NIGERIA – the minister of finance and coordinating minister of the economy, Wale Edun, says the federal executive council (FEC) has approved a $1.58 billion loan request. Edun said the loan request is split into two; $1.5 billion from the World Bank and $80 million from the African Development Bank (AfDB). The minister revealed the approval after […]
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The Peoples Democratic Party (PDP); and Labour Party (LP), have tackled the Federal Government and the ruling All Progressives Congress (APC), as costs of food items, others pushed inflation to an 18-year high of 26.72 per cent in September. The Presidency and APC kept sealed lips on the attacks with the National Bureau of Statistics, […]
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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦327.4billion, representing an increase of 217.1% over ₦103.2billion recorded in the corresponding […]
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Bismarck Rewane, chief executive officer of Financial Derivatives, says Nigeria’s economy is expected to experience growth in the first quarter of 2024. Rewane, who was a guest on Arise News on Saturday, said Nigerians will have to endure “more pain” before next year. “The bad news is that there is pain and they will be […]
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NOVA Merchant Bank has received approval from its shareholders to transition into commercial banking. The shareholders gave their unanimous approval during the company’s 6th Annual General Meeting in Lagos on Wednesday, where they agreed that the bank remains well-positioned to sustain and build upon its growth legacy. At the meeting, the company’s Board of Directors took […]
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The appreciation of the US dollar is having an adverse effect on emerging market economies. The International Monetary Fund (IMF), explained the impact in a blog post. Emerging markets include Nigeria, Egypt, Iran, Pakistan, Russia, Saudi Arabia, Taiwan, Thailand, among others. In a blog post published on Wednesday, the Bretton Woods institution said the dollar’s […]
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Guaranty Trust Bank Ltd (“Guaranty Trust” or “the Bank”) has been named Best Bank in Nigeria at the Euromoney Awards for Excellence 2023. This marks a record 12th time that Guaranty Trust Bank has been recognised as the leading financial institution in Nigeria. Announcing the award, Euromoney stated: “Nigeria’s Best Bank, Guaranty Trust Bank, has […]
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JP Morgan, an American multinational financial services firm, says the naira is expected to appreciate, and trade at about N600 to the dollar in the coming months. The financial institution made the projection in a statement on Thursday. On Wednesday, the Central Bank of Nigeria announced the unification of all segments of the forex exchange […]
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NIGERIA – President Bola Tinubu has directed the National Economic Council (NEC) to come up with inputs on palliatives and the minimum wage review as part of measures to cushion the pain of subsidy removal. The directive is coming as part of a way of meeting the demands of the Trade Union Congress, who said […]
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The meeting on subsidy removal between the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and the federal government of Nigeria has ended without an agreement. The meeting called by the federal government, was intended to reach an agreement with organised labour after President Bola Tinubu’s announcement that petrol subsidy would cease to be in […]
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