Ecobank Named Best Trade Finance Bank in West Africa

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 Bliss Okperan Users of neo banks like Opay, Carbon, Kuda, and PalmPay, among others, are worried over the new directive of the Central Bank of Nigeria (CBN), which intends to freeze bank accounts not linked to a Bank Verification Number (BVN) and a National Identity Number (NIN). Last week, the apex bank directed deposit money banks (DMBs) to place a “Post No Debit (PND)’ on any accounts with BVN and NIN from next year. For most neo banks, account numbers are opened with just users’ phone numbers without the BVN, unlike the traditional banks. However, they cannot make transactions

By Aduragbemi Omiyale The Banker magazine, a publication of the Financial Times, has announced Stanbic IBTC Holdings Plc as the Bank of the Year in Nigeria. The Nigerian financial institution was honoured by the media platform as an awards cement held on Thursday, November 30, 2023, in London. The event, widely acknowledged as the Oscars of the Banking Industry, attracted several critical stakeholders in the global banking sector. It was explained that Stanbic IBTC Holdings was picked for the recognition because of its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services

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 Modupe Gbadeyanka Trading resumed on Monday on the floor of the Nigerian Stock Exchange (NSE), but by the time transactions ended, the market depreciated by 2.77 percent despite gain as some companies released their half year financial statements today with more expected to be posted this week. The major market indicators pointed south with the All-Share Index (ASI) shedding 1020.71 points to close at 35,844.00 points, while the market capitalisation declined by N351.8 billion to settle at N 12.4 trillion. In addition, the year-to-date returns trimmed to 33.39 percent, while the market breadth closed negative with 27 decliners versus

By Aduragbemi Omiyale Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general elections, Mr Atiku Abubakar, has praised his former boss, Mr Olusegun Obasanjo, for his role in the peace deal signed between the warring Ethiopia and Tigray this week in South Africa. Mr Obasanjo was elected President of Nigeria in 1999 and ended his two terms of eight years in 2007. Mr Atiku was his vice in the period. The former Nigerian leader was in South Africa as a delegate of the African Union to broker peace between the two parties in Pretoria, and Mr Atiku

***Vows To Institutionalize Anti-Corruption War The United States of America (USA) has been assured by President Muhammadu Buhari to deepen and institutionalized the anti-corruption crusade in the country. This, according to the President, will make the crusade last beyond the life of the current administration. Mr Buhari made this disclosure when he received the US Secretary of State, Mr John Kerry, at an audience in State House, Abuja, on Tuesday. The President declared that, “We will insist on the standards we’re establishing. We are laying down administrative and financial instructions in the public service that must be obeyed. Any breach

By Modupe Gbadeyanka The urgent need for the reorganisation of the present structure of the financial market in Nigeria has been stressed by stakeholders in the Nigerian capital market, asset management and banking sectors. One of the experts, Mr Gbenga Adigun, the Business Head of Zimvest, noted that investors are gravely concerned with investment returns in light of the current low yield environment, while financial institutions are thinking of how their product development and service delivery should evolve with the changing needs of investors. Mr Adigun gave this submission at the Zimvest Economy Conversations, a thought-leadership series of Digital Private

By Dipo Olowookere The Edo State government has finally received the completed Northern Esan Water Project, in Ugboha, Esan South East Local government area of the state from Federal Government. Minister of Water Resources, Mr Suleiman Adamu, led a high-powered delegation of FG to Edo State to officially handover the project to Governor Godwin Obaseki. The project, estimated to have cost N3.85 billion, was started in 1997 by the Petroleum Trust Fund (PTF), which was then led by current President, Mr Muhammadu Buhari, under the regime of late Military Head of State, Mr Sani Abacha. The water plant is expected

By Modupe Gbadeyanka An alumnus of the Lagos Business School (LBS), Mr Paul Orajiaka, a member of the Advanced Management Programme 20 and the Executive MBA 14, has been announced as an Influential Leader in the 2018 Influential Leaders Challenge of the Association to Advance Collegiate Schools of Business (AACSB) International. AACSB International is the world’s largest business education network, which celebrates the positive impact business school graduates make in communities around the globe as part of the 2018 Influential Leaders Challenge. The challenge honours notable alumni from accredited schools whose inspiring work serves as a model for the next

By Dipo Olowookere The market capitalisation of the Nigerian Stock Exchange (NSE) increased by N117 billion or 0.90 percent at Tuesday’s trading session to close at N13.316 trillion in contrast to N13.199 trillion of the previous day. The value of the stocks listed on the local exchange was strengthened during the session as a result of the sustained buying pressure from investors, which improved the All-Share Index (ASI) by 247.25 points to 27,586.93 points from 27,339.68 points. Again, the level of activity finished mixed yesterday with the volume of transactions reducing by 14.23 percent to 446.4 million from 520.4 million

By Adedapo Adesanya President Muhammadu Buhari has said that law enforcement agencies have recovered over N3.7 billion as well as various assets worth billions of Naira from contractors and former directors of the Niger Delta Development Commission (NDDC). President Muhammadu Buhari made this known at the inauguration of a NDDC Advisory Committee, which include the nine Governors of the Niger Delta region and the Ministers of Niger Delta Affairs and Environment at the State House, Abuja, on Tuesday. ‘‘To date, the EFCC and other agencies of government have recovered over N3.7 billion in cash as well as various assets worth