Tuesday, February 02, 2021
Zenith Bank Retains Nigeria’s Most Valuable Banking Brand Position
Zenith Bank Plc. has again emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2021. For the fourth consecutive year, Zenith Bank has been ranked as the number one banking brand in Nigeria with a brand value of $275 million, moving up two places from 392 in 2020 to 390 in the 2021 global ranking of banks. Read more
Commodity Exchange Seeks Improvement in Port Efficiency, Infrastructure
The AFEX Commodities Exchange Limited has stressed the need for an improvement in infrastructure as well as product-handling efficiencies at the sea ports across the country. This, it stated, would lower overall costs of input imports and improve competitive advantage of exports. The commodity exchange stated this in its 2021 Annual Commodities Outlook. Read more
Private Varsities, Others Access TETFund’s N7.5bn Research Fund
The Tertiary Education Trust Fund, TETFund, yesterday disclosed that private universities, polytechnics and colleges of education have started accessing the N7.5 billion National Research Fund (NRF). The agency said the funds will bolster the conduct of cutting-edge researches in tertiary institutions. Read more
Banks’ non-performing loans rise to N1.5tn
The non-performing loans in the banking sector rose by N333bn as of the end of the third quarter of 2020 to N1.5tn at the end of 2020. These were as by statistics obtained by our correspondent from the Central Bank of Nigeria and the National Bureau of Statistics. The NBS’s latest report on the banking sector revealed that the total amount of non-performing loans in Nigerian banks stood at N1.17tn as of Q3 2020. Read more
External reserves hit $36.39bn on improved crude oil price
The external reserves stood at $36.39bn as of January 27, the latest figures from the Central Bank of Nigeria revealed. Figures obtained from the CBN showed that the reserves, which commenced the year at $35.65bn, rose to $36.52bn as of January 25, before experiencing a slight decline. Read more
Seplat, NGC raise $260m to complete Imo gas project
Seplat Petroleum Development Company Plc announced on Monday that the ANOH Gas Processing Company has successfully raised $260m in debt to fund completion of its ANOH Gas Processing Plant. The ANOH plant, located on OML 53 in Imo State with a capacity of 300 million standard cubic feet per day, is being built by AGPC, according to a statement issued by the oil firm on Monday. Read more
Transcorp commemorates N10bn rights issue listing
Transcorp Hotels Plc has commemorated the listing of its Rights Issue of 2,642,124,511 additional Ordinary Shares valued at N10 Billion on the floor of The Nigerian Stock Exchange. The listing was commemorated with a digital Closing Gong ceremony at the NSE where the Managing Director/Chief Executive Officer, Transcorp Hotels, Mrs Dupe Olushola, had the honour of bringing the day’s trading to a close. Read more
Airtel renews spectrum licence in Nigeria, pays N71.6 billion
Telecommunications firm, Airtel Nigeria, has renewed its spectrum licence in the 900MHz and 1800MHz bands for a period of 10 years effective December 1, 2021, until November 30, 2031. Airtel said the renewal is the sequel to its application to the Nigerian Communications Commission (NCC), which it (Commission) subsequently approved. Read more
Investors gain N1.13 trillion in January, as equities record early boom
Despite the prevailing economic downturn and the devastating effect of the COVD-19 crisis, the Nigerian stock market sustained eight consecutive months of bull-run from April 2020, even as investors’ fortunes soared significantly by N1.130 trillion in January. Read more
