Access Bank Board Approves 2018 Financial Results

By Modupe Gbadeyanka A cutting-edge German-Nigerian financial technology (fintech) firm, BFREE, plans to put down $40 million to acquire some distressed loan portfolios in Union Bank of Nigeria. A statement from the Nigerian lender said both parties signed a Memorandum of Understanding (MOU) in Berlin on November 21, 2023, at the German-Nigerian Business Forum. It was disclosed that BFREE would partner with its international financing partners to refinance bad loans from Union Bank, particularly those delayed in repayment or already written off. Union Bank expressed its optimism that this strategic partnership with BFREE would not only bolster the bank’s financial

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

By Aduragbemi Omiyale The Long-Term Issuer Default Rating (IDR) of Coronation Merchant Bank (CMB) has been downgraded by Fitch Ratings to ‘CC’ from ‘B-‘, with its Viability Rating (VR) also lowered to ‘cc’ from ‘b-‘. In a note released on Monday, the rating agency said it also demoted the bank’s National Long-Term Rating to ‘B+(nga)’ from ‘BBB-(nga)’, raising some red flags that prompted its latest decision. According to Fitch, CMB was moved down in the pecking order due to a “significantly weakened capital position”, which if not quickly addressed, “could lead to a material capital shortfall.” Already, the financial institution

By Dipo Olowookere A new study co-designed by Kim, Seung-Kyu, Professor at Incheon National University and Greenpeace East Asia has showed that over 90 percent of sampled salt brands globally were found to contain microplastics. It was gathered from the study, which was obtained by Business Post that the highest number of the sampled salt brands containing these microplastics came from salt sourced in Asia. The study, which has been published in Environmental Science & Technology, a peer-reviewed scientific journal, analysed 39 various salt brands globally, showing that plastic contamination in sea salt was highest, followed by lake salt, then

By Modupe Gbadeyanka The treasury bills market remained relatively quiet yesterday with no significant volumes traded recorded. This was as the market players anticipate increased supply of T-bills via the NTB and OMO auctions on Wednesday and Thursday respectively. Consequently, the average treasury bills yields slightly went down by 0.07 percent to 12.77 percent at the end of market on Monday. The yields are expected to remain relatively stable at these levels on Tuesday, barring a significant decline in the net system liquidity. Meanwhile, Business Post reports that the average money market rates broadly increased on Monday by 7.13 percent

By Adedapo Adesanya The Governor of Enugu State, Mr Peter Mbah, has appointed the co-founder and CEO of Kobo360, Mr Obi Ozor, as the Commissioner for Transport, a move that has sent ripples of joy across Nigeria’s tech sector. Mr Ozor was sworn in last Friday alongside 19 others by Governor Mbah. He is expected to bring his over six years of logistics and supply chain experience to drive the goals of the Southeastern state’s executive council. Speaking at the swearing-in ceremony, Mr Mbah said to the Commissioners, “Your selection was largely driven by your track records, your experience, your

By Investors Hub Asian stocks moved mostly higher on Thursday as trade war fears eased and investors turned their focus to the U.S. jobs report due Friday for clues to job growth and future moves by the Federal Reserve. The markets in China were closed for Tomb-Sweeping Day. Japanese stocks saw a relief rally as the yen weakened on improved risk appetite after the United States expressed willingness to negotiate a resolution to an escalating trade conflict with China. The Nikkei 225 Index jumped 325.87 points or 1.5 percent to 21,645.42, while the broader Topix Index closed 1.1 percent higher

Operators of inter-state buses and vehicles have been directed by the Lagos State government not to go beyond Ojodu Berger and Ojota Motor Parks. A statement signed by the Chief Press Secretary to Governor Akinwunmi Ambode, Mr Habib Aruna, disclosed that operators of the inter-state vehicles should stop plying the Ikorodu Road. In the statement issued on Wednesday, Mr Aruna said the state government has issued a seven-day ultimatum to the operators to relocate to the designated inter-state motor parks at Ojodu Berger and Ojota, after which stiff sanction would apply to defaulters. Speaking after embarking on a joint inspection

By Modupe Gbadeyanka Panasonic Corporation says it has recently developed the “HITTM Photovoltaic Module for Automobile”, which was adopted for the new Prius PHV released in February 2017 by Toyota Motor. In addition, Panasonic’s automotive prismatic lithium-ion batteries were adopted for the drive batteries, as with the Prius PHV that was released in 2012. Panasonic Corporation has worked on the development of new applications of solar cells through the effective use of high performance and high reliability technologies and know-how that have been accumulated through the development, manufacture, and sales of photovoltaic modules for residential, public and industrial use. Panasonic’s

By Dipo Olowookere The US Embassy in Addis Ababa has announced the commencement of the 2018 Diversity Visa (DV) Program registration. Registration starts October 4, 2016 and will close Monday, November 7, 2016. Each year the United States administers the Diversity Visa Immigrant Program from countries with historically low rates of immigration to the United States. For the 2018 year, 50,000 DVs will be available. No more than seven percent of the total visas available can go to nationals of any one country. US immigration law requires that every DV winner must have at least a high school education or