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Current business environment not ready for CBN cashless policy, OPS warns

Current business environment not ready for CBN cashless policy, OPS warns

The Organised Private Sector, OPS, has warned against immediate deployment of cashless policy as directed by the Central Bank of Nigeria, CBN. It said “the current business environment and available infrastructure are not ready for such deployment.” In a statement by Director General of Nigeria Employers’ Consultative Association, NECA, Mr. Timothy Olawale, OPS argued that several sub-sectors of the economy ... Read More »

Increase social investment, World Bank advises FG

Increase social investment, World Bank advises FG

The World Bank has advised Nigeria to scale up its social investment programmes to address the large number of people living in extreme poverty. The World Bank Country Director, Mr Rachid Benmessaoud, said this on Friday at the inauguration of the Africa Social Safety Nets Report by the National Social Safety Nets Coordinating Office and World Bank, the News Agency ... Read More »

House asks CBN to stop charges on deposit plan

House asks CBN to stop charges on deposit plan

The House of Representatives yesterday urged the Central Bank of Nigeria (CBN) to stop implementation of the cashless policy on deposits and withdrawals by the Deposit Money Banks (DMBs). This followed the adoption of the prayers of a motion by Benjamin Okezie Kalu, by the House. According to the lawmaker, the extra charges policy on deposits and withdrawals must be ... Read More »

Brent crude oil jumps the most in history after Saudi attacks

Brent crude oil jumps the most in history after Saudi attacks

Key Points • Iranian president Hassan Rouhani said the attacks on Aramco were a “reciprocal response” to the aggression against Yemen. • A Saudi-led military coalition said the attack was carried out by “Iranian weapons” and did not originate from Yemen. • President Donald Trump said he was authorizing the release of oil from the Strategic Petroleum Reserve to keep ... Read More »

Nigerian businessman drags Dubai Bank to court over bogus interest charges

Nigerian businessman drags Dubai Bank to court over bogus interest charges

In a bid to safeguard his business interest against alleged excessive and bogus interest charges, a Dubai-based Nigerian businessman, Adedoyin Adeyinka, alongside his two companies – UNICO MARINE DWC LLC, and ELIZABETH SHIPPING LTD – have dragged Dubai United Arab Emirates bank, National Bank of Fujairah PJSC, before a Federal High Court in Lagos, Nigeria. In a statement of claim ... Read More »

Fulani in neighboring countries are Nigerians –Bauchi Governor

Fulani in neighboring countries are Nigerians –Bauchi Governor

  Governor of Bauchi State, Bala Mohammed has said Fulani herdsmen from Chad, Niger and other neighbouring countries will benefit from the National Livestock Transformation Plan. He stated this on Monday as a guest on Channels Television’s Sunrise Daily saying since Fulani herdsmen are nomadic, it would be inappropriate to deprive those outside Nigeria from benefitting from the livestock plan ... Read More »

EKEDC recorded highest remittance efficiency in Q1 – NERC

EKEDC recorded highest remittance efficiency in Q1 – NERC

  The Nigerian Electricity Regulation Commission (NERC) says Eko Electricity Distribution Company (EKEDC) recorded the highest remittance efficiency of 43 per cent in the first quarter of 2019. The first quarter report was obtained on Sunday by the News Agency of Nigeria in Lagos from the website of NERC, which is the regulator of the industry. NERC also said Jos ... Read More »

From Poor Beginnings To Billionaire Status: Jack Ma Retires From Alibaba

From Poor Beginnings To Billionaire Status: Jack Ma Retires From Alibaba

  By Jack Kelly Today, Jack Ma officially steps down as the chairman of Alibaba, the giant e-commerce company he cofounded 20 years ago. Ma’s resignation also falls on another momentous day—his 55th birthday. Ma has implemented a succession plan—passing the baton to the next generation, including CEO Daniel Zhang and CFO Maggie Wu. “Having been trained as a teacher, ... Read More »

Equity market sheds N28 billion

Equity market sheds N28 billion

Transactions on the Nigeria equity market on yesterday closed negative, extending previous week bearish sentiment. The decline was impacted by losses on Nestle and 13 other stocks. However, market breadth closed positively, recording 15 gainers as against 14 losers. The All Share Index (ASI) decreased by 56.73 absolute points, representing a dip of 0.21% to close at 27,089.84 points. Similarly, ... Read More »

Stanbic IBTC Introduces Educational Payment Products To Usher Students Back To School

Stanbic IBTC Introduces Educational Payment Products To Usher Students Back To School

  As another school year beckons, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, has introduced a suite of educational payment products that will ease the burden of school fees which parents and guardians have to bear. Stanbic IBTC Bank PLC, being a Nigerian bank, specifically developed the educational products, taking cognisance of the country’s cultural nuances. ... Read More »

African Dev Bank to establish agro-processing zone in Ogun- Gov Abiodun

African Dev Bank to establish agro-processing zone in Ogun- Gov Abiodun

  The African Finance Development Bank (AFDB), is putting machineries in place to site the largest Agro-Processing Zone in Ogun State. Governor Dapo Abiodun gave the hint while flagging off the State Anchor Borrowers’ Scheme at the June 12 Cultural Centre, Kuto, Abeokuta, said the development was as a result of several engagement by the State Government with officials of ... Read More »

Access Bank records first post-merger H1 PBT of N74.1bn, declares 25k interim dividend

Access Bank records first post-merger H1 PBT of N74.1bn, declares 25k interim dividend

  Access Bank Group’s audited first half (H1) results released to the Nigerian Stock Exchange (NSE) on Thursday showed Gross Earnings of N324.4 billion, up 28 per cent from N253.0 billion in the corresponding period of 2018. The growth in gross earnings was driven by 46 per cent increase in interest income on the back of continued growth in the ... Read More »

Stanbic IBTC Releases Mid-Year Audited Results

Stanbic IBTC Releases Mid-Year Audited Results

  Records Increases In Gross Earnings And Non-Interest Revenues Declares 100 kobo Interim Dividend   Lagos, Nigeria. Thursday, August 29, 2019. Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has announced its mid-year audited results for the period ended June 30, 2019. The Group also announced an interim dividend of 100 kobo. According to the Stanbic IBTC’s income statement, ... Read More »

Big boost for Ogun State as company pledges to engage 40,000 farmers

Big boost for Ogun State as company pledges to engage 40,000 farmers

An Agro Food and Business Food Company, Elephant Group Plc, credited with off taking all cassava planted and harvested in Edo State, has pledged to offtake the total production of rice and cassava in Ogun State and also engage about 40,000 farmers within the next three years on the outgrower basis. The Group Managing Director/ Chief Executive Officer, Elephant Group ... Read More »

Apple buys a Nigerian-owned ICT firm for $1 billion

Apple buys a Nigerian-owned ICT firm for $1 billion

  UNITED States of America’s most celebrated brand, Apple, has bought Nigeria’s Chinedu Echeruo’s HopStop.com. According to The Wall Street Journal’s publication, AllThingsDigital, it informed that though the term of the deal has not been disclosed officially, but HopStop has been compared to Israel’s Waze, which was recently acquired by Google for $1 billion. Founded in 2005, HopStop.com makes mobile ... Read More »

Zenith Bank Appoints Henry Oroh ED, Abubakar Independent Non-executive Director

Zenith Bank Appoints Henry Oroh ED, Abubakar Independent Non-executive Director

  The Board of Directors of Zenith Bank Plc has approved the appointment of Mr. Henry Oroh as Executive Director of the bank. The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within. Also, the Board has approved the appointment of Dr. Al-Mujtaba Abubakar, FCA, as an Independent Non-Executive Director. Both appointments are effective ... Read More »

N1.8 Billion debt: Court endorses AMCON, Kola Abiola, two others’ terms of settlement.

N1.8 Billion debt: Court endorses AMCON, Kola Abiola, two others’ terms of settlement.

A Federal High Court in Ikoyi, Lagos, has endorsed terms of settlement filed before it by Asset Management Corporation of Nigeria AMCON, and the Alhaji Abdulateef Kolawole Abiola, son of M. K. O. Abiola the acclaimed winner of June 12, 1993.presidential election, his company 35 Oil and Gas Nigeria Limited, and Dr. Zulikat Wuraola Abiola. What led to the consent ... Read More »

Ogun Public-Private-Partnership Yielding Results, says Gov Abiodun

Ogun Public-Private-Partnership Yielding Results, says Gov Abiodun

  Governor Dapo Abiodun of Ogun State on Tuesday said that his government Public Private Partnership initiative is already yielding results as large number of investors have started trooping to State to explore business opportunities. The State Governor, Prince Dapo Abiodun, made this assertion when he received in his office at Oke-Mosan, Abeokuta, the Chief Executive Officers of S&W and ... Read More »

JAMB Coop Society President Lauds New Rule On Loans To Members

JAMB Coop Society President Lauds New Rule On Loans To Members

  The President of the Joint Admissions and Matriculation Board JAMB Staff-Investment and Credit Cooperative Society(JICCS), Mr. Boniface Tukura, has said that the new stipulation on loans to members would be a blessing to members of the JICCS as it would make it mandatory for any member of the JICCS to have 50% of his/her salary as take-home pay after ... Read More »

Fayemi at Stock Exchange, says Ekiti will again come top in ease of doing business

Fayemi at Stock Exchange, says Ekiti will again come top in ease of doing business

  Gov Fayemi (3rd left) at the NSE* Governor Kayode Fayemi of Ekiti State has said that his administration has put in place policies and legislations that will ensure that the State becomes one of the top three states in ease of doing business in the country. Fayemi, who said that the state was rated number four in ease of ... Read More »