Category: Business

Fidelity Bank boosts Nigeria’s Non-oil Exports with FITCC Houston

Jide Ige

…Signs $40million deal with AFREXIM Bank and JohnVents Industries for cocoa export The much-anticipated second edition of the Fidelity International Trade and Creative Connect (FITCC) got off to a boisterous start on Tuesday, 24 October 2023 as leading financial institution -Fidelity Bank Plc -hosted a broad range of businesses, regulators, members of the diplomatic corps and other guests to the opening ceremony in Houston, Texas, United States of America. Tagged FITCC Houston, the two-days event is aimed at achieving several objectives including increasing the pipeline of Nigerian businesses that export…

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

Jasmin Ekua, Banking & Finance

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

Jasmin Ekua, Banking & Finance

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

Jasmin Ekua, Banking & Finance

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

Jasmin Ekua, Banking & Finance

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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Tinubu replaces NCC, NIPOST, NIGCOMSAT’s bosses, reappoints NITDA, NTPC bosses

Jide Ige

President Bola Tinubu on Wednesday sacked the Chief Executive Officers of three agencies under the Federal Ministry of Communications, Innovations, and Digital Economy with immediate effect. The affected CEOs include the Nigerian Communications Commission’s Prof. Umar Garba Danbatta; the Nigerian Postal Service’s Sunday Adepoju; and Nigerian Communications Satellite Limited’s Tukur Funtua. The President made this known through a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, titled, ‘President Tinubu appoints new leadership across the communications, innovation, and digital economy sectors.’ He listed the new CEOs as Aminu…

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Chris Ogunbanjo: Facts to know and remember

Benjamin Chukwudaalu, Political Reporter

Elder statesman and foremost corporate lawyer, Dr Christopher Ogunbanjo, passed away on Saturday, October 7, 2023. The patriarch died at the age of 99, two months before his 100th birthday. Announcing his passing via a statement, his family said, “Papa was an unwavering beacon of reassurance, courage and moral integrity for the entire family, truly embodying dedication and service to his country.” While President Bola Tinubu and other eminent Nigerians continue to mourn his passing, below are 10 things to know about the late philanthropist: Christopher Oladipo Ogunbajo was a…

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See full list as FG licences more DisCos for electricity distribution

Jide Ige

Nigeria’s Federal Government announced that it had issued licences to 17 Independent Electricity Distribution Network operators, among which 11 are currently operational. The Federal Government in its 2022 Market Competition Report released on Tuesday by the Nigeria Electricity Regulatory Commission, an agency of the Federal Government. The report reads in part, “The commission has also licensed 17 Independent Electricity Distribution Network operators of which 11 are operational.” The 11 operators include: 1. Gateway Electricity Limited 2. Energy Company of Nigeria Plc 3. PIPP LVI Disco Limited 4. Bodituv Nigeria Limited…

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FirstBank promotes Africa’s FDI, sponsors Int’l Trade Exhibition in New York

Jide Ige

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, sponsored the Africa International Trade Exhibition (A.I.T.E 2023), held on 21 and 22 September 2023 at the Hilton Hotel Midtown, New York, U.S.A. The event was themed “the imperatives of global trade for African SMEs as a game changer for the continent’s future prosperity”. Woven into the fabric of society, with the rich heritage of being the premier Bank in West Africa, FirstBank’s sponsorship of the event reiterated its commitment to being the bank of first choice…

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Local meter manufacturers withdraw court case against FG

Jide Ige

The Association of Meter Manufacturers of Nigeria (AMMON) has formally withdrawn a court case it instituted to stop the procurement process for phase two of the National Mass Metering Program (NMMP). This decision was taken after the intervention of the Hon Minister of Power, Chief Adebayo Adelabu at a stakeholder meeting held at the Federal Ministry of Power on Tuesday, where all the association’s concerns were tabled before the Minister. In attendance at the stakeholders’ meeting were the Chairman, NERC, represented by Mr. Nathan Shatti; Commissioner, Finance and Administration, Dr.…

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Access Bank partnership British International Investment for $60m trade facility

Jide Ige

British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, has announced a $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries. This will strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap. The programme supports Access Bank’s strategy to enable continental trade and deepens BII’s commitment to bolstering financing environments in fragile economies. BII estimates the loan programme will stimulate African trade volumes by US$90 million. The agreement reinforces BII’s ongoing relationship…

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CBN postpones September MPC meeting as Cardozo resumes as Governor

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…

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NNPC sacks all management staff

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.…

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Dangote refinery to wait till November to process Nigerian crude oil

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…

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

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…

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

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…

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AMCON insists on standard practice to resolve issues with Arik Air

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…

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Tinubu names Olayemi Cardoso as CBN Governor, appoints four deputies

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…

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NERC jerks up prices of pre-paid meters

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…

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

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…

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

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…

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Sanwoolu, first passenger as Lagos Blue Line launches commercial operations

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…

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Alake unveils master plan for Solid Mineral development

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…

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

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…

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Zenith Bank names Juliet Ehimuan as non executive director

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…

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FBNHoldings wows the market with 2023 H1 earnings blowout

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…

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FirstBank commissions another automated self service centre in Ibadan Varsity

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,…

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Access Bank launches custody service as part of expansion strategy

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.…

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

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…

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Fidelity Bank Distributes Food Packs to Benue IDPs

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…

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

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…

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FirstBank rolls out 4th set of SMDP graduates

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…

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Ese Daniel, Lagos businesswoman wanted by Interpol over N750m fraud

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…

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

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,…

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

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…

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

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…

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

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…

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Highpoints of Pres. Tinubu’s national broadcast

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…

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

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…

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10 Things you can do to survive this economic hardship

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…

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Knorr Jollof Fest elevates the Jollof experience in Lagos

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…

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Kwara gov rolls out palliatives for state workers across all sectors

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…

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Illegal Pricing: FG slams N1m fine on PoS operators

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,…

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FBNHoldings Posts N206b Half-Year Profit

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…

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PoS operators dare Consumer Protection Commission, insist on new prices

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…

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

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…

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Euromoney names Guaranty Trust best bank in Nigeria

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…

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Why petrol hit N617 per litre -Kyari, NNPCL boss

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…

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

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,…

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Keystone Bank, businessman at war over alleged illegal withdrawal

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,…

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