FCMB Reports Impressive H1 2019 Results

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 Adedapo Adesanya One of Africa’s biggest financial institutions, Access Bank, is close to finalizing a regulatory process to launch its first full banking service in Asia in the first quarter of 2024. This was disclosed by the chief executive of its holding company, Mr Herbert Wigwe, on the sidelines of the Africa Financial Industry Summit in Lomé, Togo, as per Semafor. The Nigerian lender’s plan to enter the Asian market is part of a wider global expansion target which includes a strategy to expand more deeply into Francophone Africa, build closer ties with North Africa, and across Europe where

By Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Modupe Gbadeyanka The sum of $7 billion has been disbursed by the World Bank to Nigeria, the global financial institution has disclosed. The said amount, the World Bank Group explained, was released in form of loans to the Africa’s number one economy. According to TVC News, the World Bank disclosed that the $7 billion was disbursed to Nigeria from 2012 to date. It relied on statistics obtained from the bank’s web portal for this information. The bank said the total loan portfolio is made up of concessional loans from the International Development Association and commercial loans from the International

By Modupe Gbadeyanka Stakeholders in the power sector in Nigeria have been advised to work together in harmony so as to tackle the challenges facing electricity in the country. Participants at the maiden edition of the Sahara Power Roundtable agreed that despite the challenges impeding its development, Nigeria’s energy sector still holds enormous potentials to deliver the desired expectations and further stimulate socio-economic growth. The high-powered forum had in attendance government officials, policymakers, industry operators across the sub-sector as well as representatives of Consumer Advocacy groups. The objective of the meeting was to critically explore issues within energy sector with

By Adedapo Adesanya The Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), Mr Mele Kyari, says despite popular belief, Nigeria is not an oil-dependent economy. He made this disclosure while speaking at the opening session of the Atlantic Council Global Energy Forum in Abu Dhabi, United Arab Emirates (UAE), in relation to the achievement of the net-zero target by the year 2060. Mr Kyari stated that presently, the contribution of the sector to the country’s Gross Domestic Product (GDP) was just nine per cent. “First of all, let me put it in a general context, our country’s GDP

By Adedapo Adesanya The Minister of Foreign Affairs, Mr Geoffrey Onyeama, has tested positive for COVID-19. Mr Onyeama made this disclosure via his Twitter page on Sunday, July 19, 2020. He becomes the first minister in the Muhammadu Buhari-led administration to contract the disease. According to Mr Onyeama, he tested positive in his fourth COVID-19 test on Saturday after he developed symptoms of a throat irritation. He further stated that he is now heading for isolation in a health facility. “[I] Did my fourth COVID-19 test yesterday (Saturday) at the first sign of a throat irritation and unfortunately, this time,

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Tuesday afternoon announced that members of the Monetary Policy Committee (MPC) have voted to retain the Monetary Policy Rate (MPR) at 14 percent. Governor of the CBN, Mr Godwin Emefiele, made this announcement after the two-day MPC meeting held in Abuja. He said 10 members attended the MPC meeting, which started on Monday, while seven of them voted for the interest rate to remain unchanged. Details later.

By Modupe Gbadeyanka Nigerians have been assured by the Federal Government that nothing will happen to the recently recovered looted funds by various security agencies in the country. Minister of Information and Culture, Mr Lai Mohammed, gave this assurance on Sunday in a statement issued in Lagos. He said the whistle-blowing policy of the President Muhammadu Buhari administration has been yielding meaningful results. According to him, the policy has led to the recovery of looted funds in many currencies that may otherwise not have been discovered. He said the recovered looted funds were safe, adding that as soon as the

By Adedapo Adesanya  A day after returning to gaining ways, FrieslandCampina Wamco Plc saw its shares price increase for the second day at the NASD Over-The-Counter (OTC) Securities Exchange. Last week, the share value of the company had lost a whooping N13. But the momentum started to build for the company on Wednesday, gaining N2.27k to close at N117.27 per share. On Thursday, the gains were extended and the share price rose further by N2.01 to N119.28, closing as the market’s only gainer. Despite this, the market capitalisation of the NASD OTC Exchange depreciated during the day’s session by 0.53