Ecobank Sells $450m Eurobonds to Refinance Debts

By Adedapo Adesanya President Bola Tinubu has thrown his full weight behind the plan by the Central Bank of Nigeria (CBN) to increase the capital base of banks in the country. The President expressed his views on this move, which last occurred in 2005, through his Special Adviser on Information and Strategy, Mr Bayo Onanuga, in his message at the 40th anniversary of The Guardian Newspapers in Lagos on Tuesday. He said bank recapitalisation was crucial to Nigeria achieving a $1 trillion economy. “Amidst the general lull in a global economy, our ambition to attain a $1 trillion economy appears

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 Adedapo Adesanya Klasha, a leading global cross-border payments company, has been granted a Money Services Business (MSB) license by the Financial Crimes Enforcement Network (FinCEN) to operate in the world’s largest economy, the United States. This license authorizes Klasha to operate as a currency exchange and money transmitter in the US. With this MSB license, Klasha can now offer its innovative cross-border payment solutions and financial services to businesses in the United States that want to send and accept cross-border payments from Africa and carry out foreign exchange services and international money transfers with ease and security. “We are

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Dipo Olowookere Four banks have been appointed by the Central Bank of Nigeria (CBN) as settlement banks for the $2.5 billion currency swap deal signed between Nigeria and China last Friday in Beijing. According to a report by ThisDay, the four financial institutions appointed by the apex bank are First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc. Last Friday, the CBN, on behalf of Nigeria, sealed the much-awaited $2.5 billion bilateral currency swap agreement with the People’s Bank of China (PBoC). The settlement banks are expected to handle the trade obligations that

By Christie Oby Ndukwe In part 1 of this series, which received a lot of accolades as well as attention from different sections of the society and even beyond, it was obvious towards the end the reason for the title. Unfortunately, not many know the story of the Trojan horse even though it is recorded as Greek mythology. While Wikipedia describes so, it is becoming more real than imagined as the quest for power and domination continue to live with humanity and not the black world is excluded. The making of the Nigerian Trojan Horse is non-fiction, yet a lesson

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.19 per cent on Wednesday, June 7, as a result of the price appreciation in the shares of Niger Delta Exploration and Production (NDEP) Plc during the session. The indigenous oil and gas company closed the trading day at N260.00 per unit after adding N14.85 to its previous day’s closing price of N245.15 per unit. The appreciation lifted the value of the bourse by N1.93 billion to wrap the day at N1.007 trillion from the N1.005 trillion that it closed in the preceding session. Following the same trend was

By Adedapo Adesanya  Finery Markets, a leading provider of Over-the-Counter (OTC) trading solutions for institutions and crypto businesses, has announced the launch of FM Liquidity Match, the first-ever electronic OTC-as-a-service for digital assets. In a press release sent to Business Post, the company also announced that Floating Point Group would become its first user. FM Liquidity Match is a ready-to-deploy trading solution with a proprietary matching engine that enables market players to launch a fully electronic OTC trading business and manage client relations throughout the entire trade cycle. According to Mr Konstantin Shulga, CEO and co-founder of Finery Markets, “We

By Dipo Olowookere The Nigerian National Petroleum Corporation’s (NNPC) three refineries produced additional volumes of 4.6 million litres of Dual Purpose Kerosene otherwise known as kerosene and 7.7 million litres of Automative Gas Oil otherwise known as diesel as at today (Tuesday). This disclosure was made by the Chief Operating Officer of the Refineries, Mr Anibor Kragha, while making a presentation before the Senate Committee on Petroleum Downstream on the current status of the refineries at the National Assembly Complex in Abuja. Mr Kragha said the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company (WRPC) and the

By Adedapo Adesanya Transactions on the floor of the NASD Over-the-Counter (OTC) Securities Exchange closed bearish by 0.4 per cent on Tuesday as a result of a slump in the price of shares of FrieslandCampina WAMCO Nigeria Plc. The milk maker, which has been the most active stock in the unlisted securities market this year, lost N1.95 yesterday to settle at N68.00 per unit compared with the previous day’s value of N69.95 per unit. As a result, it shortened the market capitalisation of the bourse by N3.81 billion to N942.76 billion from N946.57 billion and cropped the NASD Unlisted Securities

By Modupe Gbadeyanka An alleged Niger Delta militant kingpin identified as Mr Isaac Romeo has been apprehended by the Nigerian troops deployed to the region to curtail activities of militants. Mr Romeo was reportedly nabbed by the men of the newly launched military operation in the Niger Delta code-named ‘Operation Crocodile Smile’. The suspect is said to be the kingpin of a terrorist group in the area called the Niger Delta Avengers. The Nigerian Army, in a statement issued by its spokesperson, Col Sani Usman, said another suspected described as an important economic saboteur, Mr Gabriel Ogbudje, alleged to be