GTBank to Alternate Opening of Branches Every Week

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) would likely direct banks to increase their capital base in the coming months as part of a new policy push towards a $1 trillion Nigerian economy. The Governor of the apex bank, Mr Olayemi Cardoso, said this while delivering his keynote address at the 58th Annual Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos on Friday. The new CBN chief used the event to unveil the bank’s monetary policy thrust and economic outlook for 2024, following the cancellation of the Monetary Policy Committee (MPC) meeting for the quarter. “We

Sterling Bank Limited’s cutting-edge investment platform, Doubble, has been upgraded with new features aimed at improving investment returns for existing and new customers. With various flexible naira and dollar investment options, including money market offerings with returns higher than your bank’s returns on savings. The digital savings and investment platform provides a seamless avenue for individuals to build wealth. Users are provided with a guaranteed income stream and fixed growth over a set period, as well as a hedge against market volatility, the ability to secure loans against account balances, and the convenience of transferring the annuity to a spouse

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E) and the parallel market segments of the foreign exchange (FX) market on Wednesday, July 12, but depreciated in the Peer-to-Peer (P2P) window. In the official market, the domestic currency gained N5.93 or 0.75 per cent against the greenback in the midweek session to settle at N782.49/$1 compared with the previous day’s rate of N788.42/$1. This feat was achieved amid improvement in the supply of forex into the system, with the turnover for the trading day rising by 32.9 per cent or $22.42 million to

By Modupe Gbadeyanka On Tuesday, the Central Bank of Nigeria (CBN) announced the injection of additional $210 million into the inter-bank foreign exchange (FOREX) market. A statement issued by the Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, disclosed that the sum of $100 million was given to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises segment received $55 million. In addition, customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance were also allocated $55 million. Recall that on Tuesday, September 11, 2018, the apex bank

By Modupe Gbadeyanka It is without doubt that the 2016 financial year was a rather challenging macroeconomic environment for many businesses to operate under. But despite this, Wema Bank continued to record improved performances, as its gross earnings in 2016 grew by 17.56 percent from N45.79 billion in 2015 to N53.83 billion. Similarly, its profit before tax (PBT) recorded a rise by 9.36 percent to N3.27 billion from N2.99 billion declared in 2015. Also, the financial institution’s profit after tax (PAT) saw an improvement by 13.66 percent to N2.59 billion against N2.27 billion in 2015. During the period under review,

As information technology evolves rapidly, the disruption or advancement in the banking sector will continue to be digitised. Only the bank that can transform itself into truly effective digital organisation and embrace the changes in digital technologies and consumer behaviour will survive and thrive in both the current and future digital environments. Leveraging experience spanning over a century of dependable services, Nigeria’s premier financial institution, First Bank of Nigeria Limited, also called FirstBank, has kept pace with the evolving global operating environment, responding to the dynamic needs of its customers, investors, regulators, host communities, employees and other stakeholders. Through a

By Modupe Gbadeyanka One of the financial institutions in Nigeria, Heritage Bank, has intensified its youth empowerment campaign by working closely with the Living Faith Church (LFC) Worldwide, otherwise known as Winners Chapel. The bank recently partnered with the church by throwing its weight behind its 17th Annual International Youth Alive Convention to help prepare and empower millions of young Nigerians with the aim of boosting their employment prospects. The collaboration was triggered by the growing unemployment rate in Nigeria, which is giving the Nigerian government, corporate organisations, including Heritage Bank, something to worry about. Incidentally, no less than 40

By Dipo Olowookere A strategic partnership was on Monday signed in Johannesburg, South Africa between Africa Oil & Power, and the African Energy Chamber. It was gathered that both parties will be sharing capacities to facilitate investments and deal-making in Africa across their networks. Under the agreement, the AEC will also become an official partner of the Africa Oil & Power 2018 conference taking place September 5-7, 2018 in Cape Town. As part of the partnership, the Africa Energy Chamber is extending to all its members and partners across its network an exclusive discount of 15% to attend the summit

By Adedapo Adesanya Nigeria and the World Health Organisation (WHO) are seeking to eliminate a severe and often lethal mouth disease, Noma. Nigeria has developed and implemented the programme’s national action plan for Noma prevention and control in collaboration with WHO and other partners. The Nigerian Ministry of Health has integrated Noma into its existing surveillance system and incorporated it into the curricula of all national and district health professional schools, while the country now commemorates an annual National Noma Day in November each year. Funding from WHO, as well as Médecins Sans Frontières (MSF), has also helped the Ministry

By Adedapo Adesanya A new study has shown that oil and gas giant, Shell, is the stock in the United Kingdom that has most caught the attention of investors in Nigeria. The study, by UK financial services provider CMC Markets, and shared with Business Post, analysed Google search data for over 250 top UK stocks in the most populated countries and found that Shell, Ashtead, and GlobalData were the top three searches in Nigeria. The study revealed that there are over an estimated 4,700 monthly searches for UK stocks in Nigeria, with one in five Nigeria-based searches for UK stocks