Development Bank of Nigeria Opens Office in Lagos

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Dipo Olowookere The acquisition of the United Kingdom subsidiary of Union Bank of Nigeria Plc, Union Bank UK, by Fidelity Bank Plc, has been completed. Fidelity Bank is a tier-2 financial institution in Nigeria, intending to move to the tier-1 category. Over a year ago, the lender announced that it was planning to take total control of Union Bank UK as part of its growth strategy. The Central Bank of Nigeria (CBN), a body which regulates the country’s banking industry, authorised Fidelity Bank to go ahead with the deal. In a disclosure on Wednesday, the bank said it has

By Modupe Gbadeyanka Last week, the United States Mission in Nigeria organised the annual US College and Career Fairs at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos. The US Consul General, Mr Will Stevens, while speaking at the event, said that America remains a leading destination for international students, noting the United States offers students an unrivalled educational experience, flexibility, and diversity. “We are happy to provide Nigerian students who wish to study in the United States a unique opportunity to learn about the diversity of the programs offered at various U.S. educational institutions,” Mr Stevens said.

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 Modupe Gbadeyanka Former Governor of Imo State, Mr Rochas Okorocha, has had his request for bail thrown out by a Federal High Court sitting in Abuja. Ruling on the bail application filed by the senator representing Imo West Senatorial District at the 9th Nigerian Senate on Friday, Justice Inyang Ekwo said the ex parte application is not accepted. Mr Okorocha, who is a presidential aspirant of the All Progressives Congress (APC), is asking the court to release him on bail pending the determination of a suit he filed against the federal government. On Tuesday, the Economic and Financial Crimes

By FBNQuest Research We are indebted to the NBS for its recent report on the distribution of retirement savings accounts (RSAs). We learn that the total in Q2 2017 was 7.59 million, divided by employment as shown in our chart. The total in Q1 was 7.49 million, and the increase of 100,000 over three months shared between the private sector (80,000), the FGN (10,000), and state and local governments (also 10,000). This division is understandable, given the pressures on public finances. We are surprised that the state governments registered any increase at all. The total in Q1 represented 10.9 percent

By Modupe Gbadeyanka The Lagos State Government has charged auditors on its payroll to regularly upgrade their knowledge to enable them to meet up with global standards. This charge was given by the Acting Auditor-General of Lagos State, Mr Moshood Adewale Adewuyi, at a two-day training programme on financial statement audit software for auditors. At the training held at the Training Centre of the Lagos State Ministry of Science and Technology, Secretariat, Alausa, Ikeja, Mr Adewuyi said the auditors must learn the best financial audit practices. He explained that this was why the state government organised the workshop to broaden

By Dipo Olowookere President Muhammadu Buhari has expressed shock and sadness over the death of several football fans in Calabar, Cross River State yesterday while watching a match at a viewing centre. Mr Buhari, in a statement issued by his Senior Special Assistant on Media & Publicity, Mr Garba Shehu, said he was not happy “to learn of the tragic event that took the lives of several Nigerians” at the football viewing centre on Thursday night. “The President commiserates with the government and people of Cross River State, and football fans nationwide over the unfortunate incident,” the statement said. It

By Dipo Olowookere The bulls dominated the floor of the local stock exchange on Monday as investors mop up shares in the financial sector with the hopes of selling at higher prices in the coming days. This sustained buy pressure extended the stay of the Nigerian Exchange (NGX) Limited in positive territory on the first trading session of the new week. The energy space saw selling pressure yesterday as it dropped 0.64 per cent, though this was not enough to contaminate the equity market at the close of transactions. This was because the insurance sector rose by 1.34 per cent,

By Adeniyi Ogunfowoke At present, online consumers are far more demanding than those in previous eras. This is simply because they want their orders to be delivered as fast as possible. It, therefore, follows that online marketplaces are left with no choice than to ramp up their delivery capacity. The supply chain or logistics of any online marketplace can make or mar such a platform especially if they are always experiencing logistics nightmare which might lead to late order delivery. Definitely, the customer will be unhappy. Thus, as eCommerce is growing and disrupting the economic landscape across Africa and the

By Dipo Olowookere A total turnover of 1.2 billion shares worth N14.8 billion in 14,554 deals were traded this week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.1 billion equities valued at N11.2 billion that exchanged hands last week in 14,430 deals. The Financial Services sector, measured by volume, led the activity chart with 983.4 million shares valued at N9.4 billion traded in 8,484 deals, contributing 84.15 percent and 63.39 percent to the total equity turnover volume and value respectively. Following were the Healthcare industry with 44.8 million shares worth

Testosterone is a hormone that is often associated with male physical characteristics and behavior. However, research suggests that testosterone levels can also play a significant role in shaping workplace confidence and assertiveness, regardless of gender. Individuals with higher testosterone levels tend to exhibit more self-assurance and competitiveness, traits that can have a significant impact on career success. Thus, we will discuss all of its key advantages in this article. Improvement in One’s Mood Testosterone has been linked to improved mood in both men and women. Studies have found that individuals with higher levels of testosterone tend to report higher levels