By Abdulfatah Babatunde Wema Bank PLC has announced its full Year 2023 Audited financial statement, recording a profit before tax growth of 196 per cent from ₦14.75 billion to N43.59 billion. The bank also proposed a dividend of 50 kobo per share; up from 30 kobo in 2022. It recorded deposit growth of 60 per […]
Egyptian inflation is forecast to have ticked up in March as prices adjust to a currency devaluation and an interest rate hike early in the month. This is followed by an increase in fuel prices two weeks later, a Reuters poll showed on Saturday. The austerity measures are linked to a $8 billion financial support […]
By Our Correspondent A microfinance bank (MFB), Moniepoint, says it has developed a new Unstructured Supplementary Service Data (USSD) service to enhance financial inclusion and prevent fraud. The Managing Director of the MFB, Mr Babatunde Olofin, announced the development in a statement on Tuesday in Lagos. According to Olofin, the USSD service would be accessible […]
Cote d’Ivoire’s President Alassane Ouattara will increase the official cocoa farmgate price to 1,500 CFA francs ($2.47) per kilogramme from next Tuesday from the current 1,000 CFA, sources at five different export companies said. The sources, who requested anonymity, said they were citing a decision at a government meeting on Saturday. Earlier, Ouattara had validated […]
By Our Correspondent Lagos Island residents, on Sunday, trooped out en mass to buy food items at the Food Market Hub facilitated by Mrs Omolara Oyekan-Olumegbon, a lawmaker representing Lagos Island Constituency I in the State House of Assembly. TheNewsZenith reports that Oyekan-Olumegbon organised the market hub, tagged “Senator Oluremi Tinubu Food Bank” at the […]
From Our Correspondent The Central Bank of Nigeria (CBN), on Thursday, announced new minimum capital requirements for banks to enhance banks’ resilience and strengthen the country’s financial system. The Apex bank said it is pegging the minimum capital base for commercial banks with international authorisation at N500 billion ($353.32 million). It also said it will […]
Global oil prices edged up on Thursday, recovering from two consecutive sessions of decline, as investors reassessed the latest U.S. crude oil and gasoline inventories data and returned to buying mode. Brent crude futures for May were up 29 cents, or 0.34 per cent, at $86.38 a barrel while the more actively traded June contract […]
By Our Correspondent The average price of some staple foods in Nigeria rose by 134.81 per cent on a year-on-year basis in February, according to the National Bureau of Statistics (NBS)’ latest report. TheNewsZenith quotes from the reports that the Bureau indexed 44 food items for February 2024. Some of them are rice, beans, beef […]
From Our Correspondent The Debt Management Office (DMO) says Nigeria’s public debt has climbed to a staggering N97.341 trillion ($108.229 billion) as of Dec. 31, 2023. The DMO announced this in a statement, on Friday, March 22, 2024, in Abuja. The debts comprised domestic and external debt stocks of the Federal and state governments. There […]
From Our Correspondent The National Economic Council (NEC) has approved $617.7 million for the implementation of investment in Digital and Creative Enterprises (i-DICE) programme across the federation. TheNewsZenith reports that the approval was part of the resolutions reached at the 140th meeting of the Council held virtually on Thursday, in Abuja. Vice-President Kashim Shettima chaired […]