Author: Aishat Olalere

Olalere Aishat is a news reporter at News VEO. She covers information about Finance, Business, Agriculture, Investment, Capital market, Environment, Humanitarian service, among others.

National Insurance Commission (NAICOM) has approved the 2023 full year financial report of Stanbic IBTC Insurance which is a subsidiary to Stanbic IBTC holding. Stanbic IBTC Insurance emerged as the first insurance company in Nigeria to have successfully obtained vetting and approval from the National Insurance Commission (NAICOM) for its 2023 full year financial report. NAICOM is an insurance regulator. It is said that the achievement comes as a result of adoption of International Financial Reporting Standard (IFRS) 17 standardization process, showcasing its commitment to transparency and adherence to global accounting practices. The International Financial Reporting Standard (IFRS17) which was…

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Power distribution companies (DisCos) in Nigeria are about to lose billions of Naira as manufacturers insist on paying the old tariff of ₦66/kWh. The tariff for manufacturers was increased from ₦66/kWh to ₦208/kWh, and this forced the Manufacturers Association of Nigeria (MAN) to lodge a petition with the Nigerian Electricity Regulatory Commission (NERC), urging a reversal of the new electricity rate for its members. Due to the economic challenges faced by manufacturers and business owners in the country, the association argued that the increased electricity tariffs would further exacerbate the difficulty of conducting business in the nation. The Power distribution…

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Borno Government is in collaboration with the World Bank to train 100 extension agents. Mr Ibrahim Izge, Borno State Agricultural Development Programme manager, disclosed this on Wednesday. He claimed its part of measures to boost live stock production in the state. Izge said the training begin on Wednesday, May 29 and the training was under the World Bank Livestock Productivity and Resilience Support Project (L-Press). He added that the Borno state government is committed to revitalizing the vital livestock sector for socio economic development and improved nutrition in line with its recovery plan. National Extension Officer facilitating the training, Dr…

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Sterling Financial Holdings annual profit grew by 11.85% from ₦19.298 billion in 2022 to ₦21.584 billion in 2023. This was reported in Sterling Bank’s audited report released to the Nigerian Exchange. The financial services holding company’s improved performance was driven by its core banking activities. The audited report also shows that the earnings per shares soared to 75 kobo per shares from 67 kobo in 2022 which shows a 11.94% increase. The net interest income rose to ₦83.384 billion from ₦76.392 billion in 2022. This represents less than 9.2% year-on-year growth for the company despite high interest rate environment.  Net…

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Adamawa Government has released ₦2.3billion for the renovation and restructuring of high court complex. The Attorney General and Commissioner for Justice, Iframond Jingi, disclosed this in an Interview with the News Agency of Nigeria (NAN), on Wednesday, in Yola. According to him, the reconstruction is needed for effective adjudication of justice and service delivery. He said the funds would help in remodeling the state high court into an edifice that would become one of the best structures for justice delivery in Nigeria, which is part of commitment of the governor in the last one year in office ensuring justice delivery…

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Jigawa State is to spend ₦2.9 billion on the upgrade of 30 health facilities in the state. The Commissioner for Health Jigawa state, Dr Muhammed Kainuwa, made it known during the opening of bids for the award of contracts for the project in Dutse on Tuesday. Kainuwa said the ₦2.9 billion will be spent on the construction of midwifery quarters, wall fence, water and solar power supply and all necessary health facilities across 30 constituencies in the state. The gesture was aimed at improving quality healthcare delivery and welfare of health workers in the state. He added that it is…

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The Federal Government has commenced the construction of a second runway at Nnamdi Azikiwe International Airport, Abuja. The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this on Monday in Abuja during the ministerial press briefing to mark President Bola Tinubu’s first year in office and emphasised that the project had been mired in controversy and delays since the Obasanjo administration. He added that the contractors had moved to the site and the construction of the second runway had started. Since the Obasanjo era, it was controversy after controversy. Some efforts started during the last administration, so we have…

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At the close of trading on Tuesday, the equity market sustained its bullish trend as investors gained ₦294 billion. The market capitalisation of the Nigerian Exchange and the All-Share Index rose by 0.53 per cent to settle at ₦55.65tn and 98,383.04 basis points, respectively. The market participation also increased as the volume of traded units increased by 52.49 per cent to 559,608,966 units. Bullish activity dominated the day’s trade with the exchange recording more gainers at 28 than losers at 14. Leading the gainers’ chart was Dangote Sugar with a 10 per cent appreciation to ₦42.90, Morison Industries Plc stocks…

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President Bola Ahmed Tinubu Administration’s ₦200 billion presidential palliative programme will support business in Nigeria. Federal Minister Industry, Trade and Investment(FMITI),Dr Doris Anite, said this during her presentation at the Ministerial Sectoral News Conference in commemoration of President Bola Tinubu’s first anniversary on Tuesday in Abuja. The program’s goal is to stimulate economic growth by offering grants to tiny businesses and providing loans at low-interest rates to micro, small, and medium enterprises as well as manufacturers. Anita mentioned that President Tinubu is dedicated to supporting manufacturing and industrial clusters to promote industrialization. This commitment has led the ministry, in collaboration…

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FCMB Group announced a total dividend of ₦9.901 billion for shareholders from the financial service company in 2023 following a strong earnings performance. The announcement was made at the annual general meeting, shareholders approved a ₦150 billion capital raise for the group ahead of the recapitalization deadline set for the first quarter of 2026. At the group’s just concluded meeting with shareholders, its board of directors got approval to increase share capital from ₦9,901,355,390.50 divided into 19,802,710,781 to ₦19,802,710,781.00 divided into 39,605,421,562 ordinary shares of 50k (fifty Kobo) each. The group’s banking division, FCMB Limited, needs extra capital infusions totaling…

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