NSE Delists Entire 23.2bn Diamond Bank Shares

By Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

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

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

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 Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to take charge of the collection of electricity bill payments in the country. This was made known in a circular signed by the apex bank’s Director of Banking Supervision, Mr Hassan Bello, noting that the change was being done to improve payment discipline in the Nigerian Electricity Supply Industry (NESI) in line with a directive of the Power Sector Coordination Working Group. According to the circular, banks providing guarantee to the Nigerian Bulk Electricity Trading (NBET) and the Transmission Company of Nigeria (TCN) on behalf

By Dipo Olowookere There seems to be a massive support for pay TV platform, Telecom Satellite TV (TSTV), which recently announced its launch into the Nigerian market. The company is presently trending on social media platforms in Nigeria, especially on Facebook, where users are calling for shares so as to spread the ‘good news’ of a far cheaper subscription fee compared with DStv. For many years, Nigerians have endured paying heavily to enjoy programmes on the DStv platform, especially lovers of the English Premier League (EPL). Some are made to pay over N14,000 monthly to ensure they watch live EPL,

By Dipo Olowookere The management of one of Heritage Bank Plc has expressed its commitment to give its customers and Nigerians cutting edge banking services through its transparent MasterCard. Head of Corporate Communications of the lender, Mr Fela Ibidapo, disclosed this in a statement over the weekend, remarking that; “that is the philosophy behind the bank’s e-payment offerings.” According to him, there is more to e-payment than Nigerian banking customers are currently enjoying, adding that the financial institution was determined to take Nigerians to new heights of e-payment services that deliver unparalleled convenience and security through the Heritage Bank Transparent

By Dipo Olowookere The treasury bills space in Nigeria on Wednesday traded flat with the average yields slightly appreciating by 0.09 percent. Business Post reports that the yields ended yesterday at 13.01 percent. Yesterday, the treasury bills market remained constrained by the tight liquidity conditions in Naira market. But the yields are expected to remain marginally down on Thursday as market players anticipate inflows from N183 billion OMO maturities. Meanwhile, the average money market rate stood at 50.46 percent at the close of trading session on Wednesday. The Open Buy Back (OBB) and the Overnight (OVN) rates appreciated broadly yesterday

By Dipo Olowookere It was another day in red for the Nigerian Stock Exchange (NSE) as selloffs in highly capitalized stocks like Dangote Cement and MTN Nigeria pushed the market downward further by 0.66 percent on Thursday. The announcement of a N1 per share interim dividend by Stanbic IBTC Holdings for the half year ended June 30, 2019 did nothing to push the market northwards and at the close of day, the All-Share Index (ASI) went down by 181.45 points to settle at 27,425.57 points, while the market capitalization decreased by N88.3 billion to close at N13.342 trillion. Dangote Cement

By Dipo Olowookere Fitch Ratings has upgraded United Bank for Africa Plc’s (UBA) Long-Term Issuer Default Rating (IDR) to ‘B+’ from ‘B’ with a stable outlook, a statement from the firm has said. It was stated that UBA’s Viability Rating (VR) has also been upgraded to ‘b+’ from ‘b’, reflecting an improvement in the bank’s performance metrics and funding and liquidity profile, which the rating agency considers to be sustainable. According to the statement, UBA’s strong capital ratios, increasingly diversified funding base and well managed liquidity mean that its risk profile is now more closely aligned with those of Zenith

By Adedapo Adesanya The NASD Over-the-Counter (OTC) shrank for the first time in 2022 after it recorded a 0.21 per cent depreciation on the back of bearish price movement from Nipco Plc on Thursday, January 6. NIPCO Plc closed the day as the single price mover with its value depreciating by N7 or 11.1 per cent to trade at N63.00 per share compared with the previous closing price of N70.00 per share. This loss inflicted by NIPCO weakened the total value of the unlisted securities market in Nigeria by N1.31 billion to wrap the session at N631.72 billion in contrast

By Modupe Gbadeyanka From Thursday, March 1, 2018, Lagos State government will no longer accept payment of taxes or any other bills’ payment through cash. According to Governor Akinwunmi Ambode, residents and taxpayers in the metropolis would now be able to pay all legitimate bills through all payment channels at their own time and convenience, using the mobile and online platforms. Mr Ambode made this known when he paid his land use charge at a branch of Guaranty Trust Bank (GTBank) in the state in the presence of the lender’s Group Managing Director, Mr Segun Agbaje. Speaking at the exercise,