Tinubu Nominates Yemi Cardoso as New CBN Governor

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) recorded a 107.1 per cent growth in total interest income to $1.1 billion for the half-year of 2023 versus $540.8 million in the same period of 2022. This was contained in the consolidated financial statements of the bank and its subsidiaries for the half year ended 30 June 2023, which demonstrates a strong and resilient performance, which was ahead of expectations due to global headwinds. The growth in its total interest income came as a result of increased volume of interest-earning assets, particularly loans and advances and higher interest rates. Afreximbank Group’s

By Aduragbemi Omiyale The chief executive of CardinalStone Finance, formerly CSAdvance, Mr Ayoola Adeola, said the company would deliver enhanced financial solutions and empower its customers with financial flexibility. Mr Adeola said this while commenting on the recent change of name of the organisation, done because it intends to offer a comprehensive range of financing solutions to a diversified clientele, including SME businesses and high-net-worth individuals. CardinalStone Finance is the subsidiary of CardinalStone Partners Limited. The firm said the transition marks a pivotal moment in the group’s pursuit of becoming a world-class financial services firm, catering to the evolving needs

By Dipo Olowookere The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Mrs Aishah Ahmad, has been apprehended by the Department of State Services (DSS). The central banker was arrested by the country’s secret police to harvest vital information from her over the sale of a first-generation bank, Union Bank of Nigeria Plc, to a relatively new lender, Titan Trust Bank Limited. The acquisition of the more than 100-year-old financial institution by the less than 5-year-old bank raised eyebrows because the buyer coughed out $300 million to complete the transaction. Titan Trust Bank

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Modupe Gbadeyanka Subscribers of Airtel TV will have the opportunity to watch the FIFA World Cup 2022 matches starting later this month in Qatar, Airtel Africa Plc has disclosed. This would be made possible through the partnership between the telco and New World TV, an official broadcast partner for the FIFA World Cup 2022. However, this is only for customers of the GSM network provider in the Democratic Republic of Congo (DRC), Congo Brazzaville, Gabon, Chad, Niger, Madagascar and Seychelles. In addition, under the terms of the agreement, Airtel TV subscribers in these markets will be able to watch

By Adedapo Adesanya Nigeria saw its crude oil production falter in a tough year marred by theft as September production averaged 937,766 barrels per day. This is a 3.6 per cent drop compared to 972,394 barrels per day for the month of August, which was below Angola’s average daily output of 1.17 million barrels. This was disclosed in the September Crude Oil production report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The agency said Nigeria’s monthly average was 937,766 barrels per day compared to 972,394 barrels per day in August and 1,03,899 barrels per day in July. The Nigerian

By Dipo Olowookere The Central Bank of Nigeria (CBN) will on Wednesday offer treasury bills worth N259.976 billion to investors at the primary market. According to the Nigerian treasury bills issue programme for first quarter of 2018 released by the apex bank, N7.892 billion worth of the 91-day bill would be auctioned to traders tomorrow. In addition, N30 billion of the 182-day instrument would be offered for sale, while N222.084 billion worth of the 364-day bill would be sold on Wednesday. Like in the past primary market auctions in the past this year, Business Post expects the rates to further

By Gbolahan Oluyemi In the past years, there has been a sharp rise in diagnosis for major diseases. The development led to an increase in the need for organ transplants by patients suffering from these diseases. The dwindling medical equipment in public health institutions, systematic migration of health professionals and incessant strike action by public health care workers also worsened the situation. Other than the institutional problems, most patients usually experience three common challenges when diagnosed with major diseases. First is the availability of funds to cover the cost of medical treatment. Second is the availability of organs in cases

By Dipo Olowookere The Economic Commission for Africa, through the African Trade Policy Centre (ATPC) is holding a meeting in collaboration with the Walvis Bay Corridor Group and other Corridor management Institutions (CMIs) to establish the African Corridor Management Alliance. The Alliance is expected to coordinate the sharing of best practices and other strategies in support of the development and management of economic corridors on the Continent. Held against the backdrop of promoting corridors as vehicles for economic transformation and boosting intra-African trade, the inaugural meeting in Walvis Bay, Namibia will also map out a strategy for the new organization.

By Dipo Olowookere As part of its mission to spread its tentacles to the commercial hubs in the eastern part of Nigeria, Wema Bank, the pioneer of Nigeria’s first fully digital bank ALAT, has opened a new branch in Aba, Abia State. The new branch is located at 103 Azikiwe Road, Aba, Abia State and is now open to customers for banking services. Recall that in 2015, the apex regulatory agency in the banking sector in the country, Central Bank of Nigeria (CBN), granted a national licence to Wema Bank Plc. Since then, the lender has worked tirelessly to strategically

By Adedapo Adesanya Stanbic IBTC’s Purchasing Managers’ Index (PMI) hit a five-month high of 53.7 points in September, up from 52.3 in August and signalling a solid strengthening in the health of the private sector at the end of the third quarter. According to the index, the end of the third quarter of 2022 saw growth gather momentum in the Nigerian private sector. This was corroborated by sharper rises in output, and new orders, while there were emerging signs of capacity pressures. Cost inflation largely remained elevated due to currency weakness while business confidence waned. The headline PMI rose by

The African Union Commission in partnership with the International Committee of the All Africa Music Awards (AFRIMA), will on Monday, August 15, 2016, at Protea Hotel, GRA, Ikeja, Lagos announce the city to emerge official host of the 2016 edition of AFRIMA that is scheduled to hold in November 2016. In January 2016, the African Union identified and nominated four cities in the host country, Nigeria that include Cross Rivers, Akwa-Ibom, Rivers and Lagos to present itself for the hosting of continental music awards, which is having its third edition in Nigeria. The AU’s interest in these four cities emanated