United Bank for Africa recorded an 18 percent year-on-year profit in the first quarter of 2018 after recording growth in interest income and retail deposit.According to the bank's recently released unaudited Q1 report, the group recorded N26.6 billion in profit before tax compared to the N25.5 billion recorded in the same period in 2017.It also recorded a N23.7 billion profit [...]
Lawmakers in both chambers of the national assembly failed to pass the 2018 appropriation bill on Tuesday as promised.In March, the leadership of the national assembly said the appropriation bill would be passed on April 24.Yakubu Dogara, speaker of the house of representatives, had announced the decision during plenary on that day.He had said both the senate and house had [...]
Diaspora Nigerians wired $22 billion home in 2017, an African record and the fifth largest remittance by immigrants, according to the World Bank.Egypt received $20 billion from its citizens abroad, according to figures published by the bank.The World Bank said payments from immigrants back to their home countries rebounded to reach a new record in 2017 but the costs of [...]
The Corporate Affairs Commission (CAC) says it has removed proficiency certificate from its list of requirements for business registration.The commission said the removal is part of its reform initiatives and review of its checklist and guidelines."Under the new arrangement, members of the public do not have to submit proficiency certificate to the commission for registration of companies, business names and [...]
Kemi Adeosun, minister of finance, says the $322 million Abacha loot repatriated from the Swiss government will be spent on poor households under the social safety net programme of the federal government.Addressing journalists on Sunday in Washington DC at a joint press conference with Godwin Emefiele, governor of the Central Bank of Nigeria, the minister said the funds are in [...]
Aliko Dangote, president of the Dangote Group, and Tony Elumelu, chairman, Heirs Holdings, were among the notable persons present at the United Bank for Africa (UBA) CEO awards.The event which took place on Saturday at the EKO Hotels and Suites, Lagos, is the 10th of its kind since inception in 2008.Elumelu, UBA chairman, said the aim of the event is [...]
Kemi Adeosun, minister of finance, and Godwin Emefiele, governor of the Central Bank of Nigeria, have said they did not confirm attendance at the US-Nigeria Investors Summit held in Washington, DC on Saturday.Explaining the reason for their absence at the event, both said the meeting was not included in their schedule."I attend the IMFC which is the highest decision-making body of [...]
Udoma Udo Udoma, minister of budget and national planning, says the rate of economic growth in Nigeria is still too slow.Speaking with journalists on the sidelines of the ongoing Spring meetings of the International Monetary Fund and World Bank, the minister said more work still has to be done to accelerate growth."Our target is seven percent by 2020, that will [...]
Telecoms giant MTN has appointed Chapel Hill Denham as one of the three brokers for its initial public offering (IPO) on the Nigerian stock market.The Nigerian financial firm will work alongside Renaissance Capital and Rand Merchant Bank, with Citigroup and Standard Bank serving as coordinators.MTN has not decided what portion of the subsidiary to sell, as it targets $400 million, [...]
Recent data provided by the World Bank says 118 million Nigerians do not have bank accounts.The information was made available in the latest Global Findex Database report released on Thursday at the ongoing Spring meetings of the International Monetary Fund and World Bank in Washington DC.According to the report, only 40 percent of Nigerian adults have bank accounts.It said Nigeria [...]
