Union Bank Launches Zero-Charge Account for SMEs

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 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 Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

By Dipo Olowookere A meeting of the board of directors of United Bank for Africa (UBA) Plc has been scheduled for two weeks’ time. During the meeting, which precisely holds on Monday, January 29, 2018 in Lagos, the board will propose a final dividend to be paid to shareholders of the lender. UBA is one of the top five banks operating in Nigeria and its performances lately have proven to shareholders that they will always get good returns for their investments. A statement issued by the firm disclosed that at the board meeting for the end of this month, the

By Adedapo Adesanya The International Energy Agency (IEA) has said demand growth for oil next year will be slower than previously forecast. The Paris-based agency said this would be caused by lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and increased adoption of electric vehicles. Its August 2023 monthly report on Friday said the growth is forecast to slow to 1 million barrels per day in 2024, down by 150,000 barrels per day from its previous forecast. “The global economic outlook remains challenging in the face of soaring interest rates and tighter bank credit, squeezing businesses that are

By Modupe Gbadeyanka Some important personalities in Nigeria will be honoured at the 2018 Lagos Global Achievers Awards, the organisers have said. The event is being put together by organised by renowned Lagos-based journal, TheLagosTimes and will take place in the first week of December this year. It is expected that this year’s edition will not only deservedly recognize the meritorious but also serve as a source of encouragement for those in positions of influence, privilege and responsibilities to re-double their efforts towards taking our beloved state to the next level. The Lagos Global Achievers Awards, according to a statement,

By Dipo Olowookere On Wednesday, January 11, 2017, the Redeemed Christian Church of God (RCCG) commenced its annual New Year fast for the year 2017. This is expected to hold for 40 days and elapse on Sunday, February 19, 2017. As it is with the annual ritual, members are enjoined to pray with some prayer points released by the church’s General Overseer, Pastor Enoch Adejare Adeboye. The fast will start daily from 12 midnight to terminate at 6pm, while prayers would be held two times at morning devotion and 5pm at the churches. However, for those who want to observe

By Investors Hub Major US index futures are pointing to a lower opening on Thursday following the upward trend seen over the past several sessions. Profit taking may contribute to early weakness on Wall Street after the major averages once again climbed to new record closing highs in the previous session. A negative reaction to the latest batch of earnings news may inspire traders to cash in on the recent strength in the markets. While a jump by shares of IBM (IBM) contributed to a notable advance by the Dow, the broader Nasdaq and S&P 500 spent much of the

By Dipo Olowookere The rates of treasury bills crashed on Wednesday as the Central Bank of Nigeria (CBN) carried out its first auction in 2018 at the primary market. This was mainly due to the fact that the exercise recorded oversubscriptions across all tenors on offer by the apex bank. Business Post gathered that the CBN had offered N161.6 billion worth of treasury bills to traders, but eventually received subscriptions worth N388.5 billion from investors. Much of the subscription was witnessed on the 364-day instrument, receiving a total of N319.19 billion from traders after the apex bank had offered to

By Dipo Olowookere Confidence is gradually returning to the Nigerian stock market after an initial scare caused by the global pandemic, the coronavirus disease also called COVID-19. The mood at the market was positive on Wednesday as brokers and investors have fully adjusted to the remote trading system adopted by the management of the Nigerian Stock Exchange (NSE) during this period of lockdown in Lagos, where the market is situated. At yesterday’s session, traders were happy to increase their portfolio as they quickly take position in some fundamentally sound stocks currently selling at very cheap prices, especially in the banking

By Dipo Olowookere The African Union Mission in Somalia (AMISOM)’s Burundi contingent has embarked on an operation code named ‘Antelope’ to open up key supply routes in the HirShabelle State. The objective of the operation is to open the roads to facilitate humanitarian access, support the local population to move their crops from farms to markets and assist the military to get access to Forward Operating Bases (FOB) in the sector. The Sector 5 Commander, Brigadier-General Venuste Nduwayo, said the operation which is already underway will see more than 150 kilometres of roads rehabilitated in the agricultural rich HirShabelle region.