FCMB, SEC to Hold Roundtable on Crowdfunding

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

By Aduragbemi Omiyale DataPro and Agusto & Co have upgraded the credit ratings of a Lagos-based development investment bank, DLM Capital Group, following an improvement in its credit risk and liquidity risk management. DLM Capital Group is a company with many subsidiaries, including DLM Advisory, DLM Asset Management, DLM Securities, CitiHomes Finance Company, DLM Nominees, DLM Trust Company, Sofri Bank (LINKS MFB), and DLM FX. The group provides innovative solutions to economic and social developmental challenges that impact the everyday lives of people. In its rating assessment, the pan African credit rating agency, Agusto, explained that it upgraded DLM Capital

By Bliss Okperan Users of neo banks like Opay, Carbon, Kuda, and PalmPay, among others, are worried over the new directive of the Central Bank of Nigeria (CBN), which intends to freeze bank accounts not linked to a Bank Verification Number (BVN) and a National Identity Number (NIN). Last week, the apex bank directed deposit money banks (DMBs) to place a “Post No Debit (PND)’ on any accounts with BVN and NIN from next year. For most neo banks, account numbers are opened with just users’ phone numbers without the BVN, unlike the traditional banks. However, they cannot make transactions

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 Adedapo Adesanya Dangote Cement Plc recorded a 4 percent increase in its first quarter revenue, rising N249.2 billion from N240.2 billion in the corresponding period of 2019. This was contained in the company’s first quarter (Q1) interim financial statements for the period ended March 31, 2020. Profit Before Tax (PBT) appreciated by 11 percent from N78.9 billion to N88.1 billion, while profit after tax (PAT) during the period rose marginally to N60.6 billion from N60.3 billion in 2019. Dangote Cement Plc sold a total volume of 4.0 metric tonnes in Nigeria, while Pan African sales accounted for 2.28 million

By Dipo Olowookere The management of Health Plus Limited has accused its foreign partner, Alta Semper Capital, a private equity firm (PEF), of attempting to take over the company by removing its founder, Mrs Olubukunola Adewunmi (Bukky) George, illegally. A statement purportedly from the pharmaceutical firm on Friday had announced Mr Chidi Okoro as the incoming Chief Transformation Officer (CTO) of the company, which was established in 1999. But in a statement issued on Saturday, Health Plus said it did not authorise the Friday’s press release, accusing Alta Semper, local businesswoman and businessmen of attempting to reap “where they have

By Dipo Olowookere No fewer than 100 revenue consultants have been engaged by the Federal Government to help boost earnings from the mining sector of the country’s economy. The experts are expected to help the government block leakages in the revenue accrued from the industry, which is still largely untapped in the country. Minister of Mines and Steel Development, Mr Kayode Fayemi, explained that the consultants would be deployed to the six geo-political zones of Nigeria in the coming week are to examine financial and production records of companies involved in mining activities in the last six years. After this,

By Adedapo Adesanya The Governor of Lagos State, Mr Babajide Sanwo-Olu, has lauded MainOne for its contribution to digital infrastructure and investments, saying Lagos will continue to take the lead in growing digital investments across Africa. He made this disclosure during the recent launch of MainOne’s new Data Center, Lekki II after the company was acquired by Equinix, the world’s digital infrastructure company. The new data centre will drive the acceleration of digital services in the state. Speaking at the event, Mr Sanwo-Olu commended MainOne for building digital infrastructure in line with his government’s strategy to make Lagos State a

By Ahmed Rahma Committed to improving and building its app, Facebook has announced the launch of the new version of Instagram Lite for Android with less than 2MB in size in Sub-Saharan Africa, making it fast to install and quick to load. The lightweight version of the Instagram app for android which uses less data and has improved speed, performance, and responsiveness, has been reported to work well across all network conditions. According to the social media networking service provider, the new version of the Instagram Lite not only work similarly to the Instagram app for Android, but remains fast

The Acting General Manager, Lagos State Public Procurement Agency, Mr Fatai Idowu Onafowote has tasked civil servants in the State Public Service on the need to build team work in the course of carrying out their duties. Mr Onafowote gave the charge while declaring open a workshop on Procurement Processing organised by the Agency for some staff of Lagos State Development and Property Corporation (LSDPC), Lagos State Polytechnic, Lagos State Signage and Advertisement Agency and Ministry of Science & Technology at LSDPC in Ilupeju. According to him, “When a team works well together, they will be able to accomplish more

By Modupe Gbadeyanka It was an exciting moment for students of Isalẹ Eko Grammar School, Lagos and a fulfilling time for employees of Wema Bank Plc when they delivered some tables and chairs to the institution last Friday. The items were donated to the school as part of the financial institution’s corporate social investment (CSI) initiative aimed to contribute to the development of education in the country, especially in its host communities. It was gathered that Wema Bank employees purchased the items for the school by contributing the salaries under the Salary for Love campaign of the lender. The bank

By Kester Kenn Klomegah Plucked from obscurity and little known in wide national political scene, the Head of the Federal Tax Service, Mikhail Mishustin, to become the new Prime Minister was a complete surprise, but not the first time in Russia’s politics. President Vladimir Putin was pulled up to the top political field, in a similar way, by Boris Yeltsin. In August 1999, Putin was appointed one of three First Deputy Prime Ministers, and later on, was appointed acting Prime Minister of the Government of the Russian Federation by Yeltsin. Yeltsin announced that he wanted to see Putin as his