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Access Bank, Diamond Bank inch closer to merger plans, get shareholders’ consent

Access Bank, Diamond Bank inch closer to merger plans, get shareholders’ consent

BY ONYEKA AJUMOBI ONOCHIE Access Bank Plc and Diamond Bank Plc, Tuesday inched closer to consummating their merger plans as shareholders of the banks unanimously approved the initiative which aims at producing the largest banking group in Africa based on its number of customers with more than 29 million customers . The shareholders gave the approval at an Extraordinary General ... Read More »

CBN bans sale of forex to textile importers

BY ONYEKA AJUMOBI ONOCHIE The Central Bank of Nigeria (CBN) has banned sales of foreign exchange to importers of textiles and clothing materials, with a view to boosting the revival of local textile production in the country. The apex bank governor, Mr. Godwin Emefiele, stated this on Tuesday during a meeting with stakeholders in the cotton sector of the economy ... Read More »

Interswitch Set to Reward Excellence in STEM with InterswitchSPAK 2.0

Interswitch Set to Reward Excellence in STEM with InterswitchSPAK 2.0

PHOTO CAPTION: (L-R) Enyioma Anaba, Group Head, Brands, Interswitch; Alhaji Ibrahim Saad, Deputy Director of Education, National Examinations Council (NECO); Akachukwu Anumudu, winner, InterswitchSPAK 1.0; Cherry Eromosele, Group Chief Product and Marketing Officer, Interswitch and Oladapo Ojo, GMD, DM Holdings at the press briefing unveiling InterswitchSPAK 2.0 held in Lagos, Wednesday. Interswitch Group, a leading Nigerian Pan-African digital payment and commerce ... Read More »

FirstBank marches on, brings the world to a standstill

FirstBank marches on, brings the world to a standstill

Nigeria’s Premier financial institution and iconic banking Brand, First Bank of Nigeria Limited had the world stand still on Friday, 1 March 2019, as it held its symbolic flag hoisting ceremony across Nigeria and other countries where it does business. The celebratory flag hoisting officially flags off the bank’s commemoration of attaining the milestone year of 125. The event was ... Read More »

Aiteo Clarifies Nembe Creek Fire Incident

Aiteo Clarifies Nembe Creek Fire Incident

We are continuing to work with all the relevant authorities to restore full functionality to all the relevant installations and affected areas.” PRESS RELEASE Aiteo Clarifies Nembe Creek Fire Incident LAGOS, Nigeria, March 4, 2019/ — On 2 March 2019, a suspected explosion occurred in the Niger Delta, within the vicinity of Nembe Creek Well 7, behind Mile 1 Community ... Read More »

FirstBank Dismisses Threat Of Competition From Fintechs

FIRSTBank of Nigeria (FBN) Limited has dismissed the threat of competition from Financial Technology (FinTechs) companies saying FinTechs can only partner with banks in developing the financial sector of the economy. The Managing Director/Chief Executive Officer, FBN, Dr. Adesola Adeduntan stated this at a Flag Hoisting ceremony, organised as part of the celebration of the banks’125th anniversary, held in Lagos. ... Read More »

Dangote, The Man That Used Cement To Build His Fortune

Dangote, The Man That Used Cement To Build His Fortune

We woke up to a report that ‘Our’ (because sucess has many friends) Aliko Dangote, President of Dangote Group has leaped 39 points to become the 64th richest person in the world with an estimated $16.6 billion, as against his previous ranking of 103rd in the world. Aliko Dangote, gained $5.8bn within 24 hours as his total net worth rose ... Read More »

UBA Group Launches Full Banking Operations in the UK

UBA Group Launches Full Banking Operations in the UK

L-R: CEO, UBA UK, Mr. Patrick Gutmann; GMD/CEO, UBA Plc, Mr. Kennedy Uzoka; President, Dangote Group, Alhaji Aliko Dangote; Group Chairman, UBA Plc, Mr. Tony O. Elumelu; President, Afreximbank, Dr. Benedict Oramah; and CEO, UBA Africa, Mr. Victor Osadolor at the launch of UBA UK in London on Thursday. LONDON – Three weeks after the UBA group launched its operations ... Read More »

First Bank marks 125th anniversary, reassures commitment to Nigeria’s devt.

