Access Ranks 1st on Nigeria’s Biggest Banks by Asset The biggest commercial banks in Nigeria have been ranked according to their asset base Access Bank leads the table, while Wema Bank is in the 11th position with N1 trillion assets as of the end of 2022 A solid asset base indicates that a business has resources it can use to generate revenue and profits. The total asset value increased to N74.06 trillion by 2022, representing a 15.3% growth from N60.76 trillion in 2021. The list is according to the financial results submitted by the banks to the Nigerian exchange. The…
Author: meridianspy
Malam Nasir El-Rufai, governor of Kaduna State, has argued for a restructuring of Nigeria’s income-sharing system in favor of states. He claims that if revenue sharing is reversed to 20% for the federal government and 80% for states, the federal government will abandon the majority of its existing obligations to the states. Also Read: BUSINESS Many CEOs earn more than Nigeria’s president – RMAFC El-Rufai, who spoke at Dr. Zainab Usman’s policy and book presentation in Abuja on Tuesday, said the new formula will be the sole method for citizens to keep governors accountable. The APC had listed restructuring…
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, called for the passage of a new revenue allocation formula. Shehu noted that the current formula has allowed some CEOs to earn more than the President of Nigeria, which is unacceptable. He made the call during the 1st Economic Confidential Public Lecture and Book Presentation held in Abuja yesterday. At the event, with the theme ‘Economic diversification in an evolving cashless society,’ two books were unveiled. The books are ‘Pantami: Trials and Triumph of a Digital Maestro’ and ‘eNaira Revolution: A Peep into Nigeria’s Cashless Future,’…
Seven people are believed to have been killed and numerous more hospitalized after drinking tea at a wedding ceremony in Kano that was brewed with an indigenous leaf known as Zakami. Zakami has a psychedelic component According to eyewitness reports, it harmed approximately 50 people, and several are still missing. The incident occurred in the Sheka district of Kano’s Kumbotso Local Government. Sanusi Yahaya, one of the witnesses and the bride’s elder brother, stated the tea was suspected of being brewed with medicines other than the native leaf. One of the witnesses, Sanusi Yahaya, who is also an elder brother…
Patrick Brown, of Louisiana, was released from prison on Monday after serving 29 years for a rape he did not commit. Brown, 49, was convicted of raping his then-six-year-old stepdaughter in 1994 and sentenced to life in prison without the possibility of release. According to The Guardian on Tuesday, it was revealed that the sexual assault survivor did not testify at Brown’s trial and, beginning in 2002, she repeatedly asked for the case to be reviewed, insisting Brown wasn’t her attacker, but the case was not investigated again until recent years. ALso Read: Morocco court increases Jail Terms for…
Billionaire businessman, Femi Otedola, on Tuesday, said his offer to buy Nigerian conglomerate, Transnational Corporation Plc, for N250bn was rejected. Otedola made some allegations against the Chairman of Transcorp, Tony Elumelu, in a statement he issued to TheCable, weeks after he acquired stakes in Transcorp and sold the shares. Otedola revealed that he had bought the shares of the organisation because he believed in the potential of the Group to hit N2tn in valuation. Otedola said, “I offered to buy Transcorp Plc for N250bn, but unfortunately, my offer was rejected. My goal was to maximise the company’s potential as a…
“…But the Nigerian government always disappoints, and that is precisely what they are doing in Sudan…” Reuben Abati May 4, 2023 Let me state upfront that I am a parent to one of the just evacuated students trapped in war torn, Sudan. His mother and me were hugely relieved when the Max Airline flight 611 from Azwan in Egypt touched down at the pilgrims wing of the Nmandi Azikiwe International Airport, Abuja by 10.45am on Sunday May 7, 2023.• Also Read: Sudan War: Nigerian evacuees Arrive Abuja, get 100k each, 25k Airtime Sudan Crisis: Dangote partners FG, Air Peace to…
President Muhammadu Buhari said on Thursday the 2023 General Elections has demonstrated the power of the Nigerian electorates. This was contained in a statement issued by Buhari’s Senior Special Assistant on Media and Publicity, Garba Shehu. According to the statement, the President said this when he received the newly-installed Emir of Dutse, Muhammad Hamim Nuhu Sunusi, at the State House in Abuja. He noted that the elections had demonstrated that Nigeria’s democracy was growing, and that voters were becoming more sophisticated in their choice of leaders. He specified that the failure of some governors to win their election to…
The Supreme Court on Tuesday in Abuja affirmed Ademola Adeleke of the Peoples Democratic Party (PDP) as the elected Governor of Osun State. Oyetola and his party, approached the apex court in a suit numbered, SC/CV/510/2023, praying the court to set aside the decision of the Abuja Division of the Court of Appeal, which voided the judgment of the Osun State Election Petition Tribunal, which returned Oyetola as winner of the November July 16, 2022 governorship election. Oyetola and APC in their case filed to Supreme court on behalf by their lead counsel, Prince Lateef Fagbemi (SAN), want the…
The Nigeria Civil Aviation Authority (NCAA) has confirmed that Max Air NGL1649, a B737 aircraft with registration 5N-MBD, lost some tyres which caused the well-reported incident on Sunday. The flight departed from Yola for the Nnamdi Azikiwe International Airport, Abuja with 144 passengers and 6 crew members. According to a statement by the Director-General of the NCAA, Captain Musa Nuhu, despite the minor incident, the safety of the NIgerian airspace is guaranteed. “During landing at Abuja airport the aircraft lost some tires, the flight crew brought the aircraft to a safe stop on Runway 22 at 2:57pm local time.…
President-elect Bola Ahmed Tinubu. Without prejudice to what transpires at the Presidential Election Tribunal on the 25 February election, and the request by the Peoples Democratic Party (PDP) and others that the proceedings should be televised live – no problem about that, as long as the parties involved can bear the cost in defence of the ideal of transparency – it seems certain nonetheless that Asiwaju Bola Ahmed Tinubu, president-elect and presidential candidate of the All Progressives Congress (APC), the ruling party, would be sworn in as president of Nigeria on 29 May. The Federal Government has set up a…
Nineteen Nigerian players will compete for honours when the Lagos Squash Classics serves off on Tuesday (today) at Teslim Balogun Stadium for the first time since 2018, The tournament, which was last hosted five years ago, with Egypt’s Karim El Hammamy clinching the title that year, has Nigeria’s top-ranked player Babatunde Ajagbe leading the country’s title bid at the tourney dubbed the ‘Challenger Tour.’ Other Nigerian stars Ayomide Michael, Adegoke Onaopemipo, Femi Shedara, Kehinde Temitope, Gabriel Olufunmilayo and Faruq Sulaimon will compete against European players for the $12,000 prize money in the men’s category. In the women’s category, Titlayo Akinleye,…