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IF you are a shareholder of Zenith Bank, Access Bank or Access Bank, your dividends may not get to you for 3 years, according to a new report released by Rennaisance Capital. This is because these tier-1 banks are facing pressure from the Central Bank of Nigeria (CBN) to rebuild capital buffers to make provisions […]
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THE Bola Ahmed Tinubu administration has put Nigeria in huge debt as it has borrowed nearly N96 trillion in two years, sending shockwaves among citizens. He has submitted proposals at the National Assembly to borrow nearly N39 trillion from multilateral agencies in one fell swoop, taking the nation’s debt profile to nearly N183 trillion. On […]
THE naira strengthened to 1,474.78 to a dollar in the official market on Friday, January 31, as speculators moved to the black market, also known as the parallel market, to leverage the wide spread between the official and the parallel market. The naira ended January at N1,474.78/$, representing N11.17 or 0.75 percent from N1,485.95/$ seen […]
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 […]
AIICO Insurance Plc, a leading non-banking financial services provider in Nigeria, is facing 34 court cases from clients and other affected individuals/entities, as directors’ compensations and allowances rise by 38.54 percent between March 2023 and March 2024. According to the insurer’s first quarter (Q1) 2024 financial statement seen by Economy Post, the company is not […]
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 […]
AFTER a series of stories done by Economy Post on related-party loans, the Central Bank of Nigeria (CBN) has set up a team of experts to investigate loans and transactions to banks’ insiders. People who are knowledgeable about this development told Economy Post that CBN Governor, Dr Yemi Cardoso, had set up a team of […]
Bureau De Change operators temporarily halted currency sales in Lagos and Abuja on Monday as the Economic and Financial Crimes Commission (EFCC) intensified its raids, forcing foreign currencies to weaken significantly. The dollar weakened to N1,450 in the afternoon of Monday, February 26, from N1,825 on Tuesday, February 20. Similarly, the euro exchanged at N1,550 […]
PRESIDENT Bola Tinubu’s much-touted “Lagos magic” is not working as the dollar hit N1,825 in the parallel market on February 20, 2024, with hunger spreading across Nigeria. President Tinubu has been controversially advertised as the man “who built Lagos,” a catchphrase used by his supporters to woo voters during the 2023 campaign. Lagos is Nigeria’s […]
THE Central Bank of Nigeria (CBN) has said that Nigerian banks are healthy and there is no cause for alarm, underplaying any imminent bank takeover by the Federal Government. The CBN’s statement came in response to the revelation by the Federal Government-appointed Special CBN Investigator, Mr Jim Obazee, that the government plans to take over […]