Diamond Bank Suffers 38% Profit Loss in 2016

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Adedapo Adesanya One of Africa’s biggest financial institutions, Access Bank, is close to finalizing a regulatory process to launch its first full banking service in Asia in the first quarter of 2024. This was disclosed by the chief executive of its holding company, Mr Herbert Wigwe, on the sidelines of the Africa Financial Industry Summit in Lomé, Togo, as per Semafor. The Nigerian lender’s plan to enter the Asian market is part of a wider global expansion target which includes a strategy to expand more deeply into Francophone Africa, build closer ties with North Africa, and across Europe where

By Bliss Okperan A digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

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 Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted fake $4.7 million cash in the Federal Capital Territory (FCT), Abuja. This was disclosed in a statement issued on Sunday by the NDLEA spokesman, Mr Femi Babafemi, who explained that operatives of the agency had in the early hours of Friday, February 18 stopped a consignment sent from Lagos to Abuja at the Abaji area of the nation’s capital. According to Mr Babafemi, controlled delivery of the parcelled counterfeit notes totalling $4.7 million led to the arrest of a principal suspect, 52-year-old Abdulmumini Maikasuwa. The seizure

By Modupe Gbadeyanka Mr Lolu Alade Akinyemi has been appointed as the Chief Financial Officer (CFO) of Lafarge Africa Plc. A statement from the company said the appointment is effective November 1, 2019. The new CFO is a certified accountant and holds a Masters degree in Business Administration from the Edinburgh Business School, Scotland, UK, a BA (Hons) in Economics from Essex University, UK and a Project Management Certification, Prince2, UK. He was the Financial Accountant between 1996 and 1997, an Assistant Budget and Planning Manager (1997-2000) at Coca-Cola Nigeria Limited. He was the Finance Manager (Group Office), Cocoa-Cola, Europe,

By Adedapo Adesanya A new research has revealed that Nigeria topped the countries with the highest rate of cryptocurrency use and ownership in 2022. Nigeria, Africa’s largest economy, clinched the top spot, with almost half the population having used or owned cryptocurrency. The study, conducted by an online casino guide Trading Browser, analysed data on crypto ownership and usage. The ranking was done via the percentage of the population that reported that they used or owned cryptocurrency each year from 2019 to 2022. Nigeria tops the list, with 45 per cent of the population using or owning cryptocurrency in 2022.

By Timi Olubiyi, Ph.D. The high failure rate of start-ups and SMEs in Nigeria, give a bleak picture of the sector’s potential to contribute significantly to job creation, economic growth and poverty reduction. The big question is why do businesses fail so easily? This could be adjudged to the fact that most of the SMEs especially the micro-businesses are unstructured and operate informally in the country. Nonetheless, when these businesses are in the failing path, the entrepreneur or SME operator is unaware of it happening, until it is often too late. The survival of SMEs is even a bigger worry

By Investors Hub European stocks have moved mostly higher on Friday, extending gains from the previous session as Giuseppe Conte returned as Prime Minister to form a new government in Italy and new signs of U.S.-China trade talks emerged. Investors also cheered media reports suggesting that Germany is seeking to cap its corporate tax burden at 25 percent. While the German DAX Index has jumped by 1.2 percent, the French CAC 40 Index is up by 0.9 percent and the U.K.?s FTSE 100 Index is up by 0.7 percent. Swiss drugmaker Novartis has advanced after announcing positive sturdy results for

By Dipo Olowookere A notable society journalist, Mr Kayode Alfred, has joined one of the leading local news outlets, ThisDay Newspaper, owned by a famous media entrepreneur, Mr Nduka Obaigbena. Mr Alfred was formerly with The Nation Newspaper, another popular traditional news platform in Nigeria, but left to delve into fashion and launched his bespoke Aristocrat Clothing line. It was gathered that the industrious entrepreneur-cum-celebrity journalist is joining the ThisDay family as a columnist and will be reporting the social lifestyles of the rich and the famous personalities in the society. The award-winning, dynamic and unassuming Kayode, still in the

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has announced the postponement of the 2020 edition of the Lagos International Trade Fair due to the economic disruptions brought about by the COVID-19 pandemic and the recent #EndSARS protests that rocked the nation. According to the chamber, the fair which will feature both physical (in-person) and virtual (online) platforms, was initially scheduled to hold from November 6 to November 15, 2020, at the Tafawa Balewa Square, Lagos, but will now hold from Friday, December 4 to Sunday, December 13, 2020. According to the Director-General of the LCCI, Mr