BOFI Act 2020 Will Revive Financial System, Economy—Senate

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 Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

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 Aduragbemi Omiyale The Long-Term Issuer Default Rating (IDR) of Coronation Merchant Bank (CMB) has been downgraded by Fitch Ratings to ‘CC’ from ‘B-‘, with its Viability Rating (VR) also lowered to ‘cc’ from ‘b-‘. In a note released on Monday, the rating agency said it also demoted the bank’s National Long-Term Rating to ‘B+(nga)’ from ‘BBB-(nga)’, raising some red flags that prompted its latest decision. According to Fitch, CMB was moved down in the pecking order due to a “significantly weakened capital position”, which if not quickly addressed, “could lead to a material capital shortfall.” Already, the financial institution

By Dipo Olowookere The earlier suspended Capital Market Committee (CMC) meeting of the Securities and Exchange Commission (SEC) will now take place on Thursday, August 20, 2020. The critical meeting was earlier scheduled to hold in April 2020 but it was cancelled because of the global health crisis caused by COVID-19. However, with the new normal brought about by the virus, the event will now take place with members attending the gathering virtually. In a notice, the apex capital market regulatory agency said the CMC meeting, the first this year, will be done via a video-conferencing platform with invited members

By Modupe Gbadeyanka Seven persons have been apprehended by police in Kwara State in connection with invasion of some banks in the Offa area of the state on Thursday evening. The attack left some people dead including police officers in the ancient town. The operation lasted about an hour with the armed robbers carting away with an undisclosed amount of cash. Addressing journalists on Saturday, Commissioner of Police in Kwara State, Mr Lawan Ado, disclosed that seven suspects have been arrested. According to him, the hoodlums abandoned some vehicles while escaping arrest and some of the abandoned vehicles have been

By Destiny Ugorji A Chief Magistrate Court sitting in Wuse zone 2 area of Abuja, presided over by Chief Magistrate Mabel Bello, Monday, adjourned a case of false evidence and injurious falsehood against disbarred Lagos lawyer, Emeka Ugwuonye to July 6, 2018. The adjournment was at the instance of Mr Ugwuonye, who could not produce a lawyer to defend him in court; but opted to defend himself; a proposal that was turned down by the presiding Chief Magistrate. The court which frowned at what appeared like a delay tactics employed by Mr Ugwuonye in the matter, awarded N10,000 cost against

By Adedapo Adesanya The activities of oil pipeline vandals and oil theft cost Nigeria a loss of $2.75 billion in 2019, Partner for Petroleum & Energy Sector Prosperity Initiative (P-PESPI) has claimed. This was explained by the group’s Chairman, Mr Charles Ibiang, who noted in a statement on Sunday that criminal damage on the nation’s oil asset was affecting the nation’s revenue inflow. According to him, industry information from NEITI, NNPC, NEC Adhoc Committee on Prevention/Control of Crude Theft and other sources revealed that Nigeria in 2019 recorded a loss of 22.64 million barrels of crude oil valued at $1.35

By Investors Hub European stocks have risen on Monday after Trump delayed imposing higher trade tariffs on Chinese tariffs, citing progress on a series of divisive trade issues, including intellectual property protection, technology transfers, agriculture, services and currency. The overall gains remain limited, however, as investors adopt a cautious stance ahead of the summit between Trump and Kim. The French CAC 40 Index is up by 0.3 percent and the German DAX Index is up by 0.6 percent, although the U.K.?s FTSE 100 Index has bucked the uptrend and edged down by 0.1 percent. Automakers are broadly higher as tariff

By Dipo Olowookere The Nigerian chapter of International Facility Management Association IIFMA) is planning to celebrate the 2018 World Facility Management Day with the students of the Government Technical College, Agidingbi, Ikeja, Lagos on May 16, 2018. This is part of the strategies for capacity development and the need to inspire the next generation of Facility Managers. The theme for the celebration is ‘Enabling Positive Experiences: Inspiring the Technical Students for a better tomorrow.’ Speaking during an interview, President of IFMA, Engr Pius Iwundu, stated that the World FM Day has become a veritable platform that promotes the importance of

By Modupe Gbadeyanka Investments into the Lekki Free Trade Zone (LFTZ) an emerging business hub in the Lagos axis of the State has risen to over N100 billion in the last 10 years. Chairman of Lekki Free Zone Development Company, Mr Abiodun Dabiri disclosed this at the weekend while giving progress report on the Zone to state Governor, Mr Akinwunmi Ambode. Mr Dabiri noted that more investors have indicated interest in coming to set up businesses in the Zone. According to him, the recent efforts by the Governor especially in the change of baton in the management of the Zone

By Investors Hub European stocks were mostly higher on Monday as investors bet on strong economic growth and solid corporate earnings. Markets shrugged off weak factory orders data from Germany as Chancellor Angela Merkel’s conservatives and the centre-left Social Democrats embark on new talks to form a new government. German factory orders decreased 0.4 percent month-on-month, reversing a revised 0.7 percent rise in October, data from Destatis revealed. Orders were forecast to drop 0.2 percent. Separately, U.K. house price growth slowed sharply in December and prices declined from the previous month, preliminary data from the Lloyds bank subsidiary Halifax and