BUSINESS

Fitch Ratings has predicted that Nigeria’s external reserves would rise to $42 billion in 2021, higher than the $35.374 billion it stood at the end of 2020. This is according to figures obtained from the website of the Central Bank of Nigeria (CBN). In a report titled, “Depreciatory Pressures on …

Investors in the Nigerian capital market have raked in N552 billion in profit at the end of the second trading week of the year ended Friday 15 January, 2021 which closed in the green territory. The gain recorded after the weekly five trading sessions was driven by improved transactions at …

Ecobank Nigeria says it is partnering Ultima Studios on the Lions’ Den TV reality show to further its aspiration to support entrepreneurs who have good business ideas but need to raise funds for advancement. Ecobank Nigeria Managing Director, Patrick Akinwuntan who stated this in Lagos reiterated Ecobank’s commitment to be …

The International Monetary Fund has said close to 80 per cent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear. A recent survey conducted by the organisation reviewing the central bank laws of 174 …

A global management consultancy services firm, McKinsey & Company, has predicted a bright future for the insurance sector in Nigeria and some other African countries, describing Africa as one of the world’s hot regions for insurance penetration. In a report entitled “Africa’s insurance market is set for takeoff,” released by …

Wema Bank Plc said it was ranked top in two recent independent surveys on the banking industry. The bank revealed that in its 2020 Digital Channel scorecard, KPMG Nigeria named it as a leader in Payments and Transactions for digital banking. Also, in its recently released Banking Industry Customer Experience …

…FIRS Creates Tax Audit Units to Address Illicit Financial Flow Federal Inland Revenue Service (FIRS) has lamented that the country has lost over 178 billion dollars (N5.4 trillion) through tax evasion by Multinationals doing business Nigeria between 2007 and 2017. As a result the body has created 35 additional Tax …

Stanbic IBTC Bureau De Change Limited (SIBDC), a subsidiary of Stanbic IBTC Holdings Plc, announced that it has relinquished its operating license in conducting its Bureau de Change operations with effect from January 1, 2021. This is according to a disclosure signed by the bank’s Secretary, Chidi Okezie, and sent …

For the safety and stability of the financial system, the Central Bank of Nigeria (CBN) has issued two frameworks for Quick Response (QR) Code for payment services and sandbox operations in Nigeria. This follows the increasing consumer appetite for payment solutions and emerging disruptive technology in the financial services space. …

Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, has been assigned an AA(IM) investment manager rating with a Stable Outlook by Agusto & Co. Agusto and Co, a leading Pan-African rating agency, stated that this rating is a reflection of the financial institution’s pedigree and provision of …