Lagos NIPR Holds Digital PR Summit October

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Modupe Gbadeyanka A cutting-edge German-Nigerian financial technology (fintech) firm, BFREE, plans to put down $40 million to acquire some distressed loan portfolios in Union Bank of Nigeria. A statement from the Nigerian lender said both parties signed a Memorandum of Understanding (MOU) in Berlin on November 21, 2023, at the German-Nigerian Business Forum. It was disclosed that BFREE would partner with its international financing partners to refinance bad loans from Union Bank, particularly those delayed in repayment or already written off. Union Bank expressed its optimism that this strategic partnership with BFREE would not only bolster the bank’s financial

By Modupe Gbadeyanka Stanbic IBTC Bank Limited has been recognised as the Most Outstanding Bank Supporting Women-Owned Businesses at the Women in Marketing and Communications Award (WIMCA) held in Lagos. The organisers of the event said the subsidiary of Stanbic IBTC Holdings has been very supportive of businesses owned by females in the society. The lender has created a healthy environment that breaks down barriers for talented, qualified women to achieve their career aspirations, own their businesses, and make demonstrable differences in their various industries. The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, while receiving the

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has said it will work closely with the electricity generating companies as regards the challenges present in the Nigeria Gas Transportation Network Code (NGTNC). This was disclosed by the Chief Executive Officer of the agency, Mr Sarki Auwalu, at the NGTNC engagement with the DPR, GenCos and the National Electricity Regulatory Commission (NERC) in Abuja. He said, “I appreciate the remark by one of the Managing Directors of the GenCos that they are sitting on gas. “We have 203 Trillion Cubic Feet (TCF) of gas that is proven, and 600 TCF

By Adedapo Adesanya It was an unfavourable outcome for the Naira at both the Investors and Exporters (I&E) and parallel market segments of the foreign exchange market on Friday, February 26. Yesterday, the local currency was further weakened against the United States Dollar at the two opposite market segments. At the specialised market, the I&E, the Naira lost N1.58 or 0.39 per cent to finish at N410.25/$1 compared to N408.67/$1 of the previous day. The depreciation came despite less pressure on the domestic currency as the turnover at the window reduced by 14.7 per cent or $6.48 million to $37.49

By Dipo Olowookere A total turnover of 1.5 billion shares worth N17.7 billion in 20,449 deals were transacted last week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 2.8 billion shares valued at N28.1 billion that exchanged hands last week in 28,739 deals. Data released by the NSE indicated that the Financial Services industry (measured by volume) led the activity chart with 1.038 billion shares valued at N10.2 billion traded in 12,232 deals. With this, the sector contributed 70.07 percent and 57.63 percent to the total equity turnover volume and value

By Ahmed Rahma The Group Chief Executive Officer of the Ecobank Transnational Incorporated (ETI), Mr Ade Ayeyemi, has declared that the banking group remains one of the key supporters of the African Continental Free Trade Area Agreement (AfCFTA). The AfCFTA is a free trade area founded in 2018 but came into effect this January 1, 2021. The policy aims at creating a single African wide market for goods and services. It is expected to pave the way for a rapid dismantling of impediments to cross-border trade leading to free movement of business, persons and investments across the continent, thus leading

By Investors Hub European stocks inched higher in cautious trade on Wednesday as investors kept an eye on the U.S.-China trade talks, political developments in the U.S and the latest FOMC minutes from the Fed meeting earlier this month. Brexit talks also remained in focus as the EU and U.K. enter the final stages of talks over foreign policy, security and economic relationship. The pan-European Stoxx Europe 600 index was little changed at 384.01 in late opening deals after rising 0.2 percent in the previous session. The German DAX was largely unchanged, while France’s CAC 40 index and the U.K.’s

By Adeniyi Ogunfowoke Being an entrepreneur in the current Nigerian economic environment can be demanding, exhausting and frustrating. This can result in you abandoning everything you have done for years because of the exhaustion. When you think of the power shortage, the dollar to naira exchange rate and the economic uncertainties, anyone will just give up. But you know from the moment you decided to become an entrepreneur, it was a risk. There is no way to can escape entrepreneurial burnout. It is how you manage or overcome the exhaustion of burnout that is important. Jumia Travel shares tips on

By Adedapo Adesanya A group known as the Ijaw National Congress (INC) has alleged that over 90 per cent of marginal oil fields in the Niger Delta region of the country is owned by people from the Northern part of Nigeria. Marginal fields are smaller oil blocks that are developed by indigenous companies with the capacity to produce not more than 30,000 barrels per day. They are often discovered on an International Oil Company (IOC)-owned block where there has been no activity in at least the last 10 years. During the height of the COVID-19 pandemic, the federal government introduced

The Norwegian Refugee Council (NRC) has warned that overcrowded displacement camps coupled with a lack of basic sanitation facilities and hygiene will cause another cholera outbreak in northeast Nigeria if action is not taken now to prevent it. A record high number of 10,000 cases of cholera was recorded in northeast Nigeria in 2018, with more than 175 registered deaths, although the actual number may be higher. “If the camps are not decongested and sanitation facilities improved, cholera will inevitably return, and vulnerable displaced people will bear the brunt of the epidemic again,” warned Eric Batonon, NRC’s Country Director for