BUSINESS Archives - Page 6 of 162

Peter Obi hails Dangote refinery, says it will reposition Nigerian economy, generate foreign exchange

May 23, 2023May 23, 2023Ayo Olowo

Former governor of Anambra state and presidential candidate of the Labour Party, Peter Obi, has said the Dangote Petroleum Refinery and Petrochemicals will be beneficial to the country’s economy. Recall that President Muhammadu Buhari, inaugurated the refinery, which is currently the world’s largest single-train petroleum refiner, in Lagos State on Monday. Top government officials from […]

Dangote Refinery: Dangote has paid back 70% of loans taken – Emefiele

May 23, 2023May 23, 2023Ayo Olowo

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the Dangote Group has paid back 70 percent of the loans it took to construct an oil refinery. Emefiele spoke at the commissioning of the 650,000 barrels per day (bpd) Dangote Refinery in Lagos on Monday. The CBN boss said the refinery was initially […]

GTCO Plc Releases 2023 Q1 Unaudited Results, Records ₦74.1billion PBT

May 3, 2023May 3, 2023Ayo Olowo

Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦74.1billion, representing an increase of 36.5% over ₦54.3billion recorded in the corresponding period […]

Shareholders Ratify 90 kobo final Dividend at UBA AGM, Management Commended for Female Representation on the Board

April 30, 2023Ayo Olowo

Shareholders of United Bank for Africa (UBA) Plc have approved the Board’s proposal to pay a dividend of N1.10 per share for the financial year ended December 31, 2022. The shareholders gave their approval at the bank’s 61st Annual General Meeting (AGM) which was held virtually on Thursday, April 27th. The bank had earlier […]

2023 Q1 Results: Transcorp Group Records Revenue, Gross Earnings Growth

April 26, 2023Ayo Olowo

Transnational Corporation Plc (NGX: TRANSCORP), Nigeria’s largest diversified conglomerate, with investments in Power,Hospitality, and Oil & Gas, held its Investors and Analysts Conference Call on Thursday, April 20, 2023. The call discussed Transcorp’s Full Year 2022 and Q1 2023 financial results and provided an outlook for the rest of the year. Joseph Adegunwa, the Group’s […]

A Celebration of Food! 2023 GTCO Food & Drink Festival set to commence on April 29th

March 21, 2023March 21, 2023Ayo Olowo

The annual GTCO Food & Drink Festival is back again for its 6th Edition, and food lovers across Africa and the world are in for a feast like never before! The event is slated to hold from Saturday April 29th till Monday May 1st 2023, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, […]

What CBN’s new directive on old naira notes mean for Nigerians

March 14, 2023March 14, 2023Ayo Olowo

In what seems to be a sharp response to criticisms from Nigerians, the Central Bank of Nigeria (CBN) has said the old N200, N500 and N1000 notes remain legal tender until December 31, 2023. Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday evening. “In compliance with the established tradition of obedience […]

NOVA MERCHANT BANK PLEDGES SUPPORT TO WOMEN EMBRACING TECHNOLOGY IN NIGERIA

March 14, 2023March 14, 2023Ayo Olowo

NOVA Merchant Bank, the leading Bank in Nigeria, has pledged to promote gender equality by supporting women who embrace technology skills, especially in our ever-evolving world. This commitment was made during the 2023 NOVA International Women’s Day (IWD) conference held recently, at the Bank’s headquarters in Lagos. l-r: Managing Director/CEO NOVA Merchant Bank, Mr. Nath Ude; […]

OPEN BANKING: CBN issues operational guidelines for open banking

March 9, 2023March 9, 2023Ayo Olowo

The Central Bank of Nigeria (CBN) has issued operational guidelines for open banking in the country. This is contained in a circular signed by Musa Jimoh, director of payments system management department on March 7, 2023. What is Open Banking? Open banking is the sharing of financial information electronically, securely, and only under conditions that customers approve […]

Traders, supermarkets, fuel stations reject old naira notes despite Supreme Court judgement

March 8, 2023March 8, 2023Ayo Olowo

Following last week’s Supreme Court order approving the use of old N1,000 and N500 and N200 notes as legal tender till December, some Deposit Money Banks have started re-circulating the old notes. However, it was observed that motorists, fuel stations, retailers, traders, and other categories of bank customers rejected the old currencies. The development came […]