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Five self-styled herbalists operating shrines in Lagos and Osun states are set to face trial after operatives of the Economic and Financial Crimes Commission (EFCC) uncovered what the agency described as a sophisticated fraud involving fake foreign currency valued at $3.4 million and €280,000. The arrests followed intelligence reports and surveillance linking the suspects to…
The National Bureau of Statistics has confirmed that capital imported into Nigeria surged by 97.73% in the closing quarter of 2021. The value stood out at $1.73 billion, edging out the $875.62 million recorded in the preceding quarter. The body published a report that revealed the 97,73 percent increase. However, comparison with the last quarter…
The World Bank in a report released on the 11th of January, 2022 estimated a 2.5 percent economic growth in Nigeria for the year 2022, 0.1 percent higher than the projection for 2021. The report was titled ‘Global Economic Prospects’; in the report, the World Bank stated that the elevated commodity prices are anticipated to…
The total amount of foreign exchange (FX) that streamed into the Nigerian economy skyrocketed by 64% to $30.18billion in the third quarter (Q3) of 2021 compared to the $18.4billion recorded in the previous quarter. This is about the data of the statistical bulletin for Q3 2021, from the Central Bank of Nigeria (CBN). The FX…
The Managing Director/Chief Executive Officer of First Bank Nigeria Limited, Dr. Adesola Adeduntan, had his tenure extended last year as part of efforts to ensure the stability of the financial institution. In this media interview, he speaks about the intervention of the Central Bank of Nigeria, the future of the bank, trends that shaped the…
In a move that sent shocking waves across the business world, one of the new financial institutions in the country, Titan Trust Bank, established barely two years ago, has taken over one of the old generation banks, Union Bank of Nigeria Plc. A bank that is 104 years old. Only First Bank is older. Union…
The World Bank recently reported that inflationary pressure in Nigeria has pushed about seven million Nigerians below the poverty line in 2020 alone. The revelation, which was contained in the bank’s latest report on Nigeria titled, ‘Nigeria Development Update: Resilience through Reforms’, was released about two weeks ago. The bank’s report also noted the capacity…
The Federal Government is working toward enhancing special economic zones to boost FDI in Nigeria’s economy and creating a large number of employment opportunities. This initiative is part of the government’s promise and effort to revamp the economic sector thereby generating massive national income. It was in this light that The Federal Government announced the…
The Nigeria Labour Congress (NLC) on 16 May 2021 plunged Kaduna State into total darkness as workers protest the current hardliner posture of the state government on labour issues. Schools, banks, and other critical institutions in the state were directed to shut down. Air and rail transport services were also suspended. Over 15 different unions…
For keen observers of recent occurrences in the banking sector, it could easily be identified that the underlining issues were all linked to non-repayment of loans and poor servicing of credit facilities. The Central Bank Governor, in his speech to justify his intervention at FirstBank where he reinstated the Managing Director and sacked the entire…
