The gross earnings of Zenith Bank Plc rose by 189 per cent in the first quarter of the year; the bank has announced its unaudited results. The impressive triple-digit growth performance shot the bank’s earnings to N781 billion as against the N270 it reported in the first quarter of last year. According to the report,…
Vice President Kashim Shettima has departed Abuja for Dallas, United States (U.S.). He will represent President Bola Tinubu at the 2024 U.S.-Africa Business Summit to be hosted by the Corporate Council on Africa at the Kay Bailey Hutchison Convention Center in Dallas, Texas. A statement by Senior Special Assistant to the President on Media and…
The Naira has resumed depreciation against the Dollar in the foreign exchange market. FMDQ data showed that the Naira depreciated to N1402.67 per Dollar on Thursday from N1,390.96 on Tuesday. This represents an N11.71 loss compared to the N1,390.96 recorded on Tuesday. Meanwhile, at the parallel market, the Naira appreciated to N1340 per Dollar on…
Access Bank Plc has championed the call for corporate organizations to leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations’ Sustainable Development Goals (SDGs). Group Head, Commercial Banking Division at Access Bank, Ralph Opara, made the call at the 2024 Medic West Africa Event, organised by ABCHealth in collaboration…
Nigerian commercial banks closed at least 2 million bank accounts in the first quarter of 2024, Q1’24. The move was aimed at eradicating questionable accounts, particularly as some customers failed to comply with regulatory orders on the linkage of their accounts to the National Identity Number, NIN. Theadvocate.ng recalls that the Central Bank of Nigeria,…
FCMB Group Plc grew deposits, loans, assets under management, revenue and earnings and improved its environmental, social, and corporate governance scorecard. The Group recorded a profit before tax of ₦104.4 billion, a 186% year-on-year (YoY) increase compared to ₦36.6 billion in 2022 and earnings growth across its business segments: Banking Group 212.6%, Consumer Finance 67.3%,…
The Naira on Tuesday appreciated to N1,320 per dollar in the parallel market, from N1,340 per dollar on Monday. Similarly, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,390.96 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,390.96 per dollar from N1,419.11 per dollar on…
The Senate Committee on Finance has expressed worry over, “the instability and continuous depreciation of the naira.” In a statement, the Chairman of the Committee, Senator Mohammed Sani Musa, said the committee is monitoring the situation and is committed to working with relevant stakeholders to implement effective policies and strategies to tackle the issue. He…
Shareholders of Zenith Bank Plc have unanimously approved the restructuring of the bank to a holding company. The approval was secured during a court-ordered Extraordinary General Meeting (EGM). The meeting held virtually at the weekend from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos. In accordance with the Scheme of Arrangement, dated March 28, pursuant…
Nigeria’s listed banking stocks’ value declined by N2.069 trillion in 16 trading days following the announcement of the recapitalisation exercise by the Central Bank of Nigeria (CBN). This is as the April 30, 2024 deadline that the CBN gave banks in the country to submit their recapitalisation plans and strategies expires tomorrow. The sector on…
