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Kano Court Confirms Ganduje’s Suspension
A Kano State High Court has granted an exparte order restraining the National Chairman of All Progressives Congress (APC), Abdullahi Umar Ganduje from parading himself as a member of the party.
The court also ordered, that henceforth,…
Nigerian Breweries Plans Severance Package For Victims of Re-organisation, N600bn Rights Issue
Nigerian Breweries Plc has assured the employees affected by its planned country-wide reorganisation of a severance package to limit the effect of the suspension of brewery operations on them.
Last week, the brewery giant announced the…
Zenith Bank Gallops Over Almost N410bn Loan Loss With N229bn Forex Gains In 2023
Zenith Bank Plc rode on the back of net foreign exchange gains that multiplied more than nine times to N229 billion in 2023 to gallop over the biggest loan loss expenses in its operating history.
The net gains on the revaluation of foreign…
Access Holdings, Five Others Incur N2.04trn On Customers’ Deposits
Access Holdings Plc and five other banks including their offshore subsidiaries across the African continent incurred a total N2.04 trillion expenses on customers' deposits in 2023.
The amount is the interest paid on customers' deposits…
Four Tier-1 DMBs’ Total Assets Rise To N77trn In 2023
Buoyed by growing deposits, huge income from loans to customers, and enormous fees and commissions on transactions, four Tier-1 Deposit Money Banks (DMBs) grew their total assets to N77 trillion in 2023, a 74 per cent increase from N44.6…
Why Access Holdings’ Profit Jumped Four-fold To N619bn In 2023
Substantial offshore earnings, huge interest earnings, enormous fee and commission income and a marked slowdown in costs enabled Access Holdings Plc to multiply after-tax profit more than four times from N152 billion in 2022 to over N619…
CBN Prohibits Foreign Currency As Collateral For Naira Loans, Pegs FX Sale At N1,101/$1
The Central Bank of Nigeria (CBN) has banned the use of foreign currency-denominated collaterals for naira loans.
This was contained in a circular directed to all banks by CBN’s Acting Director of Banking Supervision Department, Adetona…
Hope Rises For Betta Edu’s Clearance, But Dims On Reinstatement
There are indications the suspended Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu may have been cleared of the allegation of diversion of more than N585 million or $640,000 of public money into a personal bank account…
Wema Bank’s New Strength Lifts Bottom Line Thrice To N36bn At Full Year
Wema Bank Plc found a new strength in converting revenue into profit in 2023 and that helped its bottom line to multiply more than three times to close at N36 billion for the full year.
It was a big feat accomplished by the bank,…
10 Companies Incur N696.78bn Loss in 2023 On FX Unification, Others
A total of 10 companies listed on the Nigerian Exchange Limited (NGX) declared a total loss of N696.78 billion in the 2023 financial year as against N546.8 billion profit before tax generated in the 2022 financial year.
The 10 are MTN…