Sterling Bank Achieves 65% Rise in Profit, Pays 2 Kobo Dividend

By Dipo Olowookere Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds. The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive. In the disclosure sighted by this newspaper, the NIBSS specifically

By Modupe Gbadeyanka Access Bank Plc has expressed its determination to support initiatives that promote knowledge, integrity, and the enduring legacy of excellence in the legal profession. The chief executive of Access Holdings, the parent firm of the lender, Mr Herbert Wigwe, while speaking at the launch of a book to honour Justice Amina Adamu Augie on Tuesday, November 28, 2023, said the financial institution has a strong affinity for the preservation and advancement of country’s judicial heritage. “We are proud to support the launch of Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

By Aduragbemi Omiyale Deposit Money Banks (DMBs) have been directed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc to yank off all financial institutions not licenced to hold customers’ funds from their NIBSS Instant Payment (NIP) outwards platforms. In a circular dated December 5, 2023, the agency said allowing these firms, which obtained licenses to operate as Payment Solution Service Providers (PSSPs), Switching Companies, Super Agents and others from the Central Bank of Nigeria (CBN), to collect funds from customers was in contravention of the law. NIBSS said only commercial banks and others authorised by the central bank to receive

By Adedapo Adesanya The Group Managing Director/Chief Executive Officer (CEO) of Zenith Bank, Mr Ebenezer Onyeagwu, has purchased more stocks of the financial institution with the acquisition of one million units. The company disclosed this in a notice to the Nigerian Stock Exchange (NSE) on Thursday. The disclosure signed by the scribe, Mr Micheal Osilama Otu, stated that the Zenith Bank chief made the purchase in two tranches on Wednesday, September 16. The breakdown of the transaction showed that Mr Onyeagwu first purchased 500,000 units at N17.10 each and another 500,000 units at N17 each. Equally, an Executive Director of

By Dipo Olowookere A multi-year partnership deal has been signed between Western Union Company and Liverpool FC of England. The deal will see Western Union, a leader in global payment and money transfer services, become an official principal partner and the official money transfer partner of Liverpool FC. They will also become the club’s first-ever official shirt sleeve sponsor – with the Western Union logo appearing on LFC shirt sleeves. As the official Money Transfer Partner of Liverpool FC, Western Union will use its global cross-border digital transfer and payments platform to provide money transfer capabilities to the club. Western

By Adedapo Adesanya The federal government has said the present coronavirus pandemic was stifling the entertainment sector’s ability to contribute meaningfully to the nation’s Gross Domestic Product (GDP). The Minister of Information and Culture, Mr Lai Mohammed, on Thursday, raised this alarm when he gave an insight into the report recently submitted to the government by a Post-COVID-19 Initiative Committee on the Creative Industry led by ace comedian, Mr Atunyota ‘Ali Baba’ Akpobome. The Minister, appearing as a guest on a forum by the News Agency of Nigeria (NAN) in Abuja, said the recommendations by the committee set up to

By Adedapo Adesanya The United Nations Educational, Scientific and Cultural Organization (UNESCO)-partnered King Hamad Bin Isa Al-Khalifa Prize for the use of ICT in education has opened and is accepting applications. The theme of the 2020 edition is the use of Artificial Intelligence (AI) to enhance the continuity and quality of learning. The recent crisis in the education sector as a result of the COVID-19 pandemic has made the focus of this year’s event very important. Technology innovations fueled by AI have the potential to locate and reach excluded and marginalized groups and provide quality learning programmes for learners in

The Director of Information, State House, Mr Justin Onuorah Abuah, has been confirmed dead by the presidency. A statement issued on Monday by Special Adviser to the President, Femi Adesina, disclosed that Mr Abuah died after a brief illness. Mr Adesina revealed in the statement that Mr Abuah had a long and rich career at the Presidency, where he served seven past Nigerian leaders since 1986 when he joined the State House media office from the News Agency of Nigeria (NAN). He said President Muhammadu Buhari has sent a condolence message to the bereaved family and that burial arrangements will

By Dipo Olowookere The N10 billion series 1 bond issued to investors about four months ago by United Capital Plc under its N30 billion debt issuance programme has been listed on the Nigerian Stock Exchange (NSE). The notes were admitted to the trading platform of the local exchange on Tuesday, September 22, 2020. The United Capital’s N10 billion papers are with a 5-year maturity (due in 2025) at 12.5 per cent senior unsecured fixed rate. Business Post reports that on May 28, 2020, United Capital allotted a total of 10 million units of the series 1 bonds to investors at

By Ahmed Rahma In celebration of this year’s World Water Day observed on Monday, March 22, a leading financial institution, Heritage Bank, said it plans to assist a community in dire need of clean water with the installation of a borehole. To execute its plans, the bank has instituted a Corporate Social Responsibility’s (CSR) campaign project which, according to the lender, will be executed in two phases; the first involves nominations call for a community that is in dire need of water which will be put on its social platforms from March 22, 2021, till the next 30 days. The

By Adedapo Adesanya Crude oil prices were pointing down on Tuesday as concerns over mounting supply returned after leading producers delayed talks on 2021 output policy that could extend cuts amid weakened demand. This weakened the price of the Brent crude by 24 cents or 0.51 per cent to sell at $47.18 per barrel and battered the price of the West Texas Intermediate (WTI) by 26 cents or 0.58 per cent to $44.29 per barrel. After the Organisation of the Petroleum Exporting Countries (OPEC) ended its meeting on Monday without a resolution on its production plans for 2021, it delayed