CBN Indicates Readiness to Drive Emerging Payment Systems

By Bliss Okperan A digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

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 Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Adedapo Adesanya The bears extended their stay at the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, plunging the market by 0.07 per cent. This was largely driven by the negative price movements in the shares of FrieslandCampina WAMCO Nigeria Plc and Nigerian Exchange (NGX) Group Plc. Friesland dropped N1.93 or 1.5 per cent to close the session at N129 per share in contrast to N130.93 per share of the previous session, while NGX Group went down by 1.7 per cent or 38 kobo to close at N22.47 per unit compared to N22.85 per unit it closed on Monday. The

**Demand Bonus Shares By Modupe Gbadeyanka Shareholders of Nestle Nigeria Plc have expressed concerns over the huge amount used by the company for its marketing and distribution of goods across the country. The shareholders advised the management to look for creative ways to carry these functions with lesser amount of money. In the 2018 financial year, Nestle Nigeria said it spent N43.4 billion for its marketing and distribution, which the shareholders said was too high. They urged the company, one of the largest food and beverage companies in Africa, to decentralise its operations so as to save cost. However, National

By Dipo Olowookere The most admired African brand has been named and it is no other than the Dangote Group from Nigeria. It won this admiration ahead of telecommunication giant, MTN, according to the South African based Brand Leadership Movement in collaboration with the Johannesburg Stock Exchange (JSE) The Dangote brand which is also the leading brand in Nigeria came atop in the fresh ranking of 100 best brands in Africa themed “Brand Africa:100”, the sixth edition announced in Johannesburg, South Africa. The Brand Africa 100” was established in 2010, in recognition of the growth of African brands, which were

By Modupe Gbadeyanka The poverty reduction achievements of Uganda under the President Yoweri Museveni led administration have received the commendations of the Managing Director of the International Monetary Fund (IMF), Ms Christine Lagarde. Ms Lagarde, after her visit to Uganda, disclosed that the poverty reduction achievements over the past three decades have been underwritten by strong macroeconomic policies, and a reliance on the private sector as the engine of growth. She also applauded the Minister of Finance, Economic Planning and Development, Matia Kasaija, the Bank of Uganda Governor, Mr Emmanuel Tumusiime-Mutebile and other senior officials for their productive exchange of

By Aduragbemi Omiyale Nigeria’s Attorney General and Minister for Justice, Mr Abubakar Malami, has been dragged before a Federal High Court sitting in Benin City, Edo State, by a non-governmental organization (NGO) known as Media Initiative against Injustice, Violence and Corruption (MIIVOC) over an alleged violation of the Freedom of Information Act, 2011. In the suit filed on Wednesday with number FHC/B/CS/122/2021, the group wants Mr Malami to be compelled to release a copy of the Forensic Audit Report on the Niger Delta Development Commission (NDDC) submitted to President Muhammadu Buhari recently through him by the Minister of Niger Delta

By Dipo Olowookere About N17 billion has been realised so far from the tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS), put in place by the administration of President Muhammadu Buhari. This information was made known on Wednesday by the Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, at a media workshop in Lagos. The tax chief also said that government was expecting another N6 billion from an organisation that has agreed to come under the scheme. “So far, in terms of collection from the corporate side, we have received about N17 billion. We

By Adedapo Adesanya Conversations in the business world are experiencing a shift with disruptions replacing traditional models which are challenging investors and markets to adopt new innovations. This was the premise around the Nigerian Stock Exchange (NSE) Market Data Workshop 2019 held in Lagos on Wednesday, September 11. The event themed: “Partnership, Products, and the Customer” brought stakeholders from the financial world, the technology sector, and academia together at the one-day event to look at the potentials of data analysis and positions investors to maximize returns at the stock market. The Chief Executive Officer of the stock exchange, Mr Oscar

By Dipo Olowookere Leading provider of imaging technologies and services, Canon, has marked the anniversary of the United Nation’s Sustainable Development Goals along with thousands of individuals, organisations, and institutions across the globe. In 2015 world leaders adopted the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs) which aim to serve as a blueprint to achieve a better and more sustainable future for all. Canon marked the anniversary of those SDGs by celebrating Global Day to #Act4SDGs on September 25 with a special event in Nigeria in collaboration with Slum Art, a charity organisation with a