CBN to Review Nigerian Sustainable Banking Principles

By Aduragbemi Omiyale Despite the challenging operating environment characterised by the Naira redesign policy and the foreign exchange (FX) unification policy of the Central Bank of Nigeria (CBN), Zenith Bank Plc showed why it is one of the strongest lenders in the country. Analysis of its financial statements for the first six months of 2023 showed that its gross earnings surged by 139 per cent to N967.3 billion from the N404.8 billion achieved in the same period of last year. It was observed from the results filed to the Nigerian Exchange (NGX) Limited on Monday that this triple-digit growth in

By Aduragbemi Omiyale The chief executive of CardinalStone Finance, formerly CSAdvance, Mr Ayoola Adeola, said the company would deliver enhanced financial solutions and empower its customers with financial flexibility. Mr Adeola said this while commenting on the recent change of name of the organisation, done because it intends to offer a comprehensive range of financing solutions to a diversified clientele, including SME businesses and high-net-worth individuals. CardinalStone Finance is the subsidiary of CardinalStone Partners Limited. The firm said the transition marks a pivotal moment in the group’s pursuit of becoming a world-class financial services firm, catering to the evolving needs

By Modupe Gbadeyanka Momentum is already gathering for the 2023 edition of Hackaholics Digital Summit organised by Wema Bank Plc, owners of the foremost digital lending firm, ALAT by Wema. The event is dubbed Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors & customers in the digital space. A statement from the bank disclosed that this year’s programme will take place in Lagos on Friday, October 6, with attendance by invitation only, though interested customers and technology enthusiasts can secure a spot by registering at https://hackaholics.wemabank.com/digital-summit. The theme, according to the organisers, is Re-Imagine: Disrupting the Ecosystem for Scale,

By Modupe Gbadeyanka On Tuesday, First Look Media and the Democracy Fund announced more than $12 million in new grants to support, among other organizations, the Centre for Public Integrity. Their investment in the centre, $3 million over two years, marks one of the largest grants it has ever received. The Centre for Public Integrity said the money will allow it invest in its operations, digital and reporting capacities at a time when investigative journalism was needed more than ever.  In a press release issued by the Democracy Fund today, President Joe Goldman said, “A healthy democracy cannot exist without

By Dipo Olowookere One of the goals the Nigerian Exchange (NGX) Limited hopes to achieve in 2022 is to improve retail investor participation in the market by designing products that will meet their needs. The CEO of the bourse, Mr Temi Popoola, while speaking recently at an event in Lagos, stated that the “NGX will intensify efforts aimed at driving retail expansion and digital transformation targeted at building end-to-end digital platforms and leveraging partnerships with market intermediaries to enhance the distribution of capital market products and services. Ultimately, these partnerships will support financial inclusion initiatives and improve retail investor’s coverage.”

By Ashemiriogwa Emmanuel Red Star Express Plc, a provider of global logistics solutions in Nigeria, has expanded the capacity of its dedicated shuttle services to include the distribution of goods from wholesalers to retailers. The logistic company, through its support services, is leveraging its expertise in outsourcing to close the gap between wholesalers and retailers, thereby creating alternative channels of reaching, acquiring, and servicing customers. Speaking on the expansion, the Divisional Managing Director, Red Star Support Services, Mr Tonye Preghafi, noted that it was a drive to enhance the goal of the company in solving distribution challenges and connecting with

By Dipo Olowookere Abia State government has vehemently rejected plans by Federal Government to establish “cattle colonies” for Fulani Herdsmen and their cows in the state. The state Governor, Mr Okezie Ikpeazu, in a statement today, said Abia State has no land to allocate for the FG’s programme. “We reject any plan to establish cattle colonies for herdsmen in Abia State,” the Governor was quoted as saying in a statement signed by his Chief Press Secretary (CPS), Mr Enyinnaya Appolos. “We don’t have enough land for our agricultural activities and our people want more land,” Mr Ikpeazu emphasised. Speaking further,

By Modupe Gbadeyanka The board of Diamond Bank Plc has confirmed reports in the media relating to the acquisition of the company by another financial institution, Access Bank Plc. In a statement issued on Monday to the Nigerian Stock Exchange (NSE), Diamond Bank said its merger with the tier-1 bank will result into a more formidable entity in Africa. It stated that the move was in the “best interest of all stakeholders including, employees, customers, depositors and shareholders,” noting that both parties have agreed to recommend the offer to Diamond Bank’s shareholders. It said, “The proposed merger would involve Access

By Adedapo Adesanya The Nigerian authorities have returned a Swiss vessel, MT San Padre Pio, which was impounded within the nation’s waterways in 2018 to the Government of Switzerland. This was disclosed on Saturday during the handing over of the vessel to the Swiss government. The transfer was done by Commander of the Nigerian Navy Ship, NNS Pathfinder, Commodore Abdullahi Ahmed, a representative of the Ministry of Foreign Affairs, Mr Samuel Ojo, and the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami. Mr Malami, represented the Deputy Director of International and Comparative Law, Federal Ministry of

By Modupe Gbadeyanka IOM reports that 350,573 migrants and refugees entered Europe by sea in 2016 through 30 November, arriving mostly in Greece and Italy, compared with 883,393 by this time in 2015. Some 171,751 people have arrived in Greece and 173,188 in Italy during 2016. Arrivals in Italy increased by 20.1 percent from 144,205 at this point last year. The figures, provided by the Italian Ministry of Interior, show that migrants continued to cross the Mediterranean, despite dangerous sea conditions and colder winter weather. The total number of migrant and refugee fatalities in the Mediterranean since the beginning of

Conference of Nigeria Political Parties (CNPP) has reacted to the bill to enact a law to impose a communication service tax meant to replace the Federal Government’s proposed 2.5 percentage increase in the Value Added Tax (VAT), describing it as less burdensome on the masses. The CNPP also threw its weight behind a suggestion by former governor of Imo State, Owelle Rochas Okorocha, that Nigeria should adopt a reduced Parliamentarian representation from each state of the federation as part of efforts to decrease government’s running costs. According to the umbrella body of all registered political parties and political associations in