Houston Texas Mayor Endorses Fidelity Bank’s Trade Expo

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 Modupe Gbadeyanka A business grant of N10 million has been given to 30 members of the National Youth Service Corps (NYSC), who partook in the entrepreneurship development initiative of Unity Bank Plc known as the Corpreneurship Challenge. The young entrepreneurs received funding support for developing innovative solutions in several business value chains like honey production, rice, and snail farming, among others. The beneficiaries pitched their business ideas to judges selected for the competition across 10 state NYSC Orientation Camps; Katsina, Kano, Kwara, Imo, Rivers, Delta, Sokoto, Edo, Akwa-Ibom, and Osun States. At the NYSC Orientation camp at Ikot Itie

By Dipo Olowookere The managing director of Unity Bank Plc, Mrs Tomi Somefun, has promised customers of the financial institution innovative digital banking services. She made this pledge while reacting to the financial statements of the company for the period ended September 30, 2023, where the lender grew its customer deposits by about 5 per cent on a year-to-date basis to N344.4 billion from N327.4 billion in December 2022. Mrs Somefun attributed this to the competitive products Unity Bank offers customers, as the company drives initiatives to ramp up transactions as part of its strategy for the short and medium

By Adedapo Adesanya Global prices for food commodities were on the highest levels in 2022 after falling for nine months in a row. The United Nations Food and Agriculture Organisation (FAO) attributed this to Russia’s war in Ukraine, droughts, and other factors, which drove up inflation and worsened hunger worldwide. The FAO Food Price Index, which tracks monthly changes in the international prices of commonly traded food commodities, dipped by 1.9 per cent in December from a month earlier, the Rome-based organization said in its latest report. For the whole year, it averaged 143.7 points, more than 14 per cent

By Dipo Olowookere A chieftain of the Peoples Democratic Party (PDP), Adeseye Ogunlewe, has been quizzed by the Economic and Financial Crimes Commission (EFCC). Mr Ogunlewe, a former Senator, was grilled on Wednesday, August 31, 2016, in Ibadan in respect of an alleged case of abuse of office and misappropriation of funds reported against the him and some other people. The PDP chieftain is the Pro Chancellor of the Federal University of Agriculture Abeokuta (FUNAAB). He was petitioned alongside the school’s Vice Chancellor, Professor Olusola Oyewole; management and some members of the Governing Council. According to a petition submitted to

By Dipo Olowookere The continued implementation of the cost discipline strategy by the management of Jumia has further yielded good result, going by the details of the financial statements of Africa’s e-commerce market leader for the first quarter of 2021 released recently. For the sixth consecutive quarter, the company recorded a positive gross profit after fulfilment expense, which reached €6.2 million. Analysis of the results showed that Jumia is making significant inroads in payment and fintech, with 37 per cent of orders in the Q1 of 2021 completed using JumiaPay. The report revealed that total payment volume on JumiaPay increased

By Modupe Gbadeyanka Nigeria’s currency, the Naira, continued its free fall on Wednesday, slumping to a new all-time low of 470 to a Dollar on the parallel market. At the close of trading on Tuesday, the Naira exchanged at 452 to the Dollar. On Monday, it traded at 445 to a Dollar. Wednesday’s fall remains the daily decline since the adopted flexible foreign exchange regime by Central Bank of Nigeria (CBN) kicked off on June 20, 2016. At the interbank market, the Naira closed flat at 312.99 against the Dollar at the interbank market on Wednesday. According to reports, the

By Adedapo Adesanya The Naira finished N1 or 0.21 per cent stronger than the US Dollar at the parallel market on Friday, closing at N477/$1 as against the N478/$1 it traded the previous day. Equally, the Nigerian currency gained N3 against the Pound Sterling at the black market to settle at N630/£1 compared to the previous session’s N633/£1 and remained unchanged against the Euro at the same market window yesterday at N577/€1. At the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday, the exchange rate of the Naira to the Dollar remained unchanged at N394/$1.

By Dipo Olowookere UAC of Nigeria Plc has announced its intention to liquidate its assets at the Warm Spring Waters Nigeria Limited. In 2002, UAC Nigeria promoted the Warm Spring Waters Nigeria Limited in partnership with the Ekiti State government and the Ikogosi-Ekiti community on the production of premium quality spring water under the ‘Gossy’ label. UAC Nigeria controls 76 percent stake in the firm, which commenced production in 2003. In a statement issued today, UAC Nigeria lamented that since the company kicked off production, it has been operating at loss. It attributed this to the rural location of the

By Adedapo Adesanya Honeywell Flour Mills and seven other companies have been granted pioneer status initiative (PSI) by the Nigerian Investment Promotion Commission (NIPC) which will exempt them from paying taxes for three years. This was done during the first quarter of 2020 as contained in the commission’s first quarter report. The other companies which received the approval-in-principle were Main Data Nigeria Limited, Apple & Pear Nigeria Limited and Tranos Contracting Limited. Others that got three years of tax holidays are Elvis Hotels, Medlog Nigeria Limited, Kalambina Cement Company and Wells Hosa Greenhouse Farms. Obu Cement Nigeria Limited got a

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has noted that natural gas production in Nigeria rose by 4.8 per cent to 223.6 billion cubic feet (BCF) in the month of January 2021. This was contained in the 66th edition of the NNPC MFOR Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Mr Kennie Obateru. It highlights NNPC’s activities for the period of January 2020 to January 2021. It is published in line with the corporation’s commitment to the tenets of Transparency, Accountability and