Jaiz Bank Seeks EFCC Backing

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

Access Bank Plc has brought the Christmas Season of Giving closer to its customers nationwide with its AccessMore -12 days of Christmas campaign where 100 lucky customers stand a chance to win N10,000 vouchers every day. This was disclosed yesterday, at a press conference held at the financial institution’s Head office in Lagos to flag off the campaign tagged “AccessMore 12 Days of Christmas” leveraging the XtraWins promotion.  The campaign will run from December 1 to December 12, 2023. Group Head, Consumer Banking, Access Bank Plc, Njideka Esomeju confirmed to newsmen that the campaign was launched to celebrate the holiday

By Adedapo Adesanya President Bola Tinubu has thrown his full weight behind the plan by the Central Bank of Nigeria (CBN) to increase the capital base of banks in the country. The President expressed his views on this move, which last occurred in 2005, through his Special Adviser on Information and Strategy, Mr Bayo Onanuga, in his message at the 40th anniversary of The Guardian Newspapers in Lagos on Tuesday. He said bank recapitalisation was crucial to Nigeria achieving a $1 trillion economy. “Amidst the general lull in a global economy, our ambition to attain a $1 trillion economy appears

By Adedapo Adesanya The Naira strengthened against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday. At the market yesterday, the domestic currency appreciated by 20 kobo or 0.05 per cent against the greenback to close on Thursday, July 8 at N411.25/$1 compared with N411.45/$1 it finished on Wednesday. One of the factors that supported this gain was the decline in the demand for FX at the market window during the session. According to data sourced from the FMDQ Securities Exchange, the turnover for the day stood at $84.06 million, $176.45

By Modupe Gbadeyanka The federal government has disclosed that the three local television stations fined by the National Broadcasting Commission (NBC) for airing footages from the #EndSARS protests have accepted to pay the N9 million sanction. The industry regulator had punished AIT, Arise TV and Channels TV for airing videos obtained from the social media without authenticating them. According to the NBC, this was against the broadcast code and for violating the rule, they were fined N3 million each, though this did not go down well with many commentators. But the Minister of Information and Culture, Mr Lai Mohammed, while

By Adedapo Adesanya Crude oil prices rose to a five-month high on Tuesday as the United States producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases capped gains. The international benchmark, Brent crude, rose by 80 cents or 1.77 per cent to $45.93 per barrel, while the US West Texas Intermediate (WTI) crude gained 75 cents or 1.76 per cent to sell for $43.37 per barrel. The prices had opened in the green territory on Monday, which was sustained on Tuesday as energy companies cut output at US Gulf Coast

By Adedapo Adesanya The Nigerian currency suffered a 0.17 per cent or N1 decline against the American Dollar at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Wednesday, April 14. Data obtained by Business Post showed that the indigenous currency was exchanged with the Dollar at N586/$1 at the FX market category yesterday compared with the N585/$1 it was traded in the preceding session. It was also a similar situation for the Naira at the Investors and Exporters (I&E) window of the forex market on Wednesday as it lost 5 kobo or 0.01 per cent against the greenback

By Adedapo Adesanya An oil producer, Guyana, has said it is not interested in joining the Organisation of the Petroleum Exporting Countries (OPEC) following an invitation from the cartel. According to Reuters, the Guyanese Vice-President, Mr Bharrat Jagdeo, confirmed this development. The South American country looks to rapidly boost production and attract new operators, with an oil auction coming up in the next couple of months in hopes it can bring in other oil and gas companies. Currently, an Exxon Mobil Corporation-led consortium controls all offshore output in Guyana under a production and sharing agreement in which Exxon decides the

By Modupe Gbadeyanka Four new persons have been appointed to the board of directors of a Nigerian consumer-packaged-goods company, Rite Foods Limited. A statement from the company explained that the appointments were part of a strategic move to position the business for accelerated growth and improve the organisation’s market presence as it takes giant strides into the next phase of its growth strategy. The appointees are Mr Kunle Elebute and Isa Mohammed Inuwa as Independent Non-Executive Directors, Raheem Owodeyi as a Non-Executive Director and Dr Kehinde Onijingin as an Executive Director. The new board members are expected to use their

By Isah Odaudu The Uche Secondus led Peoples Democratic Party (PDP) National Working Committee (NWC) and the PDP caucus of National Assembly held meeting at the Transcorp Hilton today at which very far-reaching decisions were made. Chief among the decisions is the resolution to grant automatic tickets to serving members of the National Assembly in States where the party is not holding sway while allowing the Governors in PDP controlled states decide their preferred candidates. This is clearly a return to the days of impunity which led to the ouster of the party from power in 2015. Quite expectedly, a

By Modupe Gbadeyanka Two new factor indices have been launched by the Nigerian Stock Exchange (NSE) and Afrinvest Securities Limited (ASL). A statement from the NSE disclosed that the new indices, NSE-Afrinvest Banking Value Index (NSE-Afr BVI) and NSE-Afrinvest High Dividend Yield Index (NSE-Afr HDYI) will be available real-time on both NSE and Afrinvest WA websites from Monday, January 21, 2019. It was explained that the two indices were designed in response to requests for applicable benchmarks for measuring value in banking stocks and high dividend stocks listed on the local exchange. They will serve as tools for investment managers