Business

12Jul By Sharpedge NewsNo Comments

Business

FIRS: Tinubu’s Government Captures 170,000 New Taxpayers In Tax Net

The Federal Inland Revenue Service says the number of new taxpayers in Nigeria has increased by 170,000, and tax compliance has improved by 20 per cent over a year.Femi Olarinde, special adviser to the FIRS chairman, Zacch Adedeji, stated this during a dinner and media parley on Thursday in Lagos. The total number of taxpayers in the country in 2021 was 41 million. Mr Olarinde attributed these successes to Mr Adedeji’s leadership. He noted that the increase in the number of taxpayers was due to the emergence of more businesses, companies and industries in the country. According to Mr Olarinde, the new FIRS leadership has also simplified tax processes and payments nationwide, making them more convenient and reducing the cost of compliance and administration. He said, “We are...

Read More

30Jun By Sharpedge NewsNo Comments

Business

MTN Announces Construction Of West Africa’s Largest Data Centre

MTN Nigeria, on Saturday, announced the construction of its West African largest data centre, a facility with a 1,500-rack Tier 4 data centre within the country. A Tier 4 data centre is built to be completely fault-tolerant, has redundancy for every component and has an expected uptime of 99.995 per cent. This means it can withstand a wide range of potential disruptions and offers the most reliable infrastructure. The chief technical officer, MTN, Mohammed Rufai, told journalists in Lagos that the construction of the data centre was a move to enhance Nigeria’s digital infrastructure. Mr Rufai said that the data centre was set to play a pivotal role in meeting the growing data demands and digital needs of businesses and consumers across the country. He said that the new data...

Read More

6Jun By Sharpedge NewsNo Comments

Business

NDIC Begins Payment To 2.3 Million Liquidated Heritage Bank Depositors

The Nigeria Deposit Insurance Corporation has said it will begin paying insured sums to 2.3 million depositors of Heritage Bank in liquidation this week. The managing director of NDIC, Bello Hassan, said this while briefing journalists in Abuja on Wednesday. Mr Hassan said the bank had preliminary deposits of N650 billion and a loan worth N700 billion. According to him, 99.9 per cent of depositors of the defunct bank have a deposit balance of less than N5 million, while only 4,000 of the depositors have more than N5 million in deposits.

Read More

22May By Sharpedge NewsNo Comments

Business

Cardoso’s CBN Continues Aggressive Tightening, Raises Lending Rate To 26.25%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the country’s baseline lending rate by 150 basis points to 26.25 per cent. Yemi Cardoso, the governor of CBN, said this on Tuesday in Abuja while reading the communique from the 295th meeting of the MPC. This is the third consecutive tightening of the lending rate, known as the Monetary Policy Rate (MPR), by the MPC under Mr Cardoso. The raise came despite some financial and economic experts advising the MPC to retain the lending rate of 24.75 per cent. A renowned economist, Ken Ife, said the seeming success of aggressive tightening in the last two meetings might propel the committee to tighten the rates further. However, Mr Ife, the lead consultant on Private Sector Development to the ECOWAS C...

Read More

2May By Sharpedge NewsNo Comments

Business

Youth Leaders Attack NANS, Hail Kyari’s Efforts In Ending Fuel Queues

Ethnic youth leaders have commended the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd., Mele Kyari, for his efforts in addressing fuel supply disruptions. This is contained in a statement in Lagos by the ethnic youth leaders and signed by their spokesperson, Malam Kabiru and deputy acting president, NG Emmanuel, on Wednesday. The youths also commended the executive vice president, downstream of NNPCL, Adedapo Segun, for ensuring clearance of the current queues for fuel. The statement stated that Mr Kyari was committed at ensuring downstream energy stability in line with the Renewed Hope Agenda of the President, Bola Ahmed Tinubu. They therefore faulted the National Association of Nigerian Students for calling for the resignation of the NNPCL GCEO...

Read More

23Apr By Sharpedge NewsNo Comments

Business

NNPC Ltd, Partner Unlock 12,000bpd Production from Awoba Unit Field 

Keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet the nation’s OPEC production quota, the Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd, have restarted production from the Awoba field which last contributed production to the Bonny Terminal in 2021 and was finally shut down in February 2022 due to evacuation issues and crude oil theft. Since the restart of the Awoba field by NNPC Ltd and it partners on April 13, 2024; production from the field has averaged 8,000 barrels per day and is expected to plateau at 12,000 per day at full ramp up within 30 days. Awoba is also expected to significantly boost gas supply to the power ...

Read More

20Apr By Sharpedge NewsNo Comments

Business

Naira Depreciates To N1,230/$ At Parallel Market

The naira reversed the appreciation trend at the parallel section of the foreign exchange market on Friday. The local currency depreciated by 17.14 percent to N1,230 per dollar — from N1,050/$ on April 17. Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,200 and the selling price at N1,230 — leaving a profit margin of N30. “The price of the dollar against naira increased since yesterday, probably due to the fact that there has been an increased demand since yesterday,” Aliyu, a BDC operator, said. Meanwhile, the decline ended the upward trend of the naira at the street market since March 20, when the FX rate was N1,500/$. At the official window, the naira depreciated to N1,169.99 against the dollar on Friday — a 1.38 percent drop fro...

