mediaReach OMD Ends Facebook Blueprint e-Learning Programme

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Dipo Olowookere The Chairman of the Board of Directors of Citibank Nigeria, Mr Yemi Cardoso, has been nominated to serve as the new Governor of the Central Bank of Nigeria (CBN). The renowned stockbroker and investment banker was picked for the position by President Bola Tinubu, according to a statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He would be screened by the Senate, and on confirmation; he will take over from the acting CBN Governor, Mr Folashodun Shonubi, for a term of five years at the first instance.

By Dipo Olowookere The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Mrs Aishah Ahmad, has been apprehended by the Department of State Services (DSS). The central banker was arrested by the country’s secret police to harvest vital information from her over the sale of a first-generation bank, Union Bank of Nigeria Plc, to a relatively new lender, Titan Trust Bank Limited. The acquisition of the more than 100-year-old financial institution by the less than 5-year-old bank raised eyebrows because the buyer coughed out $300 million to complete the transaction. Titan Trust Bank

By Modupe Gbadeyanka A creative studio, EPAC Studios, has been unveiled by Ecobank Nigeria Limited to promote talents in the showbiz industry in Africa. The bank disclosed in a statement that the facility would be used to carefully tell “authentic African stories in art, culture, lifestyle, and entertainment.” According to the Head of Marketing and Corporate Communications at Ecobank Nigeria, Mr Jide Sipe, the initiative is to showcase further and develop the creative industry, adding that the space is an open canvas for the public to explore, collaborate and create premium indigenous content for television, online and mobile platforms. EPAC

By Aduragbemi Omiyale Stock investors have been advised to prioritise market data as it would make them to achieve success in the capital market, especially at a period the financial market is volatile. According to the Chief Executive Officer (CEO) of Absa Securities, Mr Akinkunmi Majaro, “Market data is a valuable recourse for portfolio investors during a challenging cycle. “Hence, capital market data is designed to provide market participants with in-depth knowledge of market conditions.” “Considering the various challenges besetting the global economy, these investors need accurate data to make informed investment decisions to avoid unfavourable market moves,” he added.

By Modupe Gbadeyanka Yamaha Motor Company Ltd announced that in the first half of its fiscal year ending December 31, 2017, consolidated net sales of 828.1 billion yen were up 6.4 percent from the previous year. The company achieved all-time highs in operating income of 82.2 billion yen (up 25.7 percent), ordinary income of 83.5 billion yen (up 51.1 percent), and net income for the period attributable to parent company shareholders of 60.8 billion yen (up 87.5 percent). In emerging markets, motorcycle sales rose and operating income was significantly higher thanks to sales of higher priced products and cost reductions

By Adedapo Adesanya The Naira depreciated by 0.9 per cent or N3.83 against the United States Dollar in the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, trading at N431.00/$1 compared with Monday’s value of N427.17/$1. The value of the domestic currency to its American counterpart depleted yesterday despite the turnover going down by 35.4 per cent or $31.76 million as trades worth $58.03 million were executed compared with the previous day’s $89.79 million. One possible explanation for this was a decline in the supply of forex to the market, which forced some traders to ration

By Modupe Gbadeyanka A unique three-sector dual-band radio to help service providers increase their Frequency Division Duplex (FDD) 5G frequency capacity has been launched by Ericsson. The product called Radio 6626 will simplify site upgrades and capacity expansions as communications service providers execute their network evolution strategies. A statement from the firm said this latest radio portfolio will provide multi-standard and multi-band coverage while bringing down costs and reducing footprint – up to 50 per cent lower energy consumption. The three-sector dual-band Radio 6626 combines two frequencies and six ports in one unit, enabling one radio to power all three

By Dipo Olowookere The management of Heritage Bank has refuted news reports making the rounds that one of its Executive Directors, Mrs Mary Akpobome, has been suspended from the bank. It was alleged that the experienced banker was sent on an indefinite ‘loan recovery suspension’ because of some bad loans she pushed through. But Heritage Bank, in a statement issued on Wednesday in Lagos and made available to Business Post, refuted the allegation, saying “Mrs Mary Akpobome remains a valued Executive Director of the Bank.” Heritage Bank was reacting to a story published on an online news platform, SaharaReporters, which

By Modupe Gbadeyanka The board of Access Bank Plc has announced the cancellation of the Extraordinary General Meeting (EGM) earlier planned for next month. The bank had fixed Friday, February 1, 2019 for shareholders of the company to meet to approve the proposed issuance of N75 billion rights issue. In a notice to the Nigerian Stock Exchange (NSE) on Monday, Access Bank said the meeting of shareholders will no longer hold as earlier scheduled. Access Bank neither gave any reason for the cancellation nor revealed when the meeting will hold in the future. However, the lender said, “We regret any

By Adedapo Adesanya The Naira depreciated by N1 against the American Dollar at the black market segment of the foreign exchange market on Friday, August 7 on the back of a sustained FX liquidity crisis. As a result of the pressure on the local currency, it closed at N475 to a single unit of the dollar yesterday compared with N474/$1 it traded on Thursday. At the same segment, the local currency fell by N5 against the Euro at N550/€1 versus 545/€1 it previously traded and closed flat against the Pound at N600/€1. At the Investors and Exporters (I&E) market, data

By Dipo Olowookere The stock market in Nigeria gained N80 billion on Friday on the back of the hot demand for banking stocks, which are now trading at higher value. The banking sector was the best performing yesterday, appreciating by 1.59 per cent, with industrial goods, consumer goods and energy sectors trailing with 0.45 per cent, 0.32 per cent and 0.15 per cent growths respectively. Only the insurance sector depreciated at the session and it dropped 1.70 per cent. Zenith Bank was the most attractive to investors on Friday, trading 132.3 million units valued at N2.4 billion, while Sterling Bank