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A Kano State-based trader, Mr Oluwadare Olutosin, has narrated how one insurance stock changed his life in 2025. He spoke with Economy Post during an investment summit in Lagos, saying that he used to think that the stock market was meant for some special individuals. According to him, he has now started believing investment experts […]
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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 […]
REAL estate experts in Dubai have put the value of seven Dubai properties linked to former Governor of Sokoto State, northwestern Nigeria, at $8.042 million, which is equivalent to today’s N11.932 billion (N1,483.62/$ at the official FMDQ market). Sokoto is Nigeria’s most multidimensionally poor state, with a poverty rate of 91 percent, according to the […]
PRESIDENT Bola Tinubu has sacked Mr Solomon Arase as the chairman of the Police Service Commission (PSC). Mr Tinubu in his stead appointed a retired Deputy Inspector-General of Police, Hashimu Argungu, as the new chairman of the commission. This is coming after a petition was written to the president by the International Centre for Investigative […]
AMID Binance crisis in Nigeria, FTX founder, Mr Sam Bankman-Fried, was sentenced to 25 years in jail on Thursday, March 28, by a United States court judge for stealing $8 billion from customers in one of the biggest frauds in the US history. US District Judge, Mr Lewis Kaplan, gave the sentence at a Manhattan […]
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 […]
NON-STATE actors are helping themselves with Rivers State transport revenue which is estimated at N55 billion annually. This investigation reveals for that Rivers State generates a minimum of N55.234 billion ($34.20 million) from 62,418 commercial vehicles, 24,432 tricycles and 10, 892 motorcycles in road taxes every year. A set of receipts issued to tricycle operators […]
IN a bid to halt the naira freefall and put a stop to the dollarisation of the Nigerian economy, the central bank has revoked the licenses of 4,173 Bureau De Change operators. In a statement seen by Economy Post on Friday and signed by Acting Director of Corporate Communications, Ms Hakama Sidi Ali, the Central […]
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 […]
THE Ministry of Industry, Trade and Investment under Mr Niyi Adebayo failed to account for some COVID-19 funds, according to the 2020 Auditor-General’s Report. The audit report alleged that N430 million was released to the ministry as COVID-19 funds in the 2020 financial year but only N146.74 million was spent. The remaining N283.86 million, being […]