Oduoza Bows Out In Style As UBA GMD

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

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 All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

By Adedapo Adesanya The Nigerian currency strengthened against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Friday. During the last trading session of the week, the Naira appreciated by N1.03 or 0.25 per cent against the greenback to settle at N410.80/$1 in contrast to the previous day’s N411.83/$1. The appreciation of the domestic currency came despite coming under a demand pressure, but the availability of FX to meet the quests of genuine customers. At the session, data sourced from the FMDQ Securities Exchange showed that the turnover increased by 3.2 per

By Modupe Gbadeyanka An Islamic media agency in Nigeria, Dpath To Jannah Media Hub, has fixed Sunday, March 11, 2023, for its sophomore media seminar in Osun State. A statement issued by the company disclosed that the second edition of the programme would take place at Ibikunle Lawal College, Parakin, Ile Ife, Osun State. It was stated that the theme for the event is Media and Muslims: Opportunities and Threats 2:0 and would involve the Director of Public Corporation Affairs at the Voice of Nigeria (VON), Ustadh AbdurRazaq Adegboyega AbdusSalam (Abu Umar Al-Faruq), who will speak on the topic Islam

By Modupe Gbadeyanka Data released on Thursday by the National Bureau of Statistics (NBS) has revealed that the Federation Account Allocation Committee (FAAC) disbursed the sum of N462.36 billion to the three tiers of government in June 2017 from the revenue generated in May 2017. The amount disbursed comprised of N317.56 billion from the Statutory Account; N64.81 billion from exchange gain; N79.99 billion from Valued Added Tax (VAT). No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account, the agency said.

By Adedapo Adesanya Delta State has said the development of a blue economy in Nigeria will attract huge investment to the state in the areas of seaports, tourism, rail and road development, airport, agriculture, oil and gas, housing, among others. This is ahead of the Nigeria Blue Economy Stakeholders Conference in Lagos between January 25 and 27, 2022. The event is organized by Alfe City Institution and will bring together the primary stakeholders of a prospective Nigerian Blue Economy, including the nine littoral states, the Ministries and agencies that would be involved in the management of the new sector. Confirming

By Adedapo Adesanya A leading credit rating agency, Fitch Ratings, has affirmed African Export-Import Bank’s (Afreximbank) Long-Term Issuer Default Rating (IDR) at ‘BBB-‘ with Stable Outlook. Fitch also affirmed the bank’s Short-Term Issuer Default Rating (IDR) at ‘F3’ and senior unsecured debt at ‘BBB-‘. In a report, the agency noted that the Afreximbank’s ‘BBB-‘ rating was driven by the bank’s intrinsic features, including solvency and liquidity, both assessed at ‘a-‘. Despite the pressure on asset quality resulting from the COVID-19 crisis, the ongoing and expected capital increases support the resilience of the bank’s solvency. Afreximbank’s solvency assessment of ‘a-‘ reflects

By Modupe Gbadeyanka Commissioner for Wealth Creation and Employment in Lagos State, Mr Babatunde Durosinmi-Etti, reacted to a media report attributing N25 billion Employment Trust Fund (ETF) programme to the Federal Government. Mr Durosinmi-Etti emphasised that the scheme does not have any affiliation with the Federal Government, maintaining that it remains an initiative of the Lagos State government. According to the Commissioner, the trust fund was initiated by the present administration of Mr Akinwunmi Ambode in fulfilment of his electioneering campaign to reduce the rate of unemployment and empower residents in the State. He further stated that the newspaper erroneously

By Hyther Nizam Inflation is on almost everyone’s mind right now. Around the globe, the supply chain issues caused by the COVID-19 pandemic have been compounded by the war in Ukraine and tight labour markets in some countries. Nigeria is no exception. In September, the country’s inflation rate hit a 17-year high, accelerating for the eighth straight month to 20.77% from 20.52% in the prior month. Both businesses and their customers are being adversely affected by this inflation. Businesses have been compelled to raise the price of products and services as operating expenses have increased. But they do so at

By Modupe Gbadeyanka Some babies born on Thursday, May 27, 2021, in Lagos and eight other states of the federation were given mattresses by Mouka, makers of quality foams and mattresses. The brand distributed to the beneficiaries was the Dreamtime mattress, which is specially made for children to keep them cool and comfortable through the night as the mattress is water-resistant but breathable. It was gathered that Mouka gave the items to babies in 14 hospitals in Lagos, Oyo, Osun, Edo, Rivers, Kano, Kaduna, Enugu, Plateau and Gombe States. The teams from the firm were at the Lagos Island Maternity