N42bn Debt: Anxiety Over Planned Disruption of Banks’ USSD Codes

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Modupe Gbadeyanka A business grant of N10 million has been given to 30 members of the National Youth Service Corps (NYSC), who partook in the entrepreneurship development initiative of Unity Bank Plc known as the Corpreneurship Challenge. The young entrepreneurs received funding support for developing innovative solutions in several business value chains like honey production, rice, and snail farming, among others. The beneficiaries pitched their business ideas to judges selected for the competition across 10 state NYSC Orientation Camps; Katsina, Kano, Kwara, Imo, Rivers, Delta, Sokoto, Edo, Akwa-Ibom, and Osun States. At the NYSC Orientation camp at Ikot Itie

By Adedapo Adesanya Nigerian bank, Union Bank, alongside energy company, Riverside LNG of Nigeria, have signed different agreements that involve a $500 million renewable energy pact and gas export between Nigerian and German entities. Union Bank and DWS Group signed a pact on cooperation in renewable energy while Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership. President Bola Tinubu witnessed the signing of the two Memoranda of Understanding (MoU) in Berlin, Germany, at the 10th German-Nigerian Business Forum, according to Mr Ajuri Ngelale, the President’s Special Adviser on Media and Publicity.

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Modupe Gbadeyanka There are strong indications that air passengers will soon have to pay more to fly from one location to another if they intend to use airlines operating in Nigeria. This is because the Director-General of the Nigerian Civil Aviation Authority (NCAA), Mr Musa Nuhu, has hinted that the agency will soon review the fees paid by operators. Speaking during a stakeholders’ meeting in Abuja on Tuesday, he said the charges have remained the same since 2009 and would be reviewed very soon. Mr Nuhu was reacting to a letter written by the Airline Operators of Nigeria to

By Dipo Olowookere The stock market in Nigeria slipped back to the negative territory on Friday after staying in the green zone for two straight sessions. The market depreciated by 0.20 per cent on the last trading day of the week as a result of profit-taking in some value and penny stocks like MTN Nigeria, Stanbic IBTC, FTN Cocoa, Jaiz Bank, amongst others. At the close of business, the activities of profit-takers reduced the All-Share Index (ASI) by 76.94 points to 39,216.20 points from 39,293.14 points and sliced the market capitalisation by N40 billion to N20.518 trillion from N20.558 trillion.

By Modupe Gbadeyanka Not less than 33 social facilities in Lagos have been shut down by officials of the state government for failing to adhere strictly to directives of the government. Director-General of the Lagos State Safety Commission, Mr Lanre Mojola, stressed that erring or non-compliant facilities who contravene the established protocols of reopening of business during the ongoing COVID-19 period will face the full wrath of the Law. He said facilities sealed by officials of the agency included bars, lounges, restaurants, gyms and spas. He said they engaged in activities and operations contrary to the government’s COVID-19 reopening guidelines.

By Modupe Gbadeyanka Former Governor of Delta State and senatorial candidate of the All Progressives Congress (APC) in Delta South Senatorial District, Mr Emmanuel Uduaghan, has called on the Nigerian authorities to look for better ways to handle to issue of illegal refineries in the oil-rich Niger Delta region of the country. In a post via his verified Facebook page, the medical doctor turned politician argued that considering issuing an operating license to owners of these local refineries would boost the nation’s economy. “About 6,000 illegal refineries operational in the country, were reportedly destroyed by the Joint Military Task Force,

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) opened for the new week on Monday on a very bad note, closing with a 0.12 percent loss. The huge loss suffered by Nestle, as well as 29 other stocks, dragged the market to the red territory on a day the long-awaited 2017 budget was finally signed by the Acting President, Mr Yemi Osinbajo. Business Post correspondent reports that investors took advantage of the recent positive run of the market to embark on profit-hunting, leading to a N14 billion loss at the close of trading activities on the floor of the NSE

By Modupe Gbadeyanka The Edo State government has announced an upward review of the minimum wage in the state by 33.3 per cent to N40,000 from N30,000. In a statement personally signed by him on Tuesday, the Governor of Edo State, Mr Godwin Obaseki, also said his administration had slashed the work days to three from five till further notice. He explained that the pay rise and reduction in work days were made to cushion the effect of the fuel subsidy removal by the federal government. The action of the national government has resulted in a sharp hike in the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.27 per cent appreciation on the back of positive price movement from five admitted securities. The five companies which spurred the growth were Afriland Plc, FrieslandCampina WAMCO Nigeria Plc, Food Concepts Plc, Nigerian Exchange (NGX) Group and VFD Group Plc. VFD Group Plc was the day’s highest gainer as it appreciated by N8.50 or 2.4 per cent to sell at N361.82 per unit compared with the previous N353.31 per unit. On its part, Friesland gained 63 kobo or 0.5 per cent to trade at N120.63 per unit in contrast

By Modupe Gbadeyanka Last week, the Nigerian Stock Exchange (NSE), on the directive of the Security and Exchange Commission (SEC), placed an embargo on trading in the shares of Oando Plc. This was as a result of outcome of an investigation into the petitions filed against the energy firm by two shareholders. SEC had also said in a statement last week that it was conducting an independent forensic audit on the company to ascertain outcome of its probe into the allegations of gross financial misconduct against Oando. Last Friday, the NSE released a statement disclosing that the shares of Oando