Ecobank Plans to Introduce Fully Digitized Loan Platform

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

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 Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Okechukwu Keshi Ukegbu Governor Okezie Ikpeazu of Abia state has charged lawyers in the country to ensure that the principles of justice and rule of law are upheld in the discharge of their duties. This is as the governor emphasised the need for lawyers to adopt best global practices. The governor, who gave this charge while declaring open this year’s edition of the Nigerian Bar Association -Section on Public Interest and Development Law (SPIDEL) with the theme Lawyering in the public interest, in Aba also added that public interest lawyers are expected to save lives and protect fundamental rights

By Aduragbemi Omiyale On Thursday, December 15, 2021, a total of 91 newly Authorised Dealing Clerks were inducted at a ceremony held at the Nigerian Exchange (NGX) Limited premises in Lagos. At the event, the chief executive of the exchange, Mr Temi Popoola, charged the newly inducted brokers to uphold ethics and embrace continuous learning, reminding them that a Memorandum of Understanding (MoU) has been signed with the Economic and Financial Crimes Commission (EFCC) for the implementation of the exchange’s zero-tolerance policy on infractions. He emphasised that for them not to be found wanting, they must uphold the high standard

By Adedapo Adesanya BonnyLight Energy and Offshore Limited has announced the supply of 20,000 metric tonnes (MT) of Premium Automotive Gas Oil (popularly known as diesel) into the Nigerian market to help bridge the huge gap in Nigeria’s refining capacity. The product, lifted from Amsterdam, Netherlands, is poised to wet the company’s tank farms strategically located to serve key markets situated across the region through its base in Kirikiri, Ijegun, Creek Road in Lagos; Warri and Oghara in Delta State as well as Port Harcourt, Rivers State. The product supplies come at crucial times occasioned by high consumption of diesel

By Adedapo Adesanya  FrieslandCampina Wamco Plc’s performance further took a worse turn on Friday, November 29, 2019 at the NASD over-the-counter Securities Exchange just as the trading platform for unlisted securities suffered another loss for the third consecutive day this week. The losses posted by FrieslandCampina WAMCO at the exchange have occurred as the company continue to celebrate a Memorandum of Understanding (MoU) signed with Niger State for 10,000 hectares of land at the Bobi Grazing Reserve in the state under FrieslandCampina WAMCO’s Dairy Development Programme (DDP) on Tuesday. At the Friday’s trading session, share price of the food processing

By Nneka Okumazie The thing called life – for many – is not the frequently promoted fairy tale. The infinite amount of hope – needed – for stability, after failure, sometimes, does not just come by words of others or care. When struggles hit some and the so-called critical thinkers know, they often judge – wilfully forgetting that life is not a perfect place. The situation of life, where people don’t always get what they want, makes emptiness a major problem. Heavy intake or consumption of whatever works is always the case to calm the mind or cover it up.

By Modupe Gbadeyanka Commercial banks operating in Nigeria have been directed by the central bank to sell forex to their retail customers at the rate not more than N360 per Dollar. The apex bank gave this order on Monday via its spokesman, Mr Isaac Okorafor, in a tweet. Mr Okorafor noted that banks would be monitored on the level of compliance, warning that any erring financial institution would be severely dealt with. According to the Central Bank of Nigeria (CBN), it will make forex available to banks at the rate of N357/$1, while they are expected to sell to their

By Adedapo Adesanya The Nigerian Content Development and Monitoring Board (NCDMB) has said that Africa’s industrialisation agenda is at the heart of the African Continental Free Trade Agreement (AfCFTA) and fossil fuels remains a very significant part of the energy mix required for industrialising the continent. This was disclosed by Mr Simbi Wabote, the Executive Secretary of the board, during his keynote address at the 9th Anniversary Lecture and Investiture into the Realnews of Fame Hall of Fame in Lagos. Mr Wabote said that revenues obtained from the sale of the hydrocarbon resources would remain “key drivers of the economies

By Dipo Olowookere The former manager of Tottenham Hotspur Football Club of England, Mr Mauricio Pochettino, has been named as the new coach of the French side, Paris Saint-Germain (PSG). The 48-year-old Argentine will manage the club located in the capital of France till June 2022 and will have the option to extend his stay for an extra year, according to a statement from the Paris-based football outfit on Saturday. Pochettino, who signed for PSG 20 years ago as a player, is returning to the club following the sacking of Thomas Tuchel as manage last week. During his time at