Diamond Bank Partners Microsoft, HP, MTN To Empower SMEs

By Aduragbemi Omiyale Access Bank Plc has obtained a licence to commence formal banking operations in Hong Kong through its United Kingdom subsidiary, Access Bank UK. The chief executive of Access Holdings Plc and Chairman of Access Bank UK, Mr Herbert Wigwe, described the feat as a testament to the company’s resilience over the past decade. Mr Wigwe also said the banking licence in the Asian nation was a “monumental achievement in our journey towards global prominence.” Business Post reports that the Nigerian lender was authorised to offer banking services in the country by the Hong Kong Monetary Authority. It

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has assured stakeholders in the country that Nigerian banks remain resilient following widespread media reports that commercial banks in the country had failed the bank’s Capital Adequacy Ratio (CAR) for international authorisation. CAR compares the risk-weighted assets of a bank with the available capital that Nigerian banks possess. For instance, when faced with challenging financial conditions, the ratio offers a quick and easy way to determine whether or not a bank has sufficient money to cover losses and continue to keep its solvent status. In a statement on Monday, the apex

By Modupe Gbadeyanka Some displaced Renaissance homeowners in Rivers State are seeking about N4 billion as compensation from the management of First Trust Mortgage Bank over their eviction from the properties they acquired from the lender. They accused the bank, formerly known as FBN Mortgage Bank, of not carrying due diligence before selling some portions of land to them in 2010, about seven years after a Supreme Court judgement held that the land belonged to the favour of the Nigerian Air Force (NAF). The solicitors to property owners of Renaissance Homes Housing Scheme, Adeniji Kazeem & Co, in a letter

By Dipo Olowookere Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds. The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive. In the disclosure sighted by this newspaper, the NIBSS specifically

The race to rebuild the global economy after the lockdowns is gathering pace. The spike in inflationary trends, disturbing food insecurity levels, failing channel management systems, the sharp increase in the number of businesses going bust, and alarming infrastructure deficit form the recent consequences of the COVID-19 outbreak. Hence, development agencies and state economic managers on global and regional scales have sprung into action to revive the hailing economies. Recovery aids, financing instruments are being sourced to balance up the intervention policies developed across markets to stimulate quick recovery from the various shocks of the viral outbreak. Africa, home to

By Modupe Gbadeyanka President Muhammadu Buhari and Governor Seyi Makinde of Oyo State have mourned a popular music act, Lanre Fasasi, otherwise known as Sound Sultan, on Sunday. The celebrated rapper, singer, songwriter and actor died at the age of 44 of throat cancer. His death came as a shock to many, though reports about his battle with cancer emerged in May 2021. He was buried in the United States yesterday in line with Islamic rites. In a statement issued on Monday, President Buhari, through his Special Adviser on Media and Publicity, Mr Femi Adesina, stated that the demise of

By Modupe Gbadeyanka Nigeria’s postal service, NIPOST, has announced adopting the innovative global addressing system called what3words. Nigeria is the seventh country to adopt what3words, and the third in Africa. The system is already being used for mail deliveries in Mongolia, Sint Maarten, Côte d’Ivoire, Djibouti, Tonga and Solomon Islands. Nigeria is Africa’s largest economy and its most populous country with approximately 184 million inhabitants. It has the seventh largest population in the world. Nigeria’s poor addressing system means that only 20 percent of its inhabitants receive mail at home. Seventy-nine percent of homes and businesses cannot receive deliveries to

By Adedapo Adesanya According to the latest figures released by the Nigerian Communication Commission (NCC), the total number of active users of internet in Nigeria increased by 3.3 million to 132.01 million as at the end of February this year. The telecommunications regulator stated that operators of Global Service for Mobile Communication (GSM) in the country maintained their domination of the market. In the report, it was further said that users on the networks of mobile network operators (MNOs), including MTN, Globacom, Airtel and 9Mobile, were 131.7 million. The data revealed that other operators providing internet services in the country;

By Adedapo Adesanya Following the expiration of the tenure of the Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, President Muhammadu Buhari has nominated Muhammad Nami as the new chief taxman for the second leg of his administration. However, the appointment of Mr Nami is subject to confirmation of the Senate. On Monday, the President also approved a new board for the FIRS, which is also subject to confirmation of the upper chamber of the National Assembly. The board consists of members representing each of the six geopolitical zones and statutory representatives from a select number of

By Modupe Gbadeyanka Ecobank Nigeria Limited has distanced itself from an asset management company known as Atlantic Global Asset Management. Atlantic Global Asset Management had solicited for investment from individuals, claiming to be in partnership with the lender. But in a statement issued by Ecobank Nigeria and made available to Business Post on Wednesday, the bank said it has no business link with Atlantic Global Asset Management, warning members of the public that it would not be held liable if they fall victim of scam. “It has come to our notice that a company called Atlantic Global Asset Management (AGAM),

By Jerome-Mario Utomi Aside from being perceived as backward and degraded, occasioned by crude oil exploration, exploitation and production, the Niger Delta region means different things to different people. To some, it is a region where the communal right to a clean environment and access to clean water supplies is being violated in the Niger Delta. By its admission, the oil industry has abandoned thousands of polluted sites in the region which need to be identified and studied in detail. Aquifers and other water supply sources which are being adversely affected by industrial or other activities need to be recovered

By Aduragbemi Omiyale The Debt Management Office (DMO) has said domestic investors would be allowed to purchase the $3 billion Eurobond to be issued next month by the Nigerian government. In the past, the debt office had only allowed foreign investors to participate in Eurobond sales but this time, the agency is also targeting local investors in the exercise. In a statement issued on Thursday, the DMO said it would hold meetings with interested moneybags today and next Monday to inform them of the benefits of subscribing to the notes. A few weeks ago, the debt office announced parties to