During the first nine months of 2023, Nigeria’s tier-1 banks amassed a total of N102.96 billion in income from account maintenance, marking a 20.4 percent increase compared to the N85.53 billion recorded in the corresponding period of 2022. The surveyed banks, including First Bank, United Bank for Africa, Guaranty Trust Holding Company, Access Bank, and…
The Academic Staff Union of Universities (ASUU) has officially joined the nationwide indefinite strike declared by the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC). On Monday, November 13, ASUU issued a directive for its members to actively participate in the strike, effective from midnight of the same day. The National President of the…
President Bola Ahmed Tinubu on Saturday in Riyadh, Saudi Arabia, began his deliberation with the Captains of Saudi Arabian Industry at the Nigeria-Saudi Investment Roundtable by making clear that with his team in place, every negative perception or notion about what Nigeria has represented in the past with respect to the ease of doing business,…
An electronics showroom well-known in Abuja has been ravaged by a fire. The fire broke out on Monday evening, November 6, at the showroom situated near the renowned Banex Plaza in Wuse, Abuja. The FCT fire service personnel are currently on the scene, working to control the blaze at the electronics store.
Nigerian Banks See Extraordinary Profit Surge Thanks to Forex Gains Recent fluctuations in the Naira’s exchange rate have translated into extraordinary profits for Nigerian banks. According to financial reports from nine prominent banks listed on the Nigerian Exchange Limited (NGX), these institutions collectively achieved a staggering pre-tax profit of N2.292 trillion during the first nine…
The Federal Government has allocated N15 billion for the comprehensive repairs of the Third Mainland Bridge in Lagos, according to details from the recently passed N2.18 trillion 2023 supplementary budget. Also, the government has stated that it owes contractors of the Eko/Marine Bridges the sum of N11,400,024, 608 (N11.4 billion). The Federal Controller of Works…
The Central Bank of Nigeria (CBN) has refuted reports of a shortage of currency notes in the nation. In a statement released on November 2, the CBN, represented by its Director of Corporate Communications, Isa AbdulMumin, assured that there is an ample supply of currency notes to support economic activities in the country. The statement…
The Chairman of the BUA Group and billionaire businessman, Alhaji Abdulsamad Rabiu, has called on Nigerians to exercise patience with President Bola Tinubu’s government as it strives to achieve stability in the foreign exchange market. Rabiu made this appeal during a discussion with the press on Tuesday, October 31, after a closed-door meeting with President…
The Lagos State Government has officially reopened both the Alaba International Market and select markets within the Trade Fair Complex in Ojo. The closure of these markets last week was prompted by issues related to improper waste management and other environmental violations. Commissioner for the Environment and Water Resources, Tokunbo Wahab, emphasized that the decision…
Professor Pat Utomi has issued a warning to the Tinubu administration, advising them to exercise caution in managing the ongoing depreciation of the Naira. Since President Bola Ahmed Tinubu announced the removal of fuel subsidy on May 29th, the Naira has witnessed a significant 40% decline in its value in the foreign exchange market, further…
