Stanbic IBTC Opens New Branch in Lekki Free Trade Zone

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 Adedapo Adesanya President Bola Tinubu has thrown his full weight behind the plan by the Central Bank of Nigeria (CBN) to increase the capital base of banks in the country. The President expressed his views on this move, which last occurred in 2005, through his Special Adviser on Information and Strategy, Mr Bayo Onanuga, in his message at the 40th anniversary of The Guardian Newspapers in Lagos on Tuesday. He said bank recapitalisation was crucial to Nigeria achieving a $1 trillion economy. “Amidst the general lull in a global economy, our ambition to attain a $1 trillion economy appears

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 Head of Partnerships at Stanbic IBTC Bank Limited, Ms Omolara Osunsoko, has posited that any economy that intends to flourish must do everything possible to support business owners, especially those in the Small and Medium Enterprises (SMEs) sector. The banker said this at a webinar organised to inform participants of a seamless payment experience for business owners through the enhanced Enterprise Online (EOL) payment platform. At the event themed Simplifying Payments for Businesses, the company unveiled EOL 2.0, an upgraded solution created to facilitate a smooth payment experience and improve human resources (HR) services for business

By Ayomide Oriade “Every health professional in Nigeria is concerned about the second wave and the rate at which the virus is spreading in the country. It showed that people didn’t keep to required protocols despite the warnings. Our health system can’t handle an exponential increase, and the majority of Nigerians can’t afford the cost of private treatment. So, the sensible thing to do is wear your mask at all times. Wash and sanitize your hands. Avoid crowded places. The peculiarity of the virus is such that your own hygiene is not enough. You have to make sure your family

By Modupe Gbadeyanka Stock market in Nigeria closed positive on Thursday to reverse the market’s three-day losing streaks, boosting investors’ confidence again. Since the beginning of this week, the market has lost N132 billion in total. Profit taking by investors had made the stock market finished in the red territory during those sessions. But fortune smiled on investors, who recorded a profit of N11.3 billion at the close of trading activities today. The all-share index, the major indicator of the market, grew by 32.69 points or 0.13 percent to close at 25,936.24 points, while the market capitalisation ended at N8.94

By Virusha Subban, Itumeleng Mukhovha The operational phase of the African Continental Free Trade Area agreement (AfCFTA) was officially launched at the African Union (AU) summit in Niger in early July. At the Summit, Nigeria and Benin became signatories to the agreement, bringing the number of signatories to 54 out of 55, with only Eritrea still to join. AfCFTA is a treaty between consenting countries whereby a free trade area is constituted which allows member countries to conduct trade with each other without tariffs or other hindrances. It makes up a market of more than 1.2 billion people, with a

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has stated that it would embark on a nationwide Value Added Tax (VAT) and withholding tax compliance exercise from July 2022. This is according to the Special Assistant to the Executive Chairman, FIRS (Media & Communication), Mr Johannes Oluwatobi Wojuola. The information was contained in a public notice announcing the compliance monitoring exercise, and signed by the FIRS Executive Chairman, Mr Muhammad Nami. The exercise is coming on the heels of an earlier notice by the agency to commence the enforcement and recovery of unremitted tax deductions owed the federation by

By Dipo Olowookere Foremost industrialist, Mr AbdulSamad Rabiu, is building a multi-million Dollar sugar refinery and plantation in Lafiagi, Edu local government area of Kwara State. The project, according to Mr Rabiu, is expected to be completed in 2020 and should generate not less than 10,000 jobs and produce about 14,000 tonnes of canes per day. Speaking during the tour of the project site on Monday, the businessman said the sugar plantation in Lafiagi and the refinery is one of the most advanced anywhere in the world. “When completed, it will generate over 10,000 direct employments and produce over 200,000

Foremost Nigerian lender, Guaranty Trust Bank (GTBank) Plc, has been ranked Africa’s Most Admired Finance Brand. The financial institution got this recognition in the 10th anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The rankings were announced in a novel global virtual event and will be published in the June issue of the African Business magazine. In a special report examining the results of the 2020 survey, the founder of Brand Africa, Thebe Ikalafeng, said GTBank’s “clever marketing, global presence and some of its flagship food

By Modupe Gbadeyanka The United Nations (UN) has launched a major support plan to promote sustainable peace and inclusive growth as well as empower women and youth in Africa’s vast Sahel region. The launch was held on the margins of the 31st Summit of the African Union, in Nouakchott, the capital of Mauritania and was chaired by Ismail Ould Cheikh Ahmed, the Minister of Foreign Affairs of Mauritania. The UN support plan, entitled ‘Sahel, Land of Opportunities,’ targets 10 countries, namely Mauritania, Mali, Niger, Chad, Senegal, the Gambia, Guinea, Burkina Faso, Nigeria and Cameroon, with efforts to accelerate prosperity. The

By Dipo Olowookere For the second time, the Lagos State government has reviewed the hours of movement restriction in the state for its residents. On Tuesday, October 20, 2020, Governor Babajide Sanwo-Olu announced a 24-hour curfew in the state after some hoodlums were using the opportunity of the #EndSARS protest to attack Lagosians and some of the demonstrators. Thereafter, he made the curfew 72-hour before announcing on Friday evening that it would be relaxed from Saturday, October 24, 2020, to 4pm – 8am. On Sunday night, the Commissioner for Information and Strategy, Mr Gbenga Omotoso, announced in a statement that