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Huge Forex Gains Shield GTCOs From Nearly N200bn Bad Loan Losses In 2023
Guaranty Trust Holding Company Plc (GTCO) piled up credit and financial asset losses of N198 billion in 2023. Still, an equally massive inflow of foreign exchange revaluation gains of N442 billion provided sufficient cover to throw off the…
NEM Insurance, Others Delay 2023FY On IFRS 17 Adoption
For implementing International Financial Reporting Standard 17 (IFRS), NEM insurance Plc, among others listed on the Nigerian Exchange Limited (NGX) are to delay 2023 filings of audited result and accounts to the investing public.
An…
Zenith Bank, Four Other Tier-1 Banks’ Impairment Charges Up 137% To N996.6bn
In an apparent move to reduce the negative impact of macroeconomy challenges on their risk's assets, Zenith Bank Plc and four Tier-1 banks reported N996.6billion impairment charges in 2023 financial year.
The provisioning showed a jump of…
Banking Sector Lead Losses On Equities Market WoW
Owing to the continued dumping of its shares in the wake of the recapitalisation drive by the Central Bank of Nigeria (CBN), the NGX Banking index led the losses by 11.46 per cent week on week on the stock market segment of the Nigerian…
Victory For Wike As PDP Caucus Extends Damagum’s Tenure As Acting-chairman
In a dramatic turn of events seen as a win for the Minister of Federal Capital Territory(FCT), Nyesom Wike, the National Caucus of the Peoples Democratic Party (PDP) has extended the tenure of the acting National Chairman of the party,…
CBN Cuts DMBs Loans-to-Deposit Ratio To 50%
The Central Bank of Nigeria (CBN) has announced a scale down of the Loans to Deposit Ratio, (LDR) by 15.0 points to 50per cent, reversing previous threshold set by the past CBN administration in January 2020.
The move CBN is to improve…
OPS Seeks New Electricity Tariff’s Suspension, Dialogue
The Organised Private Sector (OPSN) has called for the suspension of the implementation of the new electricity tariff to enable all stakeholders to have meaningful dialogue on the process and methodology of determining it and jointly…
Economy, Security Dominate Talks Between Tinubu, Afenifere Leaders
President Bola Tinubu has reiterated his commitment to comprehensive economic security and creating an equitable system for all Nigerians.
The President made this vow while playing host to leaders of the pan-Yoruba socio-political group,…
Spiro Introduces Electric Motorbikes into Nigeria’s Market
Spiro has deployed 13,000 electric motorbikes in Nigeria in a landmark expansion to change the mobility landscape of Africa's largest economy.
Spiro's expansion into the Nigerian market will see it in about eight major cities including…
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,…