Author: Aishat Olalere

Total Assets of the banking industry rose by 50 per cent, year-on-year, YoY to N107.3 trillion in November 2023 from N71.59 trillion in November 2022. In the same vein, the banks grew customers’ deposits by 45 per cent, YoY to N64.48 trillion in November 2023 from N44.49 trillion in November 2022. Chairman, Senate Committee on Banking, Insurance & other Financial Institutions, Senator Adetokunbo Abiru state disclosed this while speaking at the retreat for the Committee organised by the NDIC in Lagos. Abiru said: “As of November 2023, the Capital Adequacy Ratio of the banking sub sector was 12.3 percent and…

Airlines operating in Nigeria have hinted that they may hike their fares following the increase in the price of aviation fuel is above N1300 per litre. Obiora Okonkwo, the spokesman for local airlines, disclosed this recently and called for immediate government intervention to prevent the collapse of the aviation sector in Nigeria. The airlines said that foreign exchange volatility and the surging price of aviation fuel, currently selling at N1,300 per litre, had disrupted the operational planning and stability of the sector. The move followed the unification of the different segments of the forex markets, causing the naira to fall…

A young woman took to social media to share the reality of working in agriculture. A young and beautiful woman working in agriculture has left social media users in awe after showing how dedicated she was to her job. A TikTok video shows @gorgeous_lianah looking pretty before switching to a montage of clips of her working on a farm Many netizens were inspired by the beautiful woman’s capabilities and responded to the post with positive comments. @gorgeous_lianah shared a TikTok video showing herself looking pretty in a casual and girly outfit, admitting that she only looks pretty like that 1%…

Nigerians are currently lamenting the way cement prices across brands and markets have hiked in recent times. Just over two months, there has been a significant surge in the retail price of cement in Nigeria. Formerly N5,000 per bag in December 2023, the cost has escalated to N6,500 in different parts of the country. Reports, reveal that the Cement Manufacturers Association of Nigeria (CMAN) has increased prices by over N1,000 per bag for respective brands. As a result, retail prices have surged to N6,200 or higher in Lagos and the Southwest, while in the Southeast and Abuja, they have surged…

On Friday, the Managing Director of The Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman, said the bank’s 2024 Management Retreat is aimed at revamping and transforming its operational activities to meet the housing demands in Nigeria. The retreat was themed “Transformational Innovation for Sustainable Development in Uncertain Times.” Hamman said the transformation was to rapidly reform and innovate towards meeting Nigeria’s housing shortfall through the delivery of affordable, decent, and quality housing to Nigerians. According to Hamman, the huge housing deficit in the country, which affects millions of Nigerians, is a serious challenge that requires urgent and innovative solutions.…

The Managing Director (MD) of Rahamaniyya Fertilizer Plant, Satish Singh Rathore, in this interview, explains why the company’s fertilizer is the best anyone can find in the Nigeria. Rathore said in an interview that the Rahamaniyya NPK 20:10:10 and NPK 15:15:15 are some of the best fertilizers in Nigeria. We have already given the samples to the Nigerian government, they have already approved the two as the best in Nigeria. He also added ” In Rahamaniyya fertilizer. We produce NPK 20:10:10 and NPK 15:15:15. These two varieties are very familiar and famous with the farmers, and we produce all kinds…

Data from the Central Bank of Kenya (CBK) showed Kenyans deposited KSh 1.55 trillion in US dollars. Kenyans and companies dealing in imports increased their bank dollar deposits for the year ending December 2023. This represented a growth of 68% in dollar deposits to banks for the past 12 months to December 2023.The report attributed the growth to corporate dollar account deposits, which rose by 70% in September 2023 as firms held on to the greenback. This is according to the Central Bank of Kenya (CBK) report, which showed that bank dollar deposits grew by 68% to KSh 1.55 trillion…

Stock market investors lost N1.4 trillion on the Exchange last week following sell off in some shares triggered by increase in interest rates Treasury bills (TBs) by the Central Bank of Nigeria . The total Value of investment, declined to N55.735 trillion on Friday from N57.158 trillion the previous week. Consequently, stock market investors lost N1.4 trillion of their investment on the Exchange last week as market capitalisation, Some shares are sell off on the Nigerian Exchange Limited, NGX as investors moved to the fixed income market to take advantage of the attractive high yields on Treasury bills. This was triggered as…

The Shell Petroleum Development Company (SPDC) of Nigeria Limited said it has completed the supply of 475,000 barrels of crude oil to the Port Harcourt Refining Company Limited. On Monday, Shell Nigeria’s Media Relationship Manager, Abimbola Essien-Nelson said in a statement that the company through its Bonny Oil & Gas Terminal (BOTG) has completed the supply of over 475,000bbls of crude oil to the Port Harcourt Refining Company Limited. The SPDC said this was in furtherance of the Federal Government’s commitment to increase domestic refining capacity and make petroleum products more readily available in the country. According to Essien-Nelson, BOGT…

The Investment Promotion and Facilitation Bill 2023 proposes a minimum requirement of KSh 5 million for individuals seeking investment certificates. Under the proposed Investment Promotion and Facilitation Bill 2023. The bill, currently undergoing public participation, aims to bolster the investment landscape in Kenya and attract both local and foreign investors. Foreign investors will need to meet a minimum investment requirement of $500,000, approximately KSh 80 million. According to the bill, investors will be able to get the certificate if the amount to be invested by a local investor is at least five million shillings or the equivalent in another currency,…