Polaris Bank, Union Bank Restate Commitment to Environmental Sustainability

By Modupe Gbadeyanka Momentum is already gathering for the 2023 edition of Hackaholics Digital Summit organised by Wema Bank Plc, owners of the foremost digital lending firm, ALAT by Wema. The event is dubbed Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors & customers in the digital space. A statement from the bank disclosed that this year’s programme will take place in Lagos on Friday, October 6, with attendance by invitation only, though interested customers and technology enthusiasts can secure a spot by registering at https://hackaholics.wemabank.com/digital-summit. The theme, according to the organisers, is Re-Imagine: Disrupting the Ecosystem for Scale,

By Modupe Gbadeyanka Customers of Ecobank Nigeria have been urged to remain on the alert as some scammers are taking advantage of SIM swaps to dupe their unsuspecting victims. The financial institution issued this alert in an email message to customers, urging them not to lose guard. The bank said phone users, who attached their mobile numbers to their bank accounts, to take extra caution when swapping their SIM cards, so as not to be victims of fraudsters. The lender explained to customers that SIM swap fraud occurs when scammers use your phone number to access your accounts. “Scammers impersonate

By Dipo Olowookere The acquisition of the United Kingdom subsidiary of Union Bank of Nigeria Plc, Union Bank UK, by Fidelity Bank Plc, has been completed. Fidelity Bank is a tier-2 financial institution in Nigeria, intending to move to the tier-1 category. Over a year ago, the lender announced that it was planning to take total control of Union Bank UK as part of its growth strategy. The Central Bank of Nigeria (CBN), a body which regulates the country’s banking industry, authorised Fidelity Bank to go ahead with the deal. In a disclosure on Wednesday, the bank said it has

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange started the year 2022 on a positive foot with a 0.60 per cent growth on Tuesday, January 4, the first trading day of the year. This was driven by the gains posted by Central Security Clearing Systems (CSCS) Plc, which appreciated by 75 kobo or 3.9 per cent to close at N19.00 per unit compared with N18.25 per unit it closed at the previous session on the NASD exchange. As a result of this, the NASD unlisted security index (NSI) moved up by 4.43 points to 747.28 points from 742.85 points,

By Aduragbemi Omiyale The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has bemoaned the high level of unclaimed dividends in the capital market, enjoining investors to mandate their accounts for e-dividend in a bid to reduce the quantum. Speaking last Friday when the Vice-Chancellor of Ahmadu Bello University (ABU), Zaria, Prof Kabiru Bala led other top management of the school to the agency, the SEC DG said the major cause of this rising unclaimed dividends in the capital market was because many investors have abandoned their shares. He, however, said to address this issue, the commission

By Modupe Gbadeyanka In the 2018 financial year, Linkage Assurance Plc found itself in an unpleasant situation, recording a loss after tax of N290.1 million against a profit after tax of N2.9 billion declared in the 2017 business year. The insurance company, which released its financial statements for the year ended December 31, 2018 to the Nigerian Stock Exchange (NSE), said its profit before tax reduced significantly to N134.7 million from N3 billion in the same period of 2017, indicating a 96 percent decline. This was attributed to the increase in claims and underwriting expenses and a drop in investment

By Modupe Gbadeyanka Plans are being considered to come up with a system that will allow investors subscribe and make payment for initial public offerings (IPOs) and public offers online with such orders being matched and allotted electronically and directly to their accounts with the Central Securities and Clearing System (CSCS). The full automation of primary issuance will involve automation of the process, approval, documentation, subscription and allotment of all issues, especially IPOs and public offers. This is expected to enable primary market to operate within a designated transaction cycle, possibly within the T+3 four-day trading cycle being operated at

By Modupe Gbadeyanka Members of a Market Wide FinTech Committee headed by an Executive Director at Access Bank, Mr Ade Bajomo, have been asked to come up with a FinTech Roadmap for the Nigerian Capital Market. The committee was given this task during its inauguration by the Capital Market Committee (CMC) on Wednesday in Lagos. Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, expressed the need for the Nigerian capital market to transit towards a technology-driven one as is obtainable in other economies. Ms Uduk, who pointed out that the commission was interested in investments

By Dipo Olowookere The partnership between UK-based LOT.TO and Nigeria’s Western Lotto has been extended after a hugely successful debut launch that saw over 200,000 players sign up in the first four months alone. Western Lotto is Nigeria’s mobile-first lottery company, which operates on LOT.TO’s iLottery platform. The firm has grand ambitions to bring new lotto games to many African countries and has been buoyed by a more than stellar start to trading in Nigeria. “Lots of people say that Africa has potential, but the truth is, that Africa is here right now,” said Rob Lawson, head of customer success

By Adedapo Adesanya The Managing Director of Ecobank Nigeria Limited, Mr Patrick Akinwuntan, has challenged financial technology companies in the country to endeavour to create wealth for their customers. The banker, while at the Fintech in Nigeria: State of Play, pointed out that the fintech industry was currently more active in payments than in wealth creation, which he said is the ultimate goal for financial inclusion. He, therefore, called for greater collaboration among banks, telecommunication companies, fintech companies and respective regulators to stimulate the Nigerian economy and enhance savings and lending in the financial landscape. According to Mr Akinwuntan, these

By Dipo Olowookere A leading player in the fast-moving consumer goods (FMCG) sector in Nigeria, Rite Foods Limited, has expanded its footprint across Africa, with its products selling in other African countries. According to the Managing Director of the company, Mr Seleem Adegunwa, this development has necessitated a change in the organisation’s slogan from Proudly Nigerian to Proudly African. In a recent interview with a leading independent and international brand valuation consultancy publication, Mr Adegunwa explained that the decision to change its slogan was to reflect its current status, pointing out that the firm remains a world-class and global brand.