Ecobank Opens EPAC Studios to Promote African Showbiz Talents

By Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Modupe Gbadeyanka Last week, the United States Mission in Nigeria organised the annual US College and Career Fairs at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos. The US Consul General, Mr Will Stevens, while speaking at the event, said that America remains a leading destination for international students, noting the United States offers students an unrivalled educational experience, flexibility, and diversity. “We are happy to provide Nigerian students who wish to study in the United States a unique opportunity to learn about the diversity of the programs offered at various U.S. educational institutions,” Mr Stevens said.

By Dipo Olowookere The Chairman of the Board of Directors of Citibank Nigeria, Mr Yemi Cardoso, has been nominated to serve as the new Governor of the Central Bank of Nigeria (CBN). The renowned stockbroker and investment banker was picked for the position by President Bola Tinubu, according to a statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He would be screened by the Senate, and on confirmation; he will take over from the acting CBN Governor, Mr Folashodun Shonubi, for a term of five years at the first instance.

By Dipo Olowookere Buying interest in Dangote Cement and 19 others suppressed the losses reported by Lafarge Africa and nine others on Wednesday, leaving the Nigerian Exchange (NGX) Limited closing higher by 1.47 per cent at the close of business. The demand for equities rose yesterday, leading to an increase in the volume of trades by 98.58 per cent to 279.2 million shares from 140.6 million shares as the value of transactions increased by 30.14 per cent to N2.1 billion from N1.6 billion, while the number of deals carried out depreciated by 8.19 per cent to 3,576 deals from the

By Dipo Olowookere The appetite for Dangote Cement shares and others pushed the Nigerian Exchange (NGX) Limited higher by 2.48 per cent on Monday, propelling the All-Share Index (ASI) above 64,000 points at the close of trades. According to data from the bourse yesterday, the index grew by 1,562.82 to 64,603.69 points from 63,040.87 points, as the market capitalisation increased by N851 billion to N35.177 trillion from N34.326 trillion. The industrial goods sector gained 5.13 per cent during the trading day, the insurance industry rose by 4.18 per cent, the energy counter improved by 2.61 per cent, and the banking

By Dipo Olowookere The volume of crude oil exported by Nigeria in the month of July 2018 increased by 1.90 percent, Business Post is reporting. According to a report by Bloomberg, the total exports grew to 1.64 million barrels per day (b/d) last month from the 1.61 million b/d recorded the previous month. The increase in the volume of oil exported by the Africa’s largest market was the highest in four months. The rise was attributed to Shell’s lifting of export restrictions on key Bonny Light grade during the month of July. Business Post recalls that on Friday, July 14,

By Aduragbemi Omiyale Consumers of the several products produced by Rite Foods Limited like Rite Spicy, Bigi Beef, Rite Sausages, Bigi soft drink variants and others can be sure of consuming healthy and world-class products, the Managing Director of the company, Mr Seleem Adegunwa, has said. Rite Foods, a subsidiary of Ess-Ay Holdings, was established in 2007 and its sausage brands have been the mark of excellence for the industry. The firm boasts of 12 leading Bigi soft drink variants which include the Bigi Cola, Bigi Orange, Bigi Apple, Bigi Bitter Lemon, Bigi Soda Water, Bigi Lemon & Lime, Bigi

By Dipo Olowookere The sum of N10 billion is about to be raised by Greenwich Merchant Bank Limited from the sale of commercial paper, Business Post reports. The lending institution for players in the business sector intends to use the proceeds of the issue to support its short-term funding needs as part of its working capital management strategy, according to a notice. The Naira-denominated corporate debt instrument is being issued to investors in the Nigerian capital market under the company’s N100 billion commercial paper programme. In the details of the exercise, Greenwich Merchant Bank is selling the commercial paper in

By Investors Hub Asian stocks ended Thursday?s session on a muted note despite higher commodity prices and positive cues from Wall Street overnight. Crude oil prices extended gains after climbing to a more than two-month high on Wednesday as investors eyed disruptions to global supplies once U.S. sanctions on Iran come into force. Chinese stocks ended roughly flat on trade concerns after Alibaba?s founder and chairman Jack Ma said the e-commerce giant no longer plans to create one million jobs in the U.S. amid the ongoing trade conflict between the U.S. and China. The benchmark Shanghai Composite Index edged down

By Ahmed Rahma The world’s largest manufacturer of motorcycles and scooters, Hero MotoCorp, has surpassed 100 million units in cumulative production. This significant milestone of the company is one of the fastest global achievements of the 100 million cumulative production mark, with the last 50 million units coming in a span of just seven years. The 100 millionth bike, the Xtreme 160R, was rolled out of the company’s manufacturing facility in Haridwar, in the northern Indian hill state of Uttarakhand. To mark the occasion, the Managing Director, Dr Pawan Munjal, unveiled six special celebration edition models at the company’s manufacturing

By Adedapo Adesanya Nestlé has announced a new plan to tackle child labour risks in cocoa production with an investment of about $1.4 billion (approximately CHF1.3 billion Swiss Franc) by 2030, more than triple of its current annual investment. This is part of efforts to expand its cocoa sustainability efforts, with a significant part of the investment to be used to tackle child labour in Africa. At the centre is an innovative income accelerator programme, which aims to improve the livelihoods of cocoa farming families, while also advancing regenerative agriculture practices and gender equality. A cash incentive will be paid