The founder and Chief Executive Officer of Paga, Tayo Oviosu, has said that the mobile payment company recorded over $2 billion worth of transactions in 2019 across all markets as it served the unbanked communities in rural and urban areas in Nigeria. Oviosu made this disclosure via his Twitter account. According to him, the $2 … Read more
Africa’s biggest telecome companyMTN Group, has said it plans to quit it’s stakes in Ghana and Uganda is in order to concentrate on its high-growth markets in Africa, especially Nigeria, and in the Middle East. MTN Group listed its shares on the Ghana Stock Exchange (GSE) in 2018, while in Uganda, it had been speculated … Read more
The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of ₦13.23billion in October 2019. This represented an increase of 54 per cent compared to ₦8.59 billion surplus posted in September 2019. The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of October released in Abuja, on Wednesday. The … Read more
Union Bank, one of Nigeria’s foremost financial institutions, recently launched full-service ultra-modern branches in Ekwulobia and Amawbia, Anambra State. The branches were opened as part of the Bank’s continued efforts to provide its customers with simpler and smarter banking services. The locations of the new branches take into consideration banking convenience for residents and businesses … Read more
……MTN, FCMB, Forte Oil, Oando, PZ Exit NSE 30 Index The Nigerian Stock Exchange (NSE) has announced the results of its annual full year market index review, leading to the entry and exit of major companies from several indices which will take effect when the market opens on Wednesday, January 2, 2020. A statement issued … Read more
Within a 10-year period covering 2010 and 2019, the Federal Inland Revenue Service (FIRS) recorded a revenue shortfall of N4.88tn, figures obtained from the FIRS have indicated. The FIRS data showed that during the 10-year period, the service generated about N43.41tn revenue from taxes. When compared to the N48.29tn targeted revenue set by the Federal … Read more
Access Bank Plc has been acknowledged as the Most Sustainable Bank in Nigeria for the third consecutive time at the 2019 Central Bank of Nigeria Sustainability Awards held at the 2019 Bankers Committee Gala Night in Ogere, Ogun State, Nigeria. The Bank was also awarded first position in other categories such as the ‘Most Sustainable … Read more
The Association of Bureaux De Change Operators of Nigeria (ABCON) on Sunday defended the Central Bank of Nigeria’s (CBN’s) N305 to dollar exchange rate policy. It said the decision has helped in stabilising the naira. ABCON President Aminu Gwadabe explained that the N305/$ exchange rate is for settling government obligations and not a transactional rate … Read more
Former President Olusegun Obasanjo says rising debt makes him worried about the future generations who would have to pay such loans. Ekohotblog understands Olusegun Obasanjo stated this during his speech at “The Nigerian Story, Why I am Alive Campaign”, which held on Friday in Lagos. Obasanjo said as of 2015, Nigeria’s total external debt was … Read more
By- Chinyere Joel-Nwokeoma (NAN) With no fewer than six days of trading before the year ends, it is almost certain that transactions on the Nigerian Stock Exchange (NSE) will close in the red zone. The outgoing year is, indeed, turning out to be yet another locust year for both local and foreign investors, due to … Read more
Cargo congestion at the Lagos ports has worsened amidst the ongoing e-certification by the National Agency for Food and Drug Administration and Control. NAFDAC had in September announced that its electronic licences had been incorporated into the Nigeria Single Window for Trade for processing of import transactions. Consequently, the agency directed importers, Customs licensed agents, … Read more
The Chief Executive Officer (CEO) of Financial Derivatives Company and a member of the Economic Advisory Council (ECA), Bismarck Rewane, says Federal Government’s obedience to court orders will boost investors’ confidence. Rewane, stated this on Wednesday during an interview on Channels Television’s Business Morning, following the release of the RevolutionNow protest, Mr Omoyele Sowore and … Read more
Nigeria’s apex bank, the Central Bank of Nigeria, has disclosed that the total assets and liabilities of commercial banks in the country amounted to N41.42 trillion as at October ending. The information, which can be found on page nine of the CBN economic report for November, further noted that the N41.42 trillion is indicative of … Read more
The Board and Management of Dangote Cement Plc have announced the retirement of Joseph Makoju as a board member and Group Managing Director/CEO of the cement maker. According to a statement signed by the Deputy Company Secretary Edward Imoedemhe and issued to the Nigerian Stock Exchange (NSE) earlier this week, the resignation will take effect … Read more
In furtherance of its commitment to empower, enhance and promote healthy living amongst Nigerian women, Keystone Bank Limited has announced its partnership with Medplus Pharmacy. In a statement by the lender, the bank said it’s partnering with the health and beauty company to proffer solutions to the challenge posed in accessing quality, genuine healthcare and … Read more
Nissan stocks plunged more than 3 per cent on the Tokyo exchange on Wednesday, as the senior executive in charge of plans to revive crisis-hit automaker quit just weeks after taking the job. Jun Seki, 58, number three at Nissan, had informed the company of his decision to leave and the company had accepted it, … Read more
The Federal Competition and Consumer Protection Commission on Tuesday stopped the additional N50 charge currently being imposed on transactions conducted through Point of Sales Terminal. According The Punch, the FCCPC issued the directive in a statement personally signed by its Chief Executive Officer, Mr Babatunde Itukera and made available to newsmen in Abuja. Ekohotblog recalls … Read more
By: CSL STOCKBROKERS LIMITED CSL Stockbrokers, Member of the Nigerian Stock Exchange. With 2019 drawing to a close, we decided to review the Federal Government’s revenue performance in 2019, following the record N10.6 trillion budget for 2020 signed by the President Muhammadu Buhari wherein the fiscal authorities have a revenue target of N8.2 trillion which … Read more
In recognition of his performance during the first term in office, President of the African Development Bank, Akinwumi Adesina has been endorsed by the Economic Community of West African States (ECOWAS) for a second term. The decision was announced in a communique signed by Jean-Claude Kassi, the commission’s president, at the end of the 56th … Read more
In its quest to make financial services more accessible and affordable to various stakeholders in the economy, the Central Bank of Nigeria (CBN) has reviewed downward most charges and fees for banking services This was contained in the new Guide to Charges by Banks, Other Financial, and Non-bank Financial Institutions, with effect from January 1, … Read more