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An exceptional year in earnings is in the making for Geregu Power Plc with a big step forward in the first quarter to set the pace. The interim financial report of the power generating company for the first quarter ended March 2023 shows that revenue jumped three and half times year-on-year to over N50 billion and after-tax profit multiplied…

Nigeria’s banks' credit to the private sector and the government has seen a significant drop of N23.99 trillion from February to March 2024, underlining the Central Bank of Nigeria’s (CBN) aggressive stance to curbing inflation and stabilising the economy. The private credit and monetary statistics data from the CBN indicated a N9.65 trillion…

Net foreign exchange losses hit a new quarterly high of over N656 billion for MTN Nigeria Communications Plc, driving the bottom line deeper into the red and, boring a hole in the balance sheet, about 11 times the sunk equity depth at the end of 2023. The foreign exchange losses for the quarter already come close to the N740 billion figure…

The Nigeria’s foreign reserves dropped by $1.57 billion in April 2024 as the Central Bank of Nigeria (CBN) sustained its intervention in the foreign exchange market. The apex bank in its declared $32.25 billiion foreign reserves as of April 30, 2024, a decline of $1.57billlion from $33.828 billion it closed March 2024. So far in 2024, foreign…

The Nigeria Deposit Insurance Corporation (NDIC) has raised the maximum deposit insurance coverage in the banking sector from N500,000 to N5,000,000 and would provide full coverage of 98.98 per cent of the total depositors compared with the current cover of 89.20 per cent The Managing Director of the NDIC Bello Hassan announced this on Thursday…