GTBank Promises Shareholders Dividend of N2.50

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 Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

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 Adedapo Adesanya Clubs in the English Football League (EFL) will be permitted to make five substitutions in matches from November 20 to combat the congested schedule brought on by the COVID-19 pandemic. Clubs were allowed to increase the number of substitutes from three per match when the 2019-20 campaign resumed after a prolonged hiatus due to the outbreak of the novel coronavirus. The football rule-making body, IFAB, gave leagues the option of continuing to use up to five substitutes this season but left it up to individual federations and leagues to decide. “Following consultation with clubs, the EFL board

By Emmanuel Otori Incorporating and applying data from many sources inside an organization to better governance procedures is known as data harmonization for corporate governance. Organizations guarantee consistency, correctness, and dependability in their data by aligning and standardizing it across systems, divisions, and business units. This technique improves the efficiency of governance practices and encourages greater judgment, accountability, and openness. Meanwhile, corporate governance pertains to the framework of regulations, methodologies, and procedures through which a company is guided and supervised. It encompasses the interconnections among diverse stakeholders, including shareholders, management, employees, and the board of directors, with the objective of

By Adedapo Adesanya It was the bears who appeared at the close of trading on Monday on the floor of the NASD Over-the-Counter (OTC) Securities Exchange. The appearance of the bears brought about a 0.50 per cent slip to the market, depleting the NASD unlisted securities index (NSI) by 3.7 points to close at 732.29 points as against 735.99 points it closed the previous trading day. In the same trend, the bourse’s market capitalisation closed at N544.31 billion, as investors counted a loss amounting to N2.75 billion. At the previous session, the value stood at N547.06 billion. The day’s loss was

By Ebitonye Akpodigha The Foreign and Commonwealth Office (FCO) Director for Africa, Neil Wigan had calls on the Prime Minister, the Minister for Commonwealth and Minister Delegate for Foreign Affairs, the Secretary General at the Presidency and several other key interlocutors covering Prosperity, Security and assistance to refugees and displaced persons in Cameroon by the UK. Neil Wigan also used his visit to commend the contribution of the Business Coalition Against Corruption to the Government of Cameroon’s efforts fighting against corruption in the country. Later in the week Neil Wigan flew directly to N’Djamena to meet the Secretary General at

By Dipo Olowookere Nigerian lender, Access Bank Plc, is planning to acquire another financial institution as part of its aggressive expansion drive. The company, which intends to be one of the biggest banks in Africa, is already in an advanced stage with the bank it wants to merge with. A statement issued by the company said its subsidiary in Zambia, Access Bank Zambia Limited, wants to merge with Cavmont Bank Limited. Business Post gathered that Cavmont Bank, located in Lusaka, the capital of Zambia, provides an array of banking services including in the areas of community banking, retail banking, investment,

By Modupe Gbadeyanka It was a day of honour and pride for the Group Chief Marketing and Communications Officer of Interswitch Group, Ms Cherry Eromosele, at the Women in Marketing & Communications Conference/Awards (WIMCA) held at the MUSON Centre, Onikan in Lagos recently. The communications expert was recognised for her outstanding performance, excellence and contribution to the growth of Nigeria’s integrated marketing communications industry. Ms Eromosele was announced as the winner of the award for ‘Most Outstanding Marketing Professional of the Year (Financial Technology Category), reaffirming her position as a leader in the marketing space. WIMCA was instituted in 2014

By Dipo Olowookere A programme aimed at reviving agro-allied industries and also agricultural productions in Kano State, the Nigerian Agri-business and Agro Industry Development Initiative (NAADI), has been launched by federal government. This was done on Monday by the Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar and it is part of government’s efforts to accelerate the growth and diversification of the Nigerian economy. Mrs Abubakar, represented at the commissioning by the ministry’s Permanent Secretary, Edet Sunday Akpan, explained that the programme is intended to harness the enormous potentials inherent in the non-oil sector of the Nigerian

By Damilola Faustino With the coronavirus pandemic, you would think venture capitalists and angel investors would stop scouting for African startups to invest. This is wrong. In the past few months, African startups in different sectors have raised significant dollars and more are still coming as the coronavirus lockdown is gradually being eased across Africa. African startups that recently raised funds 1.) Tomato Jos: Tomato Jos, an agro-processing company focused on the local production of high-quality tomato paste for the African market announced that it had completed a €3.9 million ($4.2 million) Series A round. 2.) BusyMed, a South African