archiveJune 2016

By Niyi Olaoye The Central Bank of Nigeria (CBN) has licensed Suntrust Bank Nigeria limited and ProvidusBank Plc to commence operation in Nigeria as regional banks. With the two new banks, located in Victoria Island, Lagos, the financial service industry now has 21 commercial banking licences, one non-interest banking licence,...

African richest man, Alhaji Aliko Dangote, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day of trading without a peg to the U.S. dollar. His fortune fell $3.7 billion, knocking him to No. 71 on the Bloomberg ranking, down from No....

By Niyi Olaoye The Equipment Leasing Association of Nigeria (ELAN) has recorded an impressive 27.39 per cent growth within the Nigerian leasing industry for 2015. According to the association’s Executive Secretary, Andrew Efurhievwe, who briefed journalists in Lagos, a review of the past five years, shows a steady growth of...

By Niyi Olaoye The Central Bank of Nigeria (CBN) loan to banks rose sharply last weekend by 173 per cent to N281 billion. Investigations reveal that lending to banks through the CBN’s standing Lending Facility (SLF) rose from N102.89 billion the previous week to N281 billion at the close of...

As against the belief that the impressive run the market witnessed for the better part of last week will continue this week, transactions on the Nigerian Stock Exchange (NSE) opened on a negative note today as investors lost N163.952 billion for the Market capitalization to close at N9.881 trillion from...

The Federal Ministry of Finance, Office of the Accountant-General of the Federation and the Budget Office of the Ministry of Budget and National Planning, have condemned a protest staged by staff of the above mentioned ministry and offices today demanding for the payment of some allowances. Director of Information of...

After weeks of spectacular build up and media blitz, the Marketing Edge Brands and Advertising Excellence Awards & Annual Summit 2016 came to a fitting climax last Friday night at the Civic in Lagos. Over 44 awards were given, but the high point was that moment when the over 500...

Contrary to the prouncement of the Minister of Communications, Barrister Adebayo Shittu, that the issue of MTN is "a closed matter", the Senate Committee on Communications at the weekend rejected the recent terms of agreement between the Nigeria Communications Commission (NCC) and MTN which reduced the fine imposed on MTN...

The Naira tumbled on Monday as the Central Bank of Nigeria (CBN) ended a 16-month-long currency fix that caused investors to flee and sent the economy to the brink of a recession. According to Bloomberg report monitored by Business247, the Naira fell 24 per cent to a record 260.5 versus...

By ABDUL-KHALIQ OLALEKAN The Insurance Guidelines review committee constituted by the Minister of Finance, Mrs. Kemi Adeosun, to harmonise all the insurance related Acts into one document, has finished its job, and has submitted the harmonised document to the Finance Ministry, Business247 can authoritatively reveal. The review committee was given...