MSECB Issues Access Bank Certification for Anti-Bribery Management System

By Dipo Olowookere Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds. The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive. In the disclosure sighted by this newspaper, the NIBSS specifically

By Modupe Gbadeyanka Some displaced Renaissance homeowners in Rivers State are seeking about N4 billion as compensation from the management of First Trust Mortgage Bank over their eviction from the properties they acquired from the lender. They accused the bank, formerly known as FBN Mortgage Bank, of not carrying due diligence before selling some portions of land to them in 2010, about seven years after a Supreme Court judgement held that the land belonged to the favour of the Nigerian Air Force (NAF). The solicitors to property owners of Renaissance Homes Housing Scheme, Adeniji Kazeem & Co, in a letter

By Aduragbemi Omiyale The Banker magazine, a publication of the Financial Times, has announced Stanbic IBTC Holdings Plc as the Bank of the Year in Nigeria. The Nigerian financial institution was honoured by the media platform as an awards cement held on Thursday, November 30, 2023, in London. The event, widely acknowledged as the Oscars of the Banking Industry, attracted several critical stakeholders in the global banking sector. It was explained that Stanbic IBTC Holdings was picked for the recognition because of its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services

By Adedapo Adesanya Crude oil prices came under pressure on Tuesday as the lockdown in China continues to weigh on the market despite the latest signal that the European Union (EU) is preparing to impose an embargo on Russian oil imports. China’s stringent measures to curb COVID-19 threatened a further hit to economic activity and fuel demand, causing the Brent crude to drop 1.6 per cent or $1.72 to sell at $105.90 per barrel just as West Texas Intermediate (WTI) crude declined by a 1.71 per cent or $1.80 to $103.40 a barrel. The country’s growth concerns are a key

By Modupe Gbadeyanka Federal Government has stressed that Nigerians have not become poorer under the present administration of President Muhammadu Buhari as claimed by a recent report. Few days ago, the World Data Lab in Vienna, Austria released a report titled World Poverty Clock, indicating that Nigeria has taken over India as the capital of poverty in the world with over 80 million Nigerians living in poverty. The federal government, through the Ministry of Budget and National Planning, which is headed by Mr Udoma Udo Udoma, faulted the World Data Lab report. In a statement released yesterday, the ministry said

By Modupe Gbadeyanka The desire of EHA Clinics to expand its services and offer affordable healthcare packages to people at all levels of the economy is coming to fruition as it has secured a loan from Stanbic IBTC. The credit facility was obtained by eha Impact Ventures, the majority shareholder of EHA Clinics, by providing Letters of Credit to the lender to de-risk a $300,000 loan. The healthcare provider aims to establish two new locations: Lekki, Lagos, and Lugbe, Abuja. The funds from the bank would be used to equip the clinics with high-quality medical items. The new facilities in

By Adedapo Adesanya The Zamfara Area Office of the Kaduna Electricity Distribution Company has said that it recorded a shortfall of close to N300 million from electricity payment made into its coffers for the month of June from consumers in the state. Making this announcement was the Area Manager, Mr Sabo Abdul, during a dialogue between the distribution company and stakeholders in Kaura Namoda local government in Zamfara State. Mr Abdul revealed that the total power supplied to the state in the month of June amounted to N400 million, but renumeration recorded from the electricity consumers was a meagre N120

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed commercial banks to provide Key Fact Statement (KFS), giving a summary of key information on loans to consumers in order to protect potential borrowers and consumers against the provision of inadequate, misleading or failure to disclose information and guard against lack of transparency by financial institutions in their dealings. The new directive which is contained in CBN’s new Consumer Protection Guidelines on Disclosure and Transparency to protect bank customers’ interest states that banks are to allow consumers a minimum of two working days to review draft contract documents before

By Dipo Olowookere The first movie review platform in Africa with focus on all African movies, Afri Reviews, has called for collaboration. Co-Founder of the platform, Anita Abada, made this call on Monday afternoon in Lagos when she explained what the platform was about. According to her, Afri Reviews was borne out of the desire to create a platform where movies made on the continent and its actors can be celebrated and evaluated. “The West have Rotten Tomatoes, Imdb, Variety, Metacritic and a host of other review platforms that showcase the best and worst of Hollywood. Africa has none of

By Modupe Gbadeyanka Last week, the free-fall in the Nigerian external reserves continued, depreciating by $216.2 million to close at $45.88 billion as at Thursday, August 30, 2018. According to data obtained by Business Post from the Central Bank of Nigeria (CBN), as at Friday, August 24, 2018, the reserves stood at $46.091 billion, but declined to $45.875 billion as at Thursday, August 30, 2018. Meanwhile, during trading last week, the Nigerian Naira lost week-on-week (w-o-w) against the US Dollar at the Investors & Exporters Forex Window (I&E FXW) by 0.08 percent to close at N362.64. Also, Naira depreciated against

By Modupe Gbadeyanka NASD OTC Exchange, on Monday, March 20, 2017, opened its Right Issue, hoping to raise about N165.5 million from the exercise, which closes on Friday, April 28, 2017. NASD says proceeds from the exercise would be added to its capital base to meet up with the minimum capital of N500 million stipulated by the Securities and Exchange Commission (SEC), the market regulator. Business Post reports that Capital Bancorp Plc is the lead issuing house to the NASD Plc Rights Issue, while Capital Assets Limited is the Joint Issuing House to the Rights. Furthermore, United Securities limited is