2019. This initiative is a response to alarming statistics indicating that approximately 40% of Nigerians aged 18-35 are struggling with drug addiction. ASAP aims to raise awareness…
In a recent development, oil marketers in Nigeria have declared that no dealer will purchase Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery and sell it at the current pump prices, except the Nigerian National Petroleum Company Limited (NNPC). The President of Dangote Industries Limited, Alhaji Aliko Dangote, announced that…
By Ayomide Otitoju The Federal Executive Council (FEC) has instructed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to the Dangote Refinery and other local refineries in naira instead of US dollars. This directive was announced by Federal Inland Revenue Service (FIRS) chairman Zack Adedeji following a FEC meeting chaired by President…
Lagos, Nigeria – LH Telecommunication Limited has successfully acquired a majority stake in Emerging Markets Telecommunication Services Limited, the parent company of 9mobile. The acquisition, approved by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, paves the way for a new board to take control of the struggling telecom operator. The…
Lagos, Nigeria – Wema Bank has unveiled a new payment gateway designed specifically for Micro, Small, and Medium Enterprises (MSMEs) in the country. The platform, named ALATPay, offers a secure, end-to-end shopping experience for customers and instant settlement for merchants, all via a unique ALATPay link. The announcement was made recently in Lagos. According to…
By Ayomide Otitoju International rating agency Fitch Ratings has revised its Long-Term Issuer Default Ratings (IDRs) for both FBN Holdings and its banking subsidiary, FirstBank, from stable to positive. This change reflects the recent revision of Nigeria’s outlook from stable to positive, affirming the IDR at ‘B-’. In a commentary published on its website on…
Ghana’s central bank has maintained its main interest rate at 29 percent for the third consecutive meeting, emphasizing the need for a strong monetary stance amid ongoing inflation uncertainties. This decision, announced on Friday, defied economists’ predictions of a 50-basis-point cut. “Although inflation is expected to stay within the target range for the year, risks…
Byyomide Otitoju FCMB Group has reported a significant 68.1 per cent increase in profit for the first half of the year, reaching N59.5 billion, up from N35.4 billion in the same period last year. This impressive growth was disclosed in the group’s quarterly report and financial statements for the period ended June 30, filed with…
