Ecobank Merges 74 Branches to Drive Digital Strategy

By Modupe Gbadeyanka For supporting Micro, Small and Medium-scale Enterprises (MSMEs) with credit facilities, Ecobank Nigeria Limited has won big at the 2023 Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos. The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending small businesses and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantees and technical support to MSMEs. It got an award for Platinum Service Ambassador; Bank with the Highest Impact on

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 Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

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 International Monetary Fund (IMF) has disclosed that economic environment in Nigeria is still very challenging “despite some signs of relief in the first half of 2017.” The global financial institution made this disclosure at the conclusion of its visit to the West Africa’s biggest economy, which fell into recession last year. From Thursday, July 20, 2017 to Monday, July 31, 2017, the IMF team led by its Senior Resident Representative and Mission Chief for Nigeria, Mr Amine Mati, “held productive discussions with senior government and central bank officials.” During the visit, the team also met with

Dipo Olowookere Leading independent metal additive manufacturing firm, Sintavia, says it has closed a $15 million round of equity financing from its primary investor, Neff Capital Management LLC. The follow-on investment is in addition to an original $10 million of equity financing by Neff Capital which was announced in July 2015. It is expected that the new investment will be used for additional manufacturing capacity and facility expansion in 2017 and 2018. Established in 2012, Sintavia provides a complete suite of metal AM solutions to OEMs in precision industries worldwide. In particular, the company has built a customer base within

By Modupe Gbadeyanka Information has it that there is a thickening plot to implicate the key aides of Akwa Ibom State Governor, Mr Udom Emmanuel, with trumped-up accusations of being involved in cult activities as the buildup to the 2019 general elections gathers momentum. According to what was gathered, the alleged plot is being spearheaded by a top-ranking former chieftain of the Peoples Democratic Party (PDP), who recently left to the All Progressives Congress (APC). Akwa Ibom State has turned into a theatre of war, no thanks to the activities of key opposition politicians in the state led by a

By Dipo Olowookere Profit-taking dominated the Nigerian Stock Exchange (NSE) on Thursday, resulting into a 0.38 percent loss at the close of business. The All-Share Index (ASI) depreciated by 95.91 points to 25,312.05 points from 25,407.96 points, while the market capitalisation reduced by N50 billion to N13.204 trillion from N13.254 trillion. A total of 270.2 million shares worth N5.3 billion were traded in 4,550 deals yesterday in contrast to the 353.3 million stocks valued at N7.0 billion transacted in 4,659 deals the previous session. This indicated 23.53 percent decrease, 24.72 percent decline and 2.34 percent fall in the volume, value

**As Olorogun-Etti Congratulates Party Flag Bearer By Henry Ovie Chairman of Eko United, Mr Babatunde Olorogun-Etti, on Tuesday congratulated Mr Babajide Sanwo-Olu on his victory in the All Progressives Congress (APC) governorship primaries. Mr Olorogun-Etti in a statement issued in Lagos Island described the electoral process as tidy, transparent and democratic. He praised APC members for answering to the demands of Lagosians who want change. According to him, “Democracy is still alive.” He also praised them for demonstrating their might by voting Mr Sanwo-Olu. “I congratulate Babajide Sanwo-Olu as standard bearer of our great party, the All Progressives Congress (APC),”

By Modupe Gbadeyanka No fewer than 350 members of staff of Heritage Bank Plc have been elevated in line with the lender’s commitment geared towards greater efficiency and resource optimization. A statement issued by the financial institution explained that the promotion was part of its growth and industry innovative agenda designed to strengthen its business across all markets where it operates. Heritage Bank explained in the statement made available to Business Post on Monday that the promotion was commended by human resources analysts and greeted with joy and enthusiasm by the workforce of the bank was selected after the completion

By Dipo Olowookere The management of First Bank has announced its intention to redeem the $450 million notes it issued sometimes ago to investors. The financial institution, which is the largest subsidiary in the FBN Holdings Plc family, disclosed in a notice yesterday that it wants to pay holders of the debt instrument two years before its maturity. The company had sold the notes to investors at the international markets at a coupon rate of 8.00 percent and were due to mature in July 2021, but First Bank said it wants to exercise its rights to redeem them before due

By Dipo Olowookere It was another bullish moment at the Nigerian Exchange (NGX) Limited on Wednesday as it closed higher by 0.08 per cent, spurred by buying interest in Transcorp, Zenith Bank and others. Transcorp recorded another significant surge in the sale of its shares during the session, selling 1.1 billion units valued at N2.1 billion to finish at the busiest stock. Fidelity Bank traded 19.5 million equities valued at N102.6 million, Zenith Bank exchanged 16.5 million shares worth N359.1 million, GTCO traded 15.1 million stocks worth N380.0 million, and Dangote Sugar transacted 9.0 million shares valued at N154.8 million.