Diamond Bank in N2.7b Mess Over Mismanagement of Customer’s Account

By Aduragbemi Omiyale Despite the harsh operating environment and the unexpected policies of the government that affected businesses in Nigeria, Unity Bank Plc showed resilience in the first six months of 2023. In its half-year unaudited financial statements filed to the Nigerian Exchange (NGX) Limited over the weekend, the bank marginally improved its gross earnings by 0.37 per cent to N27.5 billion from N27.4 billion in the first half of last year. It was observed that 10 per cent growth in the fees and income commission to N3.5 billion from N3.2 billion helped the lender jerk up its income in

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 Dipo Olowookere The Chairman of the Board of Directors of Citibank Nigeria, Mr Yemi Cardoso, has been nominated to serve as the new Governor of the Central Bank of Nigeria (CBN). The renowned stockbroker and investment banker was picked for the position by President Bola Tinubu, according to a statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He would be screened by the Senate, and on confirmation; he will take over from the acting CBN Governor, Mr Folashodun Shonubi, for a term of five years at the first instance.

By Modupe Gbadeyanka Africa’s leading payment cards and digital tokens brand, Verve, has joined forces with a fast-rising digital bank, Moniepoint Microfinance Bank, to provide customers with cutting-edge financial solutions. Recall that recently, Moniepoint announced its foray into the retail banking segment, issuing debt cards to its customers. The financial technology (fintech) firm boasts over 1.5 million businesses using its terminals across Nigeria to serve 30 million banked Nigerians. To pave the way for enhanced access to financial services for Nigerians and bridge the gap between traditional banking and modern fintech innovations, both parties are collaborating. The partnership will give

By Adedapo Adesanya The National Insurance Commission (NAICOM) has pledged to properly handle the complaints of insured policyholders following the destruction of properties that marred the #EndSARS protests. According to NAICOM’s Head, Commissioner for Insurance Directorate, Mr Rasaaq Salami, the commission would await complaints from policyholders arising from the damages they suffered when hoodlums used the peaceful demonstrations to perpetuate the act of looting. Mr Salami said situations like this underscore the importance of adequate and appropriate insurance, noting that the insurance industry was gradually and steadily shifting from that era of poor claims payment to adequately honouring their obligations.

By Modupe Gbadeyanka The decision of the Securities and Exchange Commission (SEC) to provide a regulatory framework for investing and trading digital assets, including cryptocurrencies, in Nigeria has been applauded by Absa Nigeria. The chief executive of the leading pan-African bank, Mr Sadiq Abu, while appearing on CNBC Africa’s Power Lunch Show recently, expressed optimism that this development will boost the confidence of investors in the digital assets landscape. He particularly commended the apex regulatory agency in the country’s capital market for recognising digital assets as securities and making efforts to regulate investments in the sector. He said, “SEC decided

By Dipo Olowookere Treasury bills went for as low as 2.20 percent at the primary market on Wednesday, April 1, 2020, Business Post reports. It was observed that the demand for the Nigerian Treasury Bills (NTB) significantly increased on April Fools’ Day when the Central Bank of Nigeria (CBN) auctioned the debt instrument to investors. Data obtained by this newspaper showed that the subscription level was 168.7 percent, with most of the bids for the long-dated bills, which was oversubscribed by 164.3 percent. Business Post reports that treasury bills worth N95.7 billion were auctioned by the central bank during the

By Modupe Gbadeyanka Last week, over 125 healthcare professionals and logistics experts converged at the DHL 6th annual Regional Life Sciences and Healthcare conference held in Pretoria, South Africa, to discuss on the topic ‘Delivering Healthcare to Africa’. At the event, it was noted by Vice President EMEA, DHL Life Sciences & Healthcare, Mr Thomas Ellmann that Africa has positive growth potential in the healthcare sector, but needed continuous investment in capabilities, quality and innovation to operate successfully across the continent. Africa is considered the final frontier in delivery of healthcare services and there are a number of service delivery

By Ashemiriogwa Emmanuel Subscriptions for the Federal Government of Nigeria (FGN) savings bond for October 2021 have commenced and will end on Friday, October 8. The Debt Management Office (DMO), which sells the debt instrument to investors on behalf of the Nigerian government, commenced subscriptions for this month on Monday, October 4. The FGN savings bond is targeted at retail investors and it was designed to allow them to have instruments to invest in and earn profit for giving the government avenue to borrow from citizens. For this month, the debt office is offering the notes in the usual two

An outstanding Ugandan school has been named a Top 3 finalist for the new $250,000 World’s Best School Prizes, launched this year by T4 Education in collaboration with Templeton World Charity Foundation, Accenture and American Express. Project Shelter Wakadogo in Gulu, Uganda, which was founded in the wake of war and now educates over 450 children with one of the highest student retention rates in the country, is a Top 3 finalist for the World’s Best School Prize for Overcoming Adversity. The five World’s Best School Prizes – for Community Collaboration, Environmental Action, Innovation, Overcoming Adversity, and Supporting Healthy Lives

By Adedapo Adesanya Sparkle, the Nigerian start-up that was founded by Mr Uzoma Dozie, is planning to move into digital distribution of general insurance products next years. This was confirmed to the Africa Report by the former Diamond Bank CEO. Sparkle was granted a banking license by the Central Bank of Nigeria (CBN) this year. Initially, Sparkle was launched for users to be able to split payment, make utilities and bill payments and also save their money, but with its banking license, it also plans to start offering consumer and small business loans at the end of the first quarter