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Five banks rake in N3.3tn profit despite harsh economy

01.04.2025
Some of Nigeria’s largest banks, including Zenith Bank, Guaranty Trust Holding Company, United Bank for Africa, Stanbic IBTC, and Fidelity Bank, reported record-breaking profits in their 2024 full-year financial results despite an economy struggling with inflation, naira depreciation, and declining consumer purchasing power. The five lenders collectively posted a post-tax profit of N3.317tn. However, economists...
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Petrol price to rise more as naira-for-crude talks wobble

01.04.2025
There is anxiety in the downstream arm of the oil and gas sector as operators await the decision of the Federal Government on the naira-for-crude deal between the Nigerian National Petroleum Company Limited and the Dangote Petroleum Refinery. The six-month deal, which started in October 2024, officially ends today, Monday, March 31, 2024. The deal’s...
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Stock market gains N437bn on dividend declaration

01.04.2025
The announcement of dividends for the 2024 financial year by corporates reversed the downward trend recorded on the Nigerian Exchange to deliver a N437bn gain to investors. In the past week, several financial institutions released their audited reports for 2024, showcasing strong performances and attractive dividend declarations. Additionally, analysts say that quarter-end portfolio rebalancing and...
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Revenue-generating agencies owe FG N9.3tn – NEITI

01.04.2025
The Nigeria Extractive Industries Transparency Initiative has revealed that revenue-generating agencies currently owe the government a total sum of N9.3tn in unremitted liabilities. It said this amount revealed in its 2023 industry report would cover approximately 72 per cent of the Federal Government’s projected budget deficit of N13tn for 2025. The NEITI Executive Secretary, Orji...
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Onne port terminal operator plans tariff hike

01.04.2025
The West African Container Terminal located in Onne River State has concluded plans to increase its tariff with effect from April 1, 2025. WACT announced this in a notice sighted by The PUNCH on Sunday. The terminal stated that it has got the necessary approvals from relevant agencies to adjust both terminal handling charges and...
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W’Bank to approve Nigeria’s $632m loan request today

01.04.2025
The World Bank is set to approve fresh loans totalling $632m to Nigeria today (Monday) amid mounting concerns over the country’s rising debt profile, The PUNCH reports. The loans are to support critical areas, including nutrition improvement and quality basic education. Information obtained from the World Bank’s website on Sunday showed that the two loans...
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PalmPay, Verve partner to expand financial inclusion

01.04.2025
PalmPay, one of Africa’s fastest-growing fintech platforms, has launched its new PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme, in a move aimed at expanding financial inclusion across Nigeria. This development comes less than four weeks after it announced a strategic partnership with AfriGO, a subsidiary of Nigeria Inter-Bank Settlement System,...
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STL Trustees empowers women entrepreneurs with N3m

01.04.2025
Leading trust company STL Trustees has awarded a total of N3m in grants to 30 women-led businesses through its newly launched STL FundHer initiative. According to a statement from the company on Saturday, the grant reflected its commitment to empowering female entrepreneurs in Nigeria and was launched in celebration of this year’s International Women’s Day....
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I apologise for saying no heaven without tithe – Adeboye

04.10.2024
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has apologised for saying that Christians who don’t pay tithe might not make it to heaven. Adeboye who had previously said that paying tithe was one of the prerequisites for going to heaven, apologised for the comment while addressing his congregation Thursday...

Protesters storm Rivers electoral commission, insist election must hold

04.10.2024
Angry protesters on Friday stormed the office of the Rivers State Independent Electoral Commission, singing and chanting ‘Election must hold’. They defied the heavy rainfall spreading canopies, while singing and drumming, with one side of the road blocked. The protest came after the Rivers State governor stormed the RSIEC in the early hours of Friday...

Man who asked Tinubu to resign admitted in psychiatric hospital

04.10.2024
The Adamawa State Police Command has disclosed that the 30-year-old Abdullahi Mohammed who climbed a 33 kv high tension electricity pole in Mayo-Belwa last Friday has been admitted at the Yola Psychiatric hospital for mental examination. The Police Public Relations Officer of the command SP Suleiman Nguroje, told Arewa PUNCH on Friday in an exclusive...

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