Business – National Infinity Magazine

CBN postpones September MPC meeting as Cardozo resumes as Governor

September 22, 2023September 22, 2023 Jide Ige

The Central Bank of Nigeria has postponed the Monetary Policy Committee’s 293rd meeting, which was scheduled for Monday and Tuesday, September 25 and 26, 2023 just as newly appointed Central Bank Governor, Olayemi Cardozo and four deputies resumed at the apex bank’s Abuja head office. According to a press statement by the bank’s Director of Corporate Communications, Dr Isa AbdulMumin, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively. “A new date will…

NNPC sacks all management staff

September 21, 2023 Jide Ige

The Nigerian National Petroleum Company Limited has compulsorily retired all management staff with less than 15 months to statutory retirement. In an early Tuesday morning announcement, the company declared that the retirement of the affected workers was with immediate effect, stressing that the move would support its business objectives. The national oil firm disclosed this via its official X (formerly Twitter) handle, as it said, “In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.…

Dangote refinery to wait till November to process Nigerian crude oil

September 20, 2023September 21, 2023 Jasmin Ekua, Banking & Finance

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…

‘Almost all our debtors are in litigation with us’ – AMCON laments how the judiciary is stalling debt recovery efforts

September 20, 2023September 20, 2023 Jide Ige

*From all indications, the Asset Management Corporation of Nigeria (AMCON) may still have a long way to go in meeting its recovery mandate as the majority of 350 individuals and business entities with 84 per cent of the yet-to-be-recovered debts have tied AMCON down in courts, a situation that has stalled efforts to resolve the cases. 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…

Africa’s Finest: 6th Edition of The GTCO Fashion Weekend Holds in November

September 20, 2023September 20, 2023 Jide Ige

The Fashion Industry is in for another exciting experience as the GTCO Fashion Weekend returns for its 6th edition in November. The highly anticipated event is scheduled to hold on November 11th and 12th, 2023, at the GTCentre, Plot 1 Water Corporation Drive, Oniru, Lagos. The GTCO Fashion Weekend is an annual consumer-focused fair designed to showcase the best of Africa’s Finest fashion to a global audience. Over the years, the event has firmly established its place as an incubator for diverse talent, creativity, and enterprise in fashion retail, bringing…

AMCON insists on standard practice to resolve issues with Arik Air

September 18, 2023 Jasmin Ekua, Banking & Finance

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…

Tinubu names Olayemi Cardoso as CBN Governor, appoints four deputies

September 15, 2023 Jide Ige

President Bola Tinubu on Friday approved the nomination of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria for a term of five years at the first instance, pending his confirmation by the Senate.⁣ ⁣ “This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and four Deputy Governors for the Central Bank of Nigeria, subject to confirmation by the Senate of…

NERC jerks up prices of pre-paid meters

September 6, 2023 Jide Ige

The Nigerian Electricity Regulatory Commission (NERC) has approved an upward price increase for prepaid electricity meters in the country by 40 per cent. The commission announced this in an order released with the number, NERC/2023/020, jointly signed by the commission’s Chairman, Sanusi Garba, and its Commissioner, Legal, Licencing and Compliance, Dafe Akpeneye. The commission stated that a single-phase meter would now cost N81, 975.16k from the previous price of N58,661.69k, while the price of a three-phase meter was raised to N143,836.10k from N109,684.36k. NERC stressed that the increment was to…

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

September 4, 2023 Jasmin Ekua, Banking & Finance

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…

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

September 4, 2023 Jasmin Ekua, Banking & Finance

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…

Sanwoolu, first passenger as Lagos Blue Line launches commercial operations

September 4, 2023 Jide Ige

The Lagos Rail Mass Transit Blue Line System has begun its long-awaited commercial operations. The Lagos State Governor, Mr Babajide Sanwo-Olu, became the first passenger to ride on the train during its inaugural ride as operations began on Monday. The governor boarded the train from the Marina terminal enroute Mile 2. The Managing Director, Lagos Metropolitan Area Transport Authority, Mrs Abimbola Akinajo, announced on Thursday that the Lagos Blue Line Rail would commence commercial operations on Monday, September 4. Akinajo added that Governor Sanwo-Olu would be the first passenger during…

