Omolokun Advocates Fintech Roadmap for Nigeria

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 digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

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 The Nigerian Stock Exchange (NSE) for the third consecutive trading day closed positive following gains recorded by blue-chip stocks in the Oil & Gas and Consumer Goods sectors, which were enough to offset the losses posted by equities in the banking sector on Tuesday. The local bourse was heading for the red zone until the late hours of the trading day, when the bulls started to take control of the market. At the close of trading activities today, the Nigerian market settled in the green territory, appreciating by 0.22 percent to push the Year-to-Date (YtD) gain to

By Dipo Olowookere Wema Bank Plc has announced holding an Extra-Ordinary General Meeting (EGM), seeking the consent of its shareholders in a comprehensive Scheme of Capital Reduction pursuant to the procedures set out in Sections 105, 106, 107, 108, 109, 110, 111 and 120 of CAMA and Rules 4(d), 4(g) and 5(4) of the Company Proceedings Rules 1992. In a notice issued on Friday, September 29, 2017, the lender explained that it was pursuing this holistic approach to enable it position its balance sheet for better efficiency. Having been transformed to one of the leading banks within the Retail Banking

By Omoshola Deji After about thirty years of stern military rule, Nigeria re-embraced democracy in 1999 and five elections have produced Presidents Olusegun Obasanjo (two terms), Umaru Yar’Adua, Goodluck Jonathan and the incumbent Muhammadu Buhari. The year 2019 ushers in an opportunity for Nigerians to elect another president or return Buhari. Buhari has promised a free and fair election, but the opposition parties and some observers cast doubts on his commitment to ensuring transparency in an election he is contesting. This piece examines the allegations and influence of nepotism on the credibility of the electoral process, as well as the

By Dipo Olowookere Kaspersky Lab continued to deliver stable growth in 2018 and increased its global unaudited IFRS revenue to a total of $726 million, representing a 4 percent year-on-year revenue increase. During a year of evolving market conditions and continuous geopolitical pressure, the company achieved success as a result of the trust customers and partners place in the company and its leading cybersecurity solutions and services. Among the strategic business areas that drove Kaspersky Lab’s growth in 2018 were Digital and Enterprise. The company saw an increase in digital sales (+4 percent) and strong growth of 16 percent in

By Modupe Gbadeyanka The Nigerian stock market recorded its third consecutive decline at the end of trading activities on Wednesday with the all-share index falling by 122.76 points or 0.46 percent to end at 26,418.11 points, while the market capitalisation dropped by N42.2 billion to close at N9.089 trillion. Business Post correspondent reports that 16 equities depreciated in price today, same as the number of stocks that remained unchanged, while 20 equities appreciated in value at the market. Also today, a total of 421 million shares were transacted on the floor of the Nigerian Stock Exchange (NSE) in 3,937 deals

By Adedapo Adesanya The Naira lost 37 kobo or 0.10 per cent at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, November 3 as the domestic currency ended the day at N386/$1 in contrast to N385.63/$1 it was sold previously. At the previous session, the local currency had gained the same value but it gave it up yesterday following the pressure on the Nigerian currency caused by the rise in the demand for forex at the market segment. According to data from the FMDQ Securities Exchange, transactions valued at $231.35 million were carried out at

By Aduragbemi Omiyale The Lagos State government has promised to support the entrepreneurship scheme to be established by the Institute of Chartered Accountants of Nigeria (ICAN) for young professionals. The Governor of Lagos State, Mr Babajide Sanwo-Olu, while receiving the delegation of the institute on Monday, said he was impressed with the programmes of the organisation. He described the accounting profession as noble and of high integrity, stressing that every organisation, both public and private, need trust, accountability and transparency for sustainable social and economic development in the country. “For us in Lagos State Government and in the public service