Ecobank Rejigs Board; Brings in Donkor, Monnakgotla

By Aduragbemi Omiyale The board of United Bank for Africa (UBA) Plc has raised the bar in the interim dividend payout for the first half of 2023, increasing it to 50 Kobo from 20 Kobo in the same period of 2023. This was after the bank recorded triple-digit growth in the bottom line, as the profit before tax (PBT) jumped by 371 per cent to N404 billion from the N85.75 billion recorded in the first half of 2022, translating to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier, as the

By Adedapo Adesanya Yellow Card has joined forces with MoonPay, a global leader in the cryptocurrency ecosystem, towards expanding cryptocurrency accessibility in Nigeria by leveraging local bank transfers. Despite a ban on trading via official channels, Nigeria has emerged as a powerhouse in the African cryptocurrency landscape, with increasing numbers of individuals turning to digital assets to hedge against inflation and economic uncertainty. The volatility in the local crypto market, marked by the recent challenges faced by various crypto companies in Nigeria, has underscored the critical need for a stable and reliable means of accessing cryptocurrencies. This partnership between both

By Dipo Olowookere The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Mrs Aishah Ahmad, has been apprehended by the Department of State Services (DSS). The central banker was arrested by the country’s secret police to harvest vital information from her over the sale of a first-generation bank, Union Bank of Nigeria Plc, to a relatively new lender, Titan Trust Bank Limited. The acquisition of the more than 100-year-old financial institution by the less than 5-year-old bank raised eyebrows because the buyer coughed out $300 million to complete the transaction. Titan Trust Bank

By Ayomide Oriade As the world battles to save humanity from the clutches of the deadly COVID-19 virus, activities that make the world go round are being grounded. Human freedom is eroded like never before, human contact is being limited to the barest minimum with social distancing measures, and movement is being banned or limited to extremely necessary instances in several regions of the world. To ensure adherence, authorities are imposing penalties for flaunting of restriction orders meant to prevent humans’ physical interaction with fellow humans; all in the name of humanity. France, Italy, England, Belgium, Israel, and many others

As we experience the first-ever Black Friday promotional phenomenon under lockdown, the dominance of online shopping platforms has become crystal clear. To keep track of this development Nielsen Global Connect has conducted extensive research that includes an overarching view of the massive increase in online FMCG shopping and just how rapidly it evolved over the first six months of lockdown. Nielsen Connect, Global Intelligence Unit, Executive Director Ailsa Wingfield comments; “Amidst the COVID-19 pandemic, online FMCG shopping usage has advanced by up to five years in just six short months. As a result, there has been a rapid increase in

By Dipo Olowookere Justice Abubakar Idris Kutigi of an FCT High Court in Gwagwalada, Abuja, has ordered the arrest of a former Minister of Petroleum Resources, Mr Dauzia Loya (Dan) Etete and two others; Mr Munamuna Seidougha and Mr Amaran Joseph. This directive was given Thursday after the Economic and Financial Crimes Commission (EFCC) filed an exparte application on the matter involving Mr Etete in the Malabu oil deal. The commission accused the three suspects of defrauding the Nigerian government in the $1.09 billion Malabu Oil Block (OPL 245) Settlement Agreement. At the court today, counsel for the EFCC, Mr

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has completed the sale of Polaris Bank Limited to Strategic Capital Investment Limited (SCIL). In September 2018, the CBN revoked the operating licence of Skye Bank Plc and nationalised it to Polaris Bank. The financial institution was then transferred to the Asset Management Corporation of Nigeria (AMCON). After over four years, the apex bank has now announced a new core investor of the bank. The new owners will operate the financial institution. In a statement issued on Thursday, the Director of Corporate Communications at the CBN, Mr Osita Nwanisobi, disclosed that

By Adedapo Adesanya The Federal Government of Nigeria has reached out to the United States government to discuss how the latter can drop its case against President of the African Development Bank (AfDB), Mr Akinwunmi Adesina. Business Post had reported that after Mr Adesina was cleared of allegations raised in a petition, the US government demanded an independent probe. America said it was not satisfied with the clearing of the president of the accusation of corporate governance infractions and favouritism by the bank’s ethics committee and board of governors. After much pressure, the AfDB board of governors authorised an independent

If you’re serious about building your business, the internet is one of the best tools you can use. This strategy is important because it empowers you to communicate with your online audience and then convert those prospects into business sales. Online shopping is one of the century’s new norms. You don’t want to confine your marketing efforts to traditional advertising techniques. For many though, it’s hard to imagine shifting away from traditional business growth strategies. The internet, though it’s been around for a long time now, is still a mystery to people. Don’t let a lack of knowledge hold you

By Dipo Olowookere One of the leading pharmaceutical companies in the world, Pfizer, is celebrating its 60th year in Nigeria and to mark this milestone, the firm has rolled out several exciting initiatives and programmes. As part of the activities to mark this anniversary, Pfizer in Nigeria said it has moved to a new, ultra-modern office to accommodate its growing business operations base. The new office is located at Heritage Place, 7th Floor, 21 Lugard Avenue, Off Alfred Rewanne Road, Ikoyi, Lagos State. According to the Corporate Affairs Director of the healthcare firm, Margaret Olele, “The (new) office has been

By Modupe Gbadeyanka Kenyan-based CNN International Correspondent, Mr Larry Madowo, has been announced as the new host of the long-running series, African Voices Changemakers, which profiles outstanding individuals from across the continent. African Voices has aired on CNN International for over a decade, with the show meeting entertainers, creatives, athletes, and members of the public who are making a difference, finding ways to impact their communities, and making cultural contributions. In 2017, the new host of the programme, Mr Madowo, was featured on the show, highlighting his work as a Kenyan broadcasting star. He started his broadcasting career at Kenya