The Institute of Chartered Accountants of Nigeria has called on the Central Bank of Nigeria to reconsider its exclusion of retained earnings as part of the capital base of banks. This was disclosed in its position paper on the new capital requirement for banks signed by its president, Innocent Okwousa, published in national dailies on…
The Managing Director of First Bank Nigeria Limited, Dr Adesola Adeduntan, has tendered his resignation. Adeduntan’s departure marks the end of his nine-year tenure, during which he supervised the bank’s operations and strategic direction for three terms. First Bank is poised to unveil Adeduntan’s successor, who will spearhead the bank’s expansion initiatives amidst fierce competition…
The Independent Petroleum Marketers Association of Nigeria says it is expecting that the Dangote refinery will reduce the price of its diesel further to say about N700 per litre. The National Vice President of IPMAN, Hammed Fashola, stated this on Wednesday while appreciating the Dangote refinery for reducing the price of diesel from over N1,200…
The Nigerian National Petroleum Company Limited and its joint venture partner in Oil Mining Lease 85, First Exploration and Petroleum Development Company Limited, have commenced oil production from the asset also known as Madu Field. Production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected…
Access Holdings, the parent company of Nigeria’s largest bank, Access Bank, has said that it will be going fully digital for its N365bn rights issue. In a notice filed with the Nigerian Exchange Limited, the holding company said it was seeking to raise N365bn through a rights issue to fortify its capital base, support expansion…
Wema Bank has said that it has removed and suspended about seven fintech partners from its payment gateway platform over fraudulent activities. This is as the bank launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners. A statement from the bank on…
Access Bank has launched the 16th season of its DiamondXtra promo, revealing that about N200m and three SUVs and others are some of the prizes that customers will win. The new season was unveiled at Alaba International Market, Lagos on Tuesday. According to the lender, DiamondXtra is a special interest-yielding hybrid account, which allows the…
By Ayomide Otitoju In Africa, the agricultural sector is at the heart of economies. With a contribution of 30% of GDP and 55% of the working population in agriculture, the industry is of paramount importance for the continent’s socio-economic development. African agriculture has considerable assets. On the one hand, Africa is full of vast tracts…
Leading financial institution, Fidelity Bank Plc, has released its 2023 full-year Audited Financial Statements, reporting a 131.5% growth in Profit Before Tax to N 124,26 billion. According to the results, which were issued to the Nigerian Exchange (NGX) today, the bank grew Gross Earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in…
