The Lagos State Fire and Rescue Service has confirmed a fire incident that occurred in one of the United Bank for Africa (UBA) branches on Lagos Island on Tuesday, September 16. The authority confirmed this in a statement signed by its Deputy Controller General, Ogabi Olajide. It stated that operatives were battling the fire at …
The new tax laws expected to take effect from January 1, 2026, have left many Nigerians apprehensive about certain provisions. One of the provisions is the requirement of a tax identification number (TIN), tax identity (Tax ID) and National Identification Number (NIN) before anyone can continue to operate or open a bank account in Nigeria. …
Following the recent report of the consumer price index (CPI), the Special Adviser to the President on Economic Matters, Tope Fasua, believes Nigeria’s headline inflation is headed towards a single-digit figure. Fasua, who appeared on Channels Television’s Morning Brief on Tuesday, September 16, expressed optimism that the continued drop in inflationary pressure would translate to …
Nigeria has been classified among three sub-Saharan African countries where borrowing costs for governments and businesses have risen in the last five years due to policy weaknesses, unfavourable market conditions, and inflation. Moody’s Ratings, an international rating firm, hinted at this in its latest study, published on Monday, September 15. It stated that Nigeria, South …
The Centre for the Promotion of Private Enterprise (CPPE) has called for a phased implementation of the shea nut ban to safeguard investors' confidence. Its managing director/chief executive officer, Muda Yusuf, made the call in a statement on Sunday, September 14. "This brief argues for a phased, consultative transition framework to safeguard investor confidence, preserve …
As banks' recapitalisation remains about six months to the deadline, 28 banks are now under pressure, with only six listed and two other non-listed banks fully crossing the minimum capital thresholds. Among the listed banks are Access, Zenith, GTB, Wema, Jaiz, and Stanbic IBTC. At the press briefing on its July monetary policy committee (MPC) meeting, …
Nigeria recorded a ₦7.46 trillion trade surplus in the second quarter (Q2) of the year, according to the National Bureau of Statistics (NBS). It revealed this in its latest foreign trade report released on Friday, September 12. The report shows that Nigeria’s total export of ₦22.75 trillion was higher than its imports of ₦15.28 trillion, …
Nigeria’s rebased gross domestic product (GDP) will require 21.95 per cent growth at an N1,500 per dollar exchange rate to achieve a $1 trillion economy target by 2031. Afrinvest West Africa Limited predicted this in its 20th Nigeria Banking Sector Report 2025, entitled ‘ACT-BOLD: Beyond a Trillion Dollar Economy’, released recently in Lagos. In a …
The BUA Foods Plc N13 per share proposed dividend has been approved by shareholders. It represents a 136 per cent increase from the N5.50 paid in 2023. The approval was given at its 4th Annual General Meeting on Thursday, September 11, in Abuja. In a statement by its Director of Marketing and Corporate Communications, Adewunmi …
Wema Bank Plc said it has received approval from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) for the successful completion of its N150 billion rights issue. The bank announced this in a statement seen by Pinnacle Daily on Thursday, September 11. The offer, which opened on April 14 this year …
