Sterling Bank Issues N35b Commercial Papers

By Aduragbemi Omiyale DataPro and Agusto & Co have upgraded the credit ratings of a Lagos-based development investment bank, DLM Capital Group, following an improvement in its credit risk and liquidity risk management. DLM Capital Group is a company with many subsidiaries, including DLM Advisory, DLM Asset Management, DLM Securities, CitiHomes Finance Company, DLM Nominees, DLM Trust Company, Sofri Bank (LINKS MFB), and DLM FX. The group provides innovative solutions to economic and social developmental challenges that impact the everyday lives of people. In its rating assessment, the pan African credit rating agency, Agusto, explained that it upgraded DLM Capital

By Bliss Okperan Users of neo banks like Opay, Carbon, Kuda, and PalmPay, among others, are worried over the new directive of the Central Bank of Nigeria (CBN), which intends to freeze bank accounts not linked to a Bank Verification Number (BVN) and a National Identity Number (NIN). Last week, the apex bank directed deposit money banks (DMBs) to place a “Post No Debit (PND)’ on any accounts with BVN and NIN from next year. For most neo banks, account numbers are opened with just users’ phone numbers without the BVN, unlike the traditional banks. However, they cannot make transactions

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

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 Lawmakers of the Lagos State House of Assembly have taken a big step to remove Governor Akinwunmi Ambode from office. The legislative arm of government in the state is accusing the head of the executive arm of gross misconduct. At the plenary today, the parliament claimed Mr Ambode has not been carrying out his duties as stipulated by the laws of the land. As a result, they are moving to impeach him from the exalted position. Mr Ambode incurred the wrath of his ruling All Progressives Congress (APC) when he initially resisted moves by his party to

By Dipo Olowookere Despite investors showing more interest in treasury bills at the first primary market auction (PMA) in 2021, the Central Bank of Nigeria (CBN) increased the stop rates of the debt instrument on Wednesday. Business Post reports that the T-bills rates started to decline a few years ago after the investors did not hide their huge appetite for the investment tool. About three to four years ago, treasury bills were sold at double-digit rates and this made many investors show interest in it, including banks and other institutional investors. In fact, some smart investors had to start approaching

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) has taken delivery of brand-new mass transit boats as part of efforts to check opportunities present in the blue economy. The Director-General of NIMASA, Mr Bashir Jamoh, in his official Twitter handle on Tuesday, said: “We are practising what we preach. Our deliberate policy of NIMASA staff commuting to work by water transport will soon be in effect.” “The agency’s presence and brand will become ever-dominant in our waters. “Players, operators and stakeholders will be able to engage with us more directly and with real-time experience and value. “Glad

By Dipo Olowookere The enumeration of lands and buildings by the Oyo State government is slated to commence from Monday, July 24, 2017. The exercise is to ensure an increase in socio-economic benefits for the people of the state. According to the Commissioner for Lands, Housing and Survey, Mr Ajiboye Omodewu, the exercise will be carried out by members of the Nigerian Institute of Estate Surveyors and Valuers, Oyo State Branch. He said the enumerators are expected to inspect and carry-out survey exercise of the owners/occupants of the properties without collecting money from any individual. “Oyo State government is embarking

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has already started this week on a bearish level, eroding the gains achieved last Friday, which investors had anticipated to extend to Monday’s trading session. The local bourse 0.31 percent lower as bears make a quick return to the market due to panic offloading of stocks by investors. However, analysts at Meristem Research are optimistic that the market will close positive this week as more release of earnings could trigger buying pressure. “We expect investors to take advantage of the corporate actions due, ahead of dividend payments,” they noted in their report.

It is no secret that a high-quality, classy leather jacket is one of the most crucial wardrobe staples for both men and women. And, this is the reason why buying a good leather jacket is considered to be a long-term investment. Besides this, a high-quality leather jacket is not only long-lasting but serves as the perfect clothing item for different types of events, may it be a professional meeting or a late-night party. However, with so many options available in the market, getting your hands on the perfect leather jacket can be a tricky feat, especially if you’re buying it

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange further closed unchanged on Thursday like the previous trading day as both the NASD Unlisted Security Index (NSI) and market capitalisation remained remaining at their previous levels. However, there were changes in the other market indicators yesterday. At the close of business on Thursday, the market capitalisation of the NASD Exchange closed at N502.64 billion, the same amount it recorded on Monday and Wednesday, while the NSI also stayed flat at the 699.63 points it recorded previously on Wednesday. However, the volume of trades which had been declining in the past

By Modupe Gbadeyanka In the 2016 financial year, the total revenue of FMDQ OTC Plc dropped to N2.04 billion from N2.07 billion recorded in 2015, Business Post reports. This represented 1.71 percent decrease in the gross earnings of the company in the period under review. This information was disclosed at the 5th Annual General Meeting (AGM) of the firm held at the Intercontinental Hotel, Lagos, on Friday, April 28, 2017. The decline, according to Managing Director/CEO of FMDQ OTC Securities Exchange, Mr Bola Onadele Koko, was as a result of the challenges in the Nigerian financial markets, particularly, the foreign