Fidelity Bank Announces Closed Period Ahead of HY Results Release

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) recorded a 107.1 per cent growth in total interest income to $1.1 billion for the half-year of 2023 versus $540.8 million in the same period of 2022. This was contained in the consolidated financial statements of the bank and its subsidiaries for the half year ended 30 June 2023, which demonstrates a strong and resilient performance, which was ahead of expectations due to global headwinds. The growth in its total interest income came as a result of increased volume of interest-earning assets, particularly loans and advances and higher interest rates. Afreximbank Group’s

By Modupe Gbadeyanka Momentum is already gathering for the 2023 edition of Hackaholics Digital Summit organised by Wema Bank Plc, owners of the foremost digital lending firm, ALAT by Wema. The event is dubbed Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors & customers in the digital space. A statement from the bank disclosed that this year’s programme will take place in Lagos on Friday, October 6, with attendance by invitation only, though interested customers and technology enthusiasts can secure a spot by registering at https://hackaholics.wemabank.com/digital-summit. The theme, according to the organisers, is Re-Imagine: Disrupting the Ecosystem for Scale,

By Aduragbemi Omiyale The chief executive of CardinalStone Finance, formerly CSAdvance, Mr Ayoola Adeola, said the company would deliver enhanced financial solutions and empower its customers with financial flexibility. Mr Adeola said this while commenting on the recent change of name of the organisation, done because it intends to offer a comprehensive range of financing solutions to a diversified clientele, including SME businesses and high-net-worth individuals. CardinalStone Finance is the subsidiary of CardinalStone Partners Limited. The firm said the transition marks a pivotal moment in the group’s pursuit of becoming a world-class financial services firm, catering to the evolving needs

By Dipo Olowookere The sum of $210 million was made available to authorised traders in the foreign exchange market in the country on Tuesday by the Central Bank of Nigeria (CBN). This was part of efforts by the apex bank to prevent scarcity of the foreign currency at the market for those who genuinely need forex to complete their transactions. A statement issued on Tuesday by the Director of Corporate Communications Department at the CBN, Mr Isaac Okorafor, disclosed that the $210 million was injected into Nigerian Inter-Bank Foreign Exchange market at the close of business on Tuesday. He explained

By Dipo Olowookere A total of 36 equities led by Japaul pushed the Nigerian Exchange (NGX) Limited to a 0.70 per cent weekly loss last week, with the All-Share Index and the market capitalisation depreciating to 49,695.12 points and N26.805 trillion respectively. Similarly, all other indices finished lower with the exception of the insurance, NGX MERI Value, and the consumer goods indices, which appreciated by 1.04 per cent, 0.87 per cent and 0.72 per cent respectively, while the ASeM index closed flat. The share price of Japaul fell last week by 12.12 per cent to 29 Kobo, Honeywell Flour depleted

By Adedapo Adesanya Apple-owned music discovery app, Shazam, has launched national Top 200 charts in Nigeria as part of its expansion to 17 new countries across Africa and Asia, including new city charts for each country. Shazam’s Top 200 charts, which are updated daily, rank the most Shazamed tracks in a country for the past seven days. Nigeria was ranked as one of these new countries which also include Algeria, Azerbaijan, Cameroon, Ghana, Ivory Coast, Kenya, Mozambique, Philippines, Senegal, Tanzania, Tunisia, United Arab Emirates, Uganda, Uzbekistan, Vietnam, and Zambia. The service’s chart offering now comprises one global chart, 70 national

By Modupe Gbadeyanka Lagos State government has announced the commencement of the sales of its popular Lake Rice at various outlets across the metropolis in preparation for the Eid-el-Kabir celebration next week. A statement from the state government on Monday disclosed that the price of a 50Kg bag of the Lake Rice is N14,000; 25kg bag is N7,000; while the 10kg bag goes for N3,000. According to the Permanent Secretary, Ministry of Agriculture, Dr Olayiwole Onasanya, the Lake Rice should not be sold to consumers above the approved prices. The top government official disclosed that Lake Rice is available for

By Dipo Olowookere Following the purported unprovoked attack on Ogbe-Ijoh-Isaba community in Warri South West local government area of Delta State allegedly by youths from Aladja, a neighbouring Urhobo community on Thursday, November 16, 2017, which claimed the life of a notable Ijaw youth, Mr Ebi Tontimi, and another person, the Niger Delta Ex-Agitators’ for Peace Organization (NDEPO) has called on the Delta State Governor, Mr Arthur Ifeanyi Okowa, to intervene to discourage such dastardly acts. The group said the senseless killings do not portray the state government in good light as would-be investors may be scared to come to

By Dipo Olowookere The deadline for filing of Annual Returns for individual taxpayers including self-employed persons in Lagos State has been extended by two months. Statutorily, the filing of annual returns expires on the March 31 of every fiscal year, and attracts stiff penalties for defaulters. But the Lagos State Inland Revenue Service (LIRS) said taxpayers in the state now have till May 31, 2020 to do the needful. In a statement signed on Monday by its Head of Corporate Communications, Ms Monsurat Amasa, the tax agency explained that the shifting of the filing date was due to the coronavirus

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) stopped its three-day losing streak at the end of trading on Thursday. This brought a relief to many stock market investors. The stock market recorded a gain of N41.322 billion on Thursday against N26.5 billion it lost on Wednesday this was also the case with the all-share index, which jumped by 0.44 percent today to close at 27,598.34 points, showing a gain of 120.3 points. Business Post correspondent reports that the market capitalisation, which ended yesterday at N 9.438 trillion, finished today at N9.479 trillion. A total of 16 stocks appreciated at

By Modupe Gbadeyanka Stanbic IBTC Pension Managers Limited (SIPML), a subsidiary of Stanbic IBTC Holdings PLC, has announced its sponsorship of the 2019 edition of Art X Lagos. ART X Lagos is West Africa’s first international art fair, designed to showcase intriguing and innovative contemporary art from the African continent and diaspora. This year, SIPML is sponsoring Art X Modern which is a newly created section dedicated to celebrating pioneers of African modern art from the 20th century. A statement from the organisers said this year’s edition of event will hold at the Federal Palace Hotel from Friday, November 1