SECTOR INSIGHT

FBN Holdings Names Five New Directors as Otedola Takes Over

With billionaire Femi Otedola as its new Chairman, First Bank of Nigeria Holdings Plc named two new non-executive directors for the holding company and three for the First Bank on Wednesday. Adewale Arogundade, the company’s Secretary, informed the Nigerian Exchange Group of recent developments within…

22/03/2024

SEC Declines PZ Cussons Request To Buy Out Other Shareholders And Delist

PZ Cussons Nigeria’s attempt to delist from the NGX has hit a roadblock as the Securities and Exchange Commission has declined the company’s request for its major shareholder, PZ Cussons (Holdings) to buy out other shareholders. According to a corporate disclosure seen by…

21/03/2024

CBN Lifts FX Restrictions on Dairy Products

Central Bank of Nigeria (CBN) has lifted forex restrictions on the importation of milk and dairy products in the country in a move aimed at price cut. This is contained in a circular with the reference number TED/FEM/PUB/FPC/001/010 dated March 12, and sent to…

21/03/2024

CBN Clears ‘Valid’ FX Transactions To Eliminate Legacy Backlog

The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications,…

21/03/2024

Oil-Producing States 13% Derivative Fund Hits N85bn In February – NBS

Funds earmarked to nine oil-producing states as the 13 per cent derivative from oil and gas revenue, rose to about N85bn in February 2024, according to data sourced from the National Bureau of Statistics (NBS). According to the Bureau, NBS the N85bn 13…

20/03/2024

Subsea Cable: Services Successfully Restored – MTN

Bayobab Group, a subsidiary of MTN Group, has announced the successful restoration of its services following subsea cable disruptions. The telecom operator disclosed this in a statement on Tuesday. It said that despite the challenges occasioned by the cable disruptions, its subsidiary demonstrated its…

20/03/2024

Abuja and Kogi Hit by Blackout Following Power Station Collapse

Power outages are currently affecting some residents of the Federal Capital Territory, Abuja, and certain areas in Kogi State due to technical issues. These regions are within the service area of the Abuja Electricity Distribution Company. A technical fault on the 33kv feeder k6…

20/03/2024

Zenith Bank Appoints Adaora Umeoji As Its First Female GMD/CEO

Zenith Bank has named Adaora Umeoji as its first female Group Managing Director/Chief Executive. Her appointment, subject to the approval of the Central Bank of Nigeria, takes effect from June 1, 2024, according to the bank. “She takes over from Dr. Ebenezer Onyeagwu, whose…

20/03/2024

Voice, Data Services Restored After Undersea Cable Cuts – NCC

The Nigerian Communications Commission (NCC) says voice and data services affected by undersea cable cuts along the Cote d’Ivoire and Senegal coasts have been restored. In a Monday statement, the NCC Director of Public Affairs, Rueben Muoka, said that services have now been…

19/03/2024

CBN to Dismiss 19 Directors, Gives Reason

Nineteen directors at the Central Bank of Nigeria (CBN) are set to be dismissed in the coming days, following the recent termination of seven directors last Friday. While two of the terminated directors have accepted their fate, the other five are planning to…

19/03/2024

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