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Diamond Bank Replies Nigerian Man Who Mistakenly Credited With N7.3m

Diamond Bank Replies Nigerian Man Who Mistakenly Credited With N7.3m

Diamond Bank has responded via Social Media, after a Twitter User, @raynergy called on the bank to help resolve the N7.3m that was mistakenly transferred to his account by a Company. The User, @raynergy wrote on Twitter earlier: Dear @DiamondBankNG exactly at this time yesterday 7,310,000.00, seven million three hundred and ten thousand was transferred […]

GTBank 2017 Half Year Profit Hit N100bn

GTBank 2017 Half Year Profit Hit N100bn

A review of the Guaranty Trust Bank (GTBank)  half year performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 2% to ₦214.1billion from ₦209.9billion reported in the June 2016; driven primarily by growth in investment securities income as well as income […]

9mobile: Banks Remove $1.2b Debt From Books

9mobile: Banks Remove $1.2b Debt From Books

The 12 banks involved in the $1.2 billion 9Mobile loan are setting aside a large part of the debt from their books ahead of the December 31 end-date for the fiscal year. The mobile company took the loan four years ago from a consortium of banks. It failed to repay the loan due to a […]

Factors To Watch On Aug 16 African Markets

Factors To Watch On Aug 16 African Markets

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. – – – – – GLOBAL MARKETS The dollar hoarded hefty gains on Wednesday after strong U.S. retail data put a Federal Reserve rate hike back on the agenda, while Asia stocks inched ahead […]

H1 2017: Tier-2 Banks Lose N233bn Deposits As Customers Demand Higher Interest Rate

H1 2017: Tier-2 Banks Lose N233bn Deposits As Customers Demand Higher Interest Rate

TIER 2 banks suffered N233 billion  decline in deposit in the first half of the year (H1 2017) owing to demand for higher deposit rate by customers. Banks’ customers were said to be pressurizing for higher deposit rate against the backdrop of the high interest rate regime created by the monetary policy of the Central […]

FG To Make N30.5tn Revenue From Non-oil Export

FG To Make N30.5tn Revenue From Non-oil Export

These products are palm oil, cashew, cocoa, soya beans, rubber, rice, petrochemical, leather, ginger, etc. The Federal Government of Nigeria is targeting annual non-oil export revenue of $100bn (about N30.5tn, at N305 per dollar exchange rate) through the implementation of the Zero Oil Plan. The projection is contained in a document prepared by the Nigerian […]

NNPC, IOCs Lift Oil Worth N11trn In 12 months

NNPC, IOCs Lift Oil Worth N11trn In 12 months

The Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs) operating in the country including independent oil companies lifted crude oil and condensate worth over $36.023 billion between March 2016 and March this year, according to NNPC April statistical report. This translates to N11.005 trillion at an exchange rate of N304.5 to a US […]

Diesel Price Drops Following NNPC Intervention

Diesel Price Drops Following NNPC Intervention

The Nigerian National Petroleum Corporation (NNPC)’s recent intervention which led to a 42 percent fall in the price of diesel has continued to sustain the downward price across the country. NNPC said in a statement that a national survey by its weekly TV programme, Oil and Gas Forum, NNPC’s, indicated that in the last few […]

Transmission Company To Build 2 Substations In Kaduna, Zaria

Transmission Company To Build 2 Substations In Kaduna, Zaria

The Transmission Company of Nigeria (TCN) has said it is prepared to build two new 330KV substations in Kaduna and Zaria, and four additional 132 KV substations at Rigasa Kakau, Rigachun and Jaji, while it will reconstruct the Kaduna-Kano transmission line. Daily Trust reports the transmission line has been faulty for over two years and […]

Nigeria’s Mutual Fund Assets Hit N300 Billion

Nigeria’s Mutual Fund Assets Hit N300 Billion

The level of professionalism and quality of investments will be difficult to match by other mutual fund managers in Nigeria and the West African sub-region The high level of professionalism and quality of mutual funds in Nigeria has elicited increased patronage and subscription rate by individual, retail and institutional investors, a Senior Fund Manager and […]

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