Fidelity Bank Holds Second Draw of GAIM 5 Promo

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 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 Adedapo Adesanya The Central Bank of Nigeria (CBN) has assured stakeholders in the country that Nigerian banks remain resilient following widespread media reports that commercial banks in the country had failed the bank’s Capital Adequacy Ratio (CAR) for international authorisation. CAR compares the risk-weighted assets of a bank with the available capital that Nigerian banks possess. For instance, when faced with challenging financial conditions, the ratio offers a quick and easy way to determine whether or not a bank has sufficient money to cover losses and continue to keep its solvent status. In a statement on Monday, the apex

By Modupe Gbadeyanka One of the lenders in Nigeria, Heritage Bank, has reacted to reports making the rounds that its employees were involved in a N150 million fraud in connivance with agents of MTN Nigeria. Yesterday, the Special Fraud Unit of the Nigeria Police Force in Lagos paraded three bankers suspected to have hacked into bank accounts of customers and diverting a total sum of N150 million in the process. The bankers were Oyelade Shola-Isaac (32), Osuolale Hammid (40), and Akeem Adesina (33). They were shown to the media along with eight other suspects in connection with the fraud. Three

By Investors Hub The major U.S. index futures are pointing to a mixed opening on Wednesday, as the Dow futures are up by 69 points but the Nasdaq futures are down by 4.75 points. Traders may be reluctant to make significant moves ahead of remarks by outgoing Federal Reserve Chair Janet Yellen. Yellen is scheduled to testify on the economic outlook before the Congressional Joint Economic Committee beginning at about 10 am ET. In prepared remarks released ahead of her appearance, Yellen said economic growth appears to have stepped up from its subdued pace early in the year. Yellen noted

By Sodeinde Temidayo David The disappearance of the recently-launched eNaira from the Google Play Store on Wednesday has continued to cause confusion but the Central Bank of Nigeria (CBN), which designed the mobile application has explained why this happened. The Director of Corporate Communications of the CBN, Mr Osita Nwanisobi, on Thursday at a fair organised in Abakaliki, Ebonyi State, disclosed that the app was pulled down for an important upgrade aimed at tackling glitches noticed. On Monday, October 25, President Muhammadu Buhari launched the electronic version of the Naira in Abuja in the presence of the CBN Governor, Mr

By Adedapo Adesanya The NASD Over-the-Counter (OTC) bourse last week (Week 34) ended in the negative territory as the unlisted securities index dropped 0.6 per cent to 709.17 points from 713.46 points the preceding week (Week 33). Also, during the week, investors lost N3.15 billion at the market as the NASD OTC market capitalisation depreciated to N520.93 billion from N524.08 billion it ended a week earlier as a result of the negative movement in the prices of some stocks on the bourse. However, there was a 267.25 per cent increase in the total value of shares traded during the week

By Dipo Olowookere A total of 1.417 billion shares worth N16.739 billion in 19,832 deals were traded last week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.665 billion equities valued at N14.834 billion that exchanged hands in the previous week in 18,795 deals. Business Post reports that the Financial Services industry, measured by volume, led the activity chart with 832.842 million shares valued at N8.823 billion traded in 10,851 deals, contributing 58.76 percent and 52.71 percent to the total equity turnover volume and value respectively. This was followed by the

There are dozens of sports gambling sites but not all are right for you. When choosing a sports website to gamble, you have to make sure that it meets your gambling needs. It should be reputable, trustworthy, and rich in its game portfolio. From the plethora of available websites, it may be difficult to decide on the best for you. In this post, we’ll share some tips to help you in making an informed decision about sports gambling sites. Tips to choose the right Sports Gambling Sites Read Recommendations from Reliable Sources Many reputable platforms have written reviews about different

By Dipo Olowookere Wednesday’s bond auction by the Debt Management Office (DMO) on behalf of the Nigerian government fell below expectations as investors shunned the exercise to take positions in the relative liquid secondary market. Reuters reports that the debt office had offered N135 billion worth of bonds maturing in 2021, 2027 and 2037, but only managed to raise N56.05 billion from the exercise. A breakdown of the auction results revealed that the DMO sold N9.18 billion worth maturing in five years, N17.51 billion maturing in 10 years and N29.36 billion maturing in 20 years. The debt office paid 16.80

By Modupe Gbadeyanka Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) Mr Waziri Adio, has disclosed that one of his agency’s main focus is ensuring installation of adequate metering infrastructure in the oil and gas sector operations. Mr Adio noted that due to inadequate metering system, accurate measurement of crude production and liftings as well as appropriate computation of taxes and royalties have been difficult, leading to huge revenue loss to the Nigeria. He gave this submission when he received a delegation from Human Rights Writers Association of Nigeria (HURIWA) in his office. During the visit, the NRITI