EFCC Arraigns Ex-FCMB Manager, Three Others Over N129m Fraud

By Adedapo Adesanya Nigerian bank, Union Bank, alongside energy company, Riverside LNG of Nigeria, have signed different agreements that involve a $500 million renewable energy pact and gas export between Nigerian and German entities. Union Bank and DWS Group signed a pact on cooperation in renewable energy while Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership. President Bola Tinubu witnessed the signing of the two Memoranda of Understanding (MoU) in Berlin, Germany, at the 10th German-Nigerian Business Forum, according to Mr Ajuri Ngelale, the President’s Special Adviser on Media and Publicity.

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

By Aduragbemi Omiyale The Long-Term Issuer Default Rating (IDR) of Coronation Merchant Bank (CMB) has been downgraded by Fitch Ratings to ‘CC’ from ‘B-‘, with its Viability Rating (VR) also lowered to ‘cc’ from ‘b-‘. In a note released on Monday, the rating agency said it also demoted the bank’s National Long-Term Rating to ‘B+(nga)’ from ‘BBB-(nga)’, raising some red flags that prompted its latest decision. According to Fitch, CMB was moved down in the pecking order due to a “significantly weakened capital position”, which if not quickly addressed, “could lead to a material capital shortfall.” Already, the financial institution

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 Ahmed Rahma The management of Standard Chartered Bank has assured its numerous clients of its commitment to supporting their growth aspirations, no matter the sector they operate in. The lender made this promise while speaking on the role it played in the recent acquisition of a 45 per cent working interest in OML17 by Heirs Holdings Oil & Gas Limited. Standard Chartered acted as coordinator/financial advisor to Heirs Holdings in the deal described as one of the largest in the oil and gas sector in Africa. Heirs Holdings acquired the stakes held by Shell Petroleum Development Company of Nigeria

By Modupe Gbadeyanka A state-of-the-art Experience Centre has been launched by Jumia Nigeria to make shopping experience hassle free. Jumia explained that it established the new centre having in mind that shopping can be a chore, but becomes easy when there is a personal shopper to assist navigate the puzzle of purchasing and returning products. Located centrally at 11B, Commercial Avenue, Yaba, Lagos, the Jumia’s Experience Centre is expected to serve as an additional touchpoint for customers to interact with the Jumia’s Ecosystem- Jumia Mall, Jumia Food, Jumia Travel and Jumia One. They will have access to the store to

By Adedapo Adesanya Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to publicly instruct former governors who have been appointed to serve as ministers in his administration to stop collecting life pensions, exotic cars, and other allowances from their states. The President was asked to “instruct the former governors to immediately return any pension and allowances that they may have collected since leaving office to the public treasury.” In a statement on Sunday signed by SERAP Deputy Director, Mr Kolawole Oluwadare, the rights group argued that, “The appointment of former governors who collect life pensions while serving

By Dipo Olowookere Minister of Finance, Mrs Kemi Adeosun, says the Federal Government has mapped out strategies to get the Nigerian economy out of recession. Mrs Adeosun, while addressing newsmen on Wednesday after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, declared that the FG was not confused about how to get the nation out of the woods. Though she admitted that the country was presently in the worst possible time, but the Minister stressed that the government was extremely focused and working hard to revamp the economy. Mrs Adeosun assured Nigerians that these tough times

By Modupe Gbadeyanka As part of activities to commemorate this year’s World Photography Day slated for Friday, August 19, Ecobank Nigeria will host a Photography, Arts and Design Exhibition (PADE). The 3-day event themed A Canvas for Africa’s Creatives will hold at the state-of-the-art head office complex of the bank, Ecobank Pan African Centre (EPAC), on Ozumba Mbadiwe, Victoria Island from Friday, August 19 to Sunday, August 21, 2022. The Head of Marketing and Corporate Communications of Ecobank Nigeria, Mr Jide Sipe, explained in a statement that the exhibition was conceived by the financial institution to help showcase the brilliance

By Adedapo Adesanya The acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has called on investors to consider diversifying their portfolio due to the high risk in the market. According to her, doing this will help reduce the risk in a market that is prone to uncertainties. She disclosed this during the one-day enlightenment programme for the Nigerian Army Ordinance School, Ojo Cantonment, Lagos over the weekend. Ms Uduk, who was represented at the event by the Head Lagos Zonal Office of the SEC, Mr Stephen Falomo, said that an investor is expected to consider a

By Adedapo Adesanya The World Bank has approved the sum of $425 million in International Development Association (IDA) financing to support the provision of infrastructure finance in Eastern and Southern Africa. This was disclosed in a statement released on Tuesday by the Bretton Wood institution, where it stated that this is the first regional facility of its kind on the African continent. Through the Regional Infrastructure Financing Facility project (RIFF), the global lender aims to expand long-term finance to private firms in selected infrastructure in the power sector, as well as in the transport, logistics and social sectors. According to

By Ezra Adeniyi The story of corporate revolutions in Nigeria will not be complete without direct reference to Keystone Bank Limited and its Group Managing Director/CEO, Dr. Obeahon Ohiwerei. This is a man who has used his Midas touch to turn things around for the financial institution within a significantly short space of time. Dr. Ohiwerei is a rare breed. We are familiar with individuals who take over bourgeoning establishments and further increase their worth on face value along the line. But it sounds like a fairy tale to have a professional who takes over a near-comatose organization and almost