UBA Grows Profit by 1.3% to N78.6bn, to Pay 65 kobo Dividend

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 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 Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Aduragbemi Omiyale The Banker magazine, a publication of the Financial Times, has announced Stanbic IBTC Holdings Plc as the Bank of the Year in Nigeria. The Nigerian financial institution was honoured by the media platform as an awards cement held on Thursday, November 30, 2023, in London. The event, widely acknowledged as the Oscars of the Banking Industry, attracted several critical stakeholders in the global banking sector. It was explained that Stanbic IBTC Holdings was picked for the recognition because of its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services

An online initiative known as Colours of Africa has been launched by Design Indaba in partnership with Google Arts & Culture. The project brings online and showcases 60 specially-curated artworks produced by over 60 unique African creatives chosen by Design Indaba – each invited to contribute a work that captures the ‘colour’ and character of their home country. Selected by Design Indaba’s founder Ravi Naidoo, the creatives will showcase the best of African craft, product, industrial design, fashion, film, animation, graphic, food, music, jewellery and architecture. “Africa is known for its bold, unapologetic use of colour. Each country, city and

By Dipo Olowookere Trading activities at the National Association of Securities Dealers (NASD) OTC Market ended the week in red. Business Post gathered that the NASD USI decreased by 0.29 percent, closing at 661.30 points against 663.22 points it achieved in the previous Friday. Also, the total market capitalisation shed 0.29 percent during the week, closing lower at N447.52 billion compared with N448.82 billion the previous week. The top gainer for the week was FrieslandCampina WAMCO Nigeria Plc, which closed at N157 per share against N153 per share it traded in the last session. In addition, Niger Delta Exploration &

By Dipo Olowookere Barely one month to the implementation of the capital budget for 2016, several Ministries Departments and Agencies (MDAs) are yet to come to terms with the current economic recession by not implementing the capital budget to the letter and spirit of the 2016 Appropriation Act as passed by the National Assembly, Economic Confidential can report authoritatively. Foremost among the Ministries is the Ministry of Budget and National Planning with the highest allocation of N1.14 trillion, having a capital vote of N404.86 billion and a recurrent expenditure of N142.40bn but nothing to show at the time of writing

By Dipo Olowookere Last week, a total turnover of 1.340 billion shares worth N8.903 billion in 15,733 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.117 billion shares valued at N9.041 billion that exchanged hands the previous week in 16,482 deals. The Financial Services Industry, measured by volume, led the activity chart with 1.107 billion shares valued at N3.918 billion traded in 9,429 deals; thus contributing 82.56 percent and 44.01 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 74.790 million shares

By Modupe Gbadeyanka The immediate past Minister of Aviation, Mr Hadi Sirika, has accused the Chairman of the House Committee on Aviation, Mr Nnolim Nnaji, of demanding a 5 per cent stake in controversial Nigeria Air. Mr Sirika made this allegation while appearing on Arise TV’s ThisDay Live on Sunday evening, monitored by Business Post. About a day to the end of the tenure of the immediate past President, Mr Muhammadu Buhari, the former Minister launched the national carrier in Abuja. This raised dust in the media, compelling the House of Representatives to conduct a hearing, where the acting Managing

By Modupe Gbadeyanka Efforts are being made to pass recently nationalised bank, Polaris Bank, over to new investors, who will run the company. Last year, the Central Bank of Nigeria (CBN) revoked the operating licence of Skye Bank due to liquidity issues and established Polaris Bank as a bridge bank. The Assets Management Corporation of Nigeria (AMCON), which controls distressed companies in the country, is now planning to sell the financial institution to new buyers. This is expected to be done after the 2019 general elections, spokesman of AMCON, Mr Jude Nwauzor, said in a statement on Tuesday. “The election

‘Money’s too tight to mention’ for Nigerian shoppers who are highly price conscious and are taking several measures to mitigate rising food prices including cutting down on luxury items and buying in bulk to benefit from lower prices. These are just some of the findings from Nielsen’s latest 2019 Nigeria Shopper Trends Report. Nielsen Consumer Insights Lead for West Africa Abiodun Olawale-Cole says; “Nigerian shoppers have become more cautious with their spend, they are pre-planning their category choices prior to shopping visits and once in store; mostly buying essentials and switching to cheaper brands. “Factors impacting these choices include the

By Dipo Olowookere After a long pitch process involving three prominent media buying agencies in Nigeria, All Seasons Zenith, a member of the Insight Redefini Group, has emerged the preferred company to handle the Nestlé Nigeria account. Nestlé Nigeria Plc is one of the largest food and beverage companies in Africa and for over 57 years, the company has been delighting consumers in Nigeria with high quality nutritious food products. The notable company boasts of several iconic brands like Maggi, Milo, Golden Morn, Nescafé and Nestlé Pure Life. Announcing the addition of Nestlé Nigeria to its portfolio, the Chief Operating