Alake unveils master plan for Solid Mineral development

September 3, 2023 Jide Ige

Delẹ Aláké, Nigeria’s Solid Minerals ministerhas unveiled an action plan for the ministry that will reposition and generate Direct Foreign Investment for the Federal Government through the ministry. In its efforts to diversifying the Nigerian economy, the Ministry of Solid Minerals id targeting to add at least 50% to the nation’s Gross Domestic Product (GDP). Also, the Solid Minerals Ministry is poised to attract Foreign Direct Investment (FDI) to the country through several initiatives. Minister of Solid Minerals, Mr. Dele Alake, declared that mining is a big business and Nigeria…

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

September 2, 2023September 2, 2023 Jasmin Ekua, Banking & Finance

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…

Zenith Bank names Juliet Ehimuan as non executive director

September 2, 2023 Jide Ige

The Board of Directors of Zenith Bank Plc has appointed Dr. Juliet Ehimuan as a Non-Executive Director of the bank effective August 29, 2023. The appointment, which was announced in a statement to the Nigerian Exchange (NGX) Limited on Tuesday, August 29, 2023, has also be confirmed by the Central Bank of Nigeria. Dr Juliet Ehimuan is the Founder and CEO of Beyond Limits and the immediate past Director of Google West Africa. She was named by Forbes as one of the top 20 power women in Africa, by the…

FBNHoldings wows the market with 2023 H1 earnings blowout

August 22, 2023August 22, 2023 Jasmin Ekua, Banking & Finance

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…

FirstBank commissions another automated self service centre in Ibadan Varsity

August 19, 2023August 20, 2023 Jide Ige

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services organisation, has announced the launch of its second fully automated branch, the FirstBank Digital Xperience Centre (DXC), on the campus of the University of Ibadan (U.I). Professor. Kayode Adebowale, Vice Chancellor, University of Ibadan, Professor E.O Ayoola, Deputy Vice Chancellor Admin and Professor Aderonke Baiyeroju, Deputy Vice Chancellor, Academics led the university community in hosting the delegation from FirstBank comprising Dr. Adesola Adeduntan, CEO, FirstBank; Callistus Obetta, Group Executive, Technology & Innovation Services and Timothy Arowoogu, Group Head,…

Access Bank launches custody service as part of expansion strategy

August 16, 2023 Jide Ige

Access Bank Plc has, as part of its expansion strategy, launched custody services to offer safekeeping and servicing of financial assets to its customers. The Managing Director of Access Bank, Mr Roosevelt Ogbonna, made this known in a statement in Lagos on Tuesday. Ogbonna said that the expansion into custody services came after obtaining regulatory approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) in December 2022. He said that custody services was a crucial component of the bank’s continued growth and expansion strategy.…

Oil Marketers seek review of subsidy removal as Tinubu says no price hike

August 16, 2023August 16, 2023 Benjamin Chukwudaalu, Political Reporter

Oil marketers have advised the President, Asiwaju Bola Ahmed Tinubu, to gradually relax the removal of subsidy on Premium Motor Spirit, popularly called petrol, following the inability of importers to access the United States dollars and the impact which this was having on businesses. This came as the President, on Tuesday, ruled out fuel price hike and reversal of fuel subsidy. However, marketers of petroleum products encouraged the President to learn from Kenya, stressing that the African country had to return subsidy on petrol to curb the devastating impact which…

Fidelity Bank Distributes Food Packs to Benue IDPs

August 15, 2023 Jasmin Ekua, Banking & Finance

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…

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

August 11, 2023August 11, 2023 Jasmin Ekua, Banking & Finance

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…

FirstBank rolls out 4th set of SMDP graduates

August 11, 2023 Jasmin Ekua, Banking & Finance

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…

Ese Daniel, Lagos businesswoman wanted by Interpol over N750m fraud

August 6, 2023 Wura Kelani, Crime Reporter

International Police (Interpol) has declared a Nigerian businesswoman, Ese Cynthia Daniel, wanted over an alleged ₦750 million fraud. This is stated in an INTERPOL bulletin titled CR: 3000X/ICPO/ADM/LD/VCP/Vol. 4/93, which states that an arrest warrant has been issued by the Lagos State magistrate court. “The above-named person is hereby declared wanted by the Nigeria Police Force,” the bulletin reads. Ese, a Delta State native, has been accused of conspiracy and fraudulently converting the sum of ₦750 million in Lagos between January 24 and 26, 2023. Interpol said the suspect obtained…