Read More

5Mar By Sharpedge NewsNo Comments

Business

IMF Seeks Quick Action On Food Insecurity In Nigeria

The International Monetary Fund has said addressing food insecurity should be an immediate priority for the Nigerian government. The IMF said this in its End-of-Mission statement issued after the completion of the IMF Staff 2024 Article IV Mission to Nigeria, a copy of which was obtained by journalists in Abuja on Tuesday. The end-of-mission statement includes statements by IMF staff teams that convey preliminary findings after a visit to a country. The statement said the new government inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over the years. It noted, “Addressing food insecurity is the immediate priority. The recent approval of a well-targeted and effective social protection...

Read More

29Feb By Sharpedge NewsNo Comments

Business

Nigeria-Qatar Gas Cooperation Will Pave Way For Global Clean-Energy Transition- Official

The federal government said cooperation between Nigeria and Qatar in the area of gas-energy transition from non-renewable energy would strengthen ties across the global gas sectors of the two countries. Nigeria’s foreign affairs minister, Yusuf Tuggar, disclosed this in his lecture at the Doha Diplomatic Institute on the sidelines of President Bola Tinubu’s state visit to Qatar, according to a statement by Alkasim Abdulkadir, spokesman for the ministry. Mr Tuggar said the synergy between Nigeria and Qatar would foster gas diplomacy and energy transition from non-renewable energy and benefit the African continent and the world. Qatar and Nigeria are blessed with hydrocarbon deposits that place them at the centre of the new energy equation. While Qatar has the third-largest gas res...

Read More

29Feb By Sharpedge NewsNo Comments

Business

NNPCL, OPEC Pledge Collaboration to Attract Investments, Grow Production

The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Organization of the Oil Exporting Countries (OPEC) have pledged to work closely together to achieve the nation’s aspirations to attract investments and grow production.The two organizations came to this accord when the Secretary General of OPEC, Haitham al-Ghais, paid a courtesy visit to the Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, at the NNPC Towers on Wednesday.Speaking at the event, al-Ghais stated that OPEC was completely aligned with NNPC Ltd.’s vision as captured in its payoff line: “Energy for Today, Energy for Tomorrow” because of its inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad.He disclosed that in spite of the pushback on oil...

Read More

27Feb By Sharpedge NewsNo Comments

Business

CBN Raises Interest Rate By 400 Basis Points To 22.75% To Tackle Inflation

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent. CBN governor Yemi Cardoso, who chairs the MPC, announced the committee’s decisions on Tuesday after the meeting. Mr Cardoso said the asymmetric corridor around the MPR adjusted to +100 to 700 basis points from +100 to 300 basis points. The cash reserve ratio (CRR) was increased from 32.5 per cent to 45 per cent, while the liquidity ratio was retained at 30 per cent. The committee decision is centred around the current inflationary and exchange rate pressures, projected inflation, and rising inflation expectations. “Members are concerned about the persistent rise in the level of inflation and emphasised ...

Read More

16Feb By Sharpedge NewsNo Comments

Business

Nigeria’s Inflation Rate Hit 29.90% In January, NBS Report Reveals

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023. The NBS disclosed this in its December Consumer Price Index (CPI) and Inflation Report, which was released in Abuja on Thursday. According to the bureau, the figure is 0.98 per cent points higher than the 28.92 per cent recorded in December 2023. Similarly, the bureau said, on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent. It said on a year-on-year basis the headline inflation rate in January 2024 was 8.08 per cent higher than the rate recorded in January 2023 at 21.82 per cent. In addition, the repor...

Read More

31Jan By Sharpedge NewsNo Comments

Business

CBN Releases $500 Million To Clear More Verified Forex Liabilities

The Central Bank of Nigeria (CBN) says it has released $500 million to various sectors to address the backlog of verified foreign exchange transactions. Hakama Sidi-Ali, CBN’s acting director of the corporate communications department, said this in a statement in Abuja. According to Ms Sidi-Ali, this comes barely a week after the apex bank paid approximately $2.0 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors. She said the CBN management was committed to settling all legitimate foreign exchange backlogs within a short time frame. Ms Sidi-Ali said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms. “As the governor said,...

Read More

25Sep By BolarinwaNo Comments

Business

FIRSTBANK Sponsors the Africa International Trade Exhibition (A.I.T.E2023), New York, Promotes Foreign Direct Investment in the Continent 

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider,sponsored the Africa International Trade Exhibition (A.I.T.E 2023), held on 21 and 22September 2023 at the Hilton Hotel Midtown, New York, U.S.A. The event was themed “theimperatives of global trade for African SMEs as a game changer for the continent’s futureprosperity”.  Woven into the fabric of society, with the rich heritage of being the premier Bank in West Africa,FirstBank’s sponsorship of the event reiterated its commitment to being the bank of first choiceand financial gateway in supporting businesses to boost the growth and socio-economicdevelopment of the continent in today’s fast-evolving business landscape.  Notable personalities and dignitaries at the event include Dr. Dor...

