Naira appreciates, sells for N1,100/$ at parallel market

Nigeria’s currency, the naira rose further on Monday in the parallel section of the foreign exchange (FX) market. At the Lagos street market, currency traders, also known as bureau de change (BDC) operators, quoted the naira at N1,100 to the greenback. The traders put the buying price of the dollar at N1,070 and the selling price at N1,100 — leaving a profit margin of N30. The figure represents an appreciation of N50 or 4.34 percent from the N1,150/$ it traded on April 12. At the FMDQ Exchange, a platform that…

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Access Holdings plan US$1.5bn capital raising programme, targets N365bn rights issue

Access Holdings Plc, one of Africa’s leading financial groups, has unveiled plans to establish a Capital Raising Programme of up to US$1,500,000,000.00 (One Billion, Five Hundred Million United States Dollars) or its equivalent in local currency TheProgramme aims to enhance the Group’s financial strength through the issuance of various financial instruments such as ordinary shares, preference shares, Alternative Tier 1 capital, convertible and/or non-convertible debt, bonds, or other capital and/or funding instruments. The Programme may be executed through a variety of methods including public offerings, private placements, rights issues, book-building…

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Detention: Binance executive, manager sue NSA, EFCC

The detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser (NSA), Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC) over the alleged violation of his fundamental rights. Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, sought five reliefs before the presiding judge, Justice Inyang Ekwo, at the Federal High Court in Abuja. Also, Nadeem Anjarwalla, the Binance’s Africa regional manager who escaped from custody on March 22, filed a separate right enforcement suit before Justice Ekwo. Gambaryan and Anjarwalla, in…

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Coronation Group, Access Holdings Plc, Safaricom and M-PESA Africa partner to explore remittances

A transformative collaboration aimed at broadening access to remittances across Africa has been forged among Coronation Group, Access Holdings Plc, SafaricomPlc and M-PESA Africa(the parties)as the parties come together in a strategic alliance dedicated to propelling financial inclusion and nurturing economic prosperity for millions across the continent. The parties aim to explore solutions that will provide a remittance corridor between East and West Africa, connecting some of the continent’s largest economies. The collaboration will see the convergence of Access Holdings’ robust Pan-African banking infrastructure, spanning 14 African countries, with Coronation…

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Access Bank acquires National Bank of Kenya (NBK) from KCB Group

Access Bank PLC and KCB Group PLC have today signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya Limited (“NBK”) from KCB. The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators. For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader…

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MTN’s Y’ellopreneur to power 1000 female owned MSMEs

The MTN Y’ellopreneur Initiative seeks to contribute to the reduction in women’s unemployment and advance women’s development in ‘Entrepreneurship’ through capacity building and access to capital through loans, grants, and advisory support services for long-term business sustainability. The initiative targets Female Entrepreneurs across the country who display passion and commitment to self-employment and run an existing business of two years and above in the areas of; circular economy, manufacturing, processing, agriculture, ICT/digital services, waste management, etc. The focus is on businesses that source their raw materials locally. MTN Nigeria Foundation…

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My Access Bank story – ex-Emir Sanusi

Khalifa Mohammed Sanusi, a former Emir of Kano, has shared the story of how his association with the late Access Holdings Plc’s CEO, Herbert Wigwe, led to Insinuations that he was the owner of the bank. The former Governor of the Central Bank of Nigeria (CBN) made this known on Wednesday at the night of tributes organised in Wigwe’s honour in Lagos. Sanusi, who broke down in tears thrice, said Wigwe’s kindness to him gave many the impression he owned Access Bank, while Wigwe and Aigboje Aig-Imoukhuede were his stooges.…

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Wigwe: ACAMB mourns a fearless and visionary leader

It is with profound sadness and a heavy heart that The Association of Corporate & Marketing Communications Professionals in Nigeria Banks (ACAMB) extends its deepest condolences to Access Holdings Group on the tragic passing of its esteemed CEO, Dr. Herbert Wigwe, CFR. The renowned business and corporate leader, along with his beloved wife, Doreen, and their cherished son, Chizi, lost their lives in a tragic helicopter crash in the United States of America. Dr. Herbert Wigwe, affectionately known as ‘The Fearless One,’ was a visionary leader whose indomitable spirit, dedication,…

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Access Holdings Herbert Wigwe, wife, 5 others missing after helicopter crash

Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, was involved in a helicopter crash in the United States, on Friday. Wigwe, his wife and son were in the helicopter when it crashed in California near the Nevada border, as well as Abimbola Ogunbanjo, the group chairman of Nigerian Exchange Group Plc (NGX Group). A close source confirmed the development on Saturday evening. Six passengers were onboard, however, no survivors found so far.

