NDIC Begins Payment of N16.18bn to Depositors of 20 Failed Banks

By Aduragbemi Omiyale The banking subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Bank Plc, has been re-registered with the Corporate Affairs Commission (CAC) as a private firm. A statement from the parent organisation disclosed that the conversion was done as a result of brand confusion among investors and members of the public. It was stated that some investors confuse the parent company with the banking business and to clear the confusion, the banking arm of the firm has been changed to a private limited liability company from a public liability entity. Stanbic IBTC said it has obtained regulatory approvals

Agriculture is not just an industry; it’s the lifeblood of nations. It fuels economies, nourishes communities and sustains livelihoods. Access Bank, a leading financial institution in Africa, understands the vital role agriculture plays in the nation’s prosperity. In a bold move that underscores its unwavering commitment to fostering agricultural growth and ensuring food security in Nigeria, Access Bank is proud to announce the grand relaunch of its Agriculture Desk. The enhanced desk is aimed at empowering farmers, agribusinesses and the agriculture sector as a whole. For years, Access Bank has been at the forefront of supporting agriculture and agribusiness in

By Adedapo Adesanya Klasha, a leading global cross-border payments company, has been granted a Money Services Business (MSB) license by the Financial Crimes Enforcement Network (FinCEN) to operate in the world’s largest economy, the United States. This license authorizes Klasha to operate as a currency exchange and money transmitter in the US. With this MSB license, Klasha can now offer its innovative cross-border payment solutions and financial services to businesses in the United States that want to send and accept cross-border payments from Africa and carry out foreign exchange services and international money transfers with ease and security. “We are

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 Bliss Okperan A former bank managing director, Mr Chika Mbonu, has advised the federal government to consider raising import duty on the 43 items the Central Bank of Nigeria (CBN) allowed to access foreign exchange (FX) in the official window for importation last week. In 2015, the apex bank under Mr Godwin Emefiele, placed a forex embargo on 41 items and added two items to the list a few years ago. Though importers of the products, including rice, cement, sugar and others were not prohibited from bringing them into the country, they were not allowed to get FX for

By Dipo Olowookere The lives of six lucky Nigerians and an Arabian turned around for good recently at the Mega Games Promo organised by a technology company, Technotrend Platform Nigeria Limited, under the platform of Airtel Nigeria Network. During a presentation ceremony held at the Lagos Resource Center in Victoria Island, Lagos, the seven lucky persons became N1 million richer. They were Rosemark, Mike Chikodo Okoro, Emmanuel Egbo, Ikade Michael Dan, Okoli Stella Yemisi, Adebayo Oyeyipo and the Arabian named Rafaqat Ali. One of the beneficiaries of the N1 million cash, Rosemark, a hairdresser, said she was surprised and initially

By Ashemiriogwa Emmanuel Provider of borderless payments for commerce in Africa, Klasha, has secured a sum of $2.4 million in a seed funding round to help retailers such as ASOS, Zara, and H&M receive payments from African consumers. Led by an American venture capital firm, Greycroft, the round saw the participation of investors such as Seedcamp, Practical VC, Plug and Play, First Round VC, 2.12 Angels, MiLA Capital, Berrywood Capital, AVG Basecamp Fund, and Expert Dojo. Investors Joe Cross of Wise and Michael Pennington of Gumtree also participated in the round as angel investors. With the fresh funding, Klasha also

By Adedapo Adesanya Traders of unlisted stocks in Nigeria gained about N12.34 billion on the floor of the NASD Over-the-Counter (OTC) Securities Exchange last week, the 25th trading week of 2023. This was because the alternative bourse appreciated by 1.36 per cent on a week-on-week basis as the demand for stocks on the platform increased, according to data gathered by Business Post. Consequently, the market capitalisation of the trading platform increased to N1.038 trillion from the N1.026 trillion it closed in the preceding week, as the NASD Unlisted Securities Index (NSI) went up by 10.08 points to wrap the week

By Dipo Olowookere Agreements have been signed by Siemens with Uganda and Sudan at the World Economic Forum 2017 in the South African city of Durban. The Memoranda of Understanding were sealed to cooperate in the areas of power supply, industry, transportation and healthcare as well focus on infrastructure investments and partnerships between public and private sectors. Siemens will work more closely with the African countries Uganda and Sudan in the areas of power supply, industry, transportation and healthcare. The documents were signed in the presence of Brigitte Zypries, German Federal Minister for Economics and Energy, Joe Kaeser, President and

By Modupe Gbadeyanka As part of its commitment to promoting sports in Nigeria, Heritage Bank recently supported the 3rd edition of the annual Lagos Value Jet Para Table Tennis championship. At the event held in the Molade Okoya-Thomas Hall of Teslim Balogun Stadium, Surulere, Lagos, a total of 45 table tennis games were played for three days, with the participation of several players. The MD/CEO of Heritage Bank, Mr Ifie Sekibo, while speaking to the media during the games, explained that the lender backed the programme because of its passion for sports, especially for the physically challenged that would help

By Adedapo Adesanya The recent spate of tension across states in the country has mostly kept investors away from the foreign exchange market as the demand for the US Dollar dropped on Wednesday, October 21 at the Investors and Exporters (I&E) segment. During the session, the value of transactions recorded at the market, which specially caters for exporters and investors, reduced significantly by 81.5 per cent or $26.62 million to $6.05 million from $32.67 million recorded previously, according to data sourced from the FMDQ Securities Exchange. Despite the huge decline in the daily turnover, the value of the local currency

By Adedapo Adesanya Minister of Communications and Digital Economy, Mr Isa Pantami, has called on the Nigerian Communications Commission (NCC) to ensure Subscriber Identification Number (SIM) cards registration is linked with the National Identification Card (ID Card) and Bank Verification Number (BVN). According to the Minister, who made the call while inaugurating the Governing Board Chairman of the NCC, Mr Adeolu Akande, and a Non-Executive Commissioner, Mr Uche Onwude, in Abuja, doing this will help to curb criminal activities in Nigeria and ensure protection in the country. ”Try to see how our SIM card registration will be linked up to