AMCON Finally Sells Keystone Bank to Consortium

By Modupe Gbadeyanka Stanbic IBTC Bank Limited has been recognised as the Most Outstanding Bank Supporting Women-Owned Businesses at the Women in Marketing and Communications Award (WIMCA) held in Lagos. The organisers of the event said the subsidiary of Stanbic IBTC Holdings has been very supportive of businesses owned by females in the society. The lender has created a healthy environment that breaks down barriers for talented, qualified women to achieve their career aspirations, own their businesses, and make demonstrable differences in their various industries. The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, while receiving the

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 Aduragbemi Omiyale The chief executive of a digital financial services provider, Moniepoint Incorporated, Mr Tosin Eniolorunda, has disclosed that the firm has put in place mechanisms to detect fraudulent transactions on its platform. Mr Eniolorunda made this disclosure when he paid a courtesy visit to the chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, at the bank’s headquarters in Lagos. The visit came after Fidelity Bank prevented the flow of transactions from Moniepoint over issues relating to the identity of the neo bank’s customers. Fidelity Bank later removed the restrictions, allowing customers of the two banks and digital

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.

Heading into the FIFA Women’s World Cup France 2019™, Visa has announced an expanded commitment to women’s football, leveraging the brand’s sponsorship platform to inspire women athletes amidst the global gender equality and women’s empowerment movement. “Sport presents a huge opportunity for women to pursue their dreams on and off the field,” said Lynne Biggar, chief marketing and communications officer, Visa. “Women make the vast majority of consumer purchases and start millions of small businesses a year. By making a substantial investment in women’s initiatives, including soccer, Visa is celebrating this powerful global force.” Visa’s newest investments include supporting Women’s

By Aduragbemi Omiyale The government of the Democratic Republic of Congo (DRC) has increased its shareholding in Shelter Afrique to 2.46 per cent, up from 1.68 per cent held previously. This followed the payment of $1.7 million capital arrears in the pan-African housing development financier on December 22, 2021, to add to the initial $2.5 million. DR Congo has now joined Tanzania, Morocco, Mali, Lesotho, Namibia, Togo and Zimbabwe as Shelter Afrique Class A shareholders who have fully paid their capital obligations. “We are grateful to the government of the Democratic Republic of Congo as this is a show of

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By Dipo Olowookere Police in Lagos State have said they will not approve the proposed nationwide protest against the Federal Government organised by top musician, Mr Innocent Idibia better known as 2Face. Commissioner of Police in the state, Mr Fatai Owoseni, disclosed that organiser of the demonstration was yet to formally notify the Force of any intention to carry out the mass protest, which is expected to commence at the National Stadium in Surulere and terminate at the National Theatre in Iganmu on Monday, February 6, 2017. Mr Owoseni noted that even if the organiser now formally writes to the

By Adedapo Adesanya The World Bank Group has discontinued the publishing of its Ease of Doing Business report after 18 years. The report measures regulations directly affecting the ease of doing business in 190 countries. The Bretton Wood institution said it reached the decision to discontinue the report after “internal reports raised ethical matters, including the conduct of former board officials as well as current and/or former bank staff.” It was reported that an independent investigation document found that Ms Kristalina Georgieva, who served as the bank’s chief executive officer from 2017 to 2019 and is now the managing director

By Dipo Olowookere Oil prices resumed their downward spiral Tuesday after OPEC sparked fresh worries about an oversupply crisis with a forecast that global output will increase next year. The commodity rallied for most of August on hopes for a production limitation deal at a meeting between OPEC and Russia this month, but it has taken a beating in recent weeks as traders grow cynical that the Algiers gathering will end in success. The Organization of the Petroleum Exporting Countries yesterday predicted non-member countries would see output rise in 2017, revising its previous expectations of a drop. Prices have seen

By Modupe Gbadeyanka As a new trading week kicks off on Monday, June 4, 2018 (today), players in the financial market are looking forward for a positive week. For those at the treasury bills market, they would be anticipating the government’s instrument worth N216.04 billion maturing this week via the secondary market. This, according to analysts at Cowry Asset, is expected to ease liquidity in the financial system with resultant fall in interbank rates. Last week, Central Bank of Nigeria (CBN) auctioned treasury bills worth N785.73 billion comprising N736.13 billion via Open Market Operations (OMO) and N49.60 billion via the

By Kestér Kenn Klomegâh This article attempts to contribute to the discussions on the evolutionary political confrontations and contradictions between Russia and Ukraine, its impact on and implications for Southern Africa. Historically, both Russia and Ukraine attained their independence after the collapse of the Soviet era in 1991. It has embarked on territorial expansionism, annexing neighbouring former Soviet republics. Its annexation ambitions started with Georgia, then Crimea and now Ukraine. That, however, Russia considered itself a superpower and hopes to lead the emerging new world order. After these several months, Russia’s “special military operation” approved by the Federation Council and