Read More

2Jul By Oladimeji AbitogunNo Comments

Business

Firstbank Introduces The First Humanoid Robot, Reinforces Its Commitment To Providing Innovative Financial Solutions For Customers 

FirstBank has launched an industry first Humanoid Robot at its Adetokunbo Ademola VI, Lagos Digital Experience Centre (DXC) BranchThe robot is among the phased configuration of the bank’s state-of-the-art digitally led self-service branch  The Humanoid Robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff. In furtherance to its leading role in providing innovative financial solutions in Nigeria, First Bank of Nigeria Limited, Nigeria’s premier financial institution and leading financial inclusion services provider, has announced the launch of a Humanoid Robot, the first of its kind in the financial services space in Nigeria.  The robot is equipped with Video Banking and Artificial Intelligence (AI), taking on...

Read More

23Jun By Oladimeji AbitogunNo Comments

Business

FIRSTBANK WINS FINANCIAL INSTITUTION OF THE YEAR AT THE AFREXIM BANK PAN-AFRICAN BUSINESS AND DEVELOPMENT AWARDS

The award was bestowed on FirstBank in recognition of the Bank’s role in promoting trade and investment endeavours across the continent. With its subsidiaries across the FirstBank Group, FirstBank has continued to play a leading role in boosting cross-border businesses, including trade and investment opportunities, essential to enhancing trade relations amongst countries. In 2021, the Bank launched its First Global Transfer (FGT) initiative, specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa. First Bank of Nigeria Limited, Nigeria’s premier banking institution and leading financial inclusion services provider, has won the Financial Institution of the Year Award at the African Expor...

Read More

16Jun By Oladimeji AbitogunNo Comments

Business

LEADERSHIP AND FIRSTBANK’S SUCCESSFUL TRANSITIONING TO ‘CLICK’ BANKING

In December 2015, the share price of First Bank of Nigeria Limited was trading around N4.8 band. About seven years later, precisely last December, the value held tightly to N15, growing by over threefold amid general asset and economic doldrums. The steep rise in the valuation of the financial institution deviates remarkably from the average performance of FUGAZ, an acronym describing the top five Nigerian banks by market capitalisation. In the past seven years, the share prices of the leading banks appreciated by an average of 90 per cent as against over 200 per cent growth seen in FirstBank. Deflated by the bank’s exceptional performance, Access Holdings, GTCO, UBA and Zenith stocks posted about 60 per cent growth. The performance of the entire banking sector also flattens out whe...

Read More

31Mar By Sharpedge NewsNo Comments

Business

First Bank Announces a Name Change of its Subsidiaries, Reiterate it’s Commitment to Boosting Cross-boarder Business Opportunities in Africa and the World.  

First Bank of Nigeria Limited, Nigeria’s premier financial services institution, has announced a phased corporate name change of its subsidiaries in the United Kingdom and Sub-Saharan Africa. FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia and FBNBank DRC are the first set of subsidiaries effecting the name alignment. They are now known and addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia and FirstBank DRC. The Ghana, Senegal and Guinea subsidiaries will be next in the phased name change implementation. The name change is being implemented to align the subsidiaries with the parent brand and to enjoy the strong heritage and brand equity built by FirstBank Nigeria in its 129 years of banking leadership. This will further enhance the quality-of-service delivery resulting ...

Read More

20Jan By Sharpedge NewsNo Comments

Business

First Bank Convenes Nigeria Economic Outlook Webinar for 2023

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the 2023 edition of its Nigeria Economic Outlook event. The virtual event themed “Nigeria Economic Outlook 2023: A look ahead” is scheduled by 8:30 am on Friday, 20 January 2023, via Zoom meeting. To register and participate in the event, do click on the link  https://firstbanknigeria.zoom.us/webinar/register/WN_Z-8Izr1sRHmdfRqZ5RiYeQ  The event will promote deliberations and analyses of national and global economic trends to shape 2023. Like its previous edition, the 2023 FirstBank Nigeria Economic Outlook aims to set the tone for the year by providing an opportunity for participants to learn directly from economic experts. Participants will be better informed and knowledg...

Read More

12Jan By Sharpedge NewsNo Comments

Business

Adeduntan Urges Banks to Improve Loan Monitoring to Prevent NPLS’ Build-up

Managing Director/Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, has advised financial institutions in the country to be vigilant and improve the monitoring of their customers’ loans in order to prevent the build-up of non-performing loans (NPLs) in the industry as a result of the macroeconomic challenges. Speaking in an exclusive interview with THISDAY, Adeduntan also urged businesses and their bankers to approach the new year in a collaborative relationship in order to overcome anticipated headwinds in the economy. Adeduntan explained, “To prevent rising NPLs, businesses and their bankers will have to collaborate more and ensure timely flow of information to prevent surprises. “Banks on their part will have to improve monitoring of their loan portfolio to quickly ...

Read More