Wednesday, March 17, 2021
Excitement, Commendations as Zenith Bank Pays N94.2bn Dividend
Shareholders of Zenith Bank Plc yesterday approved the payment of proposed N94.19 billion dividend for the year ended December 31, 2020. The shareholders commended the board and management of the bank for the improved financial results and dividend payment, which translated to N3.00 per share. An interim dividend of N0.30 was paid last year while a final dividend of N2.70 was recommended and would be paid after the approval by the shareholders. Read more
Nigeria’s Crude Oil Production Declined by 19.6% in Q4
Nigeria’s crude oil production declined by 19.6 per cent to an average of 1.52 million barrels per day (mbpd) in the fourth quarter of 2020, compared with the 1.89 mbpd recorded in the fourth quarter of 2019. The Central Bank of Nigeria (CBN) disclosed this in its fourth quarter 2020 economic report. Read more
Ardova to Float N60bn Bond Issuance Progreamme
Ardova Plc (AP) has proposed to establish a N60 billion bond issuance programme, which would lead to raising of funds that would facilitate the execution of its growth strategy. In a notification to the Nigerian Stock Exchange (NSE) and general public, Ardova Plc said its board of directors via a resolution dated 25 February 2021 had resolved to recommend the proposed transaction for the approval of the shareholders of the company, subject to obtaining requisite regulatory approvals and relevant contractual approvals. Read more
Nigeria’s inflation rises again, hit four-year high February
The consumer price index which measures inflation increased by 17.33 per cent (year-on-year) in February 2021. The National Bureau of Statistics on Tuesday revealed this in its report on Consumer Price Index for the month of February. This marked the highest figure recorded in the country since 2017. Read more
Foreign exchange inflow rises to $23.60bn
Aggregate foreign exchange inflow into the country in the fourth quarter of 2020 rose to $23.60bn from $21.46bn in the third quarter, figure from the Central Bank of Nigeria revealed on Tuesday. The CBN stated in its report on ‘Foreign exchange flows through the economy’ for the fourth quarter that though there was an increase in foreign exchange flows through the economy in the review quarter compared with the preceding quarter due to the reopening of most economies including Nigeria, the second wave of COVID-19 hampered a return to the levels experienced in the corresponding quarter of 2019. Read more
CBN, NCC fix USSD banking transactions at N6.98
The Central Bank of Nigeria and the Nigerian Communications Commission has announced that Unstructured Supplementary Service Data services for financial transactions will be charged at a flat rate fee of N6.98 per transaction, starting Tuesday. This is according to a joint statement signed by the Head, Corporate Communications, CBN, Osita Nwanisobi and the Director, Public Affairs at NCC, Dr Ikechukwu Adinde, on Tuesday. Read more
Bankers must submit asset from June, says EFCC
The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, on Tuesday said the commission would from June 1 be demanding the asset declaration forms of bankers. He said the decision was in line with the provisions of the Bank, Employees Declaration of Asset Act. Bawa disclosed this in an interview with State House correspondents after a meeting he had with the President, Major General Muhammadu Buhari (retd.). Read more
Okonjo-Iweala, Emefiele call for technology-driven economy
The Director-General (D-G) of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala and the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, have called for urgent actions to transition the country’s economy from oil to a service and technology-driven one. Read more
China Africa Business Council opens first Africa office in Lagos
The China Africa Business Council (CABC), dedicated to the economic development of Africa, has opened its first office in Lagos. In this vein, the CABC headquartered in China is set up to incorporate Nigerian companies as members with their representatives. Read more
