CEOs, 44 companies win at 2020 BusinessDay banking awards

No fewer than 44 companies and three chief executive officers (CEOs) were recognised at the 2020 edition of the BusinessDay Banking and Other Financial Institutions Awards (BOFIA). The companies and CEOs whose businesses cut across the broad spheres of the Nigerian financial sector, including banking, insurance and digital payments, were celebrated for their hard work……

Banks feel pain as low-yield environment hits revenue

Nigeria’s largest banks are feeling the pains of a dovish monetary environment as revenues have touched the negative region for the first time in four years. The largest lenders saw their combined interest income and similar charges, a significant component of revenue, decline by 1.81 percent to N2.11 trillion as at September 2020, according to……

How profligate borrowing, spending landed Nigeria in recession, by Peter Obi

Peter Obi, a two-term governor of Anambra State and former vice presidential candidate of the People’s Democratic Party (PDP) in the 2019 general election, in this monitored interview on a national television, spoke vehemently about the current recession in Nigeria. He blamed the situation on uncontrolled borrowing and spending without putting the borrowed money into……

A nation in chains: How herdsmen, bandits, bad policies plunged Nigeria into recession

When United Airline, an American commercial passenger carrier, shut down its operations in Nigeria during the 2016 recession, all its Nigerian staff were sacked, travel agencies and other business partners were also affected. Till date, some of those employees and many others from other companies that downsized to stay afloat during the 2016 recession are……

Border reopening, FX liberalisation seen lifting retail sector out of recession

Border reopening, liberalisation of foreign exchange (FX) market, improvement of infrastructure and good policies have been identified as some of the policies that can lift the wholesale and retail trade sector, Nigeria’s second biggest sector by output contribution, out of recession. BusinessDay findings from the recently released third quarter (Q3) 2020 GDP report by the……