Pro Niger coup ‘hacktivists’ attack MTN networks over FG stance

August 4, 2023 Benjamin Chukwudaalu, Political Reporter

Pro-Nigerien hackers, Anonymous Sudan, tried to shut down MTN Nigeria’s network, to protest Nigeria’s stance on the coup in the Republic of Niger. A credible source in the telecommunication firm, who spoke to our correspondent on Thursday, that the hackers tried to access MTN’s network many times but failed. Anonymous Sudan, a hacktivist group, had on Wednesday claimed it had launched a cyberattack against MTN Nigeria. The group claimed that its attack was because of Nigeria’s proposed military intervention in Niger. In a statement on its Telegram channel, it said,…

Access Holdings receives Karlsruhe Award for Outstanding Business Sustainability Achievement for the 8th consecutive time

August 1, 2023August 1, 2023 Jide Ige

Access Holdings Plc has been honoured with the prestigious Karlsruhe Award for Outstanding Business Sustainability Achievement for the eighth consecutive time. Presented at the Global Sustainable Finance Conference (GSFC) organised by the European Organisation for Sustainable Development (EOSD) in partnership with the city of Karlsruhe, Germany, the Award underscores the sustainability commitment demonstrated in the way Access Holdings conducts its business operations and activities. Delivering the opening remarks at the Awards event, the Lord Mayor of Karlsruhe, Dr. Frank Mentrup, lauded the unwavering commitment of the organisations present and urged…

3rd Time Winner: Zenith Bank emerges as the Best Corporate Governance Bank at WFCGA

August 1, 2023 Jide Ige

For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023. The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year. These awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently. The recognitions celebrate the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate…

FG to boost SMEs with N50bn, new minimum wage coming -Tinubu

August 1, 2023 Jide Ige

President Bola Ahmed Tinubu has approved N50 billion for small businesses and promised workers that a new minimum wage will be announced. Tinubu said this in his nationwide broadcast on the state of the economy while appealing to Nigerians to persevere in the current pains of the removal of fuel subsidy. “Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion,” Tinubu said. “Out of the sum, we will…

Highpoints of Pres. Tinubu’s national broadcast

August 1, 2023 Jide Ige

Here are 13 takeaways from the President’s broadcast: 1. Fuel subsidy that cost the country trillions yearly only benefited some few individuals. 2. Previous administration of President Muhammadu Buhari seeing the danger of continuing with the fuel regime, only made provision for it until June 2023. 3. By removing the subsidy, government is saving N1tn monthly 4. Ending the multiple exchange rates was necessary to correcting the imbalances bedeviling the Nigerian economy. 5. Federal Government already working with state and local governments to work out interventions that will ease current…

AbdulSamad Rabiu maintains dominance in Bua Cement, increases stake by 45m shares

July 29, 2023July 29, 2023 Jide Ige

Chairman of Bua Cement, AbdulSamad Rabiu, has acquired additional 45 million units of the shares of the group. This was disclosed in a notice of insider trading filed on the Nigerian Exchange Limited on Wednesday. According to the notice, Rabiu bought 45 million shares at the rate of ₦85 per share. The deal is worth N3.825bn. Rabiu is the ultimate majority shareholder of the organisation. According to the 2022 audited report of the company, Rabiu was the majority shareholder of the company holding 19,044,995,225 billion shares, which was a 56.24…

10 Things you can do to survive this economic hardship

July 29, 2023 Yemi Thomas, Entertainment Editor

It is no longer news that when faced with difficult socio-economic conditions, Nigerians often resort to desperate measures to cushion the resultant effects. Little wonder since President Bola Tinubu announced the discontinuation of the petrol subsidy during his inaugural speech on May 29, 2023, and the recent hike in the price of petrol, Nigerians have devised strategies to ameliorate the resultant effects. For years, the Nigerian government subsidised the price of petroleum products, especially petrol, and kerosene, to alleviate the burden of high costs on consumers. In the past, the…

