For 10th Year, Stanbic IBTC Bank Becomes Best Sub-Custodian Bank

By Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

By Aduragbemi Omiyale The forthcoming trade expo organised by Fidelity Bank Plc has received the endorsement of the Mayor of Houston Texas, Mr Sylvester Turner. Mr Turner, in a short video, highlighted the several side attractions scheduled for FITCC Houston and encouraged businesses to take advantage of the expo to expand their businesses beyond borders. He described the event as “A catalyst to support bilateral trade between Nigeria and Houston; and an opportunity for the Houston community and the diaspora to explore emerging trends, forge new partnerships and unlock new possibilities.” The Nigerian lender will, on Tuesday, October 24 and

By Modupe Gbadeyanka Africa’s leading payment cards and digital tokens brand, Verve, has joined forces with a fast-rising digital bank, Moniepoint Microfinance Bank, to provide customers with cutting-edge financial solutions. Recall that recently, Moniepoint announced its foray into the retail banking segment, issuing debt cards to its customers. The financial technology (fintech) firm boasts over 1.5 million businesses using its terminals across Nigeria to serve 30 million banked Nigerians. To pave the way for enhanced access to financial services for Nigerians and bridge the gap between traditional banking and modern fintech innovations, both parties are collaborating. The partnership will give

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 As part of efforts to clamp down on petrol stations outlets engaging in sharp practices, the Department of Petroleum Resources (DPR) has threatened to apply fines on erring companies. The regulatory agency announced that any filling station caught under-dispensing petroleum products anywhere in the country would be sanctioned N250,000 per pump. The Zonal Controller of DPR, Port Harcourt Zone, Mr Bassey Nkangha, made this disclosure over the weekend at a meeting with stakeholders, including downstream operators, retail outlets operators and depot facilities operators in Rivers State. Mr Nkangha also warned against hoarding of products by petrol stations,

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc has proposed the payment of N6.81 dividend per ordinary share of 50 kobo to its shareholders for the year 2019. The milk producing company made the disclosure in a statement sent to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities. The company noted that the dividend will be paid to shareholders who qualify as at Thursday, May 21, 2020, adding that it will close its register from Friday, May 22, 2020 to Thursday, May 28, 2020. However, the proposed dividend will be subject to approval of shareholders during the company’s

By Modupe Gbadeyanka Panasonic Semiconductor Solutions Company has reached an agreement with United Microelectronics Corporation on the joint development of mass production process for next generation 40nm ReRAM. ReRAM, alike flash memory currently in widespread use, is a type of non-volatile memory. The device features a simple structure, high-speed processing, and low power consumption. PSCS started ReRAM mass production using a 180nm process in 2013, and is currently supplying its 8-bit microcomputer MN101LR series for low power consumption applications such as in portable healthcare devices. The company was the first to test and verify the high reliability of memory arrays

By FBNQuest Research The FGN has rolled out several reforms for the agriculture sector over the past 24 months, some of which have been geared towards the fisheries industry. There has been a pick-up in local fish supply; the FGN said in Q2 2017 that production was 71 percent higher at 1.2 million metric tons (mmt). Nigeria’s annual fish demand is estimated at 3.3mmt, only 36 percent of which is supplied domestically. In 2015 the fish import bill was $700 million. The FGN has been steadily reducing fish importation quotas and may now halt them in the name of backward

By Adedapo Adesanya The Confederation of African Football (CAF) has said it will disburse $200,000 in financial aid to each of its 54 member associations as part of COVID-19 pandemic reliefs. This was disclosed at its meeting on Thursday, May 28 via video-conference, where it was revealed that the CAF Emergency Committee has approved the immediate distribution of financial grants to member associations. The fund is to support the management of football at the domestic levels hugely affected by the COVID-19 pandemic. A total of  $10.8 million is expected to be distributed to the 54 member associations of the continental

By Dipo Olowookere Yesterday, the Central Bank of Nigeria (CBN) carried out its second primary market auction (PMA) of treasury bills with the exercise recording an oversubscription by 105 percent. Much of the subscriptions came from the 364-day bill, with a total subscription worth N396.85 billion received from the N193 billion offered by the apex bank. However, at the close of the auctioning, the central bank allotted N193 billion worth of the 1-year instrument to investors at 13.79 percent, lower than the 14.3 percent it cleared at the last exercise held on January 3, 2018. Business Post reports that the

By Modupe Gbadeyanka Minister of State for Aviation, Mr Hadi Sirika is to meet with Industry Stakeholders this week, in a round table to discuss the proposed temporary shutdown of flight operations at the Nnamdi Azikiwe International Airport, Abuja for six-weeks. The closure which is to take effect in February and March is for repairs on the runway at the airport. According to the Minister, the Forum would afford him the opportunity to officially inform the stakeholders of the decision, and also brief them on efforts being made to ensure that the use of the Kaduna International Airport as an

By Modupe Gbadeyanka Nigeria’s interbank lending rate depreciated slightly yesterday just as the Central Bank of Nigeria (CBN) continued with its regular liquidity mop up to keep the financial system stable. At the market on Thursday, there were inflows from OMO maturities as well as bond coupon payment. These helped reduced the impact of outflows for OMO sales carried out by the apex bank yesterday. A total of N194.7 billion worth of T-bills were sold by the central bank at the market. A breakdown showed that N31.36 billion worth of the 91-day bill was sold at 12.60 percent, while N163.34