Business news
FCMB Group has commenced a N110 billion public offer to bolster its capital base. The move represents the first phase to meet the Central Bank of Nigeria’s (CBN) regulatory requirements for international banks. The offer, which involves issuing 15,197,282,219 ordinary shares at N7.30 kobo each, was officially launched at the Nigerian Exchange Limited (NGX) on […]
In the latest testament to the Central Bank of Nigeria’s (CBN) ongoing commitment to support the proper functioning of the foreign exchange market by enhancing liquidity when necessary, the apex bank offered $876m to fulfil bids submitted by customers at an auction concluded on Wednesday, August 7, 2024. In line with its pledge […]
We are pleased to announce that the Central Bank of Nigeria has approved the framework for the merger between Providus Bank Limited and Unity Bank Plc, marking a significant milestone in the evolution of our respective institutions. This proposed merger represents a strategic and complementary union that will leverage the strengths of both banks to […]
The Flagship crypto asset Bitcoin has dropped to $60,661 following a general market downturn that left most assets in the Red. The Total market capitalization of the entire crypto market also lost a staggering $70 billion following the downturn. Bitcoin initially plummeted below the $60,000 mark for the first time in several weeks before slightly […]
VFD Group Plc, a leading proprietary investment company in Nigeria, is pleased to announce its unaudited financial results for the first half of the year 2024. The Group reported a profit after tax of N3.11 billion, demonstrating strong financial performance and resilience in a challenging economic landscape. Group’s total assets reached an impressive N296.86 billion, […]
Access Bank has revamped its digital loan platform ’QuickBucks’, to boost lending across Nigerian consumers. The bank said customers can access the bank’s digital loans for businesses, vehicle financing, school fees payment, among others. QuickBucks Loans allow customers to get that assistance fast and easily. Since the introduction of its first digital PayDay […]
Due to the availability of online banking, certain banks have seen a growth in their digital channels Semrush data shows that the UBA is ranked number one, with 2.36 million visits in June 2024. In June, Paystack customers accounted for 2.23 million visits, making them the second-highest visitors. Some banks have seen an […]
The Senate and the House of Representatives on Wednesday passed a bill to increase the percentage of Ways and Means loans the Central Bank of Nigeria (CBN) can give to the Federal Government. The upper chamber of the Nigerian legislature raised the credit facility obtainable by the Federal Government from the apex bank from 5% […]
Heineken’s half-year results have shown 12.5% profit, falling short of estimates, with a $948 million China resources impairment charge. Dutch brewer Heineken announced a 12.5% increase in half-year operating profit on Monday, falling short of analyst expectations and causing its shares to drop 7%. Despite a disappointing performance, the company raised its full-year guidance, citing […]
Fidelity Bank Plc has recorded an average annual profit growth of 64 per cent over the past three years, underlining its resilience as one of Nigeria’s fastest growing companies. The bank has also seen rapid expansion in customer base and assets as total balance sheet size leapt from N2.1 trillion to N6.2 trillion, the sixth […]