Keystone Bank Facilitates Meter Installation Training for Women

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

By Modupe Gbadeyanka A total of N7 million has been won by 70 customers of Stanbic IBTC Bank Limited in season three of the lender’s Reward4Saving promo. The winners were given N100,000 each in the October draw held recently, with their corresponding cheques presented to them on Friday, November 10, 2023, at the headquarters of the company in Lagos. The third season of the promo started in September 2023 and 140 people have been rewarded so far with N100,000 each. There are 10 draws left until the end of season three and 700 new and existing customers from our seven

By Adedapo Adesanya Klasha, a leading global cross-border payments company, has been granted a Money Services Business (MSB) license by the Financial Crimes Enforcement Network (FinCEN) to operate in the world’s largest economy, the United States. This license authorizes Klasha to operate as a currency exchange and money transmitter in the US. With this MSB license, Klasha can now offer its innovative cross-border payment solutions and financial services to businesses in the United States that want to send and accept cross-border payments from Africa and carry out foreign exchange services and international money transfers with ease and security. “We are

The management of Nigerian Communications Commission (NCC) has debunked an online media report, which claimed it gave N300 million to Nigeria Information Technology Development Agency (NITDA). In a statement signed by the Director of Public Affairs at NCC, Mr Henry Nkemadu, the telecom industry watchdog described the new item as “mere falsehood,” stressing that “no agency of the federal government gives subvention to another agency, as by extant laws of the government, every agency makes its budget and gets approval for appropriation from the National Assembly and such budgets are spent according to the appropriation of the National Assembly.” Mr

By Dipo Olowookere An heir to the Samsung Empire, Mr Jay Y Lee, has been found guilty of a bribery allegation against him by a South Korean court. The court, on Friday, August 25, 2017, ruled that the Samsung chief should be put behind bars for five year. However, Mr Lee has denied any wrongdoing and his lawyers have vowed to appeal the judgement. Jay Y. Lee is the co-Vice Chairman of Samsung Electronics and was found guilty by the court of giving bribes to receive backing from the ousted South Korean President, Park Geun-hye. He was also convicted of

By Adedapo Adesanya In keeping with the tradition of restoring a predictable January to December fiscal year as entrenched in the constitution, President Muhammadu Buhari on Friday signed into law the 2022 Appropriation Bill and the 2021 Finance Bill. Without much ado, he has now directed Ministries, Departments, and Agencies (MDAs) to commence early preparation of the transition budget for 2023. The President signed the documents at the Presidential Villa in the presence of Senate President, Mr Ahmed Lawan; Speaker of the House of Representatives, Mr Femi Gbajabiamila, and other members of the Federal Executive Council and expressed his displeasure

By Adedapo Adesanya Oil prices closed higher by about 4 per cent on Friday, supported by real and threatened cuts to supply, with Brent growing by $3.69 or 4.1 per cent to settle at $92.84 a barrel and the United States West Texas Intermediate (WTI) crude increasing by $3.25 or 3.9 per cent to settle at $86.79 a barrel. Despite Friday’s bounce, both crude benchmarks headed for a weekly drop, with Brent down by about 0.6 per cent after hitting its lowest since January at one point and the WTI declining by 0.3 per cent on a week-on-week basis. Russian

By Adedapo Adesanya The unlisted securities market further extended its losses on Wednesday after Niger Delta Exploration and Production (NDEP) Plc and Central Securities Clearing System (CSCS) Plc battered the exchange by 0.22 per cent. NDEP depreciated by N18.00 or 9.05 per cent to N181.00 per unit from N199.00 per unit, while CSCS Plc went down by 51 kobo or 3.41 per cent to N14.44 per unit from N14.95 per unit. In the midst of the bearish sentiment, the NASD over-the-counter (OTC) Securities Exchange recorded two price gainers and the were NASD Plc and FrieslandCampina WAMCO. While the former gained

By Dipo Olowookere The demutualisation of the Nigerian Stock Exchange (NSE) has been described as a step in the right direction because it will in the long run benefit the capital market in general. This was the view of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Muhammad Mamman Nami. The nation’s tax chief, thereafter, commended the leadership of the exchange for doing everything possible within its powers to push for the unbundling of the bourse. Last Friday, the FIRS boss had an engagement with the capital market community through the NSE and he was honoured with

By Adedapo Adesanya The Nigerian Naira lost 7 kobo or 0.02 per cent against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Tuesday. Data showed that the Nigerian currency was traded at N415.07/$1 at the spot market yesterday compared with N415/$1 it was sold at the previous session. The Naira suffered the decline despite not being under demand pressure, according to data from the FMDQ Securities Exchange. The value of trades printed at the I&E segment on Tuesday went down by 34.0 per cent or $76.93 million as FX worth

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) was unable to fully meet its N620.2 billion tax targets set for the month of January 2020 as it only actualised 55 percent, N338.1 billion. Tthe tax body on Sunday noted that the figure represents the aggregate collection of taxes by its states coordinating units on a monthly basis. According to the body, Lagos Mainland West was given a January target of N4,988,901,182.24 but collected N3,033,847,030.11 representing 60.81 percent, Lagos Mainland East had a target of N50,272,057,644.57 in the month but its actual collection of N39,177,218,569.19 amounted to 77.93 percent while