Wema Bank has received regulatory approval for the allotment of its N40bn rights issue, which was initiated in December 2023. This marks the conclusion of the first tranche of its recapitalization exercise, which commenced before the The Central Bank of Nigeria directed banks in the country to increase their capital base. A statement from Wema…
Nigeria’s daily oil production dipped further to 1.25 million barrels per day in May, a report by the Organization of the Petroleum Exporting Countries has said. This is despite the claim by the Federal Government and the Nigerian National Petroleum Company Limited that the country’s oil production has risen to 1.7mbpd. OPEC data showed that…
Shareholders of FCMB Group Plc have expressed confidence that the N150bn capital raising programme of the group would be achieved. This was stated at the 11th annual general meeting of the group, where the shareholders also hailed the management for the performance of the bank in 2023. The Secretary General of the Independent Shareholders Association…
The Guaranty Trust Holding Company Plc has concluded plans to raise about N500bn starting in July. This was disclosed in a notice of its preliminary prospectus filed with the Securities and Exchange Commission. The banking group is seeking to raise about N500bn via the issuance of its ordinary shares of 50 kobo each. The number…
…Thousands throng fair The annual Ecobank “Adire Lagos” exhibition has taken off in grand style with over 100 exhibitors showcasing their wares. The Ecobank Pan African Centre (EPAC) complex on Victoria Island, Lagos, is the venue for the four-day fair, which began on June 14 and ends on June 17. Originating from Abeokuta in Southwestern…
As contained in the final draft of the Resettlement Policy Framework for the Nigeria Rural Access and Agricultural Marketing Project Scale-UP implemented by the Federal Ministry of Agriculture and Rural Development, the fund is expected to address the need for better connectivity in rural Nigeria, where 92 million people currently lack access to good roads….
While Damilare Abiodun Atobatele, an Ibadan-based businessman, was asleep on November 8, 2023, N1.6 million was transferred in multiple transactions from his current account to his savings account, where it was later used to make purchases on the internet. These transactions were performed without his consent, leaving the businessman baffled. When he woke up and…
•Downgrades forecast for 2025 economic growth The World Bank on Tuesday affirmed its 3.3 per cent economic growth forecast for Nigeria in 2024, saying the nation’s economy was mildly buoyant in the early part of the year despite macroeconomic adjustments. However, the World Bank downgraded its forecast for Nigeria’s economic growth in 2025 to 3.5…
The Nigeria Data Protection Commission has said more than 1000 financial institutions, schools, insurance companies, and consultancy firms are undergoing investigations for various degrees of breaches of citizens’ data. This was as the commission’s National Commissioner, Vincent Olatunji, disclosed that four major banks and three other institutions faced sanctions and incurred fines totalling N400m for…