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Breaking: FBN Holdings name Femi Otedola as chairman

FBN Holdings Plc, a leading financial institution in Nigeria, has named businessman, Mr. Femi Otedola as the new Chairman of its Board of Directors. Otedola will succeed Alhaji Ahmad Abdullahi as the company’s chairman. FBN Holdings confirmed the appointment in a notice signed by the company’s Acting Secretary, Adewale Arogundade, and sent to the Nigerian Exchange Group (NGX) on Wednesday evening. The appointment, according to the company, took effect from January 31. FBN Holdings commended the outgoing chairman for guiding it through numerous challenges and maintaining its stature in the…

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CBN set to prosecute forex defaulters

The Central Bank of Nigeria has said it is set to prosecute forex defaulters in the country. The CBN Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement in Abuja on Wednesday. Nigeria has nearly $7 billion in forex forwards that have matured which is a major concern for investors, but the CBN promised to pay up to boost confidence in the foreign exchange markets. Sidi explained that the apex bank commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in…

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NNPCL to hand over Port Harcourt refinery to private operators

As the Port Harcourt oil Refinery comes to life, the Nigerian National Petroleum Company Limited has concluded plans to hand over the government refinery to private operators. The NNPCL said it is seeking to engage reputable and credible operations and maintenance companies to operate and maintain the Port Harcourt Refining Company. This, it said, was “to ensure reliability and sustainability towards meeting the nation’s fuel supply and energy security obligations.” In a publication on its website on Monday, the NNPCL said the contract scope shall cover refinery business processes like…

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Afreximbank, UBA announce $2.25b disbursement under syndicated $3.3b crude oil prepayment facility

African Export-Import Bank (Afreximbank) has successfully arranged a syndicated US$3.3b crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL). An initial disbursement of US$2.25b has been made. A second tranche of US$1.05 billion is expected to be disbursed subsequently. This landmark financing is Nigeria’s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023. Investors were keen to consider ticket sizes of US$250m and US$500m amidst current headwinds and year-end pressures in the loan markets. The five-year facility carries…

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HabariPay’s Squad Launches Take on Squad Hackathon 1.0 for Young Innovators

In line with its mission of empowering businesses and young innovators across Africa, HabariPay’s Squad has announced the launch of its first-ever hackathon, “Take on Squad Hackathon 1.0.” The social coding event is scheduled to hold on January 19th and 20th 2023, at the state-of-the-art GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State. Take on Squad Hackathon 1.0 is targeted at young innovators in universities and other tertiary institutions in Nigeria and challenges competing teams to create innovative solutions to problems within their immediate community as well as the wider…

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CBN’s hammer hits Polaris, Titan, Union and Keystone Banks BoDs

The Central Bank of Nigeria has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone Banks. CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja. The source, who spoke on condition of anonymity, hinted that an official statement dissolving the board of directors will be released shortly. The source said, “In the next hour, there is going to be official communication from the bank. We are working on it and an…

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Our CEO not arrested by EFCC -Zenith Bank

Zenith Bank Plc has dismissed as entirely untrue reports on the purported arrest of its Group Managing Director, Dr. Ebenezer Onyeagwu, in a section of the media. The reports had claimed Dr Onyeagwu was among bank CEOs arrested by the EFCC in connection with alleged fraud at the Ministry of Humanitarian Affairs. The bank however clarified that the GMD was neither arrested nor detained by the EFCC or any other anti-graft agency, adding that he is currently fulfilling his duties and responsibilities as the Group Managing Director of Zenith Bank Plc.…

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Adeduntan: FirstBank is future-proof and remains committed to the gold standard of excellence in banking

