May 2024 - Page 9 of 10 - Business Metrics

Financial Sector Grows by Over 20% in 3 Years – Afrinvest

Customers’ Deposits in Banks Rise 66% to N76.04 Trillion

By Nkiruka Nnorom Call for proactive, not reactive fiscal policy Customers’ deposit in top deposit money banks rose 66 percent Year-on-Year (YoY) to N76.04 trillion at the...

Cryptocurrency8 months ago

Rate Manipulation: SEC Moves to Delist Naira from P2P Crypto Space

The Ag Director General of the Securities and Exchange Commission (SEC) Dr. Emomotimi Agama, has disclosed the Commission’s plans to delist the Naira from P2P (peer-to-peer) crypto...

Economy8 months ago

16 Banking Transactions You can Do without Paying New CBN Cybersecurity Levy

The Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5% cybersecurity levy on all electronic transactions within the country excluding 16...

Nestle Nigeria Grows Revenue by 43% to N183.5BN in Q1’24

Company Reports8 months ago

Nestle Nigeria Grows Revenue by 43% to N183.5BN in Q1’24

Nestle Nigeria Plc has posted a 43.4% Year-on-Year (YoY) increase in its revenue for the first quarter ended March 31, 2024 (Q1’24). Specifically, the company grew its...

CBN Release N1.73 Trillion for Food Imports in Six Months

Finance8 months ago

CBN Orders Cybersecurity Levy Deductions on Electronic Transfers

The Central Bank of Nigeria (CBN) has directed 0.005% Cybersecurity Levy deductions on electronic transfers. A circular issued by the CBN, yesterday, directed the deductions would become...

Naira Down to N1,410/$ in Parallel Market

Economy8 months ago

Naira Down to N1,410/$ in Parallel Market

The Naira on Monday depreciated to N1,410 per dollar in the parallel market, from N1,395 per dollar last weekend. However, the Naira appreciated in the Nigerian...

Telecoms8 months ago

Varsity Don Lauds NCC for Regulatory Excellence

University Don, Dr. Falade Adesola, the former head of the Department of Computer and Information Sciences, Trinity University, has commended the Nigerian Communications Commission (NCC) for...

42 microfinance banks lose operating licences

Economy8 months ago

NDIC Hikes Maximum Deposit Insurance Coverage for Banks by 900%

Nigeria Deposit Insurance Corporation (NDIC) on Thursday announced an increase in the maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions with immediate effect....

Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. The court subsequently fixed July 3 for a hearing of the plaintiff’s substantive suit.

Viewpoints8 months ago

MultiChoice: Who Did This to Us?

Oluyombo Sokoya Who did this to us?” is a frequently asked question in the Nigerian social media space. It is asked when Nigerians are unable to...

Equities Rebound with N27 Billion Profit

Economy8 months ago

Equities Gain N811 Billion as Bulls Stage Aggressive Comeback

Amidst prevalent economic headwinds in the country, the Nigeria equities market has rebounded to brake free of the shackles of profit-taking as the bulls successfully staged...