The convener Focus Africa Innovation and Commodity Expo, Mr. Sucex Bright, has said the organisation is poised for production of Nigerian local raw materials to put an end to the importation of foreign materials. He made this assertion at the press conference in Abuja Wednesday ahead of the Focus Africa Science, Innovation and Commodity EXPO coming up on November 1st Read More
The Nigeria Deposit Insurance Corporation (NDIC) Wednesday disclosed its plans to commence the review of risk-based approach to determine premium by banks to make them more. The Managing Director and Chief Executive Officer of the Corporation, Mr Bello Hassan, gave the hint in his keynote address at the 19th edition of a workshop organized for Business Editors and Finance Correspondents Read More
As Nigerians await the launch of Central Bank Nigeria’s digital currency, eNaira, some financial experts have argued that while the introduction may deepen the financial inclusion drive in the country, it may also erode the profitability of some banks in Nigeria. The eNaira which will be an electronic version of the local paper naira currency, equal in value and issued Read More
Sterling Bank Plc, Nigeria’s leading bank to the healthcare industry and the Healthcare Federation of Nigeria (HFN) have signed a Memorandum of Understanding (MoU) that will enable the bank to provide finance for further digitisation of operations of members of HFN as well as offer financial advisory services to them. Speaking at the signing ceremony in Lagos, Divisional Head, Health Read More
The launch of FirstMobile App by First Bank of Nigeria Limited provides an opportunity for its customers to conveniently access both financial and non financial transactions. AMAKA IFEAKANDU writes on the recognition this initiative and many others have attracted to the FBN globally. Over the years, the development in digital financial technologies across the world, like e-money, digital banking and Read More
As a testament of its determination to support Small and Medium-scale Enterprises (SME) to scale and run profitable ventures, leading financial institution, Fidelity Bank Plc -has been presented the 2020 Development Bank of Nigeria (DBN) service award for the highest disbursement to DBN-focused locations. With it’s over 6 million customers, the Bank has in recent times, won several awards such Read More
As credit bureau is to financial institutions (with regards to credit transaction/facility), so is tenancy bureau to real estate firms (with regards to real estate rental market/tenancy administration). The main deliverables of the tenancy bureau include a tenancy report on every prospective tenant as well as sitting/subsisting tenant. This comprises of demographic information of the tenants: like names, address, gender, Read More
FirstBank of Nigeria Limited, owned by FBN Holdings Plc, leveraging on its 750 business locations including international presence in eight countries, as well as leadership in electronic banking services, has been at the forefront of bridging the financial exclusion gap in the country. FBN has been at the forefront of ensuring that the majority of the adult population in the Read More
On October 4, 2021, one of the fastest growing financial service providers in Nigeria, Titan Trust Bank Limited, celebrated two years of its existence. Established with a mission to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates, Titan Trust Bank, has continued to provide seamless Read More
The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has said that the accelerated shift towards digital financial services will attract more fintech investment and encourage competition to traditional financial institutions. Emefiele made the statement in Enugu while delivering a keynote address at the seminar organized by CBN for financial journalists and business editors with the theme”Trends In Nigerian Payments Read More
Ahead of his 65th birthday today (Tuesday) a chief the ruling All Progressives Congress (APC) and businessman, Senator Sylvester Ayodele Arise has revealed God used him to bring the federal government’s presence to his people. The politician and philanthropist, however said he is grateful to God for His immense support which has made it possible for him to be counted Read More
The People’s Democratic Party (PDP) in Anambra state has accused the state ruling All Progressive Grand Alliance (APGA) government of failure to deliver on its mandate. The state Publicity Secretary of PDP and Director of Publicity for Valentine Ozigbo Campaign Organisation (VCO), Mr Nnamdi Nwangwu, who disclosed this in a statement on Tuesday, asked APGA led Government to prepare a Read More
Teaming members of Coalition of Civil Society Groups on Wednesday September 22, 2021, staged a solidarity rally in support of President Muhammadu Buhari and the Governor of the Central Bank of Nigeria (CBN, Mr. Godwin Emefiele for their tact in handling Nigeria’s economy amidst global pandemic COVID-19. In his address during the rally held at the Unity Fountain in Abuja, Read More
