GTBank Grows Deposits from Customers to N4.0trn in One Year

By Modupe Gbadeyanka Small and Medium Enterprises (SMEs) in Nigeria recently had the opportunity to gain more knowledge on how to scale their operations at a training organised by the Fate Foundation Alumni Conference. The event, in its 8th edition, was bankrolled by one of the leading financial institutions in the country, Union Bank of Nigeria Plc. It was gathered that at the programme, participants, including chief executive officers of major businesses, SME and MSME owners, exhibitors, and Fate Foundation Alumni shared knowledge on crucial topical subjects essential for entrepreneurial growth and success from seasoned entrepreneurial leaders and influencers. At

By Dipo Olowookere The Chairman of the Board of Directors of Citibank Nigeria, Mr Yemi Cardoso, has been nominated to serve as the new Governor of the Central Bank of Nigeria (CBN). The renowned stockbroker and investment banker was picked for the position by President Bola Tinubu, according to a statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He would be screened by the Senate, and on confirmation; he will take over from the acting CBN Governor, Mr Folashodun Shonubi, for a term of five years at the first instance.

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 Modupe Gbadeyanka Customers of Ecobank Nigeria have been urged to remain on the alert as some scammers are taking advantage of SIM swaps to dupe their unsuspecting victims. The financial institution issued this alert in an email message to customers, urging them not to lose guard. The bank said phone users, who attached their mobile numbers to their bank accounts, to take extra caution when swapping their SIM cards, so as not to be victims of fraudsters. The lender explained to customers that SIM swap fraud occurs when scammers use your phone number to access your accounts. “Scammers impersonate

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) remained bullish on Tuesday despite the market printing more price losers than gainers. A total of 14 equities depreciated in value during the session compared with nine price risers. The performance of these gainers sustained market growth by 0.31 per cent at the close of business. Consequently, the All-Share Index (ASI) increased by 80.55 points to 25,654.90 points from 25,574.35 points, while the market capitalisation grew by N42 billion to N13.408 trillion from N13.366 trillion. Business Post observed that the market was quite busy yesterday and this

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has vowed to continue to find sustainable solution to the challenge posed by insurgency in the Niger Delta. The corporation said it had created security management platforms that would enable it identify and evaluate risks, develop and superintend implementation of investigations, and aggregate and deploy necessary resources to guarantee peaceful business environment in the region. In his end of the year message to staff of the corporation in Abuja, Managing Director of NNPC Group, Dr Maikanti Baru, stressed that the agency was committed to implementing a robust security and stakeholders’ strategy

By Adedapo Adesanya Oil prices turned bearish after the Organisation of the Petroleum Exporting Countries (OPEC) cut its 2021 oil demand forecast due to high prices. Brent crude futures shed 34 cents or 0.40 per cent on Thursday to trade at $82.53 a barrel, while the US West Texas Intermediate crude declined by 31 cents or 0.38 per cent to $81.28 per barrel. In its closely watched Monthly Oil Market Report (MOMR) on Thursday, the cartel revised down its forecast by 160,000 barrels per day after cutting expectations of fourth-quarter consumption by 330,000 barrels per day compared to last month’s

By Christopher Samuel That the ravaging COVID-19 which has since the beginning of the year spread rapidly around the globe could leave a very serious public health crisis in its wake is no longer news. In many parts of the world, attention is shifting to how to concretize local, regional and continental health partnerships that focus on not just how to successfully contain or tackle the virus, but, more importantly, to ensure that life-saving and essential health delivery services are sustained and maintained to entrench a robust system that maximizes the learnings gained from the current pandemic. Like other developing

By Adedapo Adesanya The World Bank said it has disbursed the sum of N35.3 billion to all the 36 states of the federation and the FCT as an advance payment for the implementation of the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme (NG-CARES). This disclosure was made by the Lead Specialist, World Bank Country Office, Abuja, Mr Foluso Okunmadewa at the 1st Implementation Support Mission for NG-CARES on Tuesday in Ikeja, Lagos. He said that the programme was organised for the World Bank, the federal government and state delegates who would be participating in the implementation of the programme

By Adedapo Adesanya The federal government, the 36 states of the federation and the 774 local government areas shared the sum of N605.96 billion from the revenue generated in May 2021. This was disclosed by the Federation Accounts Allocation Committee (FAAC) in a communique released on Thursday after its meeting held via virtual conferencing. Business Post reports that the amount shared by the three tiers of government for the June 2021 allocation was lower than the N616.9 billion disbursed last month. Giving a breakdown of the disbursement, the committee explained that from the inclusive cost of collection to Nigeria Customs

By Prince Charles Dickson PhD Under pressure we wail under pressure, under pressure black people under pressure, under pressure Nigerians under pressure. No food in we belly, no money in ah we pocket, no bed we lay we head. The people dem are suffer, in ah ghetto, in ah city, everywhere dah me go oh, me see them, some are cry, some are die, some are weeping! Some are wailing! Everywhere dah oh eh. Under pressure we wail under pressure, under pressure everybody under pressure, Ras Kimono Under Pressure You see the Nigerian looks upon Nigeria as a theatre and

By Aduragbemi Omiyale Some stakeholders and customers of Fidelity Bank Plc in the export business in Ondo State have been sensitised on the emerging opportunities in non-oil exports. This is in support of the new policy of the Central Bank of Nigeria (CBN) aimed to ensure that earn about $200 billion in foreign exchange (FX) repatriation from non-oil exports over the next five years. The CBN RT200 FX Policy was introduced on February 10, 2022, by the apex bank as part of measures to reduce the increasing demand for foreign currency by importers. At the workshop for exporters and investors