Union Bank Partners TEDxLagos

By Adedapo Adesanya Yellow Card has joined forces with MoonPay, a global leader in the cryptocurrency ecosystem, towards expanding cryptocurrency accessibility in Nigeria by leveraging local bank transfers. Despite a ban on trading via official channels, Nigeria has emerged as a powerhouse in the African cryptocurrency landscape, with increasing numbers of individuals turning to digital assets to hedge against inflation and economic uncertainty. The volatility in the local crypto market, marked by the recent challenges faced by various crypto companies in Nigeria, has underscored the critical need for a stable and reliable means of accessing cryptocurrencies. This partnership between both

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

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 Nigerian music star, Simi, has expressed her desire for up-and-coming female artists to gain fame without going through many hurdles. The singer said this while reacting to her selection as the Spotify EQUAL Africa music programme ambassador for July, joining the likes of Tiwa Savage, Ayra Starr, Asa, and FAVE. The mother of one stated that she has managed to stay on top of her game due to the hard work she has put into her music career but wants things to be easier for those coming after her. “Striving and thriving as a woman in a

By Vetiva Research High interest rate environment lifts top line despite flat loan growth Elevated OPEX and Interest cost persist Provision in Power and Telecom assets pressure asset quality Marked deviations from estimates as earnings beat Zenith Bank released its audited H1’17 result posting marked deviations from our expectations across most line items. Notably, following a 58% q/q rise in Gross Earnings in Q2’17 standalone, the top line rose 77% y/y to ₦380 billion for the H1’17 period – beating our ₦282 billion estimate. Particularly, despite a 3% decline in loans and advances, Interest Income rose 45% y/y to ₦262

The acquisition of a majority stake in a global leader in Environmental, Social and Governance (ESG) research, data and assessments firm known as Vigeo Eiris has been announced by Moody’s Corporation. This furthers strengthens Moody’s objective of promoting global standards for ESG for use by market participants. With products and capabilities based on ESG assessments and an extensive ESG database, Vigeo Eiris offers specialized research and decision-making tools for sustainable and ethical investments. Vigeo Eiris will continue to be headquartered in Paris, operating under its existing brand, and it will be an affiliate of Moody’s Investors Service. The acquisition recognizes

By Adedapo Adesanya President Muhammadu Buhari has said the African Continental Free Trade Area (AfCFTA) would succeed if African governments demonstrate a higher level of commitment to tackling the slow pace of physical integration, political cooperation, and tariff barriers that inhibit business integration. He made this disclosure while addressing the second African Sub-Sovereign Governments Network (AFSNET) Conference on Friday in Abuja, organised by the Afreximbank in collaboration with the secretariat of AfCFTA and the Nigeria Governors’ Forum, the President decried the low-level trade among African countries. He said, “As leaders, we must all be concerned that we are not trading

By Adedapo Adesanya The sum of N157.35 billion has been paid to states by federal government as Pay-As-You-Earn (PAYE) tax liabilities owed by federal ministries, departments and agencies from 2002 to 2016. This was disclosed by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, at the flag-off of the New National Taxpayer Identification Number (TIN) Registration System at the South-East Geopolitical Zone in Awka, Anambra State on Thursday. According to Mr Fowler, the money represents the outstanding liabilities of PAYE by the federal MDAs to state governments for 14 years till 2016. He disclosed further

By Dipo