Stakeholders Gear up for Wema Bank Hackaholics Digital Summit 2023

By Aduragbemi Omiyale The chief executive of a digital financial services provider, Moniepoint Incorporated, Mr Tosin Eniolorunda, has disclosed that the firm has put in place mechanisms to detect fraudulent transactions on its platform. Mr Eniolorunda made this disclosure when he paid a courtesy visit to the chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, at the bank’s headquarters in Lagos. The visit came after Fidelity Bank prevented the flow of transactions from Moniepoint over issues relating to the identity of the neo bank’s customers. Fidelity Bank later removed the restrictions, allowing customers of the two banks and digital

By Dipo Olowookere The managing director of Unity Bank Plc, Mrs Tomi Somefun, has promised customers of the financial institution innovative digital banking services. She made this pledge while reacting to the financial statements of the company for the period ended September 30, 2023, where the lender grew its customer deposits by about 5 per cent on a year-to-date basis to N344.4 billion from N327.4 billion in December 2022. Mrs Somefun attributed this to the competitive products Unity Bank offers customers, as the company drives initiatives to ramp up transactions as part of its strategy for the short and medium

By Modupe Gbadeyanka A total of N7 million has been won by 70 customers of Stanbic IBTC Bank Limited in season three of the lender’s Reward4Saving promo. The winners were given N100,000 each in the October draw held recently, with their corresponding cheques presented to them on Friday, November 10, 2023, at the headquarters of the company in Lagos. The third season of the promo started in September 2023 and 140 people have been rewarded so far with N100,000 each. There are 10 draws left until the end of season three and 700 new and existing customers from our seven

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 Modupe Gbadeyanka Last week trading session was interesting as a result of selloff witnessed in some fundamentally sound stocks for the queuing up for MTN Nigeria, which its holders are reluctant to release. This pushed the stock price higher by 21 percent after its eventual listing on Thursday and its commencement of its full trading the next day. The rush for the stock is expected to continue this week, but analysts have listed some good stocks investors can also consider buying. Below is weekly stock recommendation from Afrinvest Research

By Dipo Olowookere The first and second tranches of the bonds issued by Flour Mills of Nigeria Plc have been listed on the trading platform of the Nigerian Stock Exchange (NSE). The notes, worth N29.8 billion, were admitted to the exchange on Thursday and commemorated with a digital closing gong ceremony. The bonds were sold under the company’s N70 billion bond issuance programme. Speaking at the ceremony yesterday, the Group MD/Chief Executive Officer of Flour Mills, Mr Omoboyede Olusanya, expressed gratitude to the exchange for the event, noting that “we are excited about the role the exchange is playing in

By Dipo Olowookere The 2017 appropriation bill recently passed by the National Assembly has been handed over to the Acting President, Mr Yemi Osinbajo. This was confirmed on Friday by his spokesman, Mr Laolu Akande. With this development, the President will review the submitted 2017 budget and then sign it into law. Mr Akande posted on his Twitter account on Friday that the, “2017 Budget, Appropriations bill, now officially received in the Acting President’s office and undergoing very prompt and diligent consideration.” In the past few days, there had been debates on who will assent to the 2017 appropriation bill;

By Dipo Olowookere Chief Operating Officer of Rand Merchant Bank Nigeria (RMB), Mr Funso Odukoya, has dispelled insinuations that banks do not grant credit facilities to financial technology (fintech) companies because they are viewed as competitors to the banking sector. Speaking during a panel session at the 2018 Annual National Conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos, recently, Mr Odukoya said getting capital to run a fintech firm should not be a problem if such organisation has value. According to him, in most countries where fintechs had developed, “you will discover that they are not really

By Investors Hub Asian stocks ended broadly lower on Wednesday after U.S. government bond yields surged on expectations for further interest rate hikes from the Federal Reserve and North Korea suspended talks with South Korea scheduled for later in the day, citing joint South Korea-U.S. military exercises. Chinese stocks closed lower, with the benchmark Shanghai Composite Index sliding 22.41 points or 0.7 percent at 3,169.71. Hong Kong’s Hang Seng Index edged down 41.83 points or 0.1 percent to 31,110.20. Japanese shares fell amid renewed geopolitical uncertainty on the Korean Peninsula. Weak GDP data also weighed on markets. Data showed that

By Dipo Olowookere The foreign exchange crisis in Nigeria continued to sink deeper as the local currency further weakened against the Dollar at the parallel market on Monday. The Nigerian government is yet to come up with the right policy to give the Naira life again as different options seem to have failed to yield the much expected results. At the black market yesterday, the Naira was exchanged at N522 to the Dollar, a situation that is giving citizens and investors serious concerns. The Naira had closed on Friday at N516 per Dollar, but it crashed further by N6 at

By Adedapo Adesanya Cement Company of Northern Nigeria (CCNN) has released its half year report for the period ended June 30, 2019 and the analysis indicated that the company recorded a whopping N7.3 billion profit after tax. Business Post reports that this was higher than the N2.6 billion PAT recorded by the cement firm in the previous first half year, representing an improvement by 180.8 percent. In the same vein, the profit before tax announced by CCNN, one of the big market players in the nation’s cement sector, was N9.7 billion, nearly trippling the N3.7 billion PBT achieved in the

By Dipo Olowookere Lagos State House of Assembly has debunked the allegation that there is an overlap between Law Reform Commission (LRC) and the state assembly. Mrs Adefunmilayo Tejuoso representing Mushin Constituency I, who brought the matter to the floor of the House, stated that there have been rumours that the LRC is performing the Assembly’s duties. This insinuation emanated shortly after the presentation of the 2017 budget presentation. In her submission at the plenary, the lawmaker said that there was need to clarify the duties of the LRC, which does not include lawmaking. She further pointed out that there