The Nigerian Civil Aviation Authority (NCAA) said it had received a directive from the Federal Government to start naming and shaming airlines violating aviation rules, particularly those fond of cancelling and delaying flights. NCAA Director of Public Affairs and Consumer Protection, Michael Achimugu, said in a statement on Monday, September 8. He explained that if …
United Bank for Africa (UBA) Plc said it has extended its sale of N157.843 billion shares to existing shareholders, known as a rights issue offer, by two weeks. It announced this in a statement issued over the weekend and signed by its Secretary/Legal Counsel, Bili Odum. The rights issue, which opened on Wednesday, July 30, …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the banks' recapitalisation exercise is "making good progress". He hinted at this during a fireside chat at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos, moderated by the Chief Country Representative, Deutsche Bank Nigeria, Andreas Voss. The update is coming; after …
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that the five per cent surcharge on petroleum products reinstated in the new tax law is aimed at harmonising and providing transparency in the tax system. He said this in a post on Saturday, September 6, while clarifying what is true …
Nigerian industrialist and philanthropist Tony Elumelu has been nominated to receive the Appeal of Conscience Award at the 60th Annual Gala in New York. He is to be honoured alongsidewirrjfg the Archbishop of New York, Timothy Cardinal Dolan. The organisers of the Award, Appeal of Conscience Foundation, announced this in a statement issued by PR …
Trading on the Nigerian Exchange Limited (NGX) floor recorded a notable sell-off in the first week of September as investors were more willing to sell their shares at lower prices, which led them to suffer an ₦832.3 billion loss. Pinnacle Daily review of market performance in the just concluded week shows the total market capitalisation …
The Central Bank of Nigeria (CBN) said it has created a new compliance department to strengthen oversight of non-prudential and emerging risks in the financial institutions. It disclosed this in a circular on Thursday, September 4. It said the new department was created in the first quarter of this year and became operational in the …
First Bank of Nigeria Limited has confirmed a service disruption affecting its key digital banking channels, making it unable for customers to access the platforms and complete transactions. The oldest Nigerian bank disclosed this in a circular on Thursday, September 4. It said the downtime is currently affecting transactions carried out on its FirstMobile, FirstOnline, …
The Federal Competition and Consumer Protection Commission (FCCPC) has directed all digital lenders, also known as loan apps, to register with it within 90 days or risk a fine of ₦100 million. The directive is contained in the new regulations the FCCPC rolled out to address digital lenders' abusive practices, harassment of borrowers and breach …
The Securities and Exchange Commission (SEC) has approved a new cycle to be allowed for settlement of capital market transactions in two days (T+2). Chief Executive Officer (CEO) of the Central Securities Clearing System (CSCS), Haruna Jalo-Waziri, said on Wednesday, September 3. He noted that following the SEC approval, the Nigerian capital market will migrate …
