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Nigerian banks have generated approximately N30 trillion in new loans and support for the private sector over a one-year period, demonstrating their pivotal role in the country’s economic renewal efforts. According to Cordros Securities Weekly Economic and Market Report, recent data from the Central Bank of Nigeria (CBN) shows that credit to the private sector ...
In line with its usual custom of rewarding loyalty, Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to launch the “UBA Legacy Promo” as part of activities to mark its 75th year anniversary. This landmark campaign has been specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, ...
The Corporate Affairs Commission (CAC) has directed 4,173 bureau de change (BDC) operators to restructure their operations. In a statement during the week, CAC gave the BDCs three months to change their names and objects. On March 1, the Central Bank of Nigeria (CBN) revoked the licences of the 4,173 BDC operators for failing to ...
The naira started Thursday’s session at the lower end of its range versus the British pound sterling and broke through the 2,000 barrier. Meanwhile, the pound hit a four-month high against the US dollar as data indicated that the UK economy expanded faster than anticipated in May, lessening the likelihood of an August rate cut. ...
By Esther Agbo In a bold move towards digital transformation, Guarantee Trust Holding Company Plc (GTCO) has announced a significant investment of N98 billion in technological infrastructure. This strategic initiative, unveiled by Group Managing Director and CEO Mr. Segun Agbaje during the "Facts Behind the Offer" presentation at the Nigerian Exchange Group (NGX), underscores GTCO's ...
...Invests over N100m in Corpreneurship Challenge No fewer than 400 fresh graduates have benefited from Unity Bank’s entrepreneurship development initiative, also known as Corpreneurship Challenge, over the past five years. This reflects the Bank’s commitment to driving economic growth by supporting the next generation of Nigerian entrepreneurs. Launched in 20219 with pilots in 4 states ...
Access Holdings Plc has disclosed that it is set to offer 17.7 billion shares to shareholders. This as revealed it aims to achieve a profit of N10 trillion by 2027. This was disclosed by the Chief Executive Officer of Access Bank, Roosevelt Ogbonna, at a ‘Facts Behind the Right Issue Presentation by Access Holdings Plc’ ...
By Esther Agbo First Bank, UBA, and Zenith Bank have joined Zone’s decentralised payment network, following Zone’s recent acquisition of $8.5 million in seed funding led by Flourish Ventures and TLcom Capital. This development was announced by Zone’s Vice President of Marketing and Corporate Communications, Olayiwola Osoba, in a statement on Wednesday. Zone, a regulated ...
African Export-Import Bank (Afreximbank) has announced the launch of an innovative capacity development program designed to empower African corporates to capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA). This initiative, spearheaded by Afreximbank Academy (AFRACAD) in collaboration with the AfCFTA Secretariat, aims to equip businesses with the necessary skills and ...
By Esther Agbo The Nigerian Exchange Limited (NGX) has introduced its Impact Board, a specialised platform designed for listing sustainability instruments, aiming to embed sustainability within Nigeria’s capital market. This new board was inaugurated on Wednesday during a closing-gong ceremony in Lagos, coinciding with the eighth Green Bond Advisory Group Meeting. According to a statement ...
Wema Bank has said it is collaborating with the Lagos State government to address common challenges confronting cooperative societies in the state. Such challenges include poor access to loans, manual recordkeeping, inefficient communication and planning, tedious processes and insecurity of funds, real-time reporting for informed decision-making, among others. Wema Bank’s divisional head of retail and ...
The naira on Monday hit three-month-low of N1,530 per dollar on the parallel market, also known as the black market, following renewed pressure on demand for the greenback by the end users. This represents 0.65 percent (N10) lost compared to N1,520 quoted on Friday on the black market. The local currency was quoted at N1,570 ...
Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the award for a fourth consecutive year. The bank was also named as Best Corporate Governance, Nigeria for the third year running in the World Finance Corporate Governance Awards 2024. The awards, which were published in ...
By Esther Agbo OPay, a prominent Nigerian fintech company has confirmed that its customers' deposits are now insured up to N5 million, in line with the Nigeria Deposit Insurance Corporation (NDIC) industry standard. In a statement released on Sunday, OPay highlighted this commitment to financial security, noting that it aligns their practices with those of ...
Demand deposits have jumped by 206.83 percent from N9.67 trillion in May 2019 to N29.67 trillion this year’s May, according to data from the Central Bank of Nigeria’s website. The data showed that the country’s demand deposits grew by 9.31 percent between May 2019 and May 2020 to N10.57 trillion, despite global economic uncertainties caused ...
…Extends probe panel’s deadline by two months The Senate has approved an additional two months for the Ad-hoc Committee investigating the N30 trillion Ways and Means facilities granted to the Federal Government by the Central Bank of Nigeria (CBN) between 2014 and 2023. The Committee, chaired by Senator Isah Jibrin, APC, Kogi East, had requested ...
Access Bank, Africa’s leading full-service commercial bank, has partnered with the British Council for the seventh edition of the British Council Recognition and Outstanding Cambridge Learner Awards (BROCLA). The partnership is in line with Access Bank’s commitment to supporting the educational sector and recognizing students who have excelled on national and global stages in the ...
Nigeria’s debt to the World Bank has increased by $1.07 billion under President Bola Tinubu’s administration. According to an analysis of data from the Debt Management Office (DMO), the debt rose from $14.51 billion at the end of the second quarter of 2023 to $15.59 billion by the end of the first quarter of 2024, ...
By Esther Agbo The Federal Ministry of Finance and the Ministry of Budget and Economic Planning hosted a high-level delegation of Canadian investors in Abuja today, highlighting Nigeria’s commitment to fostering economic cooperation and attracting foreign investment. The meeting was led by Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, ...
By Seun Ibiyemi The Central Bank of Nigeria has warned authorised forex dealers against defacing/stamping US Dollar banknotes and continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria. This is even as the apex bank threatened to sanction lenders that rejected the currencies. ...
Wema Bank, the pioneer of Africa’s first fully digital bank, ALAT, has charged stakeholders to prioritise digital empowerment for MSMEs as a measure for championing a sustainable MSME ecosystem in Nigeria. The charge was made at the International MSMEs Day and MSME Awards Night 2024; a two-fold event organised by the Federal Government through the ...
The Securities and Exchange Commission (SEC) has announced plans to impose a N1 million penalty on banks failing to submit complete capital raise applications in line with banking sector recapitalisation guidelines. In a statement released, SEC emphasised that banks must follow specific norms and procedures to raise capital through rights issuance, private placements, or other ...
...Offers N100m in grants and mini-MBA scholarships By Opeyemi Abdulsalam Access Bank has opened applications for its Womenpreneur Pitch-a-ton programme, aimed at empowering female entrepreneurs. This year’s programme will award 120 winners with business grants and a certified mini-MBA programme worth over N100 million, in partnership with the International Finance Corporation (IFC). The application period ...
