Category: Business

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…

Read More

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…

Read More

The Central Bank of Nigeria has asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The circular is titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS).’ The apex bank stated that current trends globally have shown the need for crypto regulation. It said, “The CBN, in February 2021 …

Read More

Shoprite Mall has announced that it is stopping operation in its Kano State branch from January 14, 2024. The popular mall attributed its decision to financial difficulties and high production costs combating business establishment in the country in a circular made available on Thursday. This development is coming on the heels of the current announcement by Jumia Food to cease operation in Nigeria by the end of this month, citing growing economic challenges. In the circular, the supermarket noted that the decision is regrettable, however necessary, hinting that all the…

Read More

In a bid to cut costs amid “dramatically” slower economic growth, Spotify, Music streaming giant on Monday said it will reduce the number of its employees by around 17%. Spotify in October posted a rare quarterly operating profit of 32 million euros, compared to a loss of 228 million for the same period a year earlier, on the back of 26% growth in active users for the third quarter. “I realise that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and…

Read More

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦433.2billion, representing an increase of 155.2% over ₦169.7billion recorded in the corresponding period ended September 2022. The Group’s loan book (net) grew by 17.7% from ₦1.89trillion recorded as at December 2022 to ₦2.22trillion in September 2023, while deposit liabilities increased by 37.9% from ₦4.61trillion in December 2022…

Read More