Men Now Signatories to Stanbic IBTC Bank Woman-Owned Business Account

By Aduragbemi Omiyale The board of United Bank for Africa (UBA) Plc has raised the bar in the interim dividend payout for the first half of 2023, increasing it to 50 Kobo from 20 Kobo in the same period of 2023. This was after the bank recorded triple-digit growth in the bottom line, as the profit before tax (PBT) jumped by 371 per cent to N404 billion from the N85.75 billion recorded in the first half of 2022, translating to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier, as the

By Aduragbemi Omiyale Despite the challenging operating environment characterised by the Naira redesign policy and the foreign exchange (FX) unification policy of the Central Bank of Nigeria (CBN), Zenith Bank Plc showed why it is one of the strongest lenders in the country. Analysis of its financial statements for the first six months of 2023 showed that its gross earnings surged by 139 per cent to N967.3 billion from the N404.8 billion achieved in the same period of last year. It was observed from the results filed to the Nigerian Exchange (NGX) Limited on Monday that this triple-digit growth in

By Modupe Gbadeyanka A partnership will enable customers to receive remittances from anywhere in the world, directly into their Smartcash Payment Service Bank (PSB) has been entered into with Simba Pay Limited, a subsidiary of MFS Africa. A statement from the firm explained that Smartcash customers can instantly receive international funds directly into the account by simply sharing their phone numbers, which also serve as their account numbers. Smartcash PSB, a subsidiary of Airtel Networks Nigeria, was launched in 2022, after obtaining an operating licence by the Central Bank of Nigeria (CBN) to provide financial services to unbanked persons in

By Aduragbemi Omiyale The chief executive of CardinalStone Finance, formerly CSAdvance, Mr Ayoola Adeola, said the company would deliver enhanced financial solutions and empower its customers with financial flexibility. Mr Adeola said this while commenting on the recent change of name of the organisation, done because it intends to offer a comprehensive range of financing solutions to a diversified clientele, including SME businesses and high-net-worth individuals. CardinalStone Finance is the subsidiary of CardinalStone Partners Limited. The firm said the transition marks a pivotal moment in the group’s pursuit of becoming a world-class financial services firm, catering to the evolving needs

By Ahmed Rahma A Nigerian human rights activist, brand influencer and media strategist, Ms Bolatito Rinu Oduala, has hinted her intention to file a suit against the Central Bank of Nigeria (CBN). Ms Oduola, who is a member of the Lagos State Judicial Panel set up to look into cases of human rights abuses by security officials in the state, said she will sue the apex bank for denying her access to her bank accounts. The CBN had in November 2020 frozen the bank accounts of some prominent promoters of the #EndSARS campaign in the country. But on Wednesday, a

The Ministry of Water Resources has disclosed its readiness to develop and implement a National Irrigation Programme to boost food production, food security and create jobs in the country. This is aimed at repositioning the water sector; with the objective of enabling it perform effectively in line with the yearning and aspiration of Nigerians. The Minister of Water Resources in Nigeria, Mr Suleiman Adamu stated this during the public presentation of the Water Resources Sector Road-Map tilted “Immediate and Long Term Strategies for Water Sector (2016-2030)” in Abuja, Nigeria’s capital. Mr Adamu explained that the road map is composed of

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday following the mixed performance seen in the previous session. Another positive reaction to the latest batch of earnings news may contribute to early buying interest on Wall Street. After failing to sustain an early upward move stocks turned mixed over the course of the trading session on Wednesday. While the Nasdaq and the S&P 500 pulled back into negative territory, the Dow reached a new record closing high. The major averages ended the day on opposite sides of the unchanged line. The Dow rose

By Adedapo Adesanya The National Assembly is determined to pass the 2022 budget before the year runs out, says the Deputy President of the Senate, Mr Ovie Omo-Agege. The lawmaker said this when he hosted his former classmates from the Nigerian Law School, Class of ’86 (The Centennial Class) in Abuja. According to a statement signed by his Special Adviser on Media and Publicity, Mr Yomi Odunuga, on Thursday, the Deputy Senate President said this will be carried out on or before December 16, which coincides with the final session before the legislative Christmas break. Last Thursday, President Muhammadu Buhari

By Dipo Olowookere Some 600 million children – or 1 in 4 children worldwide – will be living in areas with extremely limited water resources by 2040, a report by the UNICEF on World Water Day has revealed. The report, Thirsting for a Future: Water and children in a changing climate, looks at the  threats to children’s lives and wellbeing caused by depleted sources of safe water and the ways climate change will intensify these risks in coming years. “Water is elemental; without it, nothing can grow. But around the world, millions of children lack access to safe water —

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited and the NGX Regulation (RegCo) have been given kudos for fostering sustainability and investor resilience in the capital market. This commendation came from the Securities and Exchange Commission (SEC) on Monday at the closing gong ceremony held in commemoration of the International Organisation of Securities Commissions’ (IOSCO) World Investor Week. The apex regulatory agency in the nation’s capital market said it was impressed with the two organisations, noting that the World Investor Week was a crucial part of its 10-year Capital Market Masterplan. “Financial literacy and investor protection are central to the

By Adedapo Adesanya  For the second time this week, the NASD Over-the-Counter (OTC) Securities Exchange closed flat on Thursday, November 7, 2019 as key market parameters remained unchanged. Business Post reports that at the close of transactions on Thursday, the NASD Unlisted Securities Index (NSI) stood static at 703.11 points, the same level it was the previous day, while the market capitalization further remained unchanged at N505.14 billion. At Wednesday’s session, the volume of trades posted by investors declined to 68,430 but this increased on Thursday by 16.6 percent or 11,379 units to 79,809 units. Also, the value of transactions

By Aduragbemi Omiyale **Want Strategies to Tackle Trust Deficit The Federal Inland Revenue Service (FIRS) and other tax authorities in Nigeria have been advised to come up with strategies that will address the trust deficit among taxpayers in the country, which they argued is responsible for the low tax compliance. They submitted that an effective tax communication system and good use of taxes by the governments at various levels would encourage the citizens to pay their taxes without being forced to do so. At the second annual national tax dialogue themed Tax Harmonisation for Enhanced Revenue Generation, which took place