FG spent N6.46trn on debt servicing, personnel in 2020 – Minister

FG spent N6.46trn on debt servicing

FG spent N6.46trn on debt servicing, personnel in 2020 – Minister   The Federal Government spent a total of N6.46tn on debt servicing and workers in 2020, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. She also disclosed that the government released a total of N1.8tn for capital projects within the year. She noted that out of this, up to N118.37bn was released for COVID-19 capital expenditure. Ahmed spoke virtually while presenting the 2021 Federal Government approved budget. Providing updates on the 2020 budget implementation,…

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INNOVATION: FirstBank unveils virtual payment card

FirstBank unveils virtual payment card

INNOVATION: FirstBank unveils virtual payment card   First Bank of Nigeria Limited says it has launched a virtual payment card, a naira-denominated debit card and digital representation of the plastic debit card. A statement from the bank on Sunday, titled ‘FirstBank begins the year with an innovative, convenient virtual payment card’, said the card was designed to be linked to either a customer’s operative account or wallet account. It said, “The FirstBank virtual payment card is a suitable alternative to the use of cash and cheques, with its wide-range features,…

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In Numbers: Nigeria has N2.9trn Currency in circulation – CBN

currency in Circulation

In Numbers: Nigeria has N2.9trn Currency in circulation – CBN   Currency in Circulation (CIS) rose by N249 billion from N2.66 trillion as of the end of November to N2.91 trillion in December 2020. The Central Bank of Nigeria (CBN) disclosed this in a report plucked my Business Metrics from the apex bank’s website, showing that total money circulation rose from  N2.49 trillion as of the end of October. The CBN said as a result of its monetary policy actions, the reserve money grew moderately as of end-September 2020. In…

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Earning Forecast: Unity Bank targets N341 profit in Q1 2021

Unity bank earning forecast

Unity Bank targets N341 profit in Q1 2021 Projects N9.32bn Gross Earnings; N312m PAT   Unity Bank Plc has disclosed that it is expecting to rake in N341 million as pretax profit at the end of its first quarter operations in 2021. While the financial institution expects to fulfill tax obligations estimated at N28.99 million from the pretex gain, it has pegged profit after tax (PAT) for the period at N312 million. In its Q1 earning forecast obtained from the Nigerian Stock Exchange (NSE), Unity Bank has also said it…

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Forex inflow through CBN declines to $6.97bn in Q3 2020

Forex inflow through CBN hits $6.97bn in three months

Forex inflow through CBN declines to $6.97bn Q3 2020   Foreign exchange inflow through the Central Bank of Nigeria (CBN) in the third quarter of 2020 stood at $6.97 billion. The CBN disclosed this in the third quarter economic report. It said, “Foreign exchange inflow through the Central Bank of Nigeria decreased in the third quarter of 2020, largely due to a reduction in non-oil inflow. “During the review period, aggregate foreign exchange inflow through the CBN stood at $6.97bn, a decrease of 30.7 per cent and 43.6 per cent…

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Access Bank acquires another bank in Zambia

Access Bank acquires another bank in Zambia

Access Bank acquires another bank in Zambia   Access Bank Plc has announced the completion by it’s Zambian subsidiary of Cavmont Bank Limited (Cavmont ppl), following fulfillment of the key conditions precedent including regulatory approvals. In a statement on Wednesday, the lender explained that the merger of Cavmont into Access Bank Zambia is expected to take place before the end of January 2021. After then, “Access Bank Zambia will emerge as a stronger and well-capitalized banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in…

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2020: Nigeria ranks fourth in Islamic finance research papers globally

Islamic finance research papers

2020: Nigeria ranks fourth in Islamic finance research papers globally   According to the Islamic Finance Development Report (IFDR) 2020, Nigeria ranked fourth among nations in Islamic finance research papers. According to the report Indonesia, Malaysia, UK, UAE, and Pakistan were the top countries in Islamic finance education. The 2020 IFDR was a collaborative effort of the Islamic Corporation for the Development of the Private Sector (ICD) and Refinitiv, one of the world’s largest providers of financial markets data and infrastructure. ICD is the private sector development arm of the Islamic Development Bank (IsDB). From the report, it was clear that for the…

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BDCs eye $25bn Diaspora remittance collection

Diaspora Remittance Collection

BDCs eye $25bn Diaspora remittance collection   The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDCs) payout agents for Diaspora remittances. ABCON President, Alhaji Aminu Gwadabe, who stated this in Lagos recently, said the apex bank should leverage on the over 5,000 licensed BDCs across the six geopolitical zones to get the greenback seamlessly to beneficiaries. Gwadabe said that the plan would help in providing a more convenient channel for Nigerians in the Diaspora…

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Earnings Forecast: Linkage Assurance targets N291.09m profit in Q1

Linkage Assurance targets N291.09m profit in Q1

Earnings Forecast: Linkage Assurance targets N291.09m profit in Q1 Expects N4.92bn gross premium   Linkage Assurance Plc has projected to make N291.08 million as its profit after tax (PAT) for the first quarter of 2021, while it expects N4.92 billion gross premium written for the period. In its Q1 earning forecast filed on Nigerian Stock Exchange (NSE), the insurance firm also projected N291.09 m as profit after tax and N415.85 million as profit before tax for the period. For the fourth quarter ended December 31, 2019, the underwriting firm’s unaudited…

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NSE admits 4.36bn Ordinary Shares of AIICO Insurance

NSE admits 4.36bn Ordinary Shares of AIICO Insurance About 4.36 billion ordinary shares of AIICO Insurance Plc were listed on the daily official list of the Nigerian Stock Exchange, according a report obtained from the NSE at the weekend. The additional shares listed arose from the company’s Rights Issue of 4.36 billion ordinary shares of 50 kobo each at 80 Kobo per share on the basis of five new ordinary shares for every 13 ordinary shares held as at Monday, June 15, 2020. The Rights Issue was 100 per cent…

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