CIBN Tasks Ecobank Management Trainees on Integrity

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 The Long-Term Issuer Default Rating (IDR) of Coronation Merchant Bank (CMB) has been downgraded by Fitch Ratings to ‘CC’ from ‘B-‘, with its Viability Rating (VR) also lowered to ‘cc’ from ‘b-‘. In a note released on Monday, the rating agency said it also demoted the bank’s National Long-Term Rating to ‘B+(nga)’ from ‘BBB-(nga)’, raising some red flags that prompted its latest decision. According to Fitch, CMB was moved down in the pecking order due to a “significantly weakened capital position”, which if not quickly addressed, “could lead to a material capital shortfall.” Already, the financial institution

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 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 Aduragbemi Omiyale The lingering foreign exchange (FX) crisis in Nigeria has forced MSCI Incorporated to remove the country from its frontier markets category to standalone markets. Recall that on June 22, 2023, MSCI said the feedback from market participants as part of the initial consultation conducted from June 2022 to June 2023 suggested that the limited accessibility of the Nigerian equity market would warrant the removal of the MSCI Nigeria indexes from the MSCI Frontier Markets Indexes. However, the consultation period was extended to September 29, 2023, to allow more time for the liquidity situation in the nation’s forex

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has become the sole importer of Premium Motor Spirit (PMS) known as petrol, four months after imports were opened up to independent marketers due to the continued foreign exchange scarcity. Despite being Africa’s largest oil exporter, Nigeria, imports almost all its fuel as it does not have the refining capacity to meet the demand. Upon resumption of office, President Bola Tinubu moved to remove subsidies on imported petrol and this allowed private players to come into the space with some fuel companies starting imports in July. However, the latest development shows

Leading multi-channel commerce platform, Shopify Incorporation, has unveiled the latest in commerce technology at Shopify Unite, the annual conference that brings together the company’s global partner and developer community. “Shopify’s real power comes from the variety and strength of our ecosystem,” said Shopify CEO Tobi Lutke. “Unite gives our developer and partner community access to our product roadmap. Together, and only together, we can shape the future of commerce and empower entrepreneurs around the world.” This year, Shopify is transforming commerce by announcing platform enhancements and updates focused on giving direct-to-consumer brands everything they need to build and manage a

By Grace Sullivan In recent times, the camaraderie between Nigeria and Angola has taken a notable stride towards fostering bilateral trade and economic development. This collaboration isn’t just a passage to enhance trade volumes but a gateway for Nigeria to glean insights from Angola’s diversified economy. Unlike Nigeria’s heavy reliance on oil, Angola has made commendable advances in embracing renewable energy and diversifying its economy. The interactive Angola-Nigeria business forum was not just a rendezvous for trade talks but a confluence of ideas, shedding light on the untapped potential within and beyond the oil sector. As Nigeria’s exports to Angola

By Modupe Gbadeyanka Africa’s leading Internet Platform, Cape Town-based Silvertree Internet Holdings said it has injected over $15 million into African consumer-focused technology companies since inception in 2014. The portfolio has achieved an average over 200 percent annual revenue growth, helped by fast-growing companies like car buying site carzar[dot]co[dot]za and meal-kit delivery company ucook[dot]co[dot]za. To build on this success, Silvertree is excited to announce the appointment of Freddy Caspers as non-executive Chairman of the Board. Mr Caspers has been one of the core team members behind the phenomenal success of Reckitt Benckiser (RB), as executive board member and CEO of

By Modupe Gbadeyanka Rice is no doubt one of the most popular staples in Nigeria and there is almost no home in the country where it is not consumed. At an event recently, the firm said it was committed to producing quality rice for Nigerians to consume. Group Director of Stallion Popular Farms and Mills Limited, Hapreet Singh, stated that the company’s vision has always been to “preserve and enhance rice production in Nigeria by ensuring genetic integrity of seeds, encouraging scientific agricultural practices and promoting world-class processing techniques to emerge as industry benchmark for product quality.” He said further

The importance of strong corporate governance practices in building organisational culture amongst issuers has been stressed by the Head of Shared Services Division at the Nigerian Stock Exchange (NSE), Mr Bola Adeeko. “In today’s accelerating world of work, organisational culture has been identified as critical to the success of a corporate entity. This is as a result of the need to adapt to evolving external forces, achieve internal integration and deliver on a company’s strategic objectives. “In our experience, maintaining this intricate balance between internal and external forces in any organization can only be achieved through strong corporate governance practices.

By Modupe Gbadeyanka The Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has expressed the willingness of the financial institution to work together with the Institute of Credit Administration (ICA) to create an enhanced and reliable credit practice in the country. According to Mr Akinwuntan, the lender has a robust risk infrastructure that supports the understanding of customers’ credit behaviour, stressing that Ecobank as a Pan African financial institution was at the vanguard of deepening credit culture on the continent. The banker, while receiving the management of ICA to the Ecobank Pan African Centre (EPAC) in Lagos, assured the visiting