CBN Promises Adoption of PAPSS by Nigerian Banks

By Bliss Okperan Users of neo banks like Opay, Carbon, Kuda, and PalmPay, among others, are worried over the new directive of the Central Bank of Nigeria (CBN), which intends to freeze bank accounts not linked to a Bank Verification Number (BVN) and a National Identity Number (NIN). Last week, the apex bank directed deposit money banks (DMBs) to place a “Post No Debit (PND)’ on any accounts with BVN and NIN from next year. For most neo banks, account numbers are opened with just users’ phone numbers without the BVN, unlike the traditional banks. However, they cannot make transactions

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 Aduragbemi Omiyale DataPro and Agusto & Co have upgraded the credit ratings of a Lagos-based development investment bank, DLM Capital Group, following an improvement in its credit risk and liquidity risk management. DLM Capital Group is a company with many subsidiaries, including DLM Advisory, DLM Asset Management, DLM Securities, CitiHomes Finance Company, DLM Nominees, DLM Trust Company, Sofri Bank (LINKS MFB), and DLM FX. The group provides innovative solutions to economic and social developmental challenges that impact the everyday lives of people. In its rating assessment, the pan African credit rating agency, Agusto, explained that it upgraded DLM Capital

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

By United Capital Research Some days ago, MTN Nigeria Plc published its FY-18 financial report, indicating that revenue grew by 17.1 percent year-on-year to N1.0 trillion while profit after tax surged 79.7 percent year-on-year to N145.7 billion. This spurred buying interest on the stock in the last two trading days. Also, the telco paid N50.0 billion and N111.6 billion as dividends in 2017 and 2018, translating to a dividend per share (DPS) of N2.5 and N5.5 at a payout ratio of c.70 percent over the period. In Q1-2019, MTN Nigeria reported a revenue growth 13.2 percent year-on-year to N282.1 billion.

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has released the economic report for the second quarter of 2016. In the report seen by Business Post, growth in the key monetary aggregates accelerated in the second quarter of 2016. The apex bank said during the period under review, provisional data showed that foreign exchange inflow and outflow through it amounted to US$5.89 billion and US$6.09 billion, respectively, resulting in a net outflow of US$0.20 billion. It further said foreign exchange sales by it to the authorized dealers amounted to US$4.31 billion in the second quarter of 2016. It explained

By Adedapo Adesanya A panel of the Organisation of the Petroleum Exporting Countries (OPEC) will meet next week, June 18 to review the oil market and advise the wider OPEC+ group cooperating on a record supply cut. OPEC, Russia and allies, known as OPEC+, agreed last Saturday to keep production cuts of 9.7 million barrels per day or 10 percent of pre-coronavirus world demand until the end of July. The reduction has helped oil prices to more than double since April when prices plunged. To step up consultations on the effectiveness of the agreement, OPEC+ also agreed that a panel

By Modupe Gbadeyanka The Edo State government has taken a step further in tackling human trafficking in the state by collaborating with Italy. Governor Godwin Obaseki, while welcoming President of the Italian Chamber of Deputies, Laura Boldrini, into the palace of Oba of Benin, Ewuare II, said the necessary legislation and policies would be put in place to combat the menace. It is generally believed that ladies from Edo State find their way to Italy to work as women of seay virtue. During the visit, the monarch stated that more can be done in the fight against human trafficking in

By Dipo Olowookere A new report by PwC has revealed that market capitalisation of the top 40 mining companies in the world increased by 45 percent to $714 billion, approaching the 2014 level. This was mainly due to rising commodity prices. The report, titled PwC Mine 2017 report, noted that the world’s Top 40 miners recovered from a race to the bottom, with bolstered balance sheets and a return to profitability in 2016, giving them much-needed space to pause and draw breath. As it looks to the future, the 14th edition of PwC’s industry series analysing financial performance and global

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has directed licensed telecommunications service providers including MTN Nigeria, Airtel Nigeria, Globacom and three others to submit their financial statements as part of its ongoing Account Separation Framework (ASF). This was disclosed in a statement issued by the NCC Public Affairs Director, Mr Ikechukwu Adinde, who explained that the request was to speed up the exercise which kicked off last week. The six telcos that the directive cover include – Airtel Nigeria, MTN Nigeria, 9Mobile, Globacom Nigeria, Main One Cable Company Limited and IHS Nigeria. According to the statement, the submission will

By Dipo Olowookere Shareholders of Guaranty Trust Bank (GTBank) Plc will gather on Friday, December 4, 2020, in Lagos to decide if they will agree to exchange their shares in the bank for the equities of the proposed new holding company, Guaranty Trust Holding Company Plc. GTBank has said it wants to operate as a financial holding company from 2021. This will make the bank a subsidiary of the new structure and will lead to the delisting of the GTBank from the Nigerian Stock Exchange (NSE) and the listing of GT Holdco on the bourse. To make this a reality,

By Adedapo Adesanya The value of the Naira to the United States Dollar remained stable at the interbank segment of the foreign exchange (forex) market on Monday. During the trading session, the local currency was exchanged at N361/$1, the same rate it was traded in the previous session at the market window. At the Investors and Exporters (I&E) window created by the Central Bank of Nigeria (CBN) for non-resident investors, the domestic currency appreciated by 50 kobo or 0.13 percent against the greenback to trade at N386/$1 in contrast to the previous session’s N386.50/$1. The appreciation came amidst a huge