Customer Accuses Stanbic IBTC Bank of Illegal Deductions From Account

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 Adedapo Adesanya Klasha, a leading global cross-border payments company, has been granted a Money Services Business (MSB) license by the Financial Crimes Enforcement Network (FinCEN) to operate in the world’s largest economy, the United States. This license authorizes Klasha to operate as a currency exchange and money transmitter in the US. With this MSB license, Klasha can now offer its innovative cross-border payment solutions and financial services to businesses in the United States that want to send and accept cross-border payments from Africa and carry out foreign exchange services and international money transfers with ease and security. “We are

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Dipo Olowookere When a few days ago, the Central Bank of Nigeria (CBN) directed authorised foreign exchange (forex) dealers in the country to stop selling Dollars to importers of maize, many farmers jumped for joy. They were happy because like in the rice sector, where the ban on importation has been largely effective, this policy will most likely make them richer because of the possible rise in demand. But the Director of the Lagos Business School Agribusiness Programme, Dr Ikechukwu Kelikume, has warned that the policy may cripple the poultry industry, where relies on the commodity to feed their

By Aduragbemi Omiyale The International Monetary Fund (IMF) has said Nigeria’s fiscal revenues, which are mainly earnings from taxes, duties, and others, are being drained by rising inflation and fuel subsidy costs, especially when the government is not increasing its streams of income. Despite signing the long-awaited Petroleum Industry Act (PIA) into law in 2021, the federal government under President Muhammadu Buhari has refused to stop the payment of subsidies for premium motor spirit (PMS), otherwise known as petrol. In the 2022 budget, the central government had planned to stop the payments, which are made to make fuel cheaper for

By Dipo Olowookere The upward trajectory witnessed recently at the Nigerian Exchange (NGX) Limited continued on Thursday with a further 1.42 per cent growth. The financial results of companies in the Nigerian stock market for the first quarter of 2022 attracted more investors into the ecosystem, especially the foreign portfolio investors (FPIs), who had earlier exited because of political activities ahead of the 2023 general elections. Yesterday, investors cherry-picked equities in the ICT, consumer goods and industrial goods sectors in anticipation that their prices will further rise in the coming days. The consumer goods counter appreciated by 2.86 per cent,

By Modupe Gbadeyanka The Nigerian Senate has voted to launch an investigation into the loan default by Etisalat Nigeria, which now trades as 9mobile. The upper parliament said it was probing the matter so as to “protect jobs, corporate governance, and investment climate in the country.” At the plenary on Tuesday, the Senate President, Mr Bukola Saraki, urged the Senate Committee on Banking and National Security to thoroughly look into the matter and present its findings on the floor of the Senate. The lawmakers said they find it curious that the core investors in Etisalat Nigeria to obtain a loan

By Ahmed Rahma A leading international microfinance institution, Advans La Fayette Microfinance Bank, has expanded its market in Nigeria with the opening of its fourth branch in Lagos. The bank, which has 16 branches in Nigeria, including the new branch in Ikorodu, Lagos, and was licensed by the Central Bank of Nigeria (CBN), started full operations in the country in February 2013. Since then, it has built a strong client base and strong financial services experience, being able to answer to all the financial needs of micro, small and medium scale businesses. The Advans Group has banking services trusted by over

By Modupe Gbadeyanka The newly launched GSM network provider in Nigeria, ntel, has announced its compatibility with two high-quality devices from Samsung; the Galaxy S7 and S7 Edge. Users of the two high-end smartphones can now enjoy Voice over LTE (VoLTE) calls and data services on ntel network. This followed months of compatibility tests of ntel on the Samsung Galaxy S7 and S7 Edge devices and the results showed that the network provider gives superfast VoLTE and browsing experiences. The Galaxy S7 and S7 Edge devices are top of the range devices from Samsung with enhanced design, high-quality cameras, water

By Adedapo Adesanya Nigerian Communications Commission (NCC) and the Federal Inland Revenue Service (FIRS) have taken their collaboration a notch further by setting up a joint committee of senior and management staff for the implementation of inter-agency strategies for enhancing national revenues in the telecommunications sector. The two agencies inaugurated a 17-member team on Tuesday in Abuja with the mandate to review the Memorandum of Understanding (MoU) signed between the NCC and the FIRS on June 9, 2020; and carry out inter-agency interaction on the implementation of the NCC’s Revenue Assurance System (RAS), to ensure that it incorporates the needs

By Adedapo Adesanya The foreign exchange (forex) crisis in Nigeria further hit hard on the Naira on Thursday, depreciating by N4 against the British Pound Sterling at the Bureaux De Change (BDC) segment of the market in Abuja. According to data obtained by Business Post from the Association of Bureaux De Change Operators of Nigeria (ABCON), the local currency declined at the nation’s capital city to N614/£1 compared to N610/£1 it sold the day before. On the Dollar, the local currency lost N1 to sell for N475/$1 versus N474/$1 it was sold previously and on the Euro, the domestic currency