Zenith Bank’s recent financial report reveals a concerning trend of increasing non-performing loans (NPLs). While the bank experienced significant growth in its loan portfolio, particularly in foreign currency loans and the oil and gas sector, this expansion comes at a cost. Oil and Gas Exposure Creates Concentration Risk The oil and gas sector accounts for […]
Nigeria’s foreign trade statistics for 2023 reveal a significant shift in its major trading partners. Here’s a breakdown of the key trends: China Remains Dominant: China maintains its top position, with a record-breaking trade volume of N7.49 trillion. This dominance is likely fueled by ongoing infrastructure investments and established trade agreements. Netherlands Emerges as Second-Largest […]
Dividend Distribution UPDC Real Estate Investment Trust (UPDC REIT) declared a final dividend of N0.22 per unit for 2023, resulting in a total payout of N1.105 billion. This represents a 19% increase compared to the 2022 dividend distribution. The payout ratio for 2023 is 29.1%. Eligibility and Payment Details Only unitholders listed in the register […]
The Federal Executive Council (FEC) recently concluded a two-day meeting chaired by President Bola Tinubu. The council approved a series of policies and projects aimed at boosting the economy, attracting investment, and improving the ease of doing business in Nigeria. Here’s a breakdown of the key decisions: Infrastructure and Housing (Public-Private Partnerships): The FEC endorsed […]
Education Initiative Global technology company SLB collaborates with RVRB Innovation to launch STEM Cafe in Port Harcourt, Rivers State. STEMCafe is a non-linear learning center focused on Science, Technology, Engineering, and Mathematics (STEM) for children and young adults (aged 8-19). The launch featured workshops, demonstrations, and exhibits showcasing the potential of STEM. Local community, educators, […]
Empowering Women’s Health in Africa BGI Genomics has taken a significant step in advancing women’s health in Africa by launching its first-ever cervical cancer screening program on the continent. This groundbreaking initiative, initiated in Ngoma District, Eastern Province of Rwanda, aims to empower 20,000 women with access to vital Human Papillomavirus (HPV) DNA testing. A […]
The newly inaugurated 10.98 km Aleto-Ogale-Ebubu-Eteo road in Rivers State is set to serve as a crucial bypass, alleviating the pressure from the currently deteriorated East-West road. Executed at a cost of ₦6.7 billion, this project is anticipated to boost economic activities in the region. Inauguration Ceremony Governor Alex Otti of Abia inaugurated the road […]
Background and Response In response to the backlash following the Central Bank of Nigeria’s (CBN) announcement of a 0.5% cybersecurity levy last week, President Tinubu has intervened to address the concerns raised by the public and stakeholders. Official Announcement On Tuesday, May 14, 2024, the suspension of the levy was announced by the Minister of […]
Tesla’s workforce reductions have now extended into a fourth week, leaving many employees anxious and uncertain about their job security. The latest wave of layoffs is impacting various departments, including software, services, and engineering. Notifications have been trickling in over the weekend and into Monday, with the exact number of affected employees still unclear. However, […]
NPA Adopts TTP’s E-Tag Technology for Apapa and Tincan Island Ports In a groundbreaking move towards enhancing efficiency and security within Nigeria’s maritime industry, the Nigerian Ports Authority (NPA) has announced a strategic collaboration with Trucks Transit Parks Ltd. (TTP) to deploy E-tag technology. This initiative aligns with the Presidential Enabling Business Environment Council (PEBEC) […]