Banks to Discontinue Naira 4 Dollar Promo from June 30

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 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 Adedapo Adesanya President Bola Tinubu has thrown his full weight behind the plan by the Central Bank of Nigeria (CBN) to increase the capital base of banks in the country. The President expressed his views on this move, which last occurred in 2005, through his Special Adviser on Information and Strategy, Mr Bayo Onanuga, in his message at the 40th anniversary of The Guardian Newspapers in Lagos on Tuesday. He said bank recapitalisation was crucial to Nigeria achieving a $1 trillion economy. “Amidst the general lull in a global economy, our ambition to attain a $1 trillion economy appears

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

By United Capital Research The Industrial Goods sector, proxied by cement subsector GDP, recovered from a downturn in 2018 (+4.5% y/y from -2.2% in 2017). The construction subsector also recorded an uptick in 2018 to 2.3% from 1.0% in 2017. Meanwhile, cement players under our coverage continued to focus on volume growth and increased energy diversification. Notably, DANGCEM (the largest player in the space) in its FY-18 report, grew its Nigerian sales volume by 11.4% y/y which largely offset the flattish growth in other markets and culminated to an 11.9% y/y growth in revenue. On the other hand, while WAPCO

By Adedapo Adesanya President Bola Tinubu has disclosed a plan by the federal government to transfer N8,000 to 12 million poor households in Nigeria for a period of six months. This was contained in a letter the President wrote to the House of Representatives regarding the $800 million loan request of the immediate past administration of Mr Muhammadu Buhari for the social safety net programme. The President is asking for approval from the House to secure the loan. According to the President, the money transfer to poor households would have a multiplier effect on about 60 million individuals. For credibility,

By Dipo Olowookere Central Bank of Nigeria (CBN) has announced the inclusion of non-interest financial institution in the N200 billion Commercial Agriculture Credit Scheme (CACS). A circular issued by the apex bank explained that this was to deepen access to finance and reduce exclusion rate in the country. CACS was created to promote commercial agricultural enterprises in Nigeria, which is a sub–component of the Federal Government of Nigeria Commercial Agriculture Development Programme (CADP). The N200 billion funding package was put in place to complement other special initiatives of the CBN in providing concessionary facility for agriculture such as the Agricultural

By Dipo Olowookere Former Vice President, Mr Alex Ekwueme, has been confirmed dead at a hospital in London, United Kingdom. A statement issued by his family in Oko, Anambra State disclosed that the second republic VP was said to have died on Sunday night. On October 28, 2017, over two weeks after celebrating his 85th birthday, the elder statesman was rushed a hospital in Enugu after he collapsed at his residence in the Independence Layout area of Enugu. He was in a coma at the time he was admitted at the Intensive Care Unit of Memfys Hospital in Enugu after

By Dipo Olowookere A group of individuals have keyed into the Federal Government’s agenda to diversify the economy away from oil. To set the ball rolling, this group has concluded plans to organise a summit in Canada in November 2016 tagged ‘Canada-Nigeria Synergy for Improving Bilateral Trade, Investment and Partnership Opportunities in the new Nigeria’, with the hope of attracting Foreign Direct Investment (FDI) for Nigeria. At a press conference at the weekend, members of the organising team including Mr Wale Adesanya, who also doubles as the President of Etcetera International Interactive Limited, Mr Bode Thompson, President, JMT Integrated Limited

By Modupe Gbadeyanka It was celebration galore for teachers and pupils of Abaranje Primary School, located in the Alimosho Local Government Area of Lagos State recently during the commissioning of an ultra-modern lavatory donated to the school by Stanbic IBTC Holdings Plc, a member of Standard Bank Group. The teachers and pupils could not hide their joy when the lender handed over to them the block of 12 modern toilets; 10 for the use of children and two for their teachers’ use, with a septic tank, borehole and overhead water tank added to the facility to make life more comfortable

By Adedapo Adesanya, The NASD Over-the-Counter (OTC) Securities Exchange recorded a decline of 0.14 per cent on Wednesday after the share price of Central Securities Clearing System (CSCS) Plc closed lower. The company lost 31 Kobo in the midweek session to close at N14.20 per share compared with the previous closing price of N14.51 per share. It rubbed off the 17 Kobo price appreciation posted by Afriland Properties Plc, settling at N2.07 per unit versus Tuesday’s value of N1.90 per unit. At the close of transactions, the value of the unlisted securities market went down by N1.32 billion to N957.64