Fidelity Bank to Buy Back $300m Debt from Investors

By Aduragbemi Omiyale The Banker magazine, a publication of the Financial Times, has announced Stanbic IBTC Holdings Plc as the Bank of the Year in Nigeria. The Nigerian financial institution was honoured by the media platform as an awards cement held on Thursday, November 30, 2023, in London. The event, widely acknowledged as the Oscars of the Banking Industry, attracted several critical stakeholders in the global banking sector. It was explained that Stanbic IBTC Holdings was picked for the recognition because of its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services

By Bliss Okperan A digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

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 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 A state-of-the-art tier 3 commercial data centre has been launched by Airtel Nigeria in the Lekki area of Lagos State. The facility was commissioned on Tuesday, April 12, 2022, by the leading telecommunications services provider to help provide perfect uptime and peerless security for servers it houses as well as cloud services for businesses and government establishments across the country. Awarded the high-end Tier 3 ANSI/TIA-942 certification by EPI, the world’s leading certification body for data centres, the Airtel ultra-modern data centre runs on a superior technology that enables it to perform efficiently in Nigeria’s tropical climate

By FBNQuest Research The net FX flows through the CBN were negative by $760 million in May but positive over the 12-month period to the tune of $5.12 billion. Inflows through the CBN, which consist of monies from the oil economy and the non-oil public sector, declined from $2.87 billion to $2.26 billion in May. Outflows, in contrast, rose from $2.16 billion to $3.02 billion in the same month, which the commentary attributed to inter-bank utilization, external debt service, drawings under letters of credit and an unspecified “FX special payment”. The surge in inflows to $5.06 billion in February coincides

By Adedapo Adesanya Oil prices fell from an initial rise recorded on Thursday after major global oil producers agreed to put a ceiling on the volume of the commodity to produce per day. This agreement by oil producers was reached to counter the collapse in demand due to lockdowns around the world influenced by coronavirus. The Organisation of the Petroleum Exporting Countries (OPEC) and Russia and other producers known as OPEC+ were reported to have agreed to reduce to cut output by 10 million per day, ending an oil price war between Saudi and Russia, which had put further pressure

By Investors Hub Asian stocks rose on Tuesday amid renewed hopes of further progress in U.S.-China trade talks on signing a partial deal. Sentiment got a further boost after the Financial Times reported that the U.S. is considering dropping tariffs on $112 billion worth of Chinese imports. President Donald Trump and Chinese President Xi Jinping are expected to meet in the U.S. soon to sign the first phase of a trade deal between the world’s two largest economies. China’s Shanghai Composite Index climbed 16.07 points, or 0.5 percent, to 2,991.56 and Hong Kong’s Hang Seng Index rose 136.10 points, or

Africa’s leading integrated payments and digital commerce company, Interswitch, has successfully concluded the second edition of its Technovation competition, a hackathon aimed at nurturing innovation and creativity among its employees. The initiative showcases Interswitch’s commitment to fostering innovation and creating impactful solutions that address diverse challenges across the African continent. The competition, which spanned several weeks, provided a unique platform for Interswitch employees to explore their problem-solving capabilities and devise innovative solutions to real-world problems. With a strong focus on technology-driven advancements, this program provided participants with the necessary tools, mentorship, and a platform to develop groundbreaking ideas and transform

By Dipo Olowookere Over 500 female entrepreneurs from across the country have undergone training programmes aimed to scale up their skills on how to leverage digital platforms to drive growth in their businesses. The initiative, which kicked off last month, has held in Abuja, Lagos, Enugu and Ibadan with over 500 female business owners in attendance. It was put together by Access Bank in partnership with She Leads Africa under the Facebook Program called #SheMeansBusiness. The second phase of the Access Bank, Facebook and She Leads Africa training will continue in Abeokuta on Wednesday, July 17, Jos, July 23, and

By Modupe Gbadeyanka The need to ensure the sustainability, safety and soundness of the banking and finance industry has been emphasised by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda. To achieve this, the capital market expert has advised senior bankers in the nation’s banking sector to mentor the younger generation. According to him, their commitment to mentoring the younger generation would go a long way in actualising the objectives of the Chartered Institute of Bankers of Nigeria (CIBN)’s mentoring scheme. Mr Yuguda, who was a guest at the CIBN mentoring scheme tagged Mentoring: Unlocking Career

  By Modupe Gbadeyanka Evelyn Okondugba Solomon is an Uber driver. She expresses her passion for driving through her work. Being a single mother herself, she strives to support abused women and single mothers. She owns a restaurant and is also a PR/Marketing Consultant. This is an excerpt of an interview she granted Mrs Esther Ijewere-Kalejaiye of Women of Rubies, but reproduced here on her permission. Childhood Growing up years ago, my mother made me do all chores and didn’t separate jobs for male and female children. My siblings and I were taught to do all chores so I was