Knorr Jollof Fest elevates the Jollof experience in Lagos

July 26, 2023 Yemi Thomas, Entertainment Editor

The second edition of the highly anticipated Knorr Jollof Fest took place on July 23, 2023, at the vibrant Muri Okunola Park in Lagos. This remarkable event was a true celebration of Nigeria’s beloved dish – Jollof rice, captivating the hearts and taste buds of attendees from all walks of life, and not even the rain could dampen the spirits of the enthusiastic participants who came out to have a good time. The Knorr Jollof Fest was an immersive culinary experience that delighted attendees with a variety of captivating activities…

Kwara gov rolls out palliatives for state workers across all sectors

July 24, 2023July 24, 2023 Benjamin Chukwudaalu, Political Reporter

Kwara State Governor, AbdulRahman AbdulRazaq, has approved N10,000 monthly palliative for workers. The N10,000 monthly palliative is to help workers cope with the recent fuel subsidy removal and its attendant economic impacts. The government’s decision was announced at a press conference addressed by the Chief Press Secretary to the governor, Rafiu Ajakaye, at the Government House, Ilorin on Monday. Ajakaye said, “On top of the palliatives is a cash support of N10,000 for every public sector worker in the state, which will begin this month (July) and last until a…

Illegal Pricing: FG slams N1m fine on PoS operators

July 24, 2023 Jasmin Ekua, Banking & Finance

The Federal Government, through the Federal Competition and Consumer Protection Commission, has issued a cease-and-desist order to Point of Sale operators from conduct that constitutes an infringement of the law. This follows the move by PoS operators, under the umbrella of the Association of Mobile Money and Bank Agents in Nigeria, to fix new prices for PoS transactions. The new pricing model began on July 17, 2023. According to the commission, PoS operators that are found in violation of the order will pay N10m for corporate entities and N1m and,…

FBNHoldings Posts N206b Half-Year Profit

July 24, 2023July 24, 2023 Jasmin Ekua, Banking & Finance

FBN Holdings Plc (FBNHoldings) has posted N206 billion profit before tax in the first half of the year. The six-month report for the period ended 30 June 2023 showed that the company grew gross earnings and profit before tax to N656.6 billion and N206.3 billion respectively. Group Managing Director, FBN Holdings Plc, Mr. Nnamdi Okonkwo said the company has continued to deliver a strong financial performance despite the complex operating environment due to its reinforced foundations, deep market understanding, strong risk management and execution capabilities. “Across our businesses, we continue…

PoS operators dare Consumer Protection Commission, insist on new prices

July 20, 2023 Jasmin Ekua, Banking & Finance

The National Public Relations Officer, Association of Mobile Money and Bank Agents in Nigeria, Oluwasegun Elegbede, has said its members have no intention to revert to old prices charged for services. PoS agents under the association recently announced increases in the cost of PoS transaction costs and began the implementation of the new prices on Monday. Following the move, the Federal Competition and Consumer Protection Commission moved to stop the PoS transaction charges. Speaking with The PUNCH, Elegbede said, “What has the commission done to other price increases across other…

Access Holdings raise funds to secure brighter future for African children at UK Polo Day

July 20, 2023July 20, 2023 Jide Ige

Access Holdings, a leading African finance institution committed to making a difference, has once again demonstrated its dedication to ensuring children have the chance to access quality education. Through its recent Polo Day, held at the esteemed Guards Polo Club in Windsor, United Kingdom, the group secured pledges for the construction of 100 classroom blocks in Nigeria. The classrooms will go a long way in ensuring countless underprivileged children will have access to a safe and nurturing learning environment, ultimately inspiring them to dream, learn and become more. In his…

Euromoney names Guaranty Trust best bank in Nigeria

July 18, 2023 Jasmin Ekua, Banking & Finance

GUARANTY TRUST BANK NAMED BEST BANK IN NIGERIA BY EUROMONEY Lagos, Nigeria – July 17, 2023: Guaranty Trust Bank Ltd (“Guaranty Trust” or “the Bank”) has been named Best Bank in Nigeria at the Euromoney Awards for Excellence 2023. This marks a record 12th time that Guaranty Trust Bank has been recognised as the leading financial institution in Nigeria. Announcing the award, Euromoney stated: “Nigeria’s Best Bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to…

