The Nigerian business landscape continues to evolve with dynamic and interesting developments. Here’s a roundup of the top five business news that made headlines today, May 15, 2023.
1) E. F Network Limited Unveils Ride-Sharing App, Gabtaxi
F Network Limited, a member of the E.F Group and an indigenous Nigerian company, has launched a groundbreaking ride-sharing application called Gabtaxi. The company, headquartered in Abuja, is positioning Gabtaxi as a platform with superior local content and the lowest commission rates for drivers. It is expected that this innovative platform will fiercely compete in the growing ride-sharing market in Nigeria and beyond1.
2) CAC Portal Troubles: A Hurdle for Nigerian Businesses
Businesses in Nigeria are reportedly facing significant challenges with the Corporate Affairs Commission (CAC) portal. The issues have become so pervasive that the CAC portal is being seen as a barrier to the ease of doing business in the country. As this situation unfolds, stakeholders are eagerly waiting for the response and solutions from the Commission to ameliorate these challenges2.
3) Infinity Trust Mortgage Bank Posts Impressive Profit
Infinity Trust Mortgage Bank has recorded a remarkable increase in its profit before tax for 2022. The bank reported a 29% increase, amounting to N847.1m, up from N656.9m in the previous year. This positive performance signals a promising trajectory for the bank, reflecting a robust and healthy banking sector in Nigeria3.
4) Nigerian Payment Startup, Nomba, Secures $30 Million Funding
In the tech startup scene, Nomba, a Nigerian payment startup, has raised $30 million in pre-Series B funding. The round was led by San Francisco-based Base10 Partners, demonstrating international investor confidence in Nigeria’s tech ecosystem. This funding is set to bolster Nomba’s growth and expansion plans.
5) Fidelity Bank Reports Over 100% Profit Growth
Fidelity Bank Plc has reported a significant leap in profit growth for 2022, with an impressive 102.2% increase. The bank generated a revenue of N337.05 billion, a 34.4% increase over the previous year’s revenue of N250.776 billion. These results highlight the resilient performance of Nigeria’s banking sector amidst varying economic conditions5.
In conclusion, the Nigerian business environment continues to present numerous opportunities and challenges. As we keep an eye on these developing stories, it is clear that the entrepreneurial spirit of Nigeria remains strong and the country is poised for significant economic growth and development.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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