European Shares Falls on Brexit Fears

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By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

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By Dipo Olowookere It is a new year and the first trading session in the treasury bills market is expected to kick off with traders upbeat that a huge positive turnaround will occur this year. But as the market commences, investors in government securities, especially T-bills, are anticipating some maturing bills this week. Business Post gathered that during the week, treasury bills worth N148.86 billion will mature via primary market. This, our correspondent learned, is expected to result into a boost in financial system liquidity with resultant decline in interbank lending rates. According to analysts at Cowry Asset, last week,

By Adedapo Adesanya With the country’s inflation reaching 11.61 percent in October, the Federal Government of Nigeria has admitted that its border closure policy contributed heavily to this. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed on Wednesday after the Federal Executive Council (FEC) meeting presided over by President Muhammadu, however, added that the closure of the land borders was a temporary measure. Business Post had reported that Nigeria’s inflation rate increased year-on-year to 11.61 percent in October 2019 from 11.24 percent in the previous month, reaching the highest since May of 2018. The Minister,

By Aduragbemi Omiyale Some bank customers in Nigeria have given the major reasons for the poor patronage of WhatsApp banking in the country. A few years ago, financial institutions in the country introduced WhatsApp banking to their customers as part of efforts to deepen financial inclusion in Nigeria. Through the popular messaging platform, banking services can be initiated and completed, eliminating the time and resources wasted to be at the banking hall for financial transactions. However, this platform seems not to be effective and Agusto & Co, through its Consumer Digital Banking Satisfaction Index, discovered why this has occurred. In

By Dipo Olowookere Co-convener of the Bring Back Our Girls (BBOG), Dr Oby Ezekwesili, on Tuesday described Boko Haram’s execution of Hauwa Liman, a worker with the International Committee of Red Cross (ICRC), as heart-breaking. The death of the 24-year-old medical aid worker at the hands of the sect was confirmed by the Federal Government and ICRC on Monday. Liman was kidnapped alongside others in March in Rann, Borno State when the insurgents attacked a camp for displaced persons. One of the kidnapped aid workers, Saifura Khosa, had earlier been executed in September. After the murder of Khosa, Boko Haram

By Aduragbemi Omiyale The creditworthiness of Stanbic IBTC Holdings and its subsidiaries has been affirmed by a global rating agency, Fitch Ratings. The National Long-Term Ratings of the leading end-to-end financial institution in Nigeria has been affirmed at ‘AAA(nga)’ with a Stable Outlook, underscoring its resilience in a challenging operating environment. The rating affirmation from Fitch Ratings provides confidence in Stanbic IBTC’s financial strength, resilience, and ability to weather the challenges in the Nigerian banking industry. It highlights the unwavering support of its ultimate parent, Standard Bank Group, and solidifies Stanbic IBTC’s position as a leading player in the Nigerian

By Modupe Gbadeyanka One of the strongest banks in Nigeria, Zenith Bank Plc, has announced the payment of 25k interim dividend to its shareholders. In a statement issued on Thursday, the lender’s board of directors noted that the payment of the interim dividend of 25 kobo per 50 kobo ordinary share to shareholders was subject to appropriate withholding tax. According to the bank, the dividend would be paid only to shareholders whose names appear in the Register of Members as at the close of business on August 18, 2017. “The bank’s register of shareholders will be closed on August 21,

By Adedapo Adesanya A suit has been slammed against the federal government by the Socio-Economic Rights and Accountability Project (SERAP) for spending over N1.48 trillion on the maintenance of the nation’s four refineries without any meaningful results. In the suit number FHC/L/CS/806/2022 filed last week at the Federal High Court, Lagos, SERAP said it is suing the Nigerian president “over his failure to probe allegations that over N1.48 trillion reportedly spent on maintaining the country’s four refineries between 2015 and 2020 may have been stolen, mismanaged or diverted into private pockets.” The government, according to the organisation in a statement,

By Dipo Olowookere For the first time in two years, the Monetary Policy Rate (MPR) has been raised by the Central Bank of Nigeria (CBN) to 13.0 per cent from 11.5 per cent. Mr Godwin Emefiele, the Governor of the CBN, who announced this development on Tuesday in Abuja, explained that the decision to increase the benchmark interest rate was taken at the Monetary Policy Committee (MPC) meeting held yesterday and today. While addressing financial reporters this afternoon, Mr Emefiele said members of the committee were unanimous with the decision to hike the rates as it was the best thing