Guaranty Trust Bank has dragged no fewer than 60 top executives of 13 commercial banks to court as a pending suit between GTBank and Afex Commodity Exchange over N17bn Anchor Borrowers Programme loan lingers. The 60 executives, including the chairmen, chief executive officers, directors, and company secretaries of the 13 banks are facing contempt proceedings…
Producing 100,000 barrels of oil per day is the goal of the Sangomar deep-water project, which started the nation’s oil production last week. A stand-alone floating production, storage, and offloading (FPSO) facility with a nameplate capacity of 100,000 barrels per day and subsea infrastructure that is intended to support further development phases are included in…
A small basket of tomatoes goes for about N35,000 in Lagos State while the price of pepper has also jumped, raising concerns among Nigerians. But Usman says the insecurity in the north is a major factor for the hike in the cost of the items. “The bone of contention, the real fact is just insecurity….
The Nigerian Airspace Management Agency has denied claims made by aviation enthusiasts that some aircraft passed over the Presidential Villa in Abuja without the nation’s radar surveillance systems picking them up. NAMA’s Managing Director, Ahmed Farouk, released a press release on Saturday outlining the agency’s stance. He stated, “The claim that the Nigerian airspace is…
This represents an increase of 0.26% points when compared to the April 2024 headline inflation rate, according to the NBS Consumer Price Index report released on Saturday. The data revealed that on a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. This…
The Federal Airports Authority of Nigeria, ahead of Eid-el-Kabir, has issued a warning against bribes and extortion at airports nationwide, assuring travelers of a smooth journey. The Director of Public Affairs and Consumer Protection, Obiageli Orah, made this known in a statement on Friday. She assured Nigerians of seamless travel, stating that measures have been…
Wema Bank has received regulatory approval for the allotment of its N40bn rights issue, which was initiated in December 2023. This marks the conclusion of the first tranche of its recapitalization exercise, which commenced before the The Central Bank of Nigeria directed banks in the country to increase their capital base. A statement from Wema…
Nigeria’s daily oil production dipped further to 1.25 million barrels per day in May, a report by the Organization of the Petroleum Exporting Countries has said. This is despite the claim by the Federal Government and the Nigerian National Petroleum Company Limited that the country’s oil production has risen to 1.7mbpd. OPEC data showed that…
Shareholders of FCMB Group Plc have expressed confidence that the N150bn capital raising programme of the group would be achieved. This was stated at the 11th annual general meeting of the group, where the shareholders also hailed the management for the performance of the bank in 2023. The Secretary General of the Independent Shareholders Association…