* With over 4.6 trillion-naira loans to customers in Q3 2023, FirstBank is committed to economic growth and transformation. At the dawn of the new year, it is natural for the Nigerian banking sector operators to anticipate dynamic shifts in regulations, increased digital innovations, and a focused approach toward sustainable growth and financial inclusion, while both the government and private sector eagerly anticipate the banking industry’s pivotal role in driving economic resilience, fostering innovation, ensuring regulatory compliance, and spearheading inclusive financial initiatives to bolster national development. As a mark of…

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Beneficiaries protest alleged rip-off as banks begin COVID-19 loan recovery

Commercial banks have commenced a massive recovery of the loans disbursed to Nigerians to cushion the economic impact of the coronavirus pandemic. Several beneficiaries have been jolted by the deductions of thousands of naira from their bank accounts without any notice from the banks. The loan was disbursed to households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic by the Central Bank of Nigeria through the commercial banks in 2021. The fund, which was managed by the NIRSAL Microfinance Bank, received thousands of applications, charged at five…

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Dangote refinery gets another one million barrels of crude oil

The Dangote Petroleum Refinery, on Monday, received the fourth shipment of one million barrels of bonny light crude oil, supplied by the Nigeria National Petroleum Corporation Limited. A statement from tne $20bn firm stated that the oil company was expecting the fifth crude oil shipment soon. The plant had earlier received three shipments of crude oil, as officials of the company told our correspondent that the refinery would start pumping out refined Automotive Gas Oil, also known as diesel, and aviation fuel or JetA1 this month. In the statement issued…

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Plane with 367 passengers catches fire on runway

A Japan Airlines plane was in flames on the runway of Tokyo’s Haneda Airport on Tuesday after apparently colliding with a coast guard aircraft, television reports said. The images on broadcaster NHK showed the plane moving along the runway before an explosion of orange flames burst from beneath and behind it. All 367 passengers on board the Airbus plane were evacuated, broadcaster NHK reported. The cause of the incident was not immediately clear, but television reports said that the Airbus collided with a Coast Guard aircraft. Reports said that the…

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DecemberIssaVybe: FirstBank sponsors Kakadu the Musical

First Bank of Nigeria Limited has announced its sponsorship of Kakadu the Musical, a theatre production from the stables of Playhouse Initiative. The play, which is set to return to stage from 28 to 30 December 2023 at the Shell Hall, MUSON Centre, Lagos, is among the activities lined up in the 2023 edition of FirstBank’s annual DecemberIssaVybe.  Written and produced by Uche Nwokedi, Kakadu the Musical is a reverberating drama of survival and hope that trails the journey of four friends from different tribes – Emeka, Kola, Osahon and Dapo alongside their…

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Zenith Bank wins Euromoney 2023’s digital solution award

Zenith Bank Plc has been named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023, underscoring the bank’s pioneering and outstanding achievements in delivering cutting-edge digital financial solutions. Speaking on the recognition, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said, “We are delighted to receive the distinction as the Best Bank for Digital Solutions in Nigeria. This accolade serves as a validation of Zenith Bank’s trailblazing initiatives in integrating advanced technology within Nigeria’s financial services sector. Our commitment to expanding…

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Abdul Imoyo: ACAMB issues statement, seeks respect for family’s privacy

The Association of Corporate & Marketing Communications Professionals in Banks in Nigeria (ACAMB) is deeply saddened to announce the passing of its esteemed Publicity Secretary, Mr. Abdul Kolawole Imoyo. Mr. Imoyo, a highly regarded corporate media manager and Journalist, breathed his last in the early hours of Sunday, December 17, 2023, at First Cardiology, Ikoyi, Lagos, after a brief illness. In a statement signed by ACAMB’s President, Rasheed Bolarinwa, on behalf of the Executive Committee and entire members of the Association, it says until his untimely demise, Mr. Imoyo served…

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SMEs to access funds from FG’s N150bn Grant

The manufacturing sector is set for relief as the federal government is set to kick off its two programmes targeted at alleviating the impact of the fuel subsidy removal – the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme. In the Presidential Conditional Grant Programme, the federal government will disburse N50,000.00 (Fifty Thousand Naira) to nano businesses, across the 774 local government areas. The federal government, through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN) will collaborate with…

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FIRSTBANK DECEMBERISSAVYBE: Asake kicks off 2023 superstar concerts, events

By Bolaji Israel FirstBank, Nigeria’s premier financial institution, is set to ignite the annual DecemberIssaVybe fun time energy with the sponsorship of heavyweight sensational Nigerian singer, Asake’s super star musical concerts in Abuja and Lagos. Asake also known as Mr Money, an award-winning singer and the rave of the moment, famed for his monster global Afrobeat hit songs, will be performing in Abuja on Friday, 15th December at Harrow Park. The Lonely At The Top crooner will be kicking off to a great start in the lineup of super star…

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CBN issues new directives to banks amidst naira scarcity

The Central Bank of Nigeria (CBN) has suspended the charging of processing fees of 2 percent and 3 percent previously charged on all cash deposits above N500,000 and N3,000,000 by individuals and corporates respectively, with immediate effect. This was disclosed in a statement on Monday by the Acting Director, Banking Supervision, Dr Adetona Adedeji. According to the statement, the suspension shall remain in effect until April 30, 2024. Recall the processing charges imposed on cash deposits aboveN500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges…

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Wins Bank of the Year Africa 2023, as subsidiaries in Africa come top

Africa’s Global bank, United Bank for Africa (UBA) Plc, has again demonstrated its prowess on the international stage as it clinched nine prestigious awards at The Bankers Awards 2023, organized by The Banker Magazine – a publication of Financial Times of London, the world’s leading business newspaper. The prestigious awards presented to the Bank at a ceremony in London, United Kingdom on Thursday, included the highly coveted Bank of the Year Africa 2023, solidifying UBA’s position as the leading financial institution on the African continent. The Bank’s subsidiaries also emerged…

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Zenith Bank signs MOU with CFA Institute to boost financial expertise

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector.The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, IbukunOyedeji on Tuesday, November 28, 2023. Speaking at the MoU signing ceremony, the Group…

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Mega crisis hits Coronation Merchant Bank over weak capital base

Stakeholders of Coronation Merchant Bank (CMB) are worried over the going concern of the financial institution as it struggles to stay afloat over its weakened capital position. This is even as the Long-Term Issuer Default Rating (IDR) of the bank has been downgraded by Fitch Ratings to ‘CC’ from ‘B-‘, with its Viability Rating (VR) also lowered to ‘cc’ from ‘b-‘. In a note released on Monday, the rating agency said it also demoted the bank’s National Long-Term Rating to ‘B+(nga)’ from ‘BBB-(nga)’, raising some red flags that prompted its…

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Oyo Govt. lists criteria for disbursing N1bn loan to farmers

The Chairman, Oyo State Agricultural Credit Corporation of Oyo State, (ACCOS), Sheik Taofik Akeugbagold, has listed the criteria being used to disburse the One Billion Naira loan to farmers to ensure geographical spread. Akeugbagold made the revelation during a sensitization tour to the 7 geopolitical zones in the State which ended today. The muslim cleric also said to access the N1b single digit interest loan under the Sustainable Action for Economic Recovery (SAfER) sub-committee, an applicant must be a duly recognized farmer. Speaking further on the criteria for the disbursement…

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Osunkoya, Access Holdings chairman is dead

Access Holdings Plc, has announced the death of the chairman of its board of directors, Bababode Osunkoya. According to a statement filed with the Nigerian Exchange Limited on Thursday night, Osunkoya died after a brief illness on Tuesday. The statement signed by the company secretary, Sunday Ekwochi, said that “Consequent upon the tragic event, the company now has a nine-member board comprising of six non-executive directors (two of whom are independent) and three executive Directors inclusive of the group chief executive officer.” The company revealed that the board will announce…

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Tinubu seals multi-billion dollar funding with IDB in Saudi

President Bola Tinubu has advanced negotiations concerning a multi-billion dollar finance from the Islamic Development Bank management to fund infrastructure projects in Nigeria. This was disclosed in a statement signed by his Special Adviser, Ajuri Ngelale, on Tuesday, November 14. The statement read, “President Bola Tinubu, on Monday night, in Mecca, Saudi Arabia, advanced negotiations concerning a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multi-sectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria. “This development was the outcome of substantive…

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CBN Gov, Cardoso hosts Sanusi, Awosika others, pledges price stability

The governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reiterated that, under his leadership, the bank will focus mainly on the core mandate of price stability. He disclosed this, while playing host to the Impact Investing Community, led by the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighbouring countries, Muhammadu Sanusi II, who is also a former governor of the CBN. Addressing the team in his office, Cardoso said, he and his team were determined to change the…

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City of Houston, Texas, USA proclaims October 25 as FITCC Day

In recognition of Fidelity Bank Plc’s commitment to fostering bilateral trade and economic development between the city of Houston, Texas and Nigeria, the City of Houston has designated October 25 as “Fidelity International Trade and Creative Connect Day”. Mayor Sylvester Turner of Houston officially declared the special day in a statement released from Houston, Texas, on Thursday, 26 October 2023. The proclamation reads in part, “Whereas, The Fidelity International Trade and Creative Connect summit committed to fostering bilateral trade and economic development between the city of Houston and Nigeria. The…

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FirstBank celebrates week of kindness, partners NCF to plant 50,000 trees in three years

In furtherance of its leading role in promoting socio-economic development, Nigeria’s premier and leading financial inclusion services provider, has announced the commencement of its Annual Corporate Responsibility and Sustainability Week. For the past seven years, FirstBank colleagues and customers come together to participate in global annual volunteer (Start Performing Acts of Random Kindness) SPARK initiative, to give back to and foster positive change within the communities where they live and work. This has seen an impact of over 200,000 lives across eight countries, over 103 charities supported as well as…

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Stakeholders discuss ESG strategies at Aspire Coronation Trust Foundation’s dialogue

Non-profit, private and public sector professionals have been advised to adopt Environmental, Social and Governance (ESG) strategies to advance sustainable development and drive impact on the continent of Africa. This submission was made by sustainability experts at the 7th Breakfast Dialogue organised by the Aspire Coronation Trust Foundation, a grantmaking non-profit organsiation established in partnership with Access Bank, in Lagos recently. The annual event which focused on a growing international conversation on ESG practices brought together policymakers, and industry experts to explore the topic; Advancing Sustainable Development in Africa: The…

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Access Holdings, Art X Collective to inspirw Afrca’s emerging talent with the Access Art X prize

Access Holdings, a trailblazing financial institution, and ART X Collective, a leading cultural enterprise, have announced commencement of the highly anticipated entry call for the Access ART X Prize 2023. The applications, which became open to the public on Wednesday, September 20, 2023 will run through Wednesday, October 18, 2023. Entries will be exclusively available for submission at ARTXLAGOS.COM/PRIZE. Through the 2023 edition, ART X Collective and Access Holdings will be empowering emerging artists by selecting two outstanding talents, each receiving a healthy $10,000 grant towards an exhibition at ART…

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Houston, Texas gears up for Fidelity Bank’s FITCC Trade Expo

All is now set for the Fidelity International Trade and Creative Connect (FITCC) billed for Houston, Texas in the United States of America. Labeled as FITCC Houston, the second edition of the international expo will take place from the 24th to 25th of October, 2023 at the plush George R. Brown Convention Center, 1001 Avenida de las Americas. Following the successful maiden edition that held last November in London with over $200million worth of deals closed, the bank is set for another edition of the globally rated expo. This year’s…

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CBN lifts forex ban on rice, cement, 41 other items

The Central Bank of Nigeria (CBN) has lifted the ban placed on all 43 items previously restricted from purchasing Foreign Exchange to boost liquidity in the FX market. This was made known in a statement issued by the apex bank’s Director, Corporate Communications, Dr Isa AbdulMumin, on Thursday, October 12, 2023. The CBN had in October 2021 restricted access to Forex from FX market for the following 43 items: Rice, cement, Margarine, Palm kernel, palm oil products and vegetable oils, Meat and processed meat products and Vegetables and processed vegetable…

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Dangote refinery to wait till November to process Nigerian crude oil

The Dangote Petroleum Refinery is currently importing crude oil and expects its first crude cargo in two weeks’ time, the Executive Director, Dangote Group, Devakumar Edwin, has revealed. Although the Nigerian National Petroleum Company Limited trades crude oil on behalf of Nigeria, Edwin in an interview with S&P Global Commodity Insights on Monday, said the NNPCL had committed its crude to other entities. The Dangote refinery boss did not disclose the other entities receiving the oil company’s crude but NNPC disclosed last month it had entered into a $3bn crude…

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AMCON insists on standard practice to resolve issues with Arik Air

Mr Ahmed Lawan Kuru OFR, Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON); Mr Ayodele Aminu, Managing Director of New Telegraph newspaper, Mr Mojeed Jamiu, Executive Editor Upshot Reports, and Mr Jude Chiedozie Nwauzor, Head, Corporate Communications Department, AMCON at the Media Parley hosted by AMCON in Lagos on Monday “The challenge of Sir Arumemi Johnson’s Arik Air Limited (in Receivership) under the auspices of the Asset Management Corporation of Nigeria (AMCON), may seem difficult, but the situation is not irredeemable. There is always a way out of…

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“It’s injustice for anyone to blame Tinubu for the current economic hardship” -Sanusi

Former Central Bank of Nigeria (CBN) governor Muhammadu Sanusi, has said it would be unfair for him to blame President Bola Tinubu over the economic hardship in Nigeria. Speaking During a virtual religious event on Sunday, Sanusi said Nigerians who expected him to speak about the economic hardship deliberately wanted him to go against the president. He stated that he had to deviate from the religious theme of the event to remind Nigerians about his position on the badly managed economic policies of the immediate past administration. “If I am…

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GTCO releases ₦327.4bn PBT for 2023 half year audited results Reports

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦327.4billion, representing an increase of 217.1% over ₦103.2billion recorded in the corresponding period ended June 2022. The Group’s loan book (net) increased by 22.8% from ₦1.89trillion recorded as at December 2022 to ₦2.32trillion in June 2023, while deposit liabilities grew by 37.0% from ₦4.61trillion in December 2022…

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‘Its false news,’ Elumelu says no CBN job for me

Tony Elumelu, chairman of Heirs Holdings, has denied a report that he is being lined up as the next governor of the Central Bank of Nigeria (CBN). An All Progressives Congress (APC) member, Imran Muhammad had made a post on X (formerly Twitter), suggesting that Elumelu is likely to be the next CBN governor. “According to a source, President Bola Ahmed Tinubu is also considering Tony O. Elumelu as CBN Governor,” Muhammad posted. Elumelu responded to the post on his X page by simply saying “LOL. No, please. This is…

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FBNHoldings wows the market with 2023 H1 earnings blowout

FBNHoldings (FBNH), the parent company of Nigeria’s pioneer Bank, First Bank of Nigeria Limited published stellar results, confounding analysts, and exciting investors. Equally as amazing as the spectacular results, which saw earnings per share surge by 234% to N5.19 was the fact that the banking behemoth was able to eke out this profit in a financially hostile policy environment where bank earnings have been squeezed. The Bank’s holding company has also been a subject of shareholder squabbles, which ordinarily should be a distraction to the management and a drag on…

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Fidelity Bank Distributes Food Packs to Benue IDPs

Leading financial institution, Fidelity Plc, has distributed over 1,200 food packs to the internally Displaced Persons in Makurdi, Benue State in its ongoing commitment to eliminate hunger among vulnerable persons in the society. The event, which took place on Thursday, 10 August 2023 at the IDP Camp, Federal Housing Estate in North Bank, Benue State was executed in partnership with the Hyacinth Alia Foundation and the Benue State Emergency Management Agency (BESEMA). Speaking during the distribution event, the Divisional Head, Brand and Communications, Fidelity Bank Plc, Meksley Nwagboh noted that…

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Zenith Bank partners AfCFTA for trade promotion, signs agrrement to develop SmartAfCTA portal

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat for the development of the SMARTAfCFTA Portal, for trade promotion within the African continent. The SMARTAfCFTA Portal, which has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, rules of origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa, will help to unlock the vast opportunities for trade…

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FirstBank rolls out 4th set of SMDP graduates

First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, has announced the graduation of 20 successful participants in the fourth edition of its Senior Management Development Programme (SMDP) at an event held recently at Oriental Hotel, Lagos. Before the 2023 graduation, the SMDP had produced 52 graduates. The Bank successfully graduated 23 participants in its inaugural edition, held in 2018; 17 in 2019 and 12 in 2020. The Senior Management Development Programme (SMDP) is FirstBank’s intensive modular programme for a select group of senior managers to principal…

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