Latest data from the Central Bank of Nigeria (CBN) has shown that credit to Nigeria’s private sector rose to a record level of N41.8 trillion as of December 2022. This represents N6.61 trillion in new net loans compared to N35.19 trillion as of the beginning of the year. Compared to the previous year, net loans increased by 23.65% compared to N5.04 trillion recorded in 2021, and a 47.7% increase from 2020. Credit to Nigeria’s private sector rose despite the high-interest rate policy of the CBN during the year under review. Recall that the Central Bank raised the benchmark interest rate…
Author: NG Breaking News
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BUA Foods Plc released its 2022 unaudited full-year results on Monday, January 30, 2023, reporting a pre-tax profit of N100.63 billion. This represents a 29.44% increase from the N1.7 billion the company reported during the same period in 2021. Key details of the unaudited financial report are summarised below. Revenue 2022 FY: N417.82 billion 2021 FY: N333.27 billion Change: +25.36% Gross Profit 2022 FY: N135.51 billion 2021 FY: N102.96 billion Change: +31.61% Operating profit 2022 FY: N108.75 billion 2021 FY: N79.89 billion Change: +36.12% Finance cost 2022 FY: N8.15 million 2021 FY: N5.04 million Change: +61.70% Pre-tax profit 2022 FY:…
The Department of State Services (DSS) revealed that it has intercepted some members of an organized syndicate in parts of the country for allegedly selling the newly redesigned naira notes. This disclosure is contained in a statement issued by the Public Relations Officer of the DSS, Dr. Peter Afunanya, on Monday in Abuja, where he said that some commercial bank officials were aiding and abetting the act. Afunanya, who did not disclose the names and locations of the suspects, said the syndicates were intercepted by operatives of the service during an operation. What the DSS is saying Afunanya in the…
The United Bank for Africa (UBA) Plc has appointed Ghanaian national Mrs Abiola Bawuah as its new Chief Executive Officer. A statement seen by Nairametrics said Mrs Bawuah will oversee the bank’s operations across Africa, excluding Nigeria. She is the first female CEO of UBA Africa and her appointment demonstrates the bank’s commitment to diversity. Across UBA Group, there are now eight female directors. More about Mrs Abiola Bawuah: Before now, Mrs Bawuah was UBA’s Regional CEO for West Africa, managing operations in nine subsidiaries including Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone. Before this,…
International Trade, being a vast and specialized area in banking with a major emphasis on the financing of import and export trade processes, allows for different modes of payment. Most traders are tilting towards Letters of Credit (LC) as a means of securing payments in the international market. For a confirmed LC, an importer can opt for using the bank’s offshore line as against providing cash, thereby assuming the obligation of bearing offshore confirmation line charge (Pre-Negotiation Charge) and Interest on Post- Shipment Loan (Post-Negotiation) if applicable. The offshore confirmation line charge (Pre-Negotiation Charge) is a daily charge that runs…
The All Progressives Congress Presidential Presidential Campaign Council, APC PCC, has explained why the northerners will not vote for the presidential candidate of the People Democratic Party (PDP), Atiku Abubakar at the February general election. The spokesperson for the APC PCC, Festus Keyamo, said residents of the northern region viewed Atiku as an untrustworthy and dishonest person who does not deserve their massive votes during the 2023 poll. Keyamo stated these in a series of tweets he released on Monday. He said, “The problem with Atiku is he thinks Buhari just woke up to get 12 million votes in the…
A new report by the World Bank has revealed that healthcare facilities in Sub-Saharan Africa have a high level of energy insecurity. The report, which was a collaboration between the World Bank, International Renewable Energy Agency (IRENA), and Sustainable Energy for All (SEForAll) was released earlier this month. Let’s focus on the numbers: The report showed that among the estimated 166,720 healthcare facilities situated across the 41 low- and lower-middle-income countries in Sub-Saharan Africa, lack any electricity access. Meanwhile, at least 68,350 healthcare facilities lack reliable electricity, illustrating the high level of energy insecurity in healthcare facilities of the region. Energy…
Rivers State Governor Nyesom Wike threatened the Peoples Democratic Party (PDP) leadership on Monday over anti-party activities. WITHIN NIGERIA learned that Wike said this at a PDP campaign rally in Etche Local Government Area (LGA) of Rivers State. Wike accused the party’s National Working Committee of colluding with the opposition in his statement. The Rivers State Governor said; Those of them in Abuja that are talking about anti-party [activities], we have caught them now. They are the ones doing their anti-party [activities]. I have caught them now and I told them anti-party begets anti-party. You know we carried these small…
Nigeria’s pension fund assets rose to N14.99 trillion as of December 2022, representing a gain of N1.5 trillion (11.7%) compared to N13.42 trillion recorded in 2021. This is contained in the recently released pension industry report by the National Pension Commission (PenCom). The gain recorded in 2022 (N1.5 trillion) is 40.2% higher than the N1.12 trillion increase recorded in the previous year. However, when compared to 2020, the gain was 24.9% lower than the N2.09 trillion increase recorded. In the same vein, the number of Retirement Savings Account (RSA) registrations increased by 333,002 to stand at 9.86 million as of December 2022.…
Ka3na Jones, an ex-Big Brother Naija housemate cum brand influencer, faces heavy criticism for using ‘fake pregnancy and childbirth’ as a publicity stunt for her clothing line launch. Recall that on Sunday, January 29th 2023, Ka3na made an announcement via her Instagram story claiming to have given birth to a baby (her second child) which spurred both sceptical remarks and congratulatory messages. However, on Monday, 30th January, the self-acclaimed boss lady declared the pregnancy as fake while unveiling a fashion brand. Serving the bombshell, she wrote: “MEET OUR BABY ⬇️ M I L L E N N I A L S…