Category: Business

WITH GIANTS CAMPAIGN, FIRSTBANK IS TRULY WOVEN INTO THE FABRIC OF SOCIETY The ‘Giant in you’ campaign of the FirstBank has again confirmed the common expression that ‘apple doesn’t fall far from the tree’ given the history of the financial brand and its legendary relevance to the growth of enterprises, within and outside Nigeria. In its usual creative conjecture, 13O-year-old FirstBank, has hit the airwaves and other media outlets with various visuals to articulate its new campaign ‘The Giant in You’. Breaking down the central message, ‘there is a giant…

MTN Nigeria has set a target to build the largest fintech platform in the country, aiming to reach 30 to 40 million active MTN MoMo wallets by 2025. This was disclosed in its sustainability report filed with the Nigeria Exchange Limited on Tuesday. The report reads: “MTN Nigeria has set a target of building the largest and most valuable fintech platform in Nigeria with 30-40 million active MTN MoMo wallets by 2025,” the report stated. According to the report, in alignment with the Central Bank of Nigeria’s legal requirements, the…

In line with its custom of rewarding loyalty, Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to launch the “UBA Legacy Promo” as part of activities to mark its 75th year anniversary. This landmark campaign has been specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as the bank’s longstanding commitment towards rewarding its loyal customers in a grand style. The UBA Legacy Promo which will run for a period of six months beginning from July 2024, will see the…

Friday, December 22, 2023, was a sad day for more than 150 Ecobank workers across different units and branches in Nigeria, as the bank disengaged them without clear reasons. Some of the workers told FIJ that what Ecobank gave them as severance pay in February was significantly less than expected, considering their long years of service to the bank. FIJ learned that although the affected workers, who had worked for 10 to 22 years, were told to pick up their termination letters on December 22, the termination took effect on…

Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the award for a fourth consecutive year. The bank was also named as Best Corporate Governance, Nigeria for the third year running in the World Finance Corporate Governance Awards 2024. The awards, which were published in the Summer 2024 Issue of the World Finance Magazine, are in recognition of the bank’s robust financial performance, superior customer service, sustainability initiatives and corporate governance practices. Commenting on the dual honours, the Group Managing…

NOVA Bank, formerly known as NOVA Merchant Bank, has officially commenced operations as a National Commercial Bank, as the bank opened its first commercial banking branch at 18, Kofo Abayomi Street, Victoria Island. This follows the Central Bank if Nigeria’s (CBN) approval of the final license for the Bank to commence operations as a National Commercial Bank. Apart from the newly opened branch in VI, the Bank announced that additional branches in Lagos, Abuja, Port Harcourt, and Kano, will follow shortly. Speaking on the commencement of its commercial banking operations,…

Chairman of the Dangote Group, Aliko Dangote, has criticised the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). Speaking at the Banquet Hall of the State House, Abuja, during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), on Tuesday, he said with the present interest rate regime, it will be difficult to create jobs. He added that it would also be tough for the manufacturing industry to grow and compete favorably. Dangote, who also called…

In the fast-evolving world of digital banking, Nigeria stands on the brink of a financial revolution. As the global pandemic has accelerated digitalization, the need for accessible, efficient, and reliable financial services has never been more crucial. FirstCredit by FirstBank emerges as a groundbreaking digital lending solution designed to meet the demands of Nigerians where the need for quick cash is ticking ever northward. The shift towards digital banking in Nigeria has been both rapid and transformative. With the increasing penetration of mobile phones and internet access, more Nigerians are…

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…

Billionaire businessman, Femi Otedola, chairman of FBN Holdings Plc, FBNH, has increased his stake in the compny with an additional 2.22 percent shares valued at N17.2 billion. The acquisition was disclosed in a corporate filing on the Nigerian Exchange Group (NGX) on Monday. The fresh acquisition further cements the billionaire’s control in the company as his shareholding has now reached 11.63 percent, the highest. According to the NGX filing, Otedola spent N17.2 billion to 797,946,415 shares at 21.58k. The latest acquisition comes just four days after the serial investor increased…

Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively. These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlights the Group’s enduring reputation as a customer-focused brand. Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for its…

First Bank of Nigeria Limited has confirmed the appointment of Olusegun Alebiosu as the substantive Managing Director and Chief Executive Officer (CEO) of the bank. Updating the Nigerian Exchange Group about recent developments within the bank, the company’s Secretary, Adewale Arogundade, mentioned in a notice on Wednesday that Alebiosu’s appointment is subject to the approval of the Central Bank of Nigeria (CBN). Before his new appointment, Alebiosu was acting Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan, resigned. Labour, private sector operators bicker over…

In a conversation with Kenneth Igbomor of CNBC Africa, Mustafa Chike-Obi, Chairman of Fidelity Bank Plc, emphasized the need for Africa to unite and collaborate for economic prosperity. “Africa must work together, leveraging our collective strengths to compete globally,” Chike-Obi asserted. He highlighted the significance of the African Continental Free Trade Area (AfCFTA) in driving sustainable development, stating, “True economic growth will only come from integration and shared efforts.” Watch the full interview here: https://www.cnbcafrica.com/media/6355014775112/chike-obi-africa-needs-to-be-competitive-/

Abubakar Isa Funtua, son of late businessman and publisher, Mallam Ismaila Isa Funtua, has been arrested by the Economic and Financial Crimes Commission, EFCC, over alleged N28 billion fraud. The late Isa Funtua was ex-President Buhari’s very close confidant, long-time friend and associate.” Abubakar is currently being interrogated by the operatives of the anti graft agency over his involvement in a N28 billion alleged scam. Abubakar and his Ugandan business associate, Asega Aliga, are accused of embezzling N28 billion from Keystone Bank and fleeing the country. Operatives of the anti-graft…

The Federal Government has warned Nigerians against investing in the crypto token of music star, David Adeleke, better known as Davido. Last month, Davido announced the launch of the crypto token or memecoin inspired by himself. The digital currency, known as “Timeless Davido” ($DAVIDO), sparked excitement among the singer’s fans and supporters. Davido worked with the main blockchain platforms Phantom and Solana to complete the proposal. Initially, $DAVIDO skyrocketed, hitting a market cap of $10 million in four hours and gaining momentum on DEX Screener. The jubilation was however short-lived,…

First Bank of Nigeria Limited has partnered with the International Women’s Society (IWS) to empower over 250 widows, in commemoration of the 2024 International Widows’ Day. The News Agency of Nigeria (NAN) reports that beneficiaries at the Lagos event, tagged “IWS Widows Feast and Empowerment Programme”, received various essential tools, equipment and grants. The items distributed were sewing machines, freezers, coolers, hair dryers, cake mixers, industrial cooking gas, generators, and freezers to help the widows establish and sustain their businesses. Ms Lande Atere, Chief Customer Experience Officer, FirstBank, said that…