TAJBank Opens New Branch in Sokoto

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

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 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 Aduragbemi Omiyale The Long-Term Issuer Default Rating (IDR) of Coronation Merchant Bank (CMB) has been downgraded by Fitch Ratings to ‘CC’ from ‘B-‘, with its Viability Rating (VR) also lowered to ‘cc’ from ‘b-‘. In a note released on Monday, the rating agency said it also demoted the bank’s National Long-Term Rating to ‘B+(nga)’ from ‘BBB-(nga)’, raising some red flags that prompted its latest decision. According to Fitch, CMB was moved down in the pecking order due to a “significantly weakened capital position”, which if not quickly addressed, “could lead to a material capital shortfall.” Already, the financial institution

By Investors Hub European stocks have edged lower in cautious trading on Thursday after China reported unexpectedly weak data, with both industrial output and retail sales growth coming in below estimates. Weak data from Japan and Australia also added to signs of weak overall economic growth. Closer to home, Germany’s economy expanded modestly in the third quarter, supported by consumption, and thus avoided entering a widely expected technical recession. German gross domestic product grew a seasonally and calendar adjusted 0.1 percent from the previous three months, provisional data from the statistical office Destatis showed, defying economists’ expectations for a 0.1

By Modupe Gbadeyanka The chief executive of Stanbic IBTC Insurance Brokers Limited, Mr Anselem Igbo, has revealed what can be done to make the insurance sector more attractive in Nigeria. Mr Igbo, speaking in a recent interview, admitted that the insurance landscape in the country has tremendously evolved and this growth can be attributed to certain policies introduced to the industry. According to him, contributions from the government and governing bodies, which were positively welcomed by the masses, have turned out to be impressive over the years. He noted that commendably, the rising rate of response of Nigerians to insurance

By Modupe Gbadeyanka The bearish performance on the floor of the Nigerian Stock Exchange (NSE) was extended on Friday by the major market indices, Business Post reports. Just like yesterday, 7up again topped the losers’ chart dominated by 17 other stocks, leaving the market breadth to close negative with only 14 appreciating stocks. The All-Share Index fell by 93.38 points or 0.37 percent to finish the day at 25,189.37 points, while the market capitalisation depreciated by N32.3 billion to end at N8.716 trillion and the year-to-date return at -6.27 percent. At the close of trading on the NSE on Friday,

By Dipo Olowookere Leading Pan-African Investment Banking Group, United Capital Plc, on Wednesday, April 18, 2018, released its unaudited financial results for the first quarter of 2018. In the financial documents, the firm recorded a 4 percent growth in its gross earnings for the period under review. United Capital said it generated Gross Earnings of N2.2 billion during the period from N2.1 billion in the corresponding period of last year. This was despite the uncertain macroeconomic environment and lower interest rates on treasury assets. Also, the profit before tax appreciated by 7 percent from N1.39 billion in Q1 2017 to

By Ahmed Rahma, Adedapo Adesanya The monetary authorities in Nigeria will likely be scratching their heads at the moment as the newly introduced foreign exchange (FX) policy seems to be putting much pressure on the Naira instead of the other way round. Over the weekend, the Central Bank of Nigeria (CBN) started a promo that gives an extra N5 for every single Dollar received via diaspora remittances. Some analysts have commented on this scheme tagged CBN Naira 4 Dollar, warning that it might not really achieve its intended goals. On Tuesday, the local currency further suffered losses at two of

By Ashemiriogwa Emmanuel A former leader of the women’s wing of the Nigerian National Association of the Deaf (NNAD), Mrs Monsurat Abdulwasiu, has raised the issue of exclusion of hearing-impaired individuals, especially in major TV broadcasts. The counsellor made the complaint to the Minister of Information and Culture, Mr Lai Mohammed, on Thursday during the 2021 annual lecture organized by the Federal Radio Corporation of Nigeria (FRCN) in partnership with the Albino Foundation and the European Union (EU). Speaking through an interpreter on behalf of the disadvantaged, Mrs Abdulwasiu said that because many TV stations across the country do not

By Dipo Olowookere Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed positive this week with the major market indices pointing north. The NSE All-Share Index (ASI) and Market Capitalization appreciated by 7.46 percent to close the week at 28,192.46 and N9.746 trillion respectively. Similarly, all other Indices finished higher during the week with the exception the NSE ASeM Index that closed flat. Furthermore, the market breadth closed positive during the week with 57 equities appreciating in price, higher than 43 equities of the previous week, while 13 equities depreciated in price, lower than 16 equities of

By Modupe Gbadeyanka An agreement has been signed between Magodo Resident Association and Ikeja Electric (IE) for investment in electricity infrastructure in the estate aimed at improving power supply to occupants of the area. The deal between both parties is in line with the federal government’s “willing seller, willing buyer” policy aimed to make residents enjoy better energy supply. A statement from the electricity distribution company explained further that the contract was signed in line with its Premium Power Purchase, allowing the firm provide Magodo residents with electricity supply beyond the existing standards with guaranteed performance levels. Apart from that,