Why petrol hit N617 per litre -Kyari, NNPCL boss

July 18, 2023July 18, 2023 Jide Ige

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has attributed the rise in petrol pump prices in Nigeria to market forces. This follows a recent price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model. Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, Kyari said, “They are just prices depending on the market realities. This is the meaning of making sure that the market regulates itself. Prices…

Access Bank acquires Standard Chartered Bank in Angola, Cameroon, The Gambia, Sierra Leone, and Tanzania

July 16, 2023July 17, 2023 Jasmin Ekua, Banking & Finance

Access Bank Plc (Access) and Standard Chartered Bank have entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria. The announcement was made today at Standard Chartered’s Headquarters in London in the presence of senior representatives from both banks. Signed by, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered,…

Keystone Bank, businessman at war over alleged illegal withdrawal

July 16, 2023 Jide Ige

An account holder with the Keystone Bank, Bala Ibrahim, has been finding it difficult to meet his financial needs after an erstwhile manager of a branch of the bank in the Agege area of Lagos State, Tijani Saleh, allegedly made an unauthorised withdrawal of N5.9m from his corporate account. Ibrahim, while speaking with our correspondent, said efforts to get the bank to refund his money proved abortive. PUNCH Metro gathered that Ibrahim opened a corporate account with the bank and funded the account with N20m. Shortly after funding the account,…

Access Bank completes acquisition of Angolan’s Finibanco

July 14, 2023 Jide Ige

Access Bank Plc, the flagship subsidiary of Access Holdings, has completed the acquisition of majority equity in Angolan entity, Finibanco Angola S.A. The bank disclosed this in a notice filed on the Nigerian Exchange Limited on Thursday. Access Holdings had earlier announced the deal on October 4, 2022, and had received regulatory approvals in Nigeria and Angola. Commenting on the development, the Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, said, “In anticipation of the completion of the transaction, the bank has made excellent progress in integration planning. “Our…

DISCOs write NERC, seek tariffs review

July 14, 2023July 14, 2023 Benjamin Chukwudaalu, Political Reporter

The Federal Government has disclosed that the eleven successor electricity companies have applied for a review of their respective electricity tariffs. Disclosing this through a notice published by the Nigeria Electricity Regulatory Commission (NERC) on Friday, the Federal Government said the request for rate review is premised on the need to incorporate changes in macroeconomic parameters and other factors affecting the quality of service, operations and sustainability of the companies. In the notice obtained by Channels Television, NERC stated that Discos request for rate review is in pursuant to Section…

Shettima, Abiodun, Sanwo-0lu lead dignitaries to bid Balogun farewell

July 10, 2023July 10, 2023 Jide Ige

Otunba Subomi Balogun, the founder of First City Monument Bank, was on Saturday, buried in Ijebu Ode, Ogun State. The town of Ijebu Ode, Ogun State was agog with dignitaries who gathered to honour the 89-year-old late Olori Omo Oba of Ijebuland. The funeral service kicked off at 10 am at the Cathedral Church of Our Saviour in Ijebu Ode. It was followed by a private family interment. Prominent Nigerians who bade the chairman of the FCMB farewell include Vice President, Kashim Shettima; former head of state Gen. Yakubu Gowon…

Zukerberg’s Threads rival Twitter with over 10m users in first hours

July 6, 2023 Yemi Thomas, Entertainment Editor

More than 10 million people have signed up for Threads, Meta’s rival to Twitter, within the first few hours of its launch, the company’s CEO Mark Zuckerberg said on Thursday. The app went live on Apple and Android app stores in 100 countries at 2300 GMT on Wednesday and will run with no ads for now, but its release in Europe has been delayed over data privacy concerns. Threads is the biggest challenger yet to Elon Musk-owned Twitter, which has seen a series of potential competitors emerge but not yet…

