Airtel Rewards Outstanding Business Partners

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 Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

By Modupe Gbadeyanka Access Bank Plc has expressed its determination to support initiatives that promote knowledge, integrity, and the enduring legacy of excellence in the legal profession. The chief executive of Access Holdings, the parent firm of the lender, Mr Herbert Wigwe, while speaking at the launch of a book to honour Justice Amina Adamu Augie on Tuesday, November 28, 2023, said the financial institution has a strong affinity for the preservation and advancement of country’s judicial heritage. “We are proud to support the launch of Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through

By Adedapo Adesanya A new report has shown that amid a drive for digitalization, a total of $706,452 has been paid in ransom to cybercriminals by Nigerian businesses. According to Sophos, in The State of Ransomware 2022 report, Industrial Control Safety Systems (ICSS) in critical infrastructure are increasingly exposed to cyber-attacks because of the digitization drive of the industry. The report showed that as supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and other control systems become connected to the Internet to allow greater business efficiency (remote process monitoring, system maintenance, process control, and production data analysis)-Industry

According to a recent study by Recap, a crypto tax software and portfolio tracking company, London is the top bitcoin hub worldwide as a result of its outstanding financial structure, while Dubai is a close second. To be put in a competition with some of the most exciting metropolises makes coming to the top worthwhile. In the list of 20 cities, Dubai managed to outrun New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Lisbon, and a few more. Thanks to Dubai’s forward-thinking attitude towards blockchain and cryptocurrency, the city has implemented a variety of regulations to allow

By Adedapo Adesanya Since its emergence in 2014, Tether (USDT) has grown to become the most traded cryptocurrency. The token, according to Mr Paolo Ardoino, the Chief Technology Officer (CTO) at Tether, has made a significant contribution to a more connected ecosystem as it combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. “Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron, Algorand, and Solana blockchains, Tether is committed to transparency and

By Modupe Gbadeyanka It was a remarkable 2016/17 financial year for Flour Mills of Nigeria despite its overwhelming macroeconomic challenges, which included fallout of some global political and economic developments leading to foreign exchange volatility, business uncertainties and a significant weakening of the Naira which negatively impacted its business. The firm stood tall in spite of the formidable challenges and the unfavourable operating environment, achieving a solid performance, majorly influenced by its resilience and managerial capabilities. During the period, FMN Group achieved an increase in turnover which rose by an impressive 53 percent to N524 billion. The growth was driven

By Modupe Gbadeyanka One of the top five firms jostling to purchase troubled 9mobile, Bharti Airtel, has reportedly pulled out of the race. TheCable is reporting that the company, which already operates in the country as Airtel Nigeria, did not submit a final bid to Barclays Africa. 9mobile, formerly Etisalat Nigeria, got into trouble when it obtained a syndicated loan of $1.2 billion from 13 banks in the country to expand its operations. However, due to economic crisis in the country in 2016, the management of the company was unable to pay back the loan and the lenders came knocking.

By Modupe Gbadeyanka A Chinese company operating in Lagos State, Cheng-Fa Nigeria Limited, has been shut down by the state government. The Lagos State Safety Commission, which sealed the firm, said the organisation was operating with dangerous electrical installation, environmental hazards and poor working conditions, which had caused the electrocution of Joseph Ekwenube, a 14-year-old casual worker with the company. Speaking on the incident, the agency’s Director-General, Mr Hakeem Dickson, stated that the firm was shut because it was not safety compliant as it lacks basic safety equipment and poor wiring system among other workplace safety violations. Mr Dickson warned

By Adedapo Adesanya The federal government and China Railway Construction Corporation Limited (CRCC) are close to sealing the deal on the construction of the N43.2 billion Ibadan Inland Dry Port. The Nigerian Shippers’ Council (NSC) made this known in a statement on Saturday in Lagos. The council said that the 80,000 twenty-foot equivalent (TEU) capacity dry port would be built on the basis of Public-Private Partnership between the Nigerian government and private stakeholders. Mrs Rakiya Zubairu, NSC Head of Public Relations, said in the statement that CRCC was the preferred bidder for the facility, which will address congestion and gridlocks

By Quantitative Financial Analytics The impressive performance of APT Pension Fund Managers continued in the month of April when it recorded the highest monthly return in both the RSA and Retiree fund category of pension funds. It will be recalled that the APT RSA and Retiree funds toped the performance chart for the first quarter of 2017 with 3.77 percent and 4.56 percent returns respectively. Performance analysis by Quantitative Financial Analytics shows that APT pension funds returned 5.63 percent and 6.11 percent on its RSA and Retiree funds for the first four months of 2017 yielding an annualized return of