FBNQuest Backs Infrastructure Development in Lagos

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) would likely direct banks to increase their capital base in the coming months as part of a new policy push towards a $1 trillion Nigerian economy. The Governor of the apex bank, Mr Olayemi Cardoso, said this while delivering his keynote address at the 58th Annual Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos on Friday. The new CBN chief used the event to unveil the bank’s monetary policy thrust and economic outlook for 2024, following the cancellation of the Monetary Policy Committee (MPC) meeting for the quarter. “We

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

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By Adedapo Adesanya MTN Nigeria has recorded a  28.1 per cent rise in profit after tax (PAT) to N181.6 billion in the first half of the year, with profit before tax (PBT) up by 24.9 per cent to N268.6 billion and earnings per share (EPS) rising by 28.1 per cent to N8.92. According to the company in its unaudited results for the half-year ended June 30, 2022, the capital expenditure (Capex) rose by 67.1 per cent to N311.6 billion (up 78.6 per cent to N204.5 billion, excluding the right of use assets. The financial statements also showed that there were

By Modupe Gbadeyanka Despite the price of crude oil rising at the global market, the foreign reserves of Nigeria are recording a steady decline in the past few months. Also, with the Central Bank of Nigeria (CBN) determined to continue to defend the Naira, the reserves may continue to deplete. According to data from the CBN website, as at Thursday, September 20, 2018, the average amount left in the nation’s external reserves stood at $44.89 billion. Almost every week, the apex bank takes about $210 million from the reserves to support the local currency at the foreign exchange market. This

By Ebitonye Akpodigha The sum of N1.5 billion has reportedly been demanded by abductors of Mrs Margaret Emefiele, wife of Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele. Mrs Emefiele was kidnapped by some heavily armed men on Thursday night along the Benin-Agbor Road. However, the news broke on Friday afternoon. It was reported that the abductors have contacted family of the CBN Governor to make their demand in exchange for the woman. It is still not clear if the family is willing to pay the ransom or negotiate it down, but we learnt an investigation has already been

By Modupe Gbadeyanka The most active stockbroking company last week was EFG Hermes Nigeria Limited, data from the Nigerian Stock Exchange (NSE) has revealed. The company displaced Chapel Hill Denham, which occupied the same position a week earlier, after transacting 240.5 million stocks in the week, contributing 12.65 per cent to the total trading volume. The brokerage firm was very busy during the week to the extent that the company on the second spot, Meristem Stockbrokers, could only contribute 6.06 per cent to the total turnover after investors traded 115.2 million stocks through it at the stock exchange. CSL Stockbrokers

By Adedapo Adesanya A new agreement between the International Finance Corporation (IFC) and Ukraine’s Energy Efficiency Fund will channel up to €25 million in EU funds to help homeowners’ associations restore war-damaged residential buildings, the organisations announced on Monday. The effort will support Ukrainian families amid the ongoing war and boost the resilience of Ukraine’s residential sector. Since February 24, the conflict in Ukraine has substantially damaged or destroyed the homes of 2.4 million Ukrainians, according to the Ministry for Communities and Territories Development of Ukraine. The Kyiv School of Economics estimates that the total number of the affected housing

By Dipo Olowookere Lagos State Governor, Mr Akinwunmi Ambode, has approved the appointment of 37 new Heads of Administration in the Unified Local Government Service. Chairman of Local Government Service Commission, Mr Babatunde Rotinwa, who disclosed this during the Commission’s meeting on Monday at the Old Secretariat, Ikeja, explained that the development is to further consolidate on the gains of the reforms in the State Public Service. He added that apart from the 37 newly appointed Heads of Administration, 20 other Heads of Administration have been redeployed to different Local Government and Local Council Development Areas. Mr Rotinwa maintained that

By Dipo Olowookere The All-Share Index (ASI) and market capitalisation of the Nigerian Stock Exchange (NSE) further depreciated by last week by 0.65 percent and 0.59 percent respectively to close the week at 29,851.29 points and N13.155 trillion apiece. All other indices finished higher with the exception of the NSE-Main Board Index, NSE Premium Index, NSE MERI Growth Index, NSE Consumer Goods Index and NSE Lotus II which depreciated by 0.49 percent, 0.77 percent, 0.83 percent, 1.64 percent and 1.54 percent respectively while NSE ASeM Index closed flat. In the week, the market recorded a total turnover of 7.5 billion