Fidelity Bank Concludes Union Bank UK Takeover

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

By Aduragbemi Omiyale Despite the challenging operating environment characterised by the Naira redesign policy and the foreign exchange (FX) unification policy of the Central Bank of Nigeria (CBN), Zenith Bank Plc showed why it is one of the strongest lenders in the country. Analysis of its financial statements for the first six months of 2023 showed that its gross earnings surged by 139 per cent to N967.3 billion from the N404.8 billion achieved in the same period of last year. It was observed from the results filed to the Nigerian Exchange (NGX) Limited on Monday that this triple-digit growth in

By Adedapo Adesanya Yellow Card has joined forces with MoonPay, a global leader in the cryptocurrency ecosystem, towards expanding cryptocurrency accessibility in Nigeria by leveraging local bank transfers. Despite a ban on trading via official channels, Nigeria has emerged as a powerhouse in the African cryptocurrency landscape, with increasing numbers of individuals turning to digital assets to hedge against inflation and economic uncertainty. The volatility in the local crypto market, marked by the recent challenges faced by various crypto companies in Nigeria, has underscored the critical need for a stable and reliable means of accessing cryptocurrencies. This partnership between both

By Modupe Gbadeyanka A creative studio, EPAC Studios, has been unveiled by Ecobank Nigeria Limited to promote talents in the showbiz industry in Africa. The bank disclosed in a statement that the facility would be used to carefully tell “authentic African stories in art, culture, lifestyle, and entertainment.” According to the Head of Marketing and Corporate Communications at Ecobank Nigeria, Mr Jide Sipe, the initiative is to showcase further and develop the creative industry, adding that the space is an open canvas for the public to explore, collaborate and create premium indigenous content for television, online and mobile platforms. EPAC

By Adedapo Adesanya Unlisted securities contracted by 0.11 per cent at the final trading session of the week at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, August 28. The slip yesterday reduced the NASD Unlisted Securities Index (NSI) by 0.81 points to 711.15 points from 711.96 points and equally chopped the market capitalisation by N600 million to N522.39 billion from N522.99 billion recorded on Thursday. The day’s drop can be attributed to loss made by the day’s single price mover, Central Securities Clearing Systems (CSCS) Plc, as its share price lost 12 kobo to close at N14 per share

By Adedapo Adesanya Brent crude hit $121.70 per barrel on Monday after rising by $2.24 or 1.88 per cent as traders turned their attention to whether the European Union (EU) will finally reach an agreement on banning Russian oil. Also, the US West Texas Intermediate (WTI) crude rose $2.10 or 1.82 per cent to $117.20 per barrel as the bloc continues talks on Tuesday on the sixth package of sanctions against Russia for its invasion of Ukraine. Any further ban on Russian oil would tighten a crude market already strained for supply amid rising demand for petrol, diesel, and jet

By Adeniyi Ogunfowoke Many of us use our smartphones to download all kinds of apps. The shortcoming here is that you don’t know if these apps are original or not. In fact, fake apps can make your phone vulnerable to hacking. So, before you download the next app, Jumia Travel share tips that can help you identify fake apps. You are encouraged to download the apps on the Google play store. Research the developer There are thousands of apps that are free to download. Before you download the app, you should do a bit of research about the developer. That

By Adedapo Adesanya Food Concepts Plc, Acorn Petroleum Plc, and Industrial and General Insurance (IGI) Plc were in the green territory on Thursday, lifting the NASD Over-the-Counter (OTC) Securities Exchange by 0.32 per cent at the close of transactions. Data obtained from the NASD OTC bourse showed that Food Concepts Plc appreciated by 12 Kobo to settle at N1.27 per share compared with the previous day’s N1.15 per share, Acorn Petroleum Plc improved its stock price by 3 Kobo to trade at 34 Kobo per unit versus Wednesday’s 31 Kobo per unit, and IGI Plc rose by 2 Kobo to

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) on Monday arraigned the immediate past Governor of Ekiti State, Mr Ayodele Fayose, at a Federal High Court sitting in Lagos. The former Governor was brought to the court premises by officials of the anti-graft agency in a white bus and was later taken into the courtroom for trial. Mr Fayose was flown to Lagos yesterday from the Abuja office of the EFCC, where he submitted himself for investigation on October 16, 2018, few hours after his tenure expired. The EFCC arraigned Mr Fayose this morning on an 11-count charge

By Adedapo Adesanya The International Monetary Fund (IMF) has stuck to its forecast that Nigeria’s economy will grow by 2.7 per cent this year, just as it raised its forecast for 2023 to 2.7 per cent from the 2.6 per cent it projected last year. The new GDP growth forecast for Nigeria was contained in the IMF’s January World Economic Outlook (WEO) report released on Tuesday. This is as the Bretton Wood institution lowered its global economic growth forecast for this year, as the Omicron variant continues to spread unabated and supply chain disruptions stoke inflation amid higher energy prices.

By Modupe Gbadeyanka The three-year ban placed on beans from Nigeria has been lifted by the European Union (EU). This was made known by the Director General of National Agency for Food and Drug Control (NAFDAC), Dr Yetunde Oni. The NAFDAC boss disclosed that Nigeria was not allowed to take its beans to Europe because it was claimed to be substandard and poisonous. Dr Oni, while addressing Senate Committee on Health, said the ban removal was made possible because NAFDAC had put in place strategic attempt to improvise locally made products in other to suit both local and international demand.

By Adedapo Adesanya The Brent crude went bearish on Friday as the market overlooked strong economic recovery data to point southwards with the coronavirus gripping major economies. The value of the international crude benchmark reduced by 17 cents or 0.25 per cent yesterday to trade at $66.77 per barrel, while the US crude benchmark, the West Texas Intermediate (WTI), decreased by 33 cents or 0.52 per cent to sell at $63.13 per barrel. On Friday, China’s first-quarter gross domestic product (GDP) jumped 18.3 per cent year-on-year, according to official data. The country’s National Bureau of Statistics said that the surge