FG Spends N568.5bn Yearly On Power Tariff Shortfalls – W/Bank       The Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount could further increase if...

Nigerian Stocks Beat Global Stocks With N259bn Gains       Nigerian stocks played the contrarian at the weekend with a net capital gain of N259 billion in a week marked by general decline in share prices across the global advanced and emerging markets. A market-wide rally drove the...

‘Nigeria Lost N5.5trn To Cybercrimes In Ten Years’       The Chief Strategy Officer, Deloitte West Africa, Mr. Tope Aladenusi, has stated that Nigeria lost N5.5 trillion to fraud and cybercrimes in 10 years. Aladenusi, who disclosed this at a recent webinar hosted by First Bank of Nigeria...

U.S. To Increase Africa’s Yearly Development Finance To $6bn       The United States of America (USA) plans to increase its annual development finance to Africa by 20 per cent from about $5 billion to some $6 billion. Chief Operating Officer, U.S. International Development Finance Corporation (DFC), David...

TAJBank tops EPS in Banking Industry, N845m PAT ….grows assets to 443% in first year of operation TAJBank, Nigeria’s leading non-interest banking services provider, has recorded the highest earning per share (EPS) in the nation’s banking industry with its shareholders earning N11.82 per share, representing an...

Naira Drops As Food Inflation Rises       Fears of continued rise in inflation among foreign exchange dealers have further weakened the naira, market statistics have shown. The local currency lost strength at the weekend, dropping to N485/$1 from N483/$1 at the parallel market. The slide followed release of...