CBN Yet to Register Polaris Bank, New Owner of Skye Bank

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

Sterling Bank Limited’s cutting-edge investment platform, Doubble, has been upgraded with new features aimed at improving investment returns for existing and new customers. With various flexible naira and dollar investment options, including money market offerings with returns higher than your bank’s returns on savings. The digital savings and investment platform provides a seamless avenue for individuals to build wealth. Users are provided with a guaranteed income stream and fixed growth over a set period, as well as a hedge against market volatility, the ability to secure loans against account balances, and the convenience of transferring the annuity to a spouse

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 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 Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has threatened to wield its big stick on any exporter who fails to repatriate their exports proceeds within the stipulated periods. On February 19, 2015, the apex bank issued a circular stating that exporters in the oil and gas industry have 90 days to repatriate their exports proceeds, while those in the non-oil sector were given 180 days to repatriate their exports proceeds to the appropriate authorities. In a circular dated October 26, 2017, and signed by the CBN’s Director in charge of Trade and Exchange Department, Mr Wuritka Dauda Gotring,

By Modupe Gbadeyanka Former Governor of the Central Bank of Nigeria (CBN), Mr Muhammadu Sanusi II, has called on African governments to eradicate constitutional provisions and structures that increase the cost of governance at national and sub-national levels. In his address at the 2018 Annual Meetings of the African Development Bank (AfDB) Group in Busan, South Korea, the economist, who is also the Emir of Kano, further urged African leaders to manage demographic growth, and revamp and harmonize moribund and ineffective customs and excise duties that promote cross-border smuggling and revenue losses to governments. According to him, Africa’s development agenda

By Adedapo Adesanya A tag team of Central Securities Clearing Systems (CSCS) Plc and Nipco Plc ensured that the bulls remained at the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday. The two stocks lifted the market for unlisted equities yesterday by 0.39 per cent, expanding the market capitalisation of the bourse by N2.12 billion to N542.26 billion from N540.14 billion it finished on Monday. Business Post reports that CSCS Plc gained 20 kobo or 1.43 per cent during the session to close at N14.20 per share in contrast to N14 per share it closed on Monday. Also, Nipco Plc added

By Dipo Olowookere A notable media entrepreneur and publisher Sahara Weekly, Mr Femi Oyewale, has assumed office as the President of National Association of Online Security Reporters (NAOSRE). Mr Oyewale was elected leader of the association at a peaceful election held in Lagos on October 29, 2020. He was chosen by members to take over from the immediate past President of the group, Mrs Favour Benson. On Thursday, November 12, 2020, Mr Oyewale was sworn-in for the new position after taking an oath of office along with the other members of the executives elected last month. Others sworn-in yesterday were

By Adedapo Adesanya The Nigeria Security and Civil Defence Corps (NSCDC) says it has returned the 50,000 litres of premium motor spirit (PMS) hitherto diverted to neighbouring Imo State back to the oil marketer who placed an order for it. Business Post had reported that the NSCDC in Rivers State arrested two suspects over attempted diversion of petroleum products to neighbouring states without an appropriate licence. “The anti-vandal border patrol team swung into action and impounded a blue and white colour 50,000 litres capacity truck with registration number Abia EZA 850 YF in the conveyance of PMS,” the defence corp

By Adedapo Adesanya The federal government has launched an enhanced e-passport in the United Kingdom to improve the passport application process for Nigerians at home and in the diaspora. This was disclosed in a statement by Mr Sola Fasure, Media Adviser to the Minister of Interior, Mr Rauf Aregbesola, following the official rollout at the Nigerian High Commission in London, United Kingdom. The Minister said the Nigerian passport is the highest affirmation of Nigerian citizenship, and therefore it is the responsibility of the government of the Federal Republic of Nigeria to provide the passport without any stress, within a reasonable

Barely a week after a gas explosion in Baruwa, Iyana Ipaja area of Lagos state that claimed no fewer than five lives, razed 25 buildings, 16 shops, and a private school building, another plant is currently being sited along the ever-busy Demurin/Alapere road, Ketu, part of Lagos. A non-political, non-governmental organization in the state, the Social and Economic Justice Advocacy (SEJA), has alerted the nation of a possible explosion in Alapere Ketu, area of Lagos state. Speaking through a statement signed by Barrister Stanley Karo Emeluaha, the Group’s Executive Director (Legal) and made available to journalists in Lagos, SEJA described