Tinubu suspends 5% telco tax, signs four executive orders

July 6, 2023 Benjamin Chukwudaalu, Political Reporter

President Bola Tinubu has signed an Executive order suspending the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products. Tinubu’s spokesman, Dele Alake, made the announcement during a press briefing at the State House in Abuja on Thursday. The President also signed the Finance Act (Effective Date Variation) Order, 2023, which postpones the implementation date of the changes outlined in the Act from May 23, 2023, to September 1, 2023, according to Alake. Alake noted that the development is to…

GTCO Autism Conference 2023: Empowering voices for Austism

July 5, 2023 Jasmin Ekua, Banking & Finance

Guaranty Trust Holding Company Plc (GTCO) has announced dates for the 2023 GTCO Autism Conference and follow-up consultations. This year’s programme is themed “Empowering Voices for Autism” to promote inclusivity and self-advocacy for persons on the Autism Spectrum. An offshoot of the Orange Ribbon Initiative, the GTCO Autism Conference has grown to become a reference point for autism advocacy and intervention in Africa, providing support and empowerment to thousands of people with neurodevelopmental disorders. Working with specialists and partner organisations within and outside Nigeria, the conference will feature lectures, panel discussions,…

Abuja hotel collapses, scores feared trapped in rubble

July 3, 2023 Benjamin Chukwudaalu, Political Reporter

Scores are feared trapped in the rubble of a four-storey hotel building which collapsed on Monday in Dape, Life Camp, Abuja. Daily Trust gathered that the hotel is owned by Summit Villa Hotel Services. The building was under construction at the time of the collapse. The building, which is under construction, is located in a swampy area called Dape near Berger Clinic and was said to have collapsed as a result of substandard materials, according to eyewitnesses’ accounts. A rescue team from the National Emergency Management Agency (NEMA) is already…

14th Consecutive winner: Zenith Bank is Nigeria’s number one bank in World’s 1000 Banks Ranking

July 3, 2023 Jide Ige

Zenith Bank Plc has retained its ranking as the Number One Bank in Nigeria by Tier-1 Capital in the 2023 Top 1000 World Banks’ Rankings, published by The Banker Magazine. For the fourteenth year in a row, the Bank has held its position as the number one Tier-1 bank in Nigeria, emerging as the 467th Bank globally with a Tier-1 Capital of $2.54 billion. The rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were based on the 2022 year-end Tier-1…

Sterling Bank launches tech-based solutions for stakeholders in the Nigerian education sector

July 1, 2023 Jasmin Ekua, Banking & Finance

Sterling Bank has recently launched Edubanc; an innovative tech-based solution to provide banking and social services for stakeholders in the education sector. The solution aims to improve current learning outcomes and business growth for students, parents, and providers of educational services. Mr. Damian Umeasala, General Manager of Edubanc, stated at the launch in Lagos over the weekend, “Education has always been the cornerstone of progress, development, and growth in any economy in the world today. However, financial constraints often hinder the dreams and potential of countless individuals. At Edubanc, we…

FirstBank introduces first humanoid robot, boosts commitment to provision of innovative financial solutions

July 1, 2023 Jide Ige

FirstBank has launched an industry first Humanoid Robot at its Adetokunbo Ademola VI, Lagos Digital Experience Centre (DXC) Branch The robot is among the phased configuration of the bank’s state-of-the-art digitally led self-service branch The Humanoid Robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff. In furtherance to its leading role in providing innovative financial solutions in Nigeria, First Bank of Nigeria Limited, Nigeria’s premier financial institution and leading financial inclusion services provider, has announced the launch of a Humanoid…

NEXIM partners Fidelity Bank, and Sapphital to grow Nigeria’s export sector

July 1, 2023 Jide Ige

As part of efforts to boost Nigeria’s foreign exchange earnings, the Nigerian Export-Import Bank (NEXIM) has announced a strategic partnership with leading financial institution, Fidelity Bank Plc and Sapphital Learning Ltd. The partnership will help improve the skills and performance of export businesses in Nigeria by leveraging the NEXIM Export Academy (NEXA); an online platform that provides exporters with capacity-building training and access to finance to scale their business. The NEXA platform which was Launched with the support of Sapphital (a digital learning institute) in 2022, is designed to empower…