Author: Citynews

Nigerian Breweries Plc, Africa’s largest beer producer, has recorded significant financial losses and has been forced to take drastic measures to stay afloat. The company reported a staggering loss of N52.089 billion in Q1 2024, a dramatic increase from the N10.715 billion loss during the same period in 2023. For the entire 2023 financial year, the brewer posted a net loss of N106 billion, reversing a profit of N13.187 billion in 2022. In a bid to manage the crisis, Nigerian Breweries acquired an 80% stake in Distell Wines and Spirits Nigeria Limited, despite the worsening financial outlook. This acquisition, backed…

Yetunde Oni, Managing Director, Union Bank of Nigeria; (Centre) and other senior bank executives commemorating International Children’s Day with various kids at Union Bank’s Children’s Barnyard Fiesta held at The Stable, Bode Thomas, Surulere, Lagos recently. Union Bank of Nigeria, as part of activities marking this year’s celebration of International Children’s Day and further to the financial institution’s support for the growth of the Nigerian child, recently hosted kids to a special Barnyard Fiesta at its multiple-purpose Sports complex, The Stable, located at Bode Thomas, Surulere. The Barnyard Children’s Fiesta, held on Saturday, May 25th, 2024, entertained kids of various…

Investors in Fidelity Bank Plc have earned more than 507 per cent in capital gains over the past five years, ranking above all other major return benchmarks at the Nigerian stock market and the entire banking sector. Trading reports at the Nigerian stock market for the five-year period between May 31, 2019 and May 31, 2024 showed that Fidelity Bank outperformed all key indices at the stock market. Fidelity Banks share price rose by 507.14 per cent over the period, representing average annual capital gain of 101.43 per cent. These returns underscore Fidelity Banks immense value as a stock for…

The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately. This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability. The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday. According to the CBN, the bank’s management has been unable to stem the decline despite various supervisory steps taken by the regulator. With no reasonable prospects of recovery, the CBN has taken this action to protect the financial system and maintain public confidence. “The Nigerian financial…

The Federal Inland Revenue Service (FIRS) has failed to reach the approved target for the 2024 budget of N9.96 trillion, with a monthly average of N829.97 billion from oil taxes. Based on the approved 2024 budget, FIRS is meant to have collected N3.32 trillion in oil taxes between January and April this year but the agency is farther from this goal by N1.69 trillion, an amount more than what it collected. The FIRS recorded a total of N1.63 trillion as tax revenue from the oil sector between January and April 2024, which is 49% of the approved goal. Lower than…

…IN THE INTERNATIONAL BANKER AWARDS 2024 FOR THE SECOND CONSECUTIVE YEAR Zenith Bank Plc has been named the “Most Sustainable Bank, Nigeria” in the International Banker 2024 Banking Awards, retaining the title for the second consecutive year. Commenting on the award, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, said: “We are deeply honoured to be recognised as the Most Sustainable Bank in Nigeria for the second time in a row. This prestigious award underscores our steadfast commitment to sustainability and reinforces our belief that responsible banking is essential for long-term success and societal…

Committee on Digital and Electronic BankingAs part of its sustained efforts to shape the financial services landscape in Nigeria, Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, recently organized a two-day capacity building training session for Honourable members of the Federal House of Representatives’ Committee on Digital and Electronic Banking. The training programme took place from Friday, May 24th to Saturday, May 25th, 2024, and focused on deepening the Honourable members’ understanding of the legal and regulatory frameworks governing digital banking and fintech in Nigeria. The training session, which was the first of its kind from…

Maritime Workers Union of Nigeria, MWUN, has shut down port operations across the country in compliance with the strike directive from the Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC. An official of the Union told Vanguard that besides Lagos ports, all other port formations in Port Harcourt, Warri, Onne, Calabar, and others have been closed. According to the official, they would remain shut until further notice from the national leadership of organised labour.

By Osho Oluwatosin The Inspector General of Police, Kayode Egbetokun has declared that cultism is a security threat to Nigeria and should not be taken lightly in the society. This declaration was made at an event in commemoration of the Police Campaign Against Cultism and Other Vices (POCACOV) tagged ‘’Teenagers Stay Informed, Know The Dangers Of Cultism and Drugs’’ which took place yesterday Saturday, 1st of June 2024 at the Lagos police college with high ranking members of the Nigeria police force in attendance. The event had the Lagos state Commissioner of Police, CP Adegoke Fayoade who also represented the…

The Manufacturing, Construction, Automobile and Textile Stakeholders Forum (MCATSF) in Abuja recently commended Dr Afiz Ogun Oluwatoyin, Director General of the Industrial Training Fund (ITF), for his outstanding leadership, innovation, and commitment to empowering Nigerian entrepreneurs and creating job opportunities. The stakeholders praised Dr. Oluwatoyin’s efforts in revitalizing the ITF, aligning with its core mandate, and driving economic growth through youth empowerment and skills development. During the meeting, Alhaji Ibrahim Musa, the Secretary General of MCATSF, highlighted the positive impact of the recent Skill-Up Artisans Program, which has benefited over a million individuals in both formal and informal sectors. He…