#AMECMM 2017: P+ Measurement Services to Host AMEC Measurement Month in Nigeria

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  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 Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Bliss Okperan A digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange opened the second trading week of the year on a positive note, rising by 0.68 per cent at the close of transactions on Monday, January 10. This stemmed from the positive price movement in one of the market bellwethers, Central Securities Clearing Systems (CSCS) Plc, which recorded a price growth of 4.8 per cent or 95 kobo to close at N20.00 per unit in contrast to N19.05 per unit it finished last Friday. The performance of CSCS overpowered the loss posted by FrieslandCampina WAMCO Nigeria Plc. The share price of the

By Jerome-Mario Chijioke Utomi This piece stemmed from two uniquely similar but different sources. First is a WhatsApp picture of Peter Obi, the Labour Party presidential flag bearer and his running mate, Dr Yusuf Datti Baba-Ahmed, which I recently stumbled upon on a group platform. The referenced portrait was laced with the following inscriptions; Nigeria Has Never Had It This Good! No missing certificates, excellent academic achievements, good, verifiable track records, good business administration and no criminal records. While reflecting on the portrait and its messages, I got yet another WhatsApp message. Like the first, it reads; ‘Obicracy is a

By Cowry Asset In the just concluded week, the Nigerian Inter-bank Offered Rate (NIBOR) increased for most of the tenor buckets amid renewed liquidity strain. On the other hand, NITTY moved in mixed directions across the maturities. Meanwhile, FGN bond prices at the OTC moved in mixed directions across the maturities. However, Nigeria’s Sovereign Eurobond prices appreciated at the London Stock Exchange (LSE) on sustained bargain hunting.

By Modupe Gbadeyanka A non-government organisation known as The African Women Network (TAWN) has reaffirmed its determination to help eradicate poverty among women. Recently, the group, which was established to help empower African women, organised a free skills acquisition programme at the Waterside community in the Ogba area of Lagos State. The event was part of activities rolled out to celebrate the 2021 International Women’s Day (IWD) themed Choose to Challenge. President of TAWN, Mrs Pat Okeahialam, while speaking at the programme, noted that the theme for IWD this year was particularly profound for TAWN as the group remains determined

By Dipo Olowookere Acting President, Prof Yemi Osinbajo, will on Tuesday, August 1, 2017, commission the WACOT Rice Processing Mill in Argungu, Kebbi State. The project is believed to worth a total of N10 billion with the capacity to produce 400 metrics tonnes of rice per day plus 1,000 workers with 95 percent indigenes of Kebbi State. A statement signed by Mr Abubakar Mu’azu Dakingari, the Chief Press Secretary (CPS) to Governor Abubakar Atiku Bagudu, confirmed that the Acting President will be in the state for the commissioning. The Governor urged residents of the state to turn out enmass to

By Dipo Olowookere The decision of Access Bank Plc to seal the corporate headquarters of Seplat in Lagos has not gone down well with the energy company. As a result of this, the indigenous oil firm has vowed to take legal action against the financial institution, which is known for its aggressive loan recovery strategy. On Wednesday, Access Bank sealed the office of Seplat on 16A Temple Road, Ikoyi, Lagos. The reason was that one of the companies offering drilling services to Seplat, Cardinal Drilling Services Limited, has allegedly failed to pay the credit facility it obtained from the bank.

By Dipo Olowookere The management of FMDQ Holdings Plc has announced its intention to re-open its head office in Lagos called Exchange Place in phases. A notice this week from the organisation disclosed that its head office would be reopened in three different phases. In the first phase, the Exchange Place would remain temporarily closed with services still uninterrupted. During this period, investors would still continue to enjoy the numerous services rendered by the FMDQ like trading of Naira contract futures, bonds and other investment tools being traded on the platform. For the second stage of the reopening, essential staff

By Dipo Olowookere A journalist based in Uyo, the Akwa Ibom state capital, Mr Obong Ndutim, has been arrested by the Nigeria Police Force, reports reaching us said. Mr Ndutim is the publisher of an online news portal, FactsReporter.com, and was arrested by men of the Criminal Investigations Department (CID) of the NPF over an article published on his platform titled CBN Probes Akpabio’s N865b Unrecorded Despites in Three Banks. The local journalists was apprehended in the early hours of Monday, December 3, 2018 after Senator Godswill Akpabio, a former governor of Akwa Ibom State, wrote a petition to the