Apprehension as Gunmen Attack Wema Bank in Okuku Osun

By Aduragbemi Omiyale Over $677 million has been successfully recovered for more than 853,000 users of PalmPay, the chief executive of the company, Mr Chika Nwosu, has disclosed. He said this success was made possible by the security features put in place to protect its customers, particularly because of the rising cases of cybercrimes. As electronic payment platforms gain traction, the need for consumers to be conscious of their online security becomes paramount. Recent data highlights a surge in Nigerians adopting electronic platforms for day-to-day transactions. According to a recent report by the Financial Institutions Training Centre (FITC) on Fraud

By Aduragbemi Omiyale Despite the challenging operating environment characterised by the Naira redesign policy and the foreign exchange (FX) unification policy of the Central Bank of Nigeria (CBN), Zenith Bank Plc showed why it is one of the strongest lenders in the country. Analysis of its financial statements for the first six months of 2023 showed that its gross earnings surged by 139 per cent to N967.3 billion from the N404.8 billion achieved in the same period of last year. It was observed from the results filed to the Nigerian Exchange (NGX) Limited on Monday that this triple-digit growth in

By Dipo Olowookere The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Mrs Aishah Ahmad, has been apprehended by the Department of State Services (DSS). The central banker was arrested by the country’s secret police to harvest vital information from her over the sale of a first-generation bank, Union Bank of Nigeria Plc, to a relatively new lender, Titan Trust Bank Limited. The acquisition of the more than 100-year-old financial institution by the less than 5-year-old bank raised eyebrows because the buyer coughed out $300 million to complete the transaction. Titan Trust Bank

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Dipo Olowookere Some customers of the preferred portal for everyday payments in Nigeria, Quickteller, were recently taken to Dubai in the United Arabs Emirates. The lucky customers were flown to the city for the One Africa Global Weekend Events that held from November 14 – 17, 2018, at the Festival Arena, Dubai Festival City. During the all-expense paid trip, the customers had first class treatments including front row seats, backstage passes and unfettered access to interact with the stars. The trip was made possible with the partnership entered into recently between Quickteller and One Africa Global Music Fest. The

By Modupe Gbadeyanka The management of an online restaurant in Nigeria, Bukka Hut, has clarified that one of its late directors, Mr Laolu Martins, was a minority shareholder in the company. On Wednesday, it was reported that the deceased breathed his last in Lagos. He was said to have co-founded the firm with Mr Rasheed Jaiyeola, who is the Chief Executive Officer. The deceased was reportedly invited to join the firm by Mr Jaiyeola, who jointly owns majority shares of the company with his wife and sister. Mr Jaiyeola and Mr Martins were co-owners of the Nigerian International Securities Limited

By Adedapo Adesanya The Organisation of Petroleum Exporting Countries (OPEC) has revealed that the global energy sector requires about $12.6 trillion investment for development by 2045, charging Nigeria to re-strategise. This was disclosed by the Secretary-General of the cartel, Mr Mohammad Barkindo, while presenting a keynote address at the 14th Annual Conference of the Nigerian Association of Energy Economics (NAEE) in Abuja, saying that oil would continue to remain relevant to the global economic growth and development. At the event themed Strategic Responses of the Energy Sector to COVID-19: Impact on African Economies, Mr Barkindo said that oil would continue

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) recorded a 35.6 per cent or N152.07 billion increase in its revenue as it raked N578.79 billion against N425.74 billion it recorded in January. The state oil corporation said this in its monthly report for February 2021 as it recorded an expenditure of N538.94 billion, signifying an increase of 29.2 per cent or N121.83 billion from N416.44 billion in January. This implies that its February expenditure as a proportion of revenue was 0.93 per cent as against 0.98 per cent recorded in January. The February report represents a trading surplus of

By Modupe Gbadeyanka Last year, the Economic and Financial Crimes Commission (EFCC) dragged President of the Nigerian Bar Association (NBA), Mr Paul Usoro (SAN), before Justice Muslim Hassan of a Federal High Court sitting in Lagos for an alleged N1.4 billion fraud. The anti-graft agency, which arraigned the respected lawyer on a 10-count charge, had claimed he converted and laundered the N1.4 billion in connivance with the Governor of Akwa Ibom State, Mr Udom Emmanuel. According to the EFCC, Mr Usoro in connivance with others had conspired among themselves to commit the offence in 2015 “within the jurisdiction of this

By Modupe Gbadeyanka Uber Nigeria has announced that it was now making low-interest, used-vehicle loans available to its top-rated driver-partners. The pioneering move is the result of partnerships entered into between Uber Nigeria and First Bank of Nigeria Limited, as well as smaller financiers. This means that, for the first time, Uber driver-partners in Nigeria will be able to apply for finance for used vehicles based on their driver performance records. According to the General Manager for Uber in Nigeria, Ms Ebi Atawodi, the used vehicle finance offering is the first of its kind to be made available to Uber

By Dipo Olowookere The Nigerian government has maintained that troops fighting Boko Haram terrorists have ‘totally’ defeated them. A statement issued on Sunday by Mr Segun Adeyemi, who is an aide to the Minister of Information and Culture, Mr Lai Mohammed, noted that this development is responsible for the re-opening of two major roads in Borno State today. The roads to be opened by the government are the Maiduguri-Gubio-Damasak road and the Maiduguri-Mungono-Baga road. To witness the ceremony are the Minister of Information and Culture, Mr Lai Mohammed, and his counterpart in the Ministry of Defence, Mr Mansir Dan-Ali; Service

By Modupe Gbadeyanka The sum of N500,000 has been paid to a customer of telecommunications giant, MTN Nigeria, Mr Oluwole Aluko. The amount was paid in compliance with a Federal High Court judgement in Ibadan, Oyo State, directing the telco to pay for illegal deduction of call credit of the affected customer. In 2016, Mr Aluko filed a suit against MTN Nigeria, claiming his call credit was illegally deducted from his account by the GSM network provider. During the hearing, MTN Nigeria made no representation until the day set aside for ruling on the matter. Two persons, Abiola Olagunju and