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By Aduragbemi Omiyale Access Bank Plc has obtained a licence to commence formal banking operations in Hong Kong through its United Kingdom subsidiary, Access Bank UK. The chief executive of Access Holdings Plc and Chairman of Access Bank UK, Mr Herbert Wigwe, described the feat as a testament to the company’s resilience over the past decade. Mr Wigwe also said the banking licence in the Asian nation was a “monumental achievement in our journey towards global prominence.” Business Post reports that the Nigerian lender was authorised to offer banking services in the country by the Hong Kong Monetary Authority. It

By Modupe Gbadeyanka A call for a comprehensive policy action to dismantle the structures that enable gender-based violence in Nigeria has been made by the Managing Director of Unity Bank Plc, Mrs Tomi Somefun. “I urge policymakers to enact stringent laws against gender-based violence, ensuring swift and severe consequences for perpetrators. Our homes and various organisations must also be a catalyst for change, inspiring others to follow suit,” the banker said at the premiere of a new movie, BECKMA, in Lagos. Mrs Somefun, represented at the event by Unity Bank’s Group Head of Compliance, Mrs Patricia Ahunanya, citing a recent

By Modupe Gbadeyanka One of the leading digital and mobile banking institutions in Nigeria, OPay, has been praised for revolutionising financial inclusion in the country and Africa. This commendation came from the World Economic Forum (WEF), which said OPay’s ascent in the financial inclusion landscape stands as a testament to its unwavering commitment to innovation and customer-centricity. In its recent report titled Here’s Why Africa is the World Leader in Digital and Mobile Banking, OPay was lauded for leveraging cutting-edge technology to democratise access to vital financial services, such as money transfers, bill payments, airtime purchases, and merchant transactions, reaching

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 Jerome-Mario Utomi As both the federal and state governments in Nigeria continue to allow the rate of out-of-school children, especially in the northern part of Nigeria, to swell in number, even when it is obvious that the streets are known for breeding all forms of criminals and other social misfits who constitute the real threat in the forms of armed robbers; thugs, drunkards, prostitutes and all other social ills that give a bad name to the society, Nigerians are beginning to view government’s approach to the challenge as not yielding the targeted result. The latest of such worry came

By Modupe Gbadeyanka A reference exchange rate for the newly introduced special foreign exchange window for investors and exporters by the Central Bank of Nigeria (CBN) has been introduced by the Financial Market Dealers Quote (FMDQ). FMDQ said on Monday that the reference rate would be published 12 noon every day via three packages: live fix available at 12:00 noon daily via the FMDQ e-Markets Portal; delayed (24 hours) published via the FMDQ website; and historical, available via the FMDQ e-Markets Portal. The newly introduced reference exchange rate is called the Nigeria Autonomous Foreign Exchange Rate Fixing (NAFEX). Last week,

By Dipo Olowookere The Nigerian Exchange (NGX) Limited suffered a 0.08 per cent contraction on Wednesday after hitting its highest level in 15 years in the preceding trading session. The loss recorded in the midweek session was influenced by panic sell-offs, especially in the banking and energy sectors of the stock exchange. Profit-taking is a normal occurrence, particularly when prices of equities on the platform gain significant weight in the previous trading sessions. The banking index lost 0.64 per cent during the trading day, and the energy counter fell by 0.02 per cent. They suppressed the respective 1.46 per cent,

By Adedapo Adesanya The National Oil Spill Detection and Response Agency (NOSDRA) has disclosed that Nigeria recorded 168 incidents of oil spills as oil and gas companies operating in the country spilt 5,520 barrels of crude oil between January and August 2023. NOSDRA, in its latest oil spill data for the period under review, noted that the spill occurred in the facilities of 23 oil firms. Out of these firms, Shell Petroleum Development Company recorded the highest spill volume of 4,340 barrels of crude oil in 43 spill incidents, representing 78.62 per cent of total crude oil spilt in the

By Adedapo Adesanya In furtherance of its quest to consistently enhance customer experience and deliver seamless services, the Enugu Electricity Distribution PLC (EEDC) has launched a new mobile app known as EEDC Connect to better serve its franchise states. The multi-functional application is designed to enable customers to interface and access the company’s services with ease. Some of the services the new app will offer include payment of bills, prompt request for support, viewing of payment history, registering complaints and viewing your logged complaint to ascertain its current status. According to the Head of Corporate Communications, EEDC, Mr Emeka Ezeh,

By Modupe Gbadeyanka Central Bank of Nigeria (CBN) has released names and addresses of registered finance companies in Nigeria. This, it explained, is to protect interest of the people and ensure those handling their hard-earned money are those given the authority to do so. In the list released by the apex bank, which was obtained by Business Post from the CBN’s website, there are a total of 71 firms registered for the purpose. The apex bank noted that the said companies were the ones recognised by the Federal Government as at Tuesday, January 10, 2017. View the list here: https://www.cbn.gov.ng/Out/2017/FPRD/LIST%20OF%20FINANCE%20COMPANIES%20IN%20NIGERIA%20AS%20AT%20JANUARY%2010,%202017.pdf

By Dipo Olowookere Identity crisis is one thing most people do not wish to experience because it could rob someone of many things and in some cases, it has been a blessing. For a South African-based Nigerian actor, Sule Stanley, the headache of people mistaking him for a veteran actor, Nkem Owoh, otherwise known as Osuofia, is what is he not ready for and to minimise this, he had to settle for the name Ukwa South. Osuofia, a well-known comic actor in the Nigerian movie industry fondly called Nollywood, is also called Ukwa. “[The] Ukwa brand didn’t start today,” the

By Dipo Olowookere The federal government has unveiled few key strategies it plans to execute in managing the economy of Nigeria during the global crisis influenced by coronavirus and crash in crude oil prices. This week, after the oil price war between Saudi Arabia and Russia threatened the nation’s economy, President Muhammadu Buhari promptly set up a committee to look at the impact of the COVID-19 disease on the country’s economy. The committee was headed by the Minister of Finance, Budget and National Planning and was asked to give a report next week to the President. A statement issued by