Access Bank Gets Fresh $300m to Execute African Expansion Strategy

Sterling Bank Limited’s cutting-edge investment platform, Doubble, has been upgraded with new features aimed at improving investment returns for existing and new customers. With various flexible naira and dollar investment options, including money market offerings with returns higher than your bank’s returns on savings. The digital savings and investment platform provides a seamless avenue for individuals to build wealth. Users are provided with a guaranteed income stream and fixed growth over a set period, as well as a hedge against market volatility, the ability to secure loans against account balances, and the convenience of transferring the annuity to a spouse

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 Modupe Gbadeyanka A global provider of audit and certification services, MSECB, has issued a certification to Access Bank Plc for its Anti-Bribery Management System. The certification was issued to the Nigerian lender after implementing effective measures and fostering a culture of integrity within its system and operations. With this certification, Access Bank aims to provide its customers with the highest level of confidence in the bank’s unwavering integrity, assuring them of its zero-tolerance policy for bribery and ethical misconduct, thus fostering a positive relationship, and building trust and credibility among its stakeholders, including customers, partners, and investors. The bank

By Adedapo Adesanya Nigerian bank, Union Bank, alongside energy company, Riverside LNG of Nigeria, have signed different agreements that involve a $500 million renewable energy pact and gas export between Nigerian and German entities. Union Bank and DWS Group signed a pact on cooperation in renewable energy while Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership. President Bola Tinubu witnessed the signing of the two Memoranda of Understanding (MoU) in Berlin, Germany, at the 10th German-Nigerian Business Forum, according to Mr Ajuri Ngelale, the President’s Special Adviser on Media and Publicity.

By Adedapo Adesanya Suntory Beverage & Food Limited (SBF) has announced that its subsidiary, Suntory Beverage & Food Asia Pacific (SBFAP), has entered into an agreement to sell its subsidiary in Nigeria, Suntory Beverage & Food Nigeria (SBFN), to Africa FMCG Distribution Ltd (AFDL) for $14 million. SBF is the brand owner of Ribena and Lucozade since 2013. The completion of the transaction is subject to receiving merger clearance from relevant regulatory authorities in Nigeria. The total consideration of the transaction, which is around $14 million, will be split into $7 million each for the transfer of shares and loan.

By Aduragbemi Omiyale Some employees of the Economic and Financial Crimes Commission (EFCC) have been engaged by the Securities and Exchange Commission (SEC) on ways to handle capital market-related complaints. This is part of efforts to ensure that financial crimes in the capital market are reduced to the barest minimum and the ecosystem sanitised so as to boost investor confidence. At the one-day training tagged Enlightenment Programme on the Capital Market and the Investigation of Capital Market Complaints the Director of SEC Lagos Zonal Office, Mr Stephen Falomo, said the training was one of the strategies of the agency to

By Modupe Gbadeyanka Two gallant mobile police officers killed in the Zenith Bank robbery attack in Owerri, Imo State earlier this year have been honoured by the Inspector-General of Police (IGP), Mr Ibrahim Idris. The police chief named a new office complex in Lagos Police Mobile Force Headquarters Squadron 20 (MOPOL 20), Ikeja Lagos after two slain cops; Chukwudi Iboko and Sunday Agbo. Mr Idris said this gesture would inspire other officers to put more effort at the discharge of their various duties. Both policemen were killed while repelling a robbery attack at Zenith Bank branch in Owerri in February

By Adedapo Adesanya * Cost of other alternatives transport soar in Review Month ** Ripples of fuel subsidy spur rise in food, rent, others *** President Tinubu launches palliative measures to cushion effect The average fare paid by commuters for bus journeys within the city per increased by 97.9 per cent from N649.59 in May 2023 to N1,285.41 in June 2023 as Nigerians grapple with a rise in prices after President Bola Tinubu announced the removal of fuel subsidy. This was contained in the Transport Fare Watch June 2023 released by the National Bureau of Statistics (NBS) over the weekend,

By Modupe Gbadeyanka Stakeholders in the banking industry in West Africa will gather in Accra, Ghana, from November 15 to 16, 2022, to discuss ways to deepen financial inclusion in the region through technology. The facilitator of this discussion themed Accelerating Financial Inclusion Through Digital Adoption is the International Centre for Strategic Alliances (ICSA), organisers of Connected Banking 2022 (formerly Africa’s Digital Banking Summit). Key issues to be debated at the sixth edition of the programme include Crafting a Cashless/Cash-lite Economy; Digital Wallets and Digital Lending; Security – An all-pervasive model; The Digital Only Model – Trends and Challenges; Synergies

Encomiums have been pouring in for Delta State Governor, Mr Ifeanyi Okowa, following the completion of Leisure Park Asaba. Leisure Park Asaba is another innovative addition to the long list of Okowa’s infrastructural development in Delta State. Located at Anwai Road, Asaba, Delta State, Nigeria, the park is the latest addition to the tourism industry in the south-south region, boasting some of the finest amusement attractions ever seen in Nigeria, including adrenaline-pumping amusement rides. Leisure Park Asaba also has one of the largest man-made lakes housing a wave pool, kayaking, waterslides, and swimming pool, with the zoo section boasting over

By Modupe Gbadeyanka The maiden edition of X-Kathon, the Hackathon designed by the Nigerian Stock Exchange (NSE) to encourage technology enthusiasts to develop innovative financial technology (fintech) solution to drive up millennials participation in the capital market. From the over applications received from participants, Team Requid emerged the overall winner and went home with the grand prize of N5 million. The winner made the top 10 teams, including Echo Trade; Koin-Jar; King; Finfit; Fantasy Stock Exchange; Stritbid; Trove; Investors Masterclass and Nigeria Learn. The second position was occupied by Team Trove, which took N3 million and Team Investors Masterclass, which

By Adedapo Adesanya The value of the Naira to the Dollar crashed by N3 or 0.53 per cent at the peer-to-peer (P2P) market segment of the foreign exchange (forex) market on Thursday. At the market window, the exchange rate of the Nigerian currency to its American counterpart closed at N574/$1 compared with N571/$1 it traded at the midweek trading day. The P2P market is a marketplace where buyers and sellers exchange their currencies through different means, including bank transfers and others. The rate is mostly affected by the price of cryptocurrencies and yesterday after inflation figures from the United States