Ecobank Introduces Virtual Card for Online Payments

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

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 Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

By Dipo Olowookere The minimum operating capital of insurance companies operating in Nigeria has again come to the fore following an announcement made yesterday by the industry’s regulator, the National Insurance Commission (NAICOM). The regulatory agency said it was raising the minimum paid-up share capital of insurance and reinsurance firms so as to make the sector stronger and better. In a circular to all insurance and reinsurance companies signed by NAICOM’s Director, Policy and Regulation Directorate, Mr Pius Agboola, on behalf of the Commissioner for Insurance, Mr Mohammed Kari, it was said that the new capital regime would take effect

By Dipo Olowookere Not less than 128 indigenous and international oil and gas companies have indicated interest to participate in the Nigerian National Petroleum Corporation’s (NNPC) Direct Sale of Crude Oil and Direct Purchase of Products (DSDP) programme. The DSDP arrangement is a model introduced last year and is carried out through direct sales of crude oil to refiners or consultants, who in turn supply NNPC with equivalent worth of products. The batch over which the bids were opened is scheduled to last for the next one year, starting from April 1, 2017. Addressing the interested bidders and other stakeholders

By Ashemiriogwa Emmanuel The National Agricultural Land Development Agency (NALDA) has said the donation of 100 hectares of land to the federal government for its farm estate development in Kwara will lead to the engagement of over 2,000 farmers in crops and livestock when completed. Recently, the Agbeyangi Community in Kwara State officially handed over the farmland to the agency for the development of a new Integrated Farm Estate as part of the federal government aim to execute farm project in the 109 senatorial districts of the country. Addressing residents of the community with the Kwara State government officials during

By Ahmed Rahma Starting from Friday, January 1, 2021, the exportation of plastic waste from European Union (EU) member states to poor countries will be prohibited. This action followed concerns about pollution in third world countries and according to the European Commission, plastic exports would also be “more strictly controlled.” It was stated that the new rules still allow for “clean plastic waste sent for recycling” to be exported to countries not part of the Organisation for Economic Cooperation and Development (OECD). Following China’s ban on plastic imports at the beginning of 2018, previously a major destination for plastic waste,

By Adedapo Adesanya  Some residents of Lagos and Ogun States under the coverage area of the Eko Electricity Distribution Company (EKEDC) have been thrown into darkness. This is because a heavy downpour on Monday, March 8, 2021, has destroyed over 20 electric poles along the Agbara-Badagry expressway. The General Manager, Corporate Communications of EKEDC, Mr Godwin Idemudia, disclosed on Thursday in Lagos that the fallen poles have been removed and the company’s technical team was already working hard to resolve the problem. He assured residents that electricity supply would be restored to the affected communities after the repair. According to

By Dipo Olowookere The Federal Executive Council (FEC) has stated that it was yet to make a decision on the proposed sale of national assets to raise funds to revive the economy. The position of the council on the matter was made public on Wednesday by the Minister of Information and Culture, Mr Lai Mohammed. The Minister described the proposed action as mere speculation. Mr Mohammed, who briefed newsmen after the FEC meeting presided over by President Muhammadu Buhari on Wednesday, said government was still working on how to reflate the economy in the most comprehensive manner and will make

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) returned to upward trend on Thursday courtesy the performances of Nestle Plc and 21 other stocks at the market, Business Post reports. The stock market, which depreciated yesterday by 0.77 percent, closed today by moving forward by 0.52 percent, reducing the year-to-date return to -4.17 percent from at -4.66 percent. The All-Share Index (ASI) gained 132.06 points at the end of trading activities to finish at 25,753.00 points, while the market capitalisation increased by N45.7 billion to close at N8.910 trillion. Investors transacted a total of 371.8 million shares valued at N2.8

By Modupe Gbadeyanka A Memorandum of Understanding (MOU) for the Revamping and Restoration of the National Theatre in Iganmu, Lagos, has been signed. The deal was signed on Sunday, February 14, 2021, between the federal government and the Central Bank of Nigeria (CBN)/Bankers Committee. This followed the approval of the Federal Executive Committee (FEC) on Wednesday, February 10, 2021, for the transformation of the national asset built for the Festac 77. Before the signing of the deal today in Lagos, on July 12, 2020, the federal government officially handed over the National Theatre to the CBN and Bankers Committee repairs.