Equity market gains N16bn

October 24, 2019 Editorial III 0

Trading activities at the nation’s equities market yesterday returned to bullish trend, as value of equities appreciated by N16 billion. Specifically, market capitalisation of listed equities yesterday increased by 0.12 per cent to N12.850 trillion from N12.834 trillion traded the previous day. The Nigerian Stock Exchange All Share Index also grew by 32.11 basis points to 26397.94 points from 26365.83 Read More

Q3 2019: UBA grows net profit by 32.3%

October 24, 2019 Editorial III 0

United Bank for Africa Plc, the pan African financial institution with a network that spans 20 African countries, the United Kingdom, the USA and with presence in Paris, has announced impressive performance in its unaudited 2019 Third Quarter Financial Results, with significant growth in Gross Earnings, which rose to N428.22 billion, representing a 14.2 percent increase when compared to N374.8billion Read More

UBA grows profit by 32.3% in Q3

October 23, 2019 Editorial III 0

United Bank for Africa (UBA) Plc has recorded growth at the end of third quarter financial year, as its profit increased by 32.30 per cent. The bank result released at the Nigerian Stock Exchange yesterday showed that profit after tax rose from N61.698 billion achieved in the preceding year to N81.628 billion while profit before tax surged by 24.17 per Read More

Afreximbank announces cotton initiative

October 23, 2019 Editorial III 0

The African Export-Import Bank (Afreximbank) is developing an African Cotton Initiative (AFRICOTIN) to help to catalyse the African cotton sector, Kanayo Awani, Managing Director of the Bank’s Intra-African Trade Initiative, has announced. Speaking during the launch of the African Corner at the World Cotton Day organised by the World Trade Organization in Geneva on 7 October, Ms. Awani said that Read More

NESG: 10 early stage startups pitch for grants

October 7, 2019 Editorial III 0

Sterling Bank has partnered with the Nigerian Economic Summit Group (NESG), Venture Capital for Africa, Verakki and GreenHouse Capital, to fund early stage ventures with grants up to ₦10 million at the NES #25 Startups Pitch which held on Sunday, 6th of October 2019, at the Transcorp Hilton Hotel in Abuja. Sterling Bank and the NESG will announce the top three Read More

CBN increases LDR, sets new deadline for banks

October 2, 2019 Editorial III 0

The Central Bank of Nigeria (CBN) has issued a fresh circular mandating commercial banks operating in the country to lend out up to 65% of their customer deposits. In a new circular addressed to all banks, the CBN disclosed that the minimum Loan to Deposit Ratio (LDR) target for all Deposit Money Banks (DMBs) has been reviewed upward from the Read More

Access Bank targets 65m customers to deepen financial inclusion

September 18, 2019 Editorial III 0

In its quest to ensure that every Nigerian has access to financial services, Access Bank Plc, has designed a campaign tagged Awoof Berekete to promote its Access Mobile Wallet service. The Awoof Berekete is a savings reward scheme, which runs from August to November 2019. It will see customers rewarded handsomely weekly for using their Access Mobile Wallet to make Read More

Verve Global Card launches first int’l transaction in U.S.

August 16, 2019 Editorial III 0

Verve and Discover Global Network, the payments brand of Discover, on Thursday launched the Verve Global Card. Verve is a leading payments technology and card business across Africa. With the launch, cardholders will now have the ability to use their Verve Global Cards on the Discover Global Network which provides acceptance in more than 190 countries and territories. The agreement Read More

Bank frauds: Consequence of casualisation policy

August 12, 2019 Editorial IV 0

Statistics reeled out last week on banks fraud in 2018 is frightening enough to knock some sense into the heads of the slave drivers in Nigeria’s banking system. But they are incongruously adamant and recalcitrant. The red flag was first raised in 2013, but everyone ignored it. Banks made a bumper harvest in 2018 even as the economy just lumbered Read More

NPF Micro Finance Bank pays N114.332m dividend

August 5, 2019 Editorial III 0

Shareholders of NPF Micro Finance Bank have approved for payment a total dividend of N114.332 million for the financial year ended December 31, 2018. The amount translates into five kobo per every share held by investors. Addressing investors at the bank’s 25th annual general meeting, the Managing Director/Chief Executive Offer, NPF MFB, Mr.Akinwunmi Lawal explained that apart from dividend payment, Read More