Fidelity Bank Engages Investors, Exporters in Ondo

By Adedapo Adesanya The Nigeria Deposit Insurance Corporation (NDIC) has disclosed playing N16.18 billion in liquidation dividends to depositors, creditors, and stakeholders of 20 banks in liquidation. According to a statement from the corporation’s Director of Communication and Public Affairs, Mr Bashir Nuhu, this follows impressive recoveries from debtors and the realisation of assets of banks in liquidation. As a result, the NDIC, which is responsible for protecting depositors and guaranteeing the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, said it had commenced verification and payment of stakeholders covered by the declarations

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Aduragbemi Omiyale The board of United Bank for Africa (UBA) Plc has raised the bar in the interim dividend payout for the first half of 2023, increasing it to 50 Kobo from 20 Kobo in the same period of 2023. This was after the bank recorded triple-digit growth in the bottom line, as the profit before tax (PBT) jumped by 371 per cent to N404 billion from the N85.75 billion recorded in the first half of 2022, translating to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier, as the

By Dipo Olowookere The acquisition of the United Kingdom subsidiary of Union Bank of Nigeria Plc, Union Bank UK, by Fidelity Bank Plc, has been completed. Fidelity Bank is a tier-2 financial institution in Nigeria, intending to move to the tier-1 category. Over a year ago, the lender announced that it was planning to take total control of Union Bank UK as part of its growth strategy. The Central Bank of Nigeria (CBN), a body which regulates the country’s banking industry, authorised Fidelity Bank to go ahead with the deal. In a disclosure on Wednesday, the bank said it has

By Aduragbemi Omiyale The implementation of the new foreign exchange policy introduced by the Central Bank of Nigeria (CBN) over the weekend has commenced. On Saturday, the CBN announced that it would give N5 for every $1 sent to beneficiaries in Nigeria through any of the accredited International Money Transfer Operators (IMTOs). The move, under what is called the CBN Naira 4 Dollar Scheme, is expected to last for two months from March 8 to May 8, 2021. Some analysts have said the FX policy was introduced by the central bank to increase the flow of Dollars into the country,

By Dipo Olowookere The raising of the monetary policy rate (MPR) by 50 basis points to 18.00 per cent by the Central Bank of Nigeria (CBN) on Tuesday did not deter the Nigerian stock market from closing in the green territory. Business Post reports that the Nigerian Exchange (NGX) Limited rebounded by 0.03 per cent yesterday on the back of fresh bargain-hunting in financial and industrial goods equities. The energy sector remained flat during the session, as the consumer goods counter lost 0.12 per cent, while the insurance, banking and industrial goods sectors appreciated by 1.30 per cent, 0.36 per

By Dipo Olowookere Deposit Money Banks operating in Nigeria have been directed by Federal Government to release information of their customers to tax officials in a bid to punish those fail to pay the appropriate taxes to government’s coffers. The details will include income and assets of their customers, especially those of over 12,000 high net worth individuals, who are either not paying taxes or have been underpaying. The information would be made available to tax authorities under the Common Reporting Standard (CRS) scheme Nigeria signed up to in August 2017. The CRS is similar to the United States Foreign

By Agusto & Co African nations have been optimistic about free trade agreements with western states such as the African Growth Opportunity Act (AGOA), however, there has been less enthusiasm with intra-continental free trade agreements. While regional blocs such as East African Community (EAC) and the Economic Community of West African States (ECOWAS) have been in the frontline in pushing for sub-regional trade integration, the results are still far from exciting. According to the Washington Post, most regional economic communities (RECs) are underperforming, with a low level of compliance by member states, which has delayed successful integration.  The RECs also

By Dipo Olowookere Nigerian Exchange (NGX) Limited has rejigged its market indices, with some companies leaving and joining, according to a statement made available to Business Post. It was stated that the review became effective from Tuesday. January 4, 2022, and the affected indices are the NGX 30, NGX Lotus Islamic, NGX Pension, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index; and the five sectoral indices of the exchange; NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas. For the Meristem Value Index, Cadbury Nigeria, Eterna,

By Adedapo Adesanya The Chief Executive Officer (CEO) of the United Bank for Africa (UBA) Plc branch in the United States, Ms Sola Yomi-Ajayi, has been appointed to the Sub-Saharan Africa Advisory Committee of the Export-Import Bank of the United States (US EXIM) for 2020/2021. The Nigerian is the sole representative of an African institution in the team and UBA has described this as a laudable achievement, being the only Sub-Saharan African deposit-taking institution regulated in the United States. The lender provides a unique portfolio of banking solutions to corporates, governments, multilaterals, and development organizations transacting with Africa. Established by

By Adedapo Adesanya The oil market opened on Monday with fresh news that top producers, Saudi Arabia and Russia, will extend oil supply cuts as part of efforts to help the market. Saudi Arabia will prolong its singular oil production cut by another month, while its ally in the Organisation of Petroleum Exporting Countries and allies (OPEC+), Russia, also announced fresh curbs on exports. The Saudi output reduction of 1 million barrels a day that started this month, which comes in addition to existing curbs agreed by OPEC+, will continue into August and could be extended further Russia, on its

By Dipo Olowookere World Food Programme (WFP) Executive Director Ertharin Cousin arrives in Nigeria late Tuesday for talks with government officials and to visit the Northeast, where WFP is assisting more than a million people who lives were wrecked by Boko Haram violence. After meetings with government and United Nations officials in Abuja, Cousin flies to the northeastern city of Maiduguri to review WFP operations and meet families receiving assistance, and partners, WFP staff and government officials leading the response to the crisis. Conflict with Boko Haram has left nearly two million people in need of emergency assistance. In December,