Money market

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Naira Appreciation: Commission to monitor, investigate price hikes

Abuja, April 17, 2024 -The Federal Competition and Consumer Protection Commission (FCCPC) will monitor and investigate unusual hikes in prices of goods and services. Adamu Abdullah, the Acting Executive Vice Chairman/Chief Executive Officer, said this in a statement issued in Abuja on Wednesday. He said it was unacceptable that in spite of the recent appreciation of the naira against the dollar, consumers continued to face escalating costs without a corresponding decrease in prices. The commission said while it could not directly regulate prices, it would use existing legal framework to …

Ecobank partners Nigeria Chess Federation to host 2024 National Schools’ Team Chess Competition

Lagos, April 16, 2024 – Ecobank Nigeria Limited, a subsidiary of the Ecobank Group, has entered a strategic partnership with Nigeria Chess Federation (NCF) to host the 2024 National Schools’ Team Chess Competition. The competition is scheduled to hold between May 24 to May 28 2024 at the Ecobank Pan African Centre (EPAC) in Victoria Lagos. It is open to students from primary, secondary and tertiary education level with prizes of over N10 million to be won. Representatives of the Ministry of Education, Sports and Youth Development, parents, teachers, embassies and …

Fidelity Bank grows profit by 131.5% in FY 2023

-Declares a final dividend of 60 kobo per share Lagos, April 16, 2024 – Fidelity Bank Plc, a leading financial institution, has released its 2023 full year audited financial statements, reporting a 131.5% growth in its profit before tax to N124.26 billion. According to the results which was issued to the Nigerian Exchange (NGX) on Tuesday, the bank grew its gross earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in net interest income which increased from N152.7billion to N277.37 billion. This led to a profit after tax …

Goldman Sachs predicts Nigeria as 15th largest economy by 2050

Lagos, April 14, 2024 – Goldman Sachs, a global investment bank, has predicted that Nigeria will emerge as the world’s fifth largest economy by 2075. It also projected that Nigeria will rank as the world’s 15th-largest economy by 2050. It further predicted that Nigeria’s Gross Domestic Product (GDP) will reach $13.1 trillion by 2075, further solidifying its position as Africa’s largest economy. The Goldman Sachs Global Investment Research (2022) report, which identified the 25 Largest Economies in the World by 2075,  ranks Nigeria ahead of Pakistan at 6th position, Egypt …

Anjarwalla, fleeing Binance executive found in Kenya

Abuja, April 13, 2024 – The Federal Government has found Nadeem Anjarwalla, the Binance executive who escaped custody in Nigeria, in Kenya. A source in the presidency, who preferred anonymity, confirmed that the fleeing Anjarwalla had been found in Kenya.  “We know where he is. He is in Kenya, and we’re working with the authorities to bring him back to Nigeria”, the source said. Anjarwalla was one of the two executives of Binance who were arrested and kept in custody over charges on tax evasion, currency speculation and money laundering …

Financial institutions lost $12bn to cyberattacks in 20 years – IMF

Washington, April 12, 2024 – The International Monetary Fund (IMF) says financial institutions lost a total of $12 billion to cyberattacks in the last 20 years. According to its April 2024 Global Financial Stability Report just released, $2.5 billion out of the amount was lost between 2020 and 2024, The IMF expressed concern that the rising incidents of cyberattacks on financial institutions globally could affect confidence in the financial system and destabilize economies. “Financial firms have reported significant direct losses, totaling almost $12 billion since 2004 and $2.5 billion since …

AfDB to partner civil society organisations

Abidjan, April 12, 2024  – African Development Bank (AfDB) says it is solidifying its partnership with Civil Society Organisations (CSOs) in West Africa. The AfDB said the issue was deliberated during the bank’s recent mission to Ghana. It said the mission focused on advancing an agreement signed between the bank and the West Africa Civil Society Institute in December 2023 on an action plan for 2024. The AfDB said the mission outlined collaboration in CSOs capacity building, resource mobilisation, knowledge management and advocacy. “Immediate initiatives highlighted in the plan include …

Afreximbank to hold 31st Annual Meeting in Bahamas

Nassau (Bahamas), April 11, 2024 – The Government of the Commonwealth of The Bahamas and African Export-Import Bank (Afreximbank) on Friday signed the Agreement for The Bahamas to host the 31st Afreximbank Annual Meetings (AAM) and the third edition of the AfriCaribbean Trade and Investment Forum (ACTIF). The AAM will be held in Nassau from June 12 to June 14, 2024. Prof. Benedict Oramah, the President and Chairman of the Board of Directors, Afreximbank, said: “Afreximbank’s historic decision to hold the 31st Afreximbank Annual Meetings in The Bahamas would be the first time it has been …

Lagos court grants Emefiele N50m bail

Lagos, April 12, 2024 – Godwin Emefiele, the embattled former Governor of the Central Bank of Nigeria (CBN), has been granted N50 million bail by a Lagos High Court. He is facing a 26-count charge bordering on alleged abuse of office and fraud to the tune of $4.5 billion and N2.8 billion. The Judge, Rahmon Oshodi, ruled on the bail application on Friday, granting Emefiele bail with the condition of providing two sureties for the same amount. The EFCC had on Monday arraigned Emefiele and Henry Omole, his co-defendant before Justice Rahmon …

Fitch cuts China’s ratings outlook on growth risks

Beijing, April 10, 2024 – Fitch cut its outlook on China’s sovereign credit rating to negative on Wednesday, citing risks to public finances as the economy faces increasing uncertainty in its shift to new growth models. The outlook downgrade follows a similar move by Moody’s in December and comes as Beijing ratchets up efforts to spur a feeble post-COVID recovery in the world’s second-largest economy with fiscal and monetary support. “Fitch’s outlook revision reflects the more challenging situation in China’s public finance regarding the double whammy of decelerating growth and …