Q3’21: Ecobank Impresses Shareholders With Triple-Digit Growth in PAT

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 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 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 Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has increased the amount of foreign exchange sold to Bureaux de Change (BDC) operators to $10,000 per week. The apex bank made this known on Thursday via a statement posted on its website. It explained that the bidding would be done two times per week at $5,000 each. This, it further said, was in continuation of its determination to sustain liquidity in the foreign exchange market. However, this latest development will take effect from Monday, April 3, 2017, when it said it would announce a new rate. The bank urged licensed

By Adedapo Adesanya A global consumer electronics company, Infinix, has partnered with Microsoft and Intel to launch its first flagship laptop series, INBook X1, for top-notch performance. Speaking at the unveiling of the new INBook X1, Managing Director of Infinix Mobility, Mr Benjamin Jiang, reiterated the company’s commitment to satisfying customers’ diverse digital needs. “Leveraging our deep understanding of consumers in the smartphone space, we are thrilled to enter a new era with Intel and Microsoft by launching our first laptop series. This not only marks a significant milestone for the brand but also signifies our commitment to our global

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By Adedapo Adesanya The Benin Electricity Distribution Company (BEDC) has so far met over 25 per cent of its 90,870 metres target under the first phase of the National Mass Metering Programme (NMMP), which is to be concluded in the next three months. This was disclosed by BEDC corporate affairs manager, Mr Tayo Adekunle, at the end of a town hall meeting on Facilitating Metering and Combating Electricity Theft in BEDC States organised by Stakeholders Democracy Network (SDN) in Benin City, Edo State. At the event, Mr Adekunle said the firm was implementing NNMP in its four franchise states –

By Dipo Olowookere Fitch Ratings says Nigerian banks will continue to face challenges this year, following an extremely difficult 2016. Banks faced multiple threats from the operating environment in 2016, including Nigeria sliding into recession, the economy continuing to suffer from low oil prices and severe shortages of foreign currency (FC). Consequently banks struggled with declining operating profitability (excluding translation gains), sluggish credit growth, fast asset quality deterioration, tight FC liquidity and weakening capitalisation, putting increasing pressure on their credit profiles. Fitch, in its latest report, stated that outlook for the rest of 2017 is not much brighter, stressing that

By Dipo Olowookere The Lagos State government has promised to launch the Lagos Digital Library, an online repository of education content, in February 2017. This announcement was made in a statement issued by the Special Adviser to Governor Akinwunmi Ambode on Education, Mr Obafela Bank-Olemoh. Also, he said the government has completed the renovation and upgrade of public libraries in 18 secondary schools across the state with top class facilities. Mr Bank-Olemoh revealed that the upgrade of the public libraries in schools across the six education districts in the state was in line with the commitment of the present administration

By Modupe Gbadeyanka Wednesday, September 27, 2017 has been fixed for the hosting of the first AMEC Measurement Month in Nigeria. The event is facilitated by P+ Measurement Services, the first independent PR Measurement Agency in Nigeria and also the only indigenous member of the International Association for the Measurement & Evaluation of Communication (AMEC) in Nigeria. AMEC’s Measurement Month is a global programme of activities to spotlight attention on the importance of PR measurement. It’s a simple idea which benefits members, clients and the industry by putting measurement on a world stage. And any AMEC member, irrespective of size,

By Dipo Olowookere Nigeria’s Sovereign Wealth Fund (SWF) has been rated by the International Monetary Fund (IMF) as the second worst in the world. According to the global money lender, Nigeria is only second to Qatar in the world in the use of sovereign wealth funds. In its Fiscal Monitor report released on Wednesday, the IMF urged governments to use the funds to increase investment in infrastructure or education to support the economy in the near term, and foster inclusive growth over the next few decades. “It is critical to develop a strong institutional framework to manage these resources, including