Access Bank Declares N72.9b Pre-tax Profit in 9 Months

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) would likely direct banks to increase their capital base in the coming months as part of a new policy push towards a $1 trillion Nigerian economy. The Governor of the apex bank, Mr Olayemi Cardoso, said this while delivering his keynote address at the 58th Annual Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos on Friday. The new CBN chief used the event to unveil the bank’s monetary policy thrust and economic outlook for 2024, following the cancellation of the Monetary Policy Committee (MPC) meeting for the quarter. “We

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

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 Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Adedapo Adesanya Crude oil ended positive on Tuesday as geopolitical tensions and tight global supplies supported the market after dropping in earlier sessions ahead of the meeting of the Organisation of the Petroleum Exporting Countries and allies, together known as OPEC+. During the session, the Brent crude climbed 36 cents or 0.4 per cent to $89.52 per barrel while the United States West Texas Intermediate crude was up by 38 cents or 0.4 per cent to sell at $88.58 a barrel. Recently, crude benchmarks hit their highest prices since October 2014, with Brent touching $91.70 and US crude hitting

Clients of FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, were recently hosted to a Wealth Management Customer Forum. The programme was organised to share in-depth analysis of the impact of long-term wealth preservation and inter-generational wealth transfer and was themed Our Customers, Our Strength. The event focused on three key topics; Health is Wealth presented by Consultant Nephrologist at St. Nicholas Hospital, Dr Ebun Bamgboye; Benefits of Generational Wealth Transfer delivered by Head Private Trust FBNQuest Trustees, Mofoluke Keshinro; and Trends & Opportunities in the Global & Local Economy by Head Macroeconomic and

By Modupe Gbadeyanka The sum of $100,000 has been donated to Slum2School Africa by Prudential Zenith Life Insurance to help combat the impact of the COVID-19 pandemic on education in disadvantaged communities in Nigeria. It was gathered that the gesture came through a Corporate Social Responsibility (CSR) Fund from the Prudence Foundation, the community investment arm of Prudential Plc in Asia and Africa. Slum2School Africa is a leading volunteer-driven developmental organisation, transforming society by empowering underprivileged children in slums and remote communities with quality education, entrepreneurial skills and psychosocial support to enable them to realise their full potential and become

By Adedapo Adesanya The Federal Government has set the deadline for the submission of the 2020 budget proposals by Ministries, Departments, and Agencies (MDAs) for Friday, September 20, 2019. This was disclosed in the 2020 Budget Call Circular released by the Budget Office of the Federation on Monday, which set out the requirements and instructions that must be satisfied and followed ahead of preparations of the 2020 Federal Government of Nigeria Budget Proposal. The document, obtained by Business Post, directed the MDAs to take into consideration the policies and strategies contained in the 2020 – 2022 Medium Term Expenditure Framework (MTEF)

By Dipo Olowookere The efforts of Promasidor Nigeria Limited, makers of Cowbell milk, Loya Milk, Top tea and other food products, in sponsoring the Cowbell Football Academy (CFA) have been commended by the Nigerian Football Federation (NFF). The CFA is an initiative aimed at developing sports in the country by creating an enabling platform for children and youths to express themselves through sports, academics and extra-curricular activities thereby adding to the nation’s human capital development. Speaking at the grand finale of the 2016 Summer Camp, which took place at the main bowl of the national stadium in Surulere, Lagos recently,

By Adedapo Adesanya The Naira for a second session appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.09 per cent or 37 kobo on Friday, October 8. Business Post gathered from FMDQ Securities Exchange that the local currency was traded at the FX market segment yesterday at N414.30/$1 in contrast to N414.67/$1 it traded at the previous trading session. At the final trading session of the week, the turnover went up by $93.16 million or 34.9 per cent as transactions worth $359.48 million were recorded as against the $266.32 million

By Adedapo Adesanya Brent crude fell below the $80 mark after it dropped 4 per cent or $3.33 to $79.35 per barrel on Tuesday as investors fled the volatile oil market in an uncertain economy. Also, the United States West Texas Intermediate (WTI) crude futures depreciated by 3.5 per cent or $2.68 to settle at $74.25 per barrel yesterday. Prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year as a string of bearish news has unnerved investors despite an ongoing war in Ukraine and one of the

By Dipo Olowookere Market metrics of the NASD OTC Market finished positive this week as the major indices appreciated, Business Post is reporting. At the close of transactions yesterday, the NASD USI increased by one percent, closing at 692.52 points against 668.31 points last Friday. Consequently, total market capitalization also gained one percent this week, closing higher at N468.7 billion compared with N465.8 billion last Friday. During the week, Central Securities Clearing System (CSCS) Plc recorded the highest volume of trades, selling 1.8 million units representing 95.03 percent of the total volume of transactions at the market. CSCS Plc also