ECONOMY

Fitch Ratings has today affirmed the National Ratings of First Bank of Nigeria (FBN), United Bank for Africa (UBA), Fidelity Bank (Fidelity), Diamond Bank (Diamond), First City Monument Bank (FCMB), Union Bank (Union) and Stanbic IBTC Bank (SIBTC) and Bank of Industry (BOI) as well as the bank holding company...

The Federal Executive Council (FEC) has approved the Multi-lateral Competent Authority Agreement on Exchange of Country by Country Report to tackle the problem of tax evasion by multinational companies operating in the country. The Minister of Information and Culture, Alhaji  Lai Mohammed, said on Wednesday in Abuja while briefing State...

Cargoes of West African crude oil sailing east are on track to fall in August on fierce competition, shaky demand and disruptions in Nigerian loadings that forced at least one cancelled cargo. A total of 55 cargoes, for 1.685 million barrels per day (bpd) are booked to sail to Asia...

The nation’s Economic Management Team met with top economists and financial experts in Abuja on Tuesday in continuation of its consultations towards finding solutions to the tough economic situation in the country. The meeting which was presided over by Vice President, Prof. Yemi Osinbajo, had in attendance Prof. Akpan Ekpo,...

  As six declare N33.9bn drop in profit There is no need for further proof that things are very difficult for all operators, all sectors of the nation’s economy as well as the populace in general. Even the banking stocks which were hitherto the toast of investors on the Nigerian...

The Federal Government is in talks for concessionary loans worth $3.5 billion from the World Bank and African Development Bank (ADB) to help finance a planned this year budget, Finance Minister Mrs Kemi Adeosun said. While discussions are going on, a formal request hasn’t yet been made to the World...

Investors in the nation’s equities market segment of The Nigerian Stock Exchange (NSE) in July, lost N545 billion. Last month saw the equities market extend losses as investors continued to take profit over deteriorating macro economy challenges which was further accentuated by June 16.5 per cent inflation rate. Specifically, the...

There have been criticisms from business experts over the decision of the Central Bank of Nigeria (CBN) to jerk up its Monetary Policy Rate (MPR) to 14 per cent. Many of the experts have predicted that the hike will lead to increased corporate failures, unemployment and decline in the nation’s...

United Kingdom Trade & Investment (UKTI) Envoy to Nigeria, Prime Minister, John Howell, has said, that the nation’s capital market is endowed with great opportunities despite the challenges Africa economy is facing. With the nation’s capital market vibrant, he said that United Kingdom was keen at doing business with companies...

The Director General, Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, has condemned the decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to raise benchmark interest rate from 12 percent to 14 percent. Rising from the 251st edition of its meeting on Tuesday...