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By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

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 Modupe Gbadeyanka For supporting Micro, Small and Medium-scale Enterprises (MSMEs) with credit facilities, Ecobank Nigeria Limited has won big at the 2023 Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos. The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending small businesses and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantees and technical support to MSMEs. It got an award for Platinum Service Ambassador; Bank with the Highest Impact on

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

By Modupe Gbadeyanka A renowned global rating agency, Fitch Ratings, says the management team of Nigeria-based Coronation Merchant Bank Limited has demonstrated “a high degree of credibility.” In a statement to announce the rating of the bank’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a negative outlook, Fitch said the company’s “strategy is well defined although execution could be hampered under current difficult operating conditions.” In the statement made available to Business Post on Monday, it was stated that apart from the management quality being “a relative strength,” it was equipped with “experience and depth commensurate with the complexity

By Adedapo Adesanya Nigerian authorities have reversed their decision to suspend the country’s basketball teams from all international competitions. The Permanent Secretary in the Ministry of Youth and Sports Development, Mr Ismaila Abubakar, disclosed this at a news conference in Abuja on Thursday. He explained that the decision to lift the ban on international basketball competitions was based on a letter of appeal from the Nigeria Basketball Federation (NBBF), signed by Mr Musa Kida. “President Muhammadu Buhari, being one that is committed to youth development and desirous of ensuring that they are availed of all opportunities in sports and other

By Modupe Gbadeyanka Thursday, January 26, 2017, has been fixed for the meeting of the Board of Directors of Access Bank Plc. A statement by the financial institution dated Wednesday, January 4, 2017 and made available to the Nigerian Stock Exchange (NSE) explained that the meeting is to “consider and approve the Group’s Audited Financial Statements for the year ended 31st December 2016 along with other agenda items inclusive of consideration of payment of Final Dividend.” Access Bank revealed that the meeting is scheduled for 9am in Lagos. “The company has declared the Closed Period from 4th January, 2017 to

By Adedapo Adesanya The Brent crude grade appreciated by 1.6 per cent or $1.51 on Wednesday to $96.16 per barrel despite the United States Federal Reserve raising interest rate for the fourth time this year. The oil market held its rally even as stocks fell and the dollar rallied after Federal Reserve Chair Jerome Powell said it was premature to think about pausing rate increases. This did not have a negative effect on the market as the West Texas Intermediate (WTI) crude gained 1.8 per cent or $1.63 to quote at $90.00 per barrel. Yesterday, the US central bank boosted

By Adedapo Adesanya The National Union of Petroleum and Natural Gas Workers (NUPENG) says its Petroleum Tanker Drivers (PTD) unit will commence strike action on Monday over the deplorable state of the nation’s highways and other issues. According to Mr Tayo Aboyeji, the South-West Zonal Chairman of NUPENG, the union has lost many lives and properties due to bad roads, adding that all tanker drivers will withdraw their services nationwide. “This is not the first time that we will signify our intention to go on strike but we have to call it off because it will generally affect the majority

By Modupe Gbadeyanka Some executives of Keystone Bank Limited led by the Acting GMDCEO, Mr Abubakar Danlami Sule, recently paid a courtesy visit to the Commissioner of Police for Lagos Command, Mr Zubairu Muazu. During the visit, both parties talked on how they can work together for the overall growth of their respective operations in the state. On the entourage of Keystone Bank were Mr Clement Ezeifedikwa, CSO, Keystone Bank; Mrs Omobolanle Osotule, Divisional Head, Marketing & Corporate Communications, Keystone Bank; and Ms Olayemi Sule Divisional Head, Corporate Services, Keystone Bank.

By Precious Olisa The Supreme Court of Nigeria has fixed Thursday, October 26, 2023, for the delivery of judgment on the appeals filed by Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party (LP) over the upholding of the victory of President Bola Tinubu of the All Progressives Congress (APC) in the 2023 presidential election. After the exercise held on Saturday, February 25, Mr Abubakar and Mr Obi approached the Presidential Election Petition Tribunal to upturn the victory of Mr Tinubu. However, they lost at the Appeal Court and further moved to

By Dipo Olowookere An investment forum is billed to hold on Thursday, December 8, 2016 in Baku, Azerbaijan at the Azpromo Business Center by 8:30am, Business Post has learnt. This programme is the brainchild of the Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijan Investment Company (AIC) in cooperation with the Islamic Development Bank Group Business Forum (THIQAH) and Azerbaijan Export & Investment Promotion Foundation (AZPROMO). Tagged International Investment Conference, the event aims to present and showcase the recent opportunities and key challenges to do business in Azerbaijan. It will also focus on the best practices