Keystone Bank Trains 1600 Students on Financial Literacy

By Adedapo Adesanya Neo-bank, PayDay, may get a new owner as its founders, which include Mr Favour Ori, are considering a sale in the coming months, per sources who spoke exclusively with TechCabal. According to the report, the company is in the process of being sold, with some developments that followed the exit of its co-founder and Chief Operating Officer (COO), Mrs Yvonne Ogechi Obike. In March, the company raised $3 million to expand its footprint into the United Kingdom and Canada. This round was led by Moniepoint Inc. and saw contributions from HoaQ, DFS Lab’s Stellar Africa Fund, and

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

By Modupe Gbadeyanka Momentum is already gathering for the 2023 edition of Hackaholics Digital Summit organised by Wema Bank Plc, owners of the foremost digital lending firm, ALAT by Wema. The event is dubbed Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors & customers in the digital space. A statement from the bank disclosed that this year’s programme will take place in Lagos on Friday, October 6, with attendance by invitation only, though interested customers and technology enthusiasts can secure a spot by registering at https://hackaholics.wemabank.com/digital-summit. The theme, according to the organisers, is Re-Imagine: Disrupting the Ecosystem for Scale,

By Modupe Gbadeyanka It was a double reward for a foremost microfinance institution, Advans Nigeria, at the recently concluded Marketing Edge Awards in Lagos. The firm, a subsidiary of Advans Group, was announced as the Most Innovative Microfinance Bank of the Year and the Most Customer-centric Microfinance Bank of the Year. The double awards are coming after the organisation was recently named as The Best in Retail Banking of the Year at the Pan African International Award. Advans Nigeria won the accolades due to its top-notch financial services and unwavering commitment to its customers. “We are immensely proud to receive

By Dipo Olowookere Togo-based Ecobank Transnational Incorporated (ETI) has refuted a media report claiming it tampered with its accounts in order to make shareholders feel the company was doing well. In a report by South Africa-based Sunday Times, it was claimed the Financial Reporting Council of Nigeria (FRCN) was already looking into the matter raised by a former CFO of Ecobank’s card division, Altu Sadie, that the financial institution applied incorrect exchange rates, which resulted in it overstating balance sheet items and income statements. It was reported that the principal manager in the directorate of inspection and monitoring at FRCN,

By Investors Hub The major U.S. index futures are pointing to a modestly higher opening on Friday following the sell-off seen in the previous session. Bargain hunting may contribute to early strength on Wall Street after the steep losses seen in the previous session dragged the major averages down to their lowest levels in about two months. Traders may also react positively to news that lawmakers managed to end a brief government shutdown with a bill raising spending caps and funding the government until March 23rd. Buying interest may be somewhat subdued, however, as traders continue to express concerns about

By Dipo Olowookere Not less than 100 fire servicemen have been recruited by the Lagos State Fire Service to boost effective service delivery and extend operational coverage. The recruits are presently undergoing training at the Lagos State Fire Service Training School in Ikeja, the state capital. Director of Fire Service, Mr Rasak Fadipe, during an unscheduled visit to the training school, urged the newly recruited officers to bring to useful advantage their diverse experiences and knowledge to the betterment of the service. Mr Fadipe stated that the newly employed have joined a disciplined service which is sensitive to emerging challenges

By Adedapo Adesanya The National Insurance Commission (NAICOM) has said foreigners who want to occupy key positions in Nigeria but do not have a bank account should produce the result of due diligence conducted by the individual’s home country’s insurance regulator. This means if an American wants to occupy a leadership position in any insurance firm in the country and does not have a bank account, due diligence must be conducted by the National Association of Insurance Commissioners (NAIC), which serves as the standard-setting and regulatory support organisation in the United States. This new policy was disclosed in a circular

By Dipo Olowookere Nigerians have again been warned to stay away from transactions involving digital currencies because the Central Bank of Nigeria (CBN) has not approved the use of cryptocurrencies in the country. In the past, various government agencies in Nigeria have cautioned citizens on the new form of money, which is fast gaining ground across the world through various means, including social media platforms like WhatsApp and others. The digital currencies come in the form of Bitcoin, which is the most popular, and Ethereum (ETH), Zcash (ZEC), Dash, Ripple (XRP) and Monero (XMR). As cryptocurrencies face legal challenges in

The pinnacle of technological innovation and thought leadership, Art of Technology Lagos (AOT), returns for its fifth edition, AOT 5.0. With an unwavering commitment to progress, this year’s conference dives into two crucial pillars that are shaping Lagos’s future: “The Creative Economy” and “A Digital Lagos.“ Curated by the Eko Innovation Centre in collaboration with the Lagos State Government, AOT 5.0 promises to be an unparalleled gathering of visionaries, industry leaders, and changemakers. Lagos’s creative economy sector is a dynamic force that fuels the state’s economic growth, encompassing diverse industries such as film, music, fashion, design, and advertising. This ecosystem

By Dipo Olowookere A bipartisan delegation of Members of Congress from the U.S. House of Representatives arrived Friday on a visit to strengthen ties between the American and Egyptian peoples. Headed by Representative Dana Rohrabacher of California, senior member of the House Committee on Foreign Affairs, the delegation held productive meetings with President Abdel Fattah el-Sisi as well as senior Egyptian government, business, and community leaders. Following Representative Rohrabacher’s January 2014 visit to Egypt, he announced the formation of a bipartisan Egypt Caucus in the House of Representatives to further relations between Egypt and the United States. The delegation addressed

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) has been given the approval to acquire a 20 per cent stake in the yet-to-be-completed Dangote Petroleum and Petrochemical Refinery in Lagos. The state-owned oil agency intends to be a minority shareholder in the company, which has the capacity to refine 650,000 barrels of crude oil daily. Nigeria is blessed with crude oil but this commodity is not refined in the country despite having four refineries. The oil is taken out and imported as premium motor spirit (PMS) commonly known as petroleum and other derivatives. The Dangote Refinery located in the