Fidelity Bank Offers Loans to Auto Spare Part Dealers

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 Bliss Okperan Users of neo banks like Opay, Carbon, Kuda, Moniepoint, 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

By Modupe Gbadeyanka Access Bank Plc has expressed its determination to support initiatives that promote knowledge, integrity, and the enduring legacy of excellence in the legal profession. The chief executive of Access Holdings, the parent firm of the lender, Mr Herbert Wigwe, while speaking at the launch of a book to honour Justice Amina Adamu Augie on Tuesday, November 28, 2023, said the financial institution has a strong affinity for the preservation and advancement of country’s judicial heritage. “We are proud to support the launch of Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through

By Modupe Gbadeyanka A cutting-edge German-Nigerian financial technology (fintech) firm, BFREE, plans to put down $40 million to acquire some distressed loan portfolios in Union Bank of Nigeria. A statement from the Nigerian lender said both parties signed a Memorandum of Understanding (MOU) in Berlin on November 21, 2023, at the German-Nigerian Business Forum. It was disclosed that BFREE would partner with its international financing partners to refinance bad loans from Union Bank, particularly those delayed in repayment or already written off. Union Bank expressed its optimism that this strategic partnership with BFREE would not only bolster the bank’s financial

By Dipo Olowookere Leading telecommunications firm in the country, MTN Nigeria Communications Plc, has announced the retirement of six non-executive directors on its board with effect from Monday, September 2, 2019. In a notice to the Nigerian Stock Exchange (NSE) on Wednesday, the company said the affected persons were leaving their positions following the expiration of their tenure and in compliance with applicable codes of corporate governance. These directors include Chairman of MTN Nigeria, Mr Pascal Dozie; the Vice Chairman, Mr Sani Bello; Mr Victor Odili, Non-Executive Director; Mallam Ahmed Dasuki, Non-Executive Director; Mr Babatunde Folawiyo, Non-Executive Director; and Mr

By Dipo Olowookere The much-anticipated street carnival organised by the Lagos State government will take place today, Sunday, December 3, 2017. The event is in its second edition and would be held on the entire stretch of the Oba Akran Avenue, Ikeja from 12noon. Several artistes in the Nigerian entertainment industry have been lined up to thrill fun-seekers in the metropolis today and the organisers have promised not to fail Lagosians. The 12 hours carnival consist of parade of colours and it is expected to set the tone for the Christmas and New Year celebrations. Permanent Secretary in the Ministry

By Dipo Olowookere Federal Government’s initiative on labour and job creation received another boost recently with an offer by Iran to key into Nigeria’s efforts through diverse cooperation in vocational skills acquisition programmes. This was made known when the Iranian Ambassador to Nigeria, Mr Morteza Zarchi, visited the Minister of Labour and Employment, Mr Chris Ngige, in his office recently. According to the Minister, “This marks the beginning of a robust labour and job related relationship between the two countries. Nigeria and Iran share a lot in common and here is an opportunity for us to explore this for the

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday, with stocks likely to regain ground following the sell-off seen in the previous session. Bargain hunting may contribute to initial strength on Wall Street, with traders picking up stocks at reduced levels after the major averages ended Wednesday?s trading at multi-month closing lows. A positive reaction to earnings news from big-name companies such as Microsoft (MSFT) and Twitter (TWTR) may also generate buying interest after disappointing earnings news weighed on the markets in the previous session. Traders may be somewhat reluctant to get back

By Dipo Olowookere Lagos State government is set to kick-start the State Health Insurance Scheme. Commissioner for Health, Dr Jide Idris, made this disclosure at the annual Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, in commemoration of the 2nd anniversary of Governor Akinwunmi Ambode’s administration. Dr Idris explained that this move was in a bid to provide affordable health care and improved health care services in the state. He said Lagos State Health Scheme, signed into law in May 2015, became necessary due to the state’s population and the pressing need to ensure all and sundry

By Adedapo Adesanya Transactions on the floor of the NASD Over-the-Counter (OTC) Securities Exchange finished in a stalemate on Monday, December 21. This resulted in the NASD Unlisted Securities Index (NSI) remaining unchanged at 722.82 points at the close of business yesterday. In the same vein, the market capitalisation of the exchange remained intact at N537.27 billion. Business Post reports that the appetite for unlisted stocks was low yesterday as only one deal was executed during the trading session in contrast to the two deals achieved at the preceding session, indicating a 50 per cent decline. The lone deal was

Modupe Gbadeyanka Leading telecommunications firm in the country, MTN Nigeria Communications Plc, has commenced its aggressive campaign to promote its new financial services company, which was recently granted operational licence by the Central Bank of Nigeria (CBN). Business Post had reported that the apex bank had given MTN Nigeria, through its subsidiary, Y’ello Digital Financial Services (YDFS), to operate financial transactions and after this, it launched the MoMo services in the country, which had been operational outside Nigeria, where MTN has presence. To promote its MoMo mobile money transfer operations, MTN Nigeria went to some markets in Lagos and Port

By Dipo Olowookere The corruption charges levelled against Senator Danjuma Goje by the federal government have been thrown out by a Federal High Court sitting in Jos, Plateau State and the Senator discharged and acquitted by the court. This comes barely a month after the former Governor of Gombe State held a crucial meeting with President Muhammadu Buhari at the State House and was urged to drop his ambition to become Senate President to allow Senator Ahmed Lawan, the anointed candidate of the All Progressives Congress (APC), take the position, which he eventually did. It was gathered that on Thursday,