Category: Business

Mr Femi Otedola, billionaire businessman and chairman of Geregu Power Plc, has emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank. Otedola was passed the baton at a meeting of the Board of Directors of the Group in Lagos on Wednesday. He succeeded Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021. Otedola became a non-executive director of FBN Holdings on 14 August 2023, months after he acquired a substantial stake in First Bank. The…

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The Central Bank of Nigeria, CBN, has approved an increase in the import duty rate by 43 percent. Recall that the exchange rate for duty collection is usually determined by the CBN. Importers and stakeholders in trading woke up on Friday to find the increase in the exchange rate, which before now was set at N951.842 per $1 as of December 2024, taken up to N1356.42. Reacting to the development, Chief Executive Officer of the Center for the Promotion of Private Enterprises, CPPE, Dr. Muda Yusuf, expressed shock at the…

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In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Ltd -a key indigenous player in the oil and gas industry- recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier. Named ‘Alfred Temile 10’, the vessel was part-financed by leading Nigerian bank -Fidelity Bank Plc- and was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea. Dignitaries at the event included the Group Chief Executive Officer of the Nigerian National Petroleum…

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In line with its mission of empowering businesses and young innovators across Africa, HabariPay’s Squad has announced the launch of its first-ever hackathon, “Take on Squad Hackathon 1.0.” The social coding event is scheduled to hold on January 19th and 20th 2023, at the state-of-the-art GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State. Take on Squad Hackathon 1.0 is targeted at young innovators in universities and other tertiary institutions in Nigeria and challenges competing teams to create innovative solutions to problems within their immediate community as well as the wider…

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The Federal Government yesterday took over three commercial banks – Union, Polaris and Keystone – following the dissolution of their management and boards by the Central Bank of Nigeria.    In a statement signed by the Acting Director of corporate Communications, Hakama Sidi Ali, the bank said the action became necessary due to “non-compliance of these banks and their respective boards with provisions of sections 12(c), (f), (g) and (h) of Banks and Other Financial Institutions Act, 2020”.     “The banks’ infractions vary from regulatory non-compliance, corporate governance failure,…

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The Nigerian Communications Commission on Monday disclosed that due to the non-settlement of interconnect charges, Globacom subscribers will not be able to make calls to MTN lines soon. The Commission disclosed this in a public notice signed by Director, Public Affairs Department, Reuben Muoka. It stated that it granted partial approval for the disconnection of Globacom from MTN Nigeria Communications Plc. It said, “Globacom was notified of the application made by MTN and was given the opportunity to comment and state its case. “The commission, having examined the application and…

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Union Bank Plc has announced a significant financial performance for the third quarter ending September 30, 2023. The bank reported a profit before tax (PBT) of N102.3 billion, reflecting an impressive growth of 461.1 percent compared to the PBT of N18.2 billion in the corresponding period of 2022. This notable achievement is attributed to a surge in gross earnings, which reached N309.1 billion, marking a 120 percent increase from N140.6 billion in 2022. The financial highlights further showed a substantial rise in non-interest income, soaring to N144 billion from N28.3…

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