InsideBusiness - Business News in Nigeria - News around you!

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…

The House of Representatives has restated its commitment to security as it resumes legislative duties after the Easter and Sallah break, in the newly renovated chambers at the National Assembly Complex. In a comprehensive address highlighting key national and legislative issues at the floor of the House on Tuesday, the Speaker of the…

Shareholders at the 10th Annual General Meeting (AGM) of Transcorp Hotels Plc have reiterated their faith in the company and its management following the approval of a N2 billion dividend and the company's ongoing expansion plan which will further position it to tap the $107.77 billion global luxury hotel market in 2024. Transcorp Hotels is…

Access Holdings Plc and four publicly listed Tier-1 banks in Nigeria incurred N243.96 billion in banking sector resolution costs to the Asset Management Corporation of Nigeria (AMCON) in the 2023 financial year. The levy for the year is a 28 per cent increase from N191.09 billion in the 2022 financial year according to data from the…

Struggling from the foreign exchange loss of N26 billion in 2022, another net foreign exchange loss of over N153 billion in 2023 spurred a huge loss of over N106 billion for Nigerian Breweries Plc. The loss consumed the company’s retained earnings of close to N91 billion in 2022 and slashed equity capital from almost N180 billion in the…