An Overview of Legal Requirements For a Bank’s Website

By Dipo Olowookere The managing director of Unity Bank Plc, Mrs Tomi Somefun, has promised customers of the financial institution innovative digital banking services. She made this pledge while reacting to the financial statements of the company for the period ended September 30, 2023, where the lender grew its customer deposits by about 5 per cent on a year-to-date basis to N344.4 billion from N327.4 billion in December 2022. Mrs Somefun attributed this to the competitive products Unity Bank offers customers, as the company drives initiatives to ramp up transactions as part of its strategy for the short and medium

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.

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

By Adedapo Adesanya The Nigerian Naira suffered a N1 or 0.17 per cent loss against the United States Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Thursday, closing at N587/$1 compared with the preceding day’s exchange rate of N586/$1. This was caused by the strengthening of the greenback in the global market as the US Federal Reserve raised interest rates by 50 basis points, bringing the fed funds rate up from 0.5 per cent to 1 per cent. This action by the Fed affected the cryptocurrency market yesterday as the bears had a field day,

By Adedapo Adesanya Haul247, a Nigerian end-to-end logistics platform connecting businesses to haulage and warehousing assets, has raised a $3 million seed round to solve problems revolving around the sector. Alitheia Capital provided the equity capital, with Investment One contributing $1 million in debt financing. The logistics startup allows small businesses and large companies to book trucks and warehouses across multiple African geolocations. It has over 1,000 trucks on its platform and about 151,000 square meters of warehouse space across various locations, the company said in a statement. The startup, founded by Mr Sehinde Afolayan, through its proprietary software, enables

By Dipo Olowookere The appetite for one-year bill of the Central Bank of Nigeria (CBN) reduced at the Open Market Operations (OMO) conducted on Thursday. The apex bank held its weekly OMO auction and from observation, the usual hunger offshore investors have for the 12-month instrument waned during the exercise. Business post reports that N130 billion worth of the bill was offered for sale to traders, but the CBN only received bids valued at N107.80 billion at the end of the exercise. In the past exercises, the apex bank would have received triple of the amount it auctioned to market

By Modupe Gbadeyanka The Nigerian government is looking at the possibility of issuing the third tranche of green bond worth N25 billion to fund projects that are friendly to the environment. In 2017, Nigeria became the first African country to sell green bonds to investors and the paper worth N10.7 billion was auctioned to subscribers. Two year after, it sold N15 billion in Series II. On Thursday, February 6, 2020, the Minister of Environment, Mr Mohammad Mahmood Abubakar, was at the Nigerian Stock Exchange (NSE) in Lagos, where he was honoured with the closing gong ceremony. While addressing the market,

By Dipo Olowookere Liverpool suffered their first loss at Brentford in 84 years at the Gtech Community Stadium in an English Premier League on Monday night. Jurgen Klopp’s men lost 3-1 in Liverpool’s first match of the year. It was their first loss to the Bees since 1938. Brentford drew the first blood 19 minutes into the game through an own goal by Ibrahima Konate, and the lead was doubled three minutes before half-time by Yoane Wissa. The scoreline left Liverpool confused in the first half of the match and forced the Anfield outfit to make three substitutions at the

By Adedapo Adesanya The United Kingdom has pledged up to £105 million of UK emergency aid to help vulnerable countries tackle the Omicron COVID-19 variant, with a particular focus on Africa. This was disclosed by the Foreign Secretary, Ms Liz Truss, who added that the vital aid will be delivered through trusted partners and will help scale-up testing, especially in parts of Africa where testing rates for the virus remain lowest – allowing health systems to track and respond to the spread of the virus more effectively. This is in addition to the UK’s world-leading genomic sequencing support. She also

By Kester Kenn Klomegah After the Ufa declaration in 2015, BRICS, an association of five major emerging economies that includes Brazil, Russia, India, China and South Africa, has made energy cooperation one of its priorities besides attaining an admirable significant influence on regional affairs and very active on the global stage. That 7th summit held in July in the Russian provincial city of Ufa in Bashkortostan, under Russia’s initiative the BRICS adopted the key guideline for expanding among many other spheres, development of energy cooperation, bridging the scientific and technological gap, as well as finding solutions to the challenges in

By Dipo Olowookere Africa has produced the most dramatic moves in the latest FIFA/Coca-Cola Women’s World Ranking, due in part to the CAF Women’s Africa Cup of Nations in Cameroon, with a number of sides from the “Mother Continent” taking strides up the table in December. Kenya gained 35 points and 10 places, the most of any country worldwide, not so much because of their performance at the African finals, where they lost all three of their matches, but thanks to their serious preparation for the tournament. Positive results in their seven friendly games leading up to Cameroon 2016 certainly