GTBank Board Meets for Q3’19 Results, Declares Closed Period

By Adedapo Adesanya Neo-bank, PayDay, may get a new owner as its founders, which include Mr Favour Ori, are considering a sale in the coming months, per sources who spoke exclusively with TechCabal. According to the report, the company is in the process of being sold, with some developments that followed the exit of its co-founder and Chief Operating Officer (COO), Mrs Yvonne Ogechi Obike. In March, the company raised $3 million to expand its footprint into the United Kingdom and Canada. This round was led by Moniepoint Inc. and saw contributions from HoaQ, DFS Lab’s Stellar Africa Fund, and

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 If Nigerian banks intend to have a competitive advantage in the global market, then they must quickly integrate environmental, social, and governance (ESG) principles into their business strategies. This was the submission of the chief executive of the NGX Regulation Limited (NGX RegCo), Ms Tinuade Awe, at the 16th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers in Nigeria (CIBN) in Abuja. Recall that Nigeria has made a commitment to adopt the International Sustainability Standards Board (ISSB) standards. At a panel session titled ESG in the Financial Services Industry: Challenges, Opportunities, and the

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 The federal government has said that the construction of the Ibadan-Kano railway project will possibly kick-start in April 2020, according to the Minister of Transportation, Mr Rotimi Amaechi. Speaking over the weekend at the monthly inspection of the ongoing construction of the Lagos-Ibadan railway, which is in its final stage of completion, the Minister said that the construction of the $3.5 billion Ibadan-Kano standard Guage to be constructed by the China Railway Cooperation Company (CRCC) was yet to be approved by the Federal Executive Council (FEC). He, however, said that he was hopeful that the contract would

By Modupe Gbadeyanka Federal Government has announced Mr Joseph Nnanna as the new Chairman, Board of the Nigeria Export Import Bank (NEXIM). Also appointed are members of the board; Dr Mudashiru Olaitan, Mrs Olubunmi Siyanbola, Mr Ochapa Ogenyi, Mr Adesina Adegbenro and Hajiya Ramatu Ahmed. They will join the executive management team of the bank headed by Mr Abba Bello as the Managing Director/Chief Executive, assisted by Bala Bello, Executive Director, Corporate services and Stella Okotete, Executive Director, Business Development. The new board chairman is a former Deputy Governor (Economic Policies) at Central Bank of Nigeria (CBN). A statement issued

By Dipo Olowookere The Debt Management Office (DMO) has emphasised that the interest rates government offers the Nigerian Treasury Bills via primary market auction (PMA) conducted twice a monthly is mainly determined by investors. A statement issued by the agency on Wednesday disclosed that the rates are never predetermined by the debt office or the Central Bank of Nigeria (CBN) as some would have thought. According to the DMO, different bidders come up with the rates, while the DMO or the apex bank only sell as the prevailing rates at the secondary market. “Investors bid at the NTBs auction at

By Kester Kenn Klomegah In this interview, Patrick Makokoro, the Founder and Chief Executive Officer of Nhaka Foundation, discusses the organisation’s efforts at supporting education and health care in rural regions in Zimbabwe, a landlocked country located in southern Africa. According official information, Zimbabwe’s total population stands at 12.97 million. Due to large investments in education since independence, Zimbabwe has the highest adult literacy rate, in 2013 was 90.70 percent, in Africa, but much still remains to be done in the sector. Makokoro founded the Nhaka Foundation in 2008 as a charitable organisation that provides education, health care and counselling,

By Modupe Gbadeyanka The Ministries Departments and Agencies (MDAs) under the Federal Ministry of Finance, Budget and National Planning have been charged to harness their energies towards attaining fiscal buffers and stimulating macroeconomic stability. This charge was given by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, at the ministerial alignment meeting held in Abuja. She said it was crucial for them to remain unwavering and relentless in the pursuit of earmarked 40 deliverables at the 2019 presidential retreat/ministerial induction. According to her, it is critical to take stock of progress and align with the updated performance

By Modupe Gbadeyanka Justice Ambrose Allagoa has fixed December 1, 2021, for the ruling on the application filed by the Managing Director of Nigerian Bottling Company (NBC), Mr Mathieu Seguin, seeking to dismiss the contempt suit instituted by Rite Foods Limited. Rite Foods had asked the court to punish Mr Seguin for disobeying the order of the court but the NBC managing director wants the suit thrown out, claiming that the interim order has been discharged. At the hearing of the matter on Monday, November 15, 2021, counsels to Mr Seguin argued that the contempt proceedings should stop because the

By Aduragbemi Omiyale Centurion Registrars Limited has been dropped as the registrar of C&I Leasing Plc, a statement from the company has confirmed. Centurion Registrars was replaced by C&I Leasing with Cordros Registrars Limited, a notice signed by the company secretary, Mbanugo Udenze & Co, stated. It was disclosed that the appointment of the new registrar became effective from January 1, 2022. “C&I Leasing Plc hereby notifies Nigerian Exchange Limited (NGX), its shareholders and the investing public of the appointment of Cordros Registrars Limited as its Registrars, share registration and data management service provider. “Cordros Registrars Limited replaces Centurion Registrars

By Adedapo Adesanya The federal government is targeting more than N29 trillion from the revived shut-in crude oil wells, which are estimated to produce about 2.1 million barrels of oil per day. Data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja on Tuesday showed that about 900,000 barrels of oil per day could be produced from quick interventions on the shut-in wells, while the medium and long-term initiatives could add 1.2 million barrels of oil daily. This implies that about 2.1 million barrels of oil per day, or 63 million barrels monthly, would be produced from the