UAC Nigeria went from losing money (N3.99 billion loss after tax in 2022) to making a good profit (N8.91 billion profit after tax in 2023). Their profit before tax also jumped significantly (N12.34 billion profit in 2023 vs N4.36 billion loss in 2022). This turnaround is reflected in their earnings per share, which went from […]
Financial analysts are applauding the Central Bank of Nigeria’s (CBN) decision to ban foreign currency as collateral for naira loans. They believe this will improve the Nigerian economy by making more dollars available in the foreign exchange market and addressing issues with currency liquidity. The CBN issued a circular to all Nigerian banks, outlining the […]
Dangote Petroleum Refinery cuts diesel price to N1000 per liter The Dangote Petroleum Refinery is now selling diesel (AGO) for N1000 per liter, a decrease from the N1200 per liter price they set two weeks ago. Aliko Dangote, chairman of Dangote Group, had previously announced plans to sell diesel at a lower price to help […]
Africa is known for being a tough place to build and maintain a billion-dollar fortune. Global investors are cautious about its stock markets, and businesses struggle with weak economies, poor infrastructure, and fluctuating currencies. Despite these challenges, Africa has roughly 20 billionaires with a combined net worth exceeding $80 billion as of April 2024, according […]
UBA announced a final dividend of N78.7 billion for shareholders for the 2023 financial year (FY 2023). This translates to N2.30 per share held. Including the N0.50 per share interim dividend paid for the first half of 2023 (H1 2023), UBA distributed a total dividend of N2.80 per share, amounting to N95.8 billion. This total […]
Nigerian Government Starts Handing Out N50,000 Grants to Tiny Businesses The Nigerian government has begun disbursing the N50,000 Presidential Conditional Grant Scheme, also known as the Trade Grant Scheme, to small businesses across the country. What are Nano businesses? These are very small businesses with one or two employees and annual sales of less than […]
The Nigerian Federal Government, led by Minister of Finance, Wale Edun, is focusing on implementing tax incentive measures to enhance economic growth across the country. These measures aim to reduce tax expenditures and ensure that tax incentives have a positive impact on the economy. The introduction of the Incentive Monitoring and Evaluation Platform (IMEP) is […]
In a nation where corporate excellence is often short-lived and few companies reach the centenary mark, reaching 130 years is undoubtedly a significant achievement for Nigeria’s premier financial institution, FirstBank. Experience, it is said, comes with age. This undeniably defines the consistent growth of First Bank of Nigeria Limited (FirstBank) and its continual reinvention as […]
United Bank of Africa Plc (UBA), a leading bank in Nigeria, has indicated a clear strategy to enhance its capital base and ensure compliance with regulatory requirements. Oliver Alawuba, UBA’s Group managing director/chief executive officer, shared this information with the bank’s local and international investors during its 2023 Full Year Investors’ Conference Call after releasing […]
Operators and experts in the built environment have asserted the necessity of recapitalizing the Federal Mortgage Bank of Nigeria. According to Toye Eniola, the executive secretary of the Association of Housing Corporations of Nigeria, “The prices of building materials and construction have increased, and more funds would be required in the system. Recapitalization will assist […]