Some of the assets pencilled down for sale by Shell have been abandoned as local financial institutions lacked capacity to facilitate their acquisition by interested indigenous investors. Guarantee Trust Bank, according to Bloomberg, discloses that lenders in Nigeria likely don’t have enough dollars to fund clients seeking to acquire assets put on sale by the local unit of Shell. Guaranty Read More
Africa’s leading financial institution, the United Bank for Africa (UBA) Plc has announced its audited half year financial results for the half year ended June 30, 2021, showing impressive growth across all major income lines and performance indicators. The pan African financial institution delivered a 33.4 per cent appreciation in its profit before tax which rose to N76.2 billion as Read More
The World Bank has suspended at least four Nigerian firms for engaging in procurement frauds. One of the firms is Sargittarius Nigeria Limited, located at 22B Adebayo Doherty Road, Lekki Phase 1 Lagos. The second delisted company is Sargittarius Henan Water Conservancy Engineering Limited. Both firms share the same address and were sanctioned on the same date – 30 August, Read More
The Central Bank Digital Currency (CBDC) digital e-naira comes on stream on October 1, 2021. With the benefit of hindsight, the apex bank has been conducting research in regard to Central Bank Digital Currencies since 2017 and to understanding how Hyperledger Fabric Blockchain technology is being used globally. At a recent stakeholders meeting organized by the apex bank Information Technology Read More
The Minister of State for Petroleum Resources, Chief Timipre Sylva has described the recent passage of the Petroleum Industry Bill (PIB) and the eventual signing of the bill into law as a watershed moment for Nigeria. The minister made the remark at an event tagged; “Nigerian-Equatorial Guinea bi-lateral meeting” held Monday in Abuja. Sylva said, “Equatorial Guinea and Nigeria share Read More
Nigeria’s leading lender, First City Monument Bank (FCMB), has emerged as Best SME Bank in Africa and in Nigeria at the Asian Banker Middle East and Africa Regional Awards on the 27th of August 2021. The SME friendly bank beat all other Nigerian and African banks to win national and continental honours. It emerged as Best SME Bank in Africa Read More
Jaiz Bank Plc gets a $25 million shariah-compliant line of financing (LOF) from Islamic Corporation for the Development (IsDB) of the private sector to support small and medium scale enterprises in Nigeria, the group said in a statement today. According to the statement, Ayman Sejiny, the Chief Executive of the Islamic Corporation for the Development of the Private Sector (ICD), Read More
Nigerians will heave a sigh of relief as the Central Bank of Nigeria (CBN) in partnership with the Ministry of Petroleum Resources, moves to drive the National Gas Expansion Programme (NGEP) with N250 billion. The development is expected to fast-track the adoption of CNG as the fuel of choice for transportation and power generation, as well as LPG as the Read More
Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has advocated a synergy between financial institutions and private investors to address infrastructure deficit in the country. Akinwuntan in a presentation titled ‘Transportation Infrastructure Development Financing In Nigeria’ delivered at the Nigerian Institute For Transport Technology (NITT) 2021 Transport Technology Conference in Abuja, noted that given the bulk of activities across the infrastructure project Read More
The Central Bank of Nigeria has unveiled guidelines geared towards strengthening cyber resilience of banks and Other financial institutions (OFI) under its regulation amid an increase in the sophistication of threats against the sector. The move which is contained in a circular titled, “Exposure Draft of the Rise-Based Cyber Security Framework and Guidelines for Other Financial Institutions” dated August 13, Read More
Growth in Company Income Tax (CIT) has suggested recovery in activities across various sectors. Specifically, CIT realized from the mining sector rose astronomically by 36,203.8 per cent quarter-on-quarter ( q/q) to N12.5 billion, the highest quarterly amount since the Nigerian Bureau of Statistics (NBS) began tracking CIT payment by sectors. “We attribute this to the recent wave of reforms in Read More
A kind gesture can reach a wound that only compassion can heal”- Steve Maraboli, in Life Truth and Being Free. The respected Steve Maraboli probably has people like Senator Uba Sani of Kaduna Central Senatorial Zone when he crafted the above quote. This firebrand lawmaker, a one-time fiery civil rights activist and now Chairman of Senate Committee on Banking, Insurance Read More
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