We’ll produce local raw materials to stop importation – Bright

October 27, 2021 Donald Iorchir 0

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

NDIC commences review of risk- based supervision to determine bank premium

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

eNaira may threaten banks’ source of income

October 18, 2021 Segun Odunewu 0

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, HFN sign MoU on digitisation

October 18, 2021 Amaka Ifeakandu 0

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

FirstMobile: A symbol of banking convenience with global attraction

October 18, 2021 Amaka Ifekandu 0

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

Fidelity Bank bags DBN’s highest disbursements to SMEs award

October 17, 2021 Benjamin Umuteme 0

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

Need for tenancy bureaux In real estate practice

October 12, 2021 Jasper Oleka 0

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

How FirstBank is bridging financial exclusion gap

October 10, 2021 Segun Odunewu 0

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

Titan Trust Bank: 2 years of service with power and pride

October 7, 2021 Opeyemi Dabiri 0

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

Shift to digital financial services’ll encourage competition, attract more Fintech – CBN

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

Anambra 2021: PDP hands quit notice to APGA

September 29, 2021 Okechukwu Onuegbu 0

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

Economy: Coalition stages rally, hails Buhari, Emefiele

September 22, 2021 Editor 0

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

Shell’s asset divestment in Nigeria suffers setback over forex scarcity

September 16, 2021 Blessing Anaro 0

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

UBA grows Q2’s pre-tax profit 33.4% to N76.2bn

September 15, 2021 Blessing Anaro 0

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

World Bank blacklists four Nigerian firms for procurement fraud

September 12, 2021 Blessing Anaro 0

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

How far can CBN sustain e-Naira?

September 8, 2021 Adefolarin A. Olamilekan 0

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

PIA: We’ve arrived at watershed moment – Sylva

September 7, 2021 Benjamin Umutme 0

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

FCMB emerge Best SME Bank in Africa, Nigeria

September 6, 2021 Blueprint 0

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 gets $25m SMSEs financing support from Islamic Corp

September 6, 2021 Benjamin Umuteme 0

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

Infrastructure gap: Ecobank seeks institutions, private investors’ synergy

August 30, 2021 Blessing Anaro 0

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

CBN moves to strengthen cyber resilience of banks

August 19, 2021 Segun Odunewu 0

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

CIT in mining sector grows 36,203.8%

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

Kaduna: One lawmaker so close to widows’, orphans’ hearts

August 15, 2021 Nasir Dambatta 0

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