Keystone Bank Introduces *7111# Mobile Banking Code

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Dipo Olowookere The board of Dangote Cement has announced that it would give shareholders of the company a dividend payment of N16 per ordinary share. This announcement was made this week after the release of the firm’s financial statements for the year ended December 31, 2018. In a statement, the cement maker said the dividend was subject to appropriate withholding tax and shareholders’ approval. It was disclosed that the payment would be only made electronically to shareholders whose names appear in the register of members as at the close of business on June 3, 2019. In the statement, it

By Dipo Olowookere Four persons have been arrested in Ondo, Edo and Osun States for selling leaked WASSCE May/June, 2018 Examination questions to candidates writing the examination. The suspects, accused of retailing the exam questions on websites and whatsapps platforms, were apprehended by operatives of Rapid Response Squad (RSS). According to the security operatives who napped them, the suspects are Samuel Kayode, 28-year-old from Ondo State; Adebayo Ifeoluwa, 17-year-old from Osun State; Alayande Ahmed; and Elusode Festus, 20 years from Edo State. They were all arrested in their respective states. Samuel Kayode, a part time teacher in two secondary schools

By Dipo Olowookere As part of preparations for the Lagos@50 celebrations, the state government has reiterated its commitment to further enhance the ease of doing business in the State through its one-stop-shop (Lagos Global) so as to attract more Foreign Direct Investments as well as increase the its Gross Domestic Product (GDP) to the position of the second largest economy in Africa. Speaking on the activities of Lagos Global, the Special Adviser, Office of Overseas Affairs and Investment, Professor Ademola Abass, expressed the State Governments’ desire to make Lagos the most desirable investment destination in the world through ever increasing

By Adedapo Adesanya The federal government has disclosed that it plans to review the country’s budget for the year as oil revenue have been affected by the widespread coronavirus since the beginning of this year. Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, said on Wednesday that government was going to kickstart a mid-term review of the budget in order to put the appropriate measures in place. Speaking on the sidelines of the Federal Executive Council (FEC) meeting in Abuja yesterday, Mrs Ahmed said, “We are concerned about the current drop in oil price because it’s now below

By Aduragbemi Omiyale Funds worth $50 million have been secured by Transform Health Fund (THF) to create proven and innovative healthcare models in Africa. It will involve building a resilient healthcare ecosystem that improves access, affordability, resilience, and quality of healthcare for low-income patients. FSD Africa Investments, AfricInvest, Malaria No More, and Health Finance Coalition (HFC) provided the funds to achieve this goal. They came together to address the critical healthcare financing gap in Africa, targeting three critical areas serving low-income patients: supply chain transformation, innovative care delivery, and digital innovation. The investments to be made by THF, a blended-finance

By Dipo Olowookere Senate President, Mr Bukola Saraki, on Saturday promised to intervene in the crisis rocking the country’s aviation sector, with the purported non-calibration of all 30 Instrument Landing Systems (ILS) and VHF Omnidirectional Ranges (VHFs) that are operational in the country. In his response to a social media user, Adamu Taiwo Haruna, who tweeted at the Senate President’s @BukolaSaraki handle saying “SP @bukolasaraki all 30 Instrument Landing Systems & VORs in Nigeria are all out of calibration. This is a serious safety issue Sir,” Saraki responded that he would personally take up the issues with the aviation minister,

By Modupe Gbadeyanka As part of efforts to curb fraud through the use of short codes in the financial system in the country, the Central Bank of Nigeria (CBN) has released draft of regulatory framework for Unstructured Supplementary Service Data (USSD). In a statement issued by the Director of Banking & Payments System Department, Mr ‘Dipo Fatokun, the apex bank said it was coming up with the framework in furtherance of its mandate for the development of the electronic payments system in Nigeria. The CBN said it would welcome inputs from stakeholders in the industry on or before Thursday, September

By Dipo Olowookere The Management of the Nigerian Communications Commission (NCC) has reiterated its determination to ensure smooth running of the telecommunications industry. Commission’s Executive Commissioner Stakeholder Management, Mr Sunday Dare who represented the Executive Vice Chairman, Prof. Umar Danbatta stated this at a meeting held at the NCC Headquarters with the stakeholders in the international data access and interconnect exchange services. Mr Dare said the meeting was convened by the Commission to find best, concrete solutions to the issues affecting the business of international data access, and interconnect exchange services in Nigeria from the regulatory standpoint as stipulated by