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President Bola Tinubu on Friday congratulated the retired Group Chief Executive Officer of First Bank Nigeria Limited, Dr Adesola Adeduntan, for his service at Nigeria’s oldest bank. The President’s good wishes were contained in a statement signed by Special Adviser to the President (Information & Strategy), Bayo Onanuga. This weekend, First Bank is set to ...
The International Monetary Fund (IMF) member countries have elected an expanded Executive Board of 25 Executive Directors, including three representing Sub-Saharan Africa(SSA.) IMF Media Centre disclosed this in a statement on Saturday in Abuja. According to the statement, the completion of the Fund’s 2024 Regular Election of Executive Directors on Oct. 25 was the final ...
The Niger Delta Development Commission (NDDC) has partnered with Providus Bank as part of efforts o collaborate with financial institutions as part of its efforts to accelerate economic growth and development in the Niger Delta region. Speaking during the commissioning of a Providus Bank branch at the NDDC headquarters in Port Harcourt, the NDDC Managing ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has set the wheels in motion to expand its operations in the Middle East with plan ongoing to open a subsidiary in Saudi Arabia, its largest economy. This move which is expected to happen within the next year will mark the bank’s second subsidiary in the ...
FarmSlate, a startup connecting smallholder farmers with financiers, has won the First City Monument Bank (FCMB) Agritech Hackathon 2024. Its winning solution uses artificial intelligence, the Internet of Things, and geospatial analytics to achieve this. The startup received N3.5 million and will now participate in a venture-building programme. The Agritech Hackathon, powered by Heave Ventures ...
By Esther Agbo The Nigerian Senate has called on the Nigeria Deposit Insurance Corporation (NDIC) to prioritise efforts in securing maximum returns from the liquidation assets of the now-defunct Heritage Bank. This directive, aimed at protecting the interests of remaining stakeholders, was issued by the Chairman of the Senate Committee on Banking, Insurance, and Other ...
The International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) have announced a partnership and collaboration which aims to increase local currency financing for Nigeria’s priority sectors, addressing a critical gap in funding for key areas such as agriculture, housing, infrastructure, energy, and small and medium enterprises (SMEs). The agreement will enable the ...
Dangote Cement Plc saw a marginal increase in its pre-tax profit in the first nine months of 2024 to N406.38 billion as high finance and production costs gulped revenues during the period. This is according to the company’s unaudited financial statement for the period between January and September 2024 where revenues increased by 69.5 percent ...
Leading financial institution, FirstBank of Nigeria has clarified that it is not scheduling an upgrade on its bank platform but on its suppliers platform. The clarification comes amid scares among the consumers having experienced poor services with other banks due to the system upgrade that has been conducted in recent weeks. Allaying the fears of ...
The Chartered Institute of Bankers of Nigeria (CIBN) has called for more investment in education, infrastructure and economic diversification to boost the nation’s prosperity and drive Gross Domestic Product (GDP) growth. The institute also urged the government to facilitate trade and attract foreign direct investment, leveraging Nigeria’s large population to reduce poverty and achieve sustainable ...
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that the apex bank is engaging at the highest level to facilitate Nigeria’s removal from the Financial Action Task Force’s (FATF) “grey list,” an anti-money laundering watchlist. Cardoso disclosed this during a briefing with journalists and stakeholders in Washington, USA, following meetings ...
The Naira closed the week stronger on Friday at the official market, trading at N1,600 to the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N1.20. This represents a 0.07 per cent gain when compared to the previous trading date on Thursday when it exchanged at N1,601.20 ...
Director General of the Bureau of Public Enterprises (BPE), Ayodeji Gbeleyi has expressed the Bureau’s commitment to collaborate with the Infrastructure Concession Regulatory Commission (ICRC) with a view to delivering Infrastructure to Nigerians. The Director General made the commitment during a courtesy visit by the Director General (DG) of the Infrastructure Concession Regulatory Commission (ICRC), ...
By Esther Agbo Union Bank is making waves in Nigeria’s financial sector with its new policies designed to foster a more inclusive and supportive workplace for its employees, particularly women. In a move to strengthen employee welfare, the bank has introduced a maternity leave package and an on-site crèche facility for working parents, aimed at ...
By Esther Agbo Ecobank Nigeria has strengthened its relationship with customers through its innovative “Super Rewards Millionaire Geng Promo,” disbursing N16 million since the campaign’s launch in July 2024. While the initiative promises a grand total of N42 million in cash prizes, the campaign is more than just a marketing tool, it reflects Ecobank’s strategic ...
By Esther Agbo The Federal Government of Nigeria to implement a significant increase in the Value Added Tax (VAT) rate from its current level of 7.5 percent to 15 percent. This decision, part of a broader strategy to bolster local revenue generation, aims to enhance public financial stability amid ongoing economic challenges. According to a ...
The International Monetary Fund (IMF) has expressed support for the Central Bank of Nigeria’s (CBN) recent interest rate hikes and foreign exchange measures, describing them as suitable steps toward stabilising the economy. This endorsement was given by Tobias Adrian, the IMF’s financial counsellor and director of monetary and capital markets, during a press conference on ...
The House of Representatives on Tuesday called on the Central Bank of Nigeria (CBN) to raise agricultural lending from 1.4 per cent to 7 per cent of total bank lending over the next five years. The House also urged the CBN to ensure that 50 per cent of the lending goes to smallholder farmers through ...
As the world faces a host of intertwined challenges- from climate change, pandemics, fragility, geo-political tensions, to debt distress- leaders of fiscal and Monetary Authorities are gathered in Washington DC for the annual meeting to discuss the impact, speed, scale and efficiency of measures to arrest the situation. The 2024 Annual Meetings will take place ...
By Esther Agbo Ecobank Nigeria is set to break new ground in its efforts to stimulate Nigeria’s economic development with the launch of its first-ever Design & Build Expo. The five-day event scheduled from November 27 to December 1, 2024, at the Ecobank Pan African Centre, Victoria Island, Lagos, will gather a diverse range of ...
As part of its ongoing commit ment tocontinually empower the Nigerian media and enable it play the critical watchdog role in the society, Polaris Bank is organising an open workshop for all classes of Journalists across the media spectrum as one of its critical CSR interventions meant to positively impact key stakeholders. The 2024 media ...
The United Bank for Africa (UBA) Plc, has announced its unaudited results for the third quarter ended September 30, 2024 posting a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48 billion The bank’s financial report filed with the Nigerian Exchange Limited on Monday recorded strong and impressive growth across all ...
The Federal Government has revealed that it is looking at improving access to credit and supporting the insurance sector using the National Vehicle Registry. This was disclosed by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Lagos on Friday at the sensitisation seminar themed, ‘Strengthening Policy Collaboration Got Economic Revitalisation.’ Edun, ...
