Author: Jasmin Ekua, Banking & Finance

Zenith Bank Plc is offering its ongoing hybrid rights and public offers at the bank’s lowest price range, locking in about 32 per cent gain in potential immediate return for existing shareholders and new investors. Nigeria’s largest bank by profit, Zenith Bank is offering a rights issue of 5.233 billion ordinary shares of 50 kobo each at N36 per share. The shares were pre-allotted to existing shareholders on the basis of one new ordinary share for every six existing ordinary shares held as at the close of business on Wednesday,…

The Central Bank of Nigeria (CBN) has given a node for the merger arrangement between Unity Bank Bank and Providus Bank. The bank’s spokeswoman, Mr. Hakama Sidi Ali gave the indication in Abuja, last night. A statement by Mrs. Sidi Ali reads in full, “The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. “This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks. The…

The Nigeria Deposit Insurance Corporation (NDIC) says account names discrepancies in Bank Verification Number (BVN) linked alternate account of some defunct Heritage Bank customers is delaying the payment of their insured deposits. Mr Bello Hassan, the Managing Director of NDIC told the News Agency of Nigeria (NAN) on Sunday in Abuja. Hassan said the corporation had paid substantial amount to depositors of the defunct bank without BVN account linked issues. He called on depositors of the bank who were yet to receive their insured deposit credit alert to visit the…

Nigeria’s premier financial institution and financial inclusion services provider has bagged two awards: Best SME Bank in Africa and Best SME Bank in Nigeria at the highly converted Asian Banker Global Excellence Retail Awards 2024. The Excellence in Retail Finance Awards Programme, which includes the Global Excellence in Retail Finance Awards and The Annual Digital Bank Awards, is one of the most established awards of its kind, recognising exceptional innovation, leadership, management, and performance in the financial sector. The 130-year-old institution bagged these two awards because of its full suite…

By Kayode Tokede FBN Holdings Plc declared N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) ended March 31, 2024 results, which was about 325.2percent growth from the N56.1 billion reported in Q1 ended March 31, 2023. The Q1 2024 results was a reflection of 2023 impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges. From its Q1 2024 profit & loss figures, the Group declared N208.1 billion profit, which was about 315.8 per cent compared with the…

Access Bank Sierra Leone Ltd (‘Access Bank (SL) Ltd’) has announced the appointment of new executives to its Board of Directors (‘the Board’), further strengthening its leadership team and advancing the implementation of its growth and transformation strategy. These appointments also reflect the Bank’s commitment to fostering growth and development while maintaining the highest standards of governance and stewardship. Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole,Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko. The appointees boast a wealth of expertise from diverse sectors,…

Shareholders of Zenith Bank Plc unanimously approved the restructuring of the Bank to a holding company during a court-ordered Extraordinary General Meeting (EGM) held virtually from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos, on Friday, April 26, 2024. In accordance with the Scheme of Arrangement dated March 28 2024, pursuant to Section 715 of the Companies and Allied Matters Act (CAMA), 2020 between the Bank and the holders of the fully paid ordinary shares of 50 Kobo each in the Bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 Kobo…

The federal government on Monday, April 22, vowed to sell off the five electricity Distribution Companies (DisCos) now under the management of banks and Asset Management Company (AMCON) in the next three months to reputable technical power operators. Recalled that Abuja Electricity Distribution Company (AEDC) is currently under the management of the United Bank of Africa (UBA), Fidelity Bank manages Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company while Ibadan Electricity Distribution Company is under the AMCON management. They all found themselves under the new…

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…

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…

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,…

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.

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…

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…

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…

* 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…

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…

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…

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…

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…

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…

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…

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…

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…

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…