The International Monetary Fund (IMF) is expected to meet on recommendation for the approval of $3.4 billion in emergency funding for Nigeria as part of measures to cushion the impact of COVID-19 on the nation’s economy. According to Bloomberg, the IMF Executive Board will meet on Tuesday next week to review the request. The loan, […]
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Pan African financial institution, United Bank for Africa Group (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2020, showing double-digit improvement across all its major income lines. The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 8.5 […]
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Guaranty Trust Bank (GTBank) plc has released its unaudited financial results for the period ended March 31, 2020 to the Nigerian and London Stock Exchanges. A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Profit […]
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The price of oil made a remarkable comeback on Thursday, after fresh US-Iran tensions erupted. The development also helped equities advance, after US labour market figures provided a glimmer of hope for the world’s top economy. At one point, the US crude oil benchmark, WTI, was up by 20 percent on the day, having earlier […]
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The Federal, States and Local Governments has N780.926 billion revenue as allocation for March 2020. This was disclosed in a statement by the Director, Information, Press and Public Relations, Henshaw Ogubike, after a virtual Federation Accounts Allocation Committee (FAAC) meeting with the 36 state commissioners of finance, revenue generating agencies and officials of the federal […]
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Inflation rose in March in Nigeria to its highest level in 23 months, data released by the National Bureau of Statistics (NBS) on Tuesday has shown. Nigeria’s annual inflation rose for a seventh straight month, as border closures and lockdown of the country occassioned by the coronavirus pandemic pushed prices higher. The bureau’s Consumer Price […]
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The US benchmark crude oil price collapsed on Monday, falling to one cent a barrel amid an epic supply glut caused largely by the coronavirus pandemic’s hit to demand. After beating the record low multiple times, West Texas Intermediate (WTI) for May delivery continued to sink to the unheard of price of a penny a […]
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Frankly, if you perhaps are shrewd enough to assume Dr Riddhi Ambavale’s quote was specifically put together to describe The Organization for Petroleum Exporting Countries (OPEC) in 2020, you wouldn’t be “too” wrong. “This is not the end of life, but the beginning of a slow death”. The power and significance of the organisation seemingly […]
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It was a sad day for traders at Dugbe Alawo area in Ibadan, the Oyo State capital, as a fire outbreak in the area three them into panic on Wednesday afternoon. According to the traders, the fire started around 1.20 p.m. and engulfed a high-rise building located at Lebanon road. Rows of shops close to […]
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The Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, has announced debt service relief for 25 poor countries. The MD in a statement, last night, in Washington, said that the debt relief was to enable the affected countries to better tackle the COVID-19 pandemic. The countries were: Afghanistan, Benin, Burkina Faso, Central […]
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