First Bank of Nigeria Limited on Friday said that it would remain committed to the development and growth of Nigeria as well as the financial industry through enhanced service delivery. Dr Adesola Adeduntan, the bank’s Chief Executive Officer, stated this at its 125 years anniversary flag hoisting in Lagos. Adeduntan said that the bank, a long-standing institution, had impacted the ... Read More »

Infrastructure gap: SEC to invest in green bonds

Infrastructure gap: SEC to invest in green bonds

By Onyeka Ajumobi Onochie The Securities and Exchange Commission (SEC) has said that the nation’s huge infrastructure gap could be addressed with investments in sustainable finance initiatives such as Green Bonds. Acting Director-General of SEC, Ms Mary Uduk, stated this in Lagos during the launch of green Bond issuance rules recently. She noted that Green bonds were created to fund ... Read More »

Nine companies invested N277.417 billion in three months – NIPC

Nine companies invested N277.417 billion in three months – NIPC

By Onyeka Ajumobi Onochie The Nigerian Investment Promotion Commission (NIPC) has said that nine Nigerian companies, in the last three months of 2018, made as much as ₦277.417 billion investments and created about 1,733 direct jobs. The commission which stated this in a report, Pioneer Status Incentive, said it granted applications to 19 new companies and extended three applications between ... Read More »

Customer sues Zenith Bank N6.4 billion over excessive and illegal charges

Customer sues Zenith Bank N6.4 billion over excessive and illegal charges

By Our Reporter A federal high court sitting in Lagos has adjourned  for further hearing in a N6,441,369,617.73 suit filed against Zenith Bank Plc by Olusola Anthony Adejugbe, a Lagos businessman, and his company Tonique Oil Services Limited over alleged excess and illegal changes. In an amended statement of claim and a statement on oath sworn to by Adejugbe and ... Read More »

9 Nigerian companies made N277.417bn investments in 3 months, says NIPC

9 Nigerian companies made N277.417bn investments in 3 months, says NIPC

BY ONYEKA AJUMOBI ONOCHIE The Nigerian Investment Promotion Commission (NIPC) has said that nine Nigerian companies, in the last three months of last year, made as much as ₦277.417 billion and created about 1,733 direct jobs. The commission which stated this on Tuesday, in a report, Pioneer Status Incentive, pasted on its website, said it granted applications to 19 new ... Read More »

FG Slaps Six Oil Giants With $20 Billion In Back Taxes

FG Slaps Six Oil Giants With $20 Billion In Back Taxes

The Nigerian government through the NNPC has asked oil giants to pay nearly $20 billion in taxes and outstanding royalties for oil and gas production, industry sources told Reuters. Reuters reported that the government’s debt collection agency sent letters to companies requesting the payment. The companies, according to the report, are Royal Dutch Shell, Chevron, Exxon Mobil, Eni, Total and ... Read More »

Alleged Breach Of Contract: UK Court Grants Nigeria’s Request To Appeal $6.59bn Damages

The Nigerian government says the UK Commercial Court has granted its request for ‘relief from sanction’ over the $6.59 billion award against it by the District Circuit Court in Washington DC for alleged breach of contract, PREMIUM TIMES reports. The award issued on March 20, 2013 was in favour of a British engineering firm, Process & Industrial Development Limited (P&ID). ... Read More »

Bank MD To Spend 32 Years In Jail Over $166m Fraud

The managing director of Integrated Microfinance Bank Limited, Simon Ademola Akinteye, has been sentenced to 32 years imprisonment over $166 million fraud, by a Federal High Court, Lagos. The court presided over by Justice Cecilia Mojisola Olatoregun, sentenced the banker to jail terms, after his lawyer, A. O. Sherrif, had pleaded with the judge to tamper justice with mercy in ... Read More »

Nigeria’s population growing faster than economy – Report

The Nigerian economy is growing slower than the growth rate in its population, the FSDH research has revealed. According to the research by the FSDH Merchant Bank on ‘Final judgment on performance of the Nigerian economy: Implications’, it said this was an indication of growing poverty. “This means that the economy is not expanding in such a way that can ... Read More »

Zenith Bank’s Profit After Tax stands at N193.15bn

Zenith International Bank Plc, on Tuesday, became the first bank to announce its 2018 audited result, declaring a drop in gross earnings. The bank’s audited result releases by the Nigerian Stock Exchange (NSE) showed that its gross earnings dropped to N630.34 billion against N745.19 billion in 2017. This represents a decrease of 15.41 per cent. The bank’s profit after tax ... Read More »

Europe’s largest bank, HSBC, misses expectations in 2018 earnings

Europe’s largest bank, HSBC, misses expectations in 2018 earnings

HSBC, headquartered in London, reported full-year earnings on Tuesday The largest bank in Europe says 2018 reported pre-tax profit was $19.89 billion, up 15.9 percent from a year ago Reported revenue last year was $53.78 billion, 4.5 percent higher than 2017 By Yen Nee Lee, CNBC HSBC, Europe’s largest bank, on Tuesday delivered a financial report card that missed expectations ... Read More »

FAAC Disburses N649.19bn in January 2019

FAAC Disburses N649.19bn in January 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of N649.19bn to the three tiers of government in January 2019 from the revenue generated in December 2018. The amount disbursed comprised of N547.46bn from the Statutory Account, N100.76bn from Valued Added Tax (VAT) and N976.53mln exchange gain differences N70bn. Federal government received a total of N270.17bn from the N812.76bn. States ... Read More »