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Emefiele Warns of Imminent Recession

Emefiele Warns of Imminent Recession

The governor of Nigeria’s central bank on Tuesday said Africa’s largest economy is headed into an imminent recession, adding that he would partially loosen the local currency’s peg to the dollar, a policy he said had helped bring about the hardship. The country of 187 million people, which recently lost to Angola its crown as […]

Nigeria’s Electricity Challenges: Zenith Bank Signs Mega Agreement

Nigeria’s Electricity Challenges: Zenith Bank Signs Mega Agreement

Zenith Bank and Agence Francaise de Development Sign $100Million Power Sector Credit Facility Zenith Bank Plc, a foremost financial institution in Nigeria and French Development Agency (Agence Francaise de Development (AFD), operator of France’s bilateral development finance mechanism, have signed a US$100 Million power sector credit facility. The on-lending term loan being made available to […]

We Are Not Devaluing Naira – CBN

We Are Not Devaluing Naira – CBN

There is no truth whatsoever in speculations that the naira has been devalued or that a devaluation is imminent, the Central Bank of Nigeria (CBN) has said. The bank’s Acting Director of Corporate Communications Department, Isaac Okorafor, described the speculations as the handiwork of those who are bent on seeing Nigeria do their bidding and […]

First Bank Nigeria Reports 82% Drop In Profits

First Bank Nigeria Reports 82% Drop In Profits

Nigeria’s largest bank by assets, First Bank, released a grim set of 2015 results on Tuesday, nearly a month late and following a profit warning that gave a hint of the bad news to come. After-tax profits were down 82 percent, while the bank’s non-performing loan ratio shot up to 18 percent in 2015 from […]

World Bank Supports Buhari Transparent Budget Stand

World Bank Supports Buhari Transparent Budget Stand

The World Bank Wednesday pledged to support President Muhammadu Buhari’s administration’s efforts towards a healthy and transparent budget. Addressing State House reporters after meeting with Buhari, World Bank Managing Director Ms Sri Mulyani Indrawati said a transparent budget would help in tackling poverty and creating inclusive growth. “We would like to support all these objectives […]

Banks Set To Cut Back On Loans Over Rising NPLs

Banks Set To Cut Back On Loans Over Rising NPLs

With the attendant rising levels of non-performing loans of banks which emanated from declining economy and global oil price, Nigerian banks will be more conservative in lending this year. To absorb the shocks that will arise from making provisions for bad loans, bankers say they will be preserving capital and may not give out as […]

CBN Invested N26 Billion In New Sugar Refinery

CBN Invested N26 Billion In New Sugar Refinery

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has assured genuine investors of cooperation and support toward self-sufficiency in local production of essential goods and the economic diversification drive. The assurance is contained in a statement made available to journalists on Sunday in Abuja by the bank’s Acting Director, Corporate Communications, Isaac Okorafor. […]

$800 Million Earmarked By World Bank For Rebuilding North East

$800 Million Earmarked By World Bank For Rebuilding North East

The World Bank has earmarked $800 million to support the rebuilding of the infrastructure destroyed in the North East by the Boko Haram insurgency. The UN Resident and Humanitarian Coordinator, Fatma Samoura, made the disclosure on Thursday in Maiduguri during a courtesy visit to Gov Kashim Shettima. Samoura, who is also a UN Development Programme […]

737 Service Channel Launched By GTBank

737 Service Channel Launched By GTBank

GTBank has unveiled a new product, Bank 737, a simple, smart, and safe way to bank anytime, anywhere and on any device. Imagine if opening an account was as simple as dialing a number from your mobile phone or transferring funds was as easy as sending a text message, or paying bills could be done […]

Heritage Bank Partners NYPF

Heritage Bank Partners NYPF

Heritage Bank Limited has upped the ante of its support for entrepreneurship and education in the country by launching a N500 million Young Entrepreneurs and Students (YES) Grant last week in Lagos.         The initiative, which was in partnership with the NYPF, will, according to the bank, support students and young entrepreneurs […]

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