GAIM 4 Draws: 12 Winners Emerge in Fidelity Bank’s Savings Promo

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

By Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

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 Dipo Olowookere Africa’s richest man, Mr Aliko Dangote, has disclosed that one of his companies, Dangote Cement Plc, has grown its total production capacity across Africa to 45.8 million metric tonnes per annum. The Nigerian businessman said this figure was correct as at the end of May 2017, making the firm one of the biggest cement producers on the continent. Speaking on Thursday at the launch of his 1.5mtpa capacity cement plant in Mfila, Congo Brazzaville, Mr Dangote noted that his aspiration is to rank among the top 10 cement producers in the world by 2020. The new plant

Clients of FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, were recently hosted to a Wealth Management Customer Forum. The programme was organised to share in-depth analysis of the impact of long-term wealth preservation and inter-generational wealth transfer and was themed Our Customers, Our Strength. The event focused on three key topics; Health is Wealth presented by Consultant Nephrologist at St. Nicholas Hospital, Dr Ebun Bamgboye; Benefits of Generational Wealth Transfer delivered by Head Private Trust FBNQuest Trustees, Mofoluke Keshinro; and Trends & Opportunities in the Global & Local Economy by Head Macroeconomic and

By Modupe Gbadeyanka Information reaching Business Post from the Debt Management Office (DMO) has revealed that the N100 billion 7-year debut Sukuk offered by the Federal Government was oversubscribed by investors across the country. The DMO, which conducted the exercise on behalf of the government, said in a statement issued today that, “Investors across a broad spectrum comprising pension funds, banks, fund managers, institutional and retail investors subscribed to the offer in an indication of the wide acceptance of the instrument.” According to the DMO, the offer, which closed last week Friday, attracted a total subscription of N105.878 billion. The

By Dipo Olowookere The Primary Market Auction (PMA) for the Federal Government of Nigeria (FGN) bonds earlier scheduled by the Debt Management Office (DMO) for Wednesday, July 21, 2021, has been fixed for Monday, July 19, 2021. Business Post reports that the rescheduling of the exercise was caused by the public holiday declared by the federal government on Tuesday and Wednesday. The debt office is planning to sell to investors tomorrow the government debt securities worth N150 billion at the primary market. The DMO is auctioning N50 billion worth of 10-year bond tagged 13.98% FGN FEB 2028, N50 billion worth

By Dipo Olowookere The Naira on Thursday recorded a bad day against the Euro at the parallel segment of the foreign exchange market. This was because the local currency suffered a N3 loss against the Euro, trading at N430 against N427 per Euro it was exchanged the previous day. Business Post gathered that the Nigerian currency had traded at the market segment at N427 per Euro in the morning, but later in the afternoon, it lost N3 to exchange at N430, closing for the day at the same amount. However, the local currency remained unchanged against both the Dollar and

By Dipo Olowookere Saturday’s Local Government and Local Council Development Areas election in Ogun State has been described as historical by the Governor, Mr Ibikunle Amosun. In Mr Amosun’s words, “History is being made today (Saturday), this is the first time elections are being held into, not only the existing 20 local government areas of the state but also newly created LCDAs.” Governor Amosun, who voted in Ajura, Obafemi Owode Local Government Area of Ogun State in company with his wife, Mrs Olufunso Amosun, commended the people for coming out to exercise their civic responsibilities. He said the newly created

By Dipo Olowookere The House of Representatives has advised the Central Bank of Nigeria (CBN) to consider changing its strategy in dealing with the dwindling Naira in the foreign exchange (FX) market. This was part of the resolutions of the lower chamber of the parliament on Tuesday at a plenary presided over by the Deputy Speaker, Mr Benjamin Kalu. One of the lawmakers, Mr Ismaila Haruna Dabo, had moved a motion on the need for the CBN to address the impact of the failing naira against the dollar and other currencies on the Nigerian economy. In his contribution, Mr Afolabi