Diamond Bank Board Meets to Consider Q3 2017 Financial Statements

By Modupe Gbadeyanka A cutting-edge German-Nigerian financial technology (fintech) firm, BFREE, plans to put down $40 million to acquire some distressed loan portfolios in Union Bank of Nigeria. A statement from the Nigerian lender said both parties signed a Memorandum of Understanding (MOU) in Berlin on November 21, 2023, at the German-Nigerian Business Forum. It was disclosed that BFREE would partner with its international financing partners to refinance bad loans from Union Bank, particularly those delayed in repayment or already written off. Union Bank expressed its optimism that this strategic partnership with BFREE would not only bolster the bank’s financial

By Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Adedapo Adesanya President Bola Tinubu has thrown his full weight behind the plan by the Central Bank of Nigeria (CBN) to increase the capital base of banks in the country. The President expressed his views on this move, which last occurred in 2005, through his Special Adviser on Information and Strategy, Mr Bayo Onanuga, in his message at the 40th anniversary of The Guardian Newspapers in Lagos on Tuesday. He said bank recapitalisation was crucial to Nigeria achieving a $1 trillion economy. “Amidst the general lull in a global economy, our ambition to attain a $1 trillion economy appears

By Ahmed Rahma The response of Emirates Airline to the COVID-19 pandemic, especially its adherence to the safety protocols, has earned it the World’s Safest Airline rating. The rating was assigned to the company, which resumed flight operations in Nigeria on November 1, 2020, by the Safe Travel Barometer. The performance indicator was launched in 2020 to monitor safety measures and hygiene standards across all touchpoints of a traveller’s journey. It was observed that at every step of the journey, Emirates spared no effort to prioritise the care, health and safety of its customers, employees and communities. Out of the

By Modupe Gbadeyanka At the black market yesterday, the Naira remained unchanged against the three major foreign currencies. Business Post reports that the local currency, which closed at N363 per Dollar last Friday at the parallel market, was traded at N363 to the Dollar at the close of business on Monday. Also, the Naira closed yesterday at N425 to a Euro, a similar amount it was sold for last Friday at the black market. In addition, the local legal tender stayed firm against the British Pound on Monday, trading at N475 at the market. For a while now, the Nigerian

By Dipo Olowookere The presidency has reacted to the proposed nationwide protest scheduled for February 6, 2017, to kick against the President Muhammadu Buhari led administration. Top musician, Mr Innocent Idibia well known as 2Face, is the organiser of demonstration and he has had the backing of his fellow celebrities and Nigerians, who are not happy with the hardship in the land. Reacting to the proposed action, Senior Special Assistant to President Buhari on Media and Publicity, Mr Femi Adesina, disclosed that majority of intending protesters are people that have resolved not to see anything good in this administration. The

By Dipo Olowookere The Debt Management Office (DMO) on Thursday finally listed the $3 billion Eurobonds and $300 million FGN Diaspora bonds on the Nigerian Stock Exchange (NSE). Director General of the DMO, Ms Pat Oniha, during the listing yesterday, disclosed that the bonds would be used by the Federal Government to finance infrastructure projects across the country. According to her, these projects are expected to transform the socio-economic landscape of the Africa’s largest economy. Ms Oniha, while engaging stakeholders on the ‘Facts Behind the Listing,’ explained that from the $3 billion Eurobond, government plans to use $2.5 billion to

By Modupe Gbadeyanka The Nigerian Communications Commission (NCC) has been advised to extend the deadline for the new policy requiring subscribers to update their SIM-card registration with the National Identification Number (NIN). The federal government through the Ministry of Communication and Digital Economy had directed service providers in the country to disconnect any mobile number without the NIN from December 31, 2020. This directive, which was announced on Tuesday, was greeted with reactions from subscribers, who lambasted the government for giving subscribers only two weeks to update their SIM-card registration, especially at a time the country was recording the second

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.42 appreciation on Friday on the back of a positive price movement in the shares of Central Securities Clearing Systems (CSCS) Plc. The share price of the company gained N1.46 or 9.9 per cent to close the session at N16.18 per unit in contrast to N14.72 per share of the previous session. This increased the NASD Unlisted Securities Index (NSI) by 10.17 points to 725.29 points from 715.12 points and expanded the market capitalisation by N7.3 billion to N520.41 billion from N513.11 billion. Business Post gathered that a total

By Edwin Uhara The news report emanating from a national daily and published by some social media outfits insinuating that the Minister of Interior, retired Lieutenant General Abdulrahman Dambazau has been appointed as the head of Security Committee in the planned visit of Senator Rabiu Kwankwaso to Kano State on the 30th of this month is a product of outright misinformation, mischief making and irresponsible journalism. Let it be clearly stated that General Dambazau is a law abiding Minister of the Federal Republic of Nigeria and by the nature of the Oath of Office he took to render unreserved services

By Adedapo Adesanya The National Biosafety Management Agency (NBMA) has said there is no genetically modified beans or fruits on sale in the Nigerian market. The Director-General/CEO of the agency, Mr Rufus Ebegba, gave this assurance during a media address on the state of Biosafety in Nigeria on Tuesday in Abuja. Mr Ebegba said: “I want to restate here that the fruits and beans available in the Nigerian market presently are not genetically modified as insinuated rather, they are either hybrids or improved.” He added that the federal government through NBMA is always poised to protect the health of its