Category: Business News
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Fidelity Bank Announces 53.9% Growth in 1st Quarter Profit Before Tax of N10.1bn
Top Nigerian bank, Fidelity Bank Plc, has recorded a strong financial performance in the first quarter of 2021, posting appreciable growth in profits for the period ending 31 March 2021. Details of the unaudited results, released at the Nigerian Stock Exchange (NSE) show that Profit before Tax (PBT) grew by 53.9% from N6.6bn in 2020…
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CBN releases updated list of IMTOs for diaspora remittances
The Central Bank of Nigeria (CBN) has published an updated list of International Money Transfer Operators (IMTOs) approved for Diaspora Remittances in the country as at April 1. The updated list, totalling 57 was published by the apex bank via its official website on Monday. Among the IMTOs listed are: Aftab Currency Exchange Ltd, Nigerian…
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Transcorp Makes New Appointments to its Board, Announces New Subsidiary Chief Executive Officers
The Board of Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest listed conglomerate a leading investor in the Nigerian energy sector, through the ownership of Transcorp Power Ltd, Trans-Afam Power Ltd, Transcorp Energy and owners of the iconic Transcorp Hilton Abuja has announced the appointments of Mr. Victor Famuyibo and Mallam Ahmadu Hamman Sambo to…
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Gbajabiamila frowns at ‘hidden charges’, ‘corporate prostitution’ in Nigerian banks
The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has expressed concern over the way banks charge customers indiscriminately during transactions. TheNewsGuru.com, TNG reports that Gbajabiamila said this when he hosted the Board and Management of the Standard Chartered Bank, led by the Chief Executive Officer, Mr Lamin Manjang, on Monday in Abuja. The…
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Investment in Bitcoin prone to fraud – EFCC warns
The Economic and Financial Crimes Commission (EFCC) has warned that investment in Bitcoin is prone to fraud. The Commission gave the warning on Monday in a statement, stressing that investment in Bitcoin is a high risk activity. The EFCC, therefore, warned Nigerians to be wary of fraudulent investment schemes, and also resist the temptation of…
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Senate moves to liberalise cement policy in Nigeria
The Nigerian Senate on Tuesday debated a motion on the need for liberalization of cement policy in Nigeria. TheNewsGuru.com (TNG) reports the motion was moved by Senator Lola Ashiru and five other Senators. Senator Ashiru noted that the Nigerian cement market is oligopolistic in nature with three players. Dangote Cement has 60.6%, Lafarge Africa 21.8%…
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NNPC GMD, Kyari speaks on increasing fuel queues in Abuja, others
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari on Tuesday assured that the long queues experienced at fuel stations in Abuja and other parts of the country would soon disappear. Kyari gave the assurance on Tuesday while speaking with State House Correspondents, after a routine briefing with President Muhammadu Buhari at…
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18.17% inflation rate not healthy for Nigerians —MAN
The Manufacturers Association of Nigeria (MAN) has described the recent 18.17 per cent inflation figure released by the Nigeria Bureau of Statistics (NBS), as worrisome and very unhealthy for the well-being of Nigerians and the nation’s economy. While calling for proper management of the situation before getting out of hand, the Director-General of the association,…
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NNPC calms nerves, says no increase in petrol price in May
The Nigerian National Petroleum corporation (NNPC) says it will not increase the ex- depot price of Premium Motor spirit also known as petrol in May. The Group Managing Director, Malam Mele Kyari, made this known at the end of a closed door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO)…
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Starting 2021 Strong, UBA Records 27% PAT Growth, 20.5% ROAE
Pan African financial institution, United Bank for Africa (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2021, showing impressive double-digit growth across most of its major income lines. The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive…