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FOR many months, economists and financial analysts waited for the National Bureau of Statistics (NBS)’s gross domestic product (GDP) figures that would show the true state of the Nigerian economy. However, the numbers seen by Economy Post on Monday, July 21, were simply disappointing, which could explain why the NBS isn’t telling Nigerians the whole […]
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ZENITH Bank, Nigeria’s largest bank by net income, paid a total of N14.647 billion for various foreign exchange (FX) infractions in 2024. The tier-one bank also paid another N780.25 million for 9 other infractions, Economy Post can confirm. Zenith Bank’s 2024 full-year financial statement shows that the bank paid N14.647 billion to the Central Bank […]
THE 2025 budget of the Auditor-General of the Federation has raised eyebrows and attracted knocks from the general public. This is because the office set aside N1.737 billion for the purchase of 25 audit operational vehicles and five buses. Nigerians wonder why government ministries, departments and agencies (MDAs) purchase vehicles every year. They are also […]
Wema Bank lost N550 million to fraudsters and thieves in 12 months despite spending N1.84 billion on technology and alternative channels. The fraud losses were not just electronic, as come also occurred through burglary, according to the bank. Burglary is the the crime of illegally entering a building and stealing things, says the Cambridge Dictionary. […]
STANBIC IBTC has explained its 12-year-old case against the Asset Management Corporation of Nigeria (AMCON) but the lender risks losing N268.274 billion, $4.4 million and £74,284.64 in various litigations instituted against it. In the first quarter (Q1) 2024 financial statement released by the bank to the Nigerian Exchange Limited in late April 2024, the tier-2 […]
A former Director of Procurement and Support Services at the Central Bank of Nigeria (CBN), Mr John Ikechukwu Ayoh, says he collected $600,000 bribe on behalf of the former CBN Governor, Mr Godwin Emefiele. According to him, the bribe money was allegedly paid by contractors in two installments of $400,000 and $200,000. At the resumed hearing […]
It was on the evening of March 12, 2024. Mrs Grace Adeniyi, a widow, had just returned from school, famished, and exhausted. She taught in a local primary school in Lagos, South-West Nigeria, but her monthly take-home was usually a paltry sum of N15,000 (£8.82). Regardless, the mother of two demonstrated a deep passion for […]
WEMA Bank found itself on the wrong side of 7 Nigerian laws in 2023, paying penalties totalling N61.350 million in one year This was revealed in the bank’s full-year 2023 financial statement, which showed that the lender contravened a cybersecurity law, a section of the Bank and Other Financial Institutions Act (BOFIA) 2020, the Central […]
NIGERIA’S tier-1 bank, Access Bank Plc, failed to resolve a total of 34,922 customer complaints in the 2023 financial year and this could cost the financial institution over N28 billion and $183 million, Economy Post has found. According to the bank’s 2023 financial statement released on March 27, 2024, unresolved customer complaints in naira stood […]
THE Central Bank of Nigeria (CBN) says it has cleared all valid foreign exchange backlog as overseas remittances push foreign reserves to $34.11 billion – the highest in 8 months. In a statement signed by CBN’s Acting Director of Corporate Communications, Ms Hakama Sidi Ali, and sent to Economy Post on Wednesday night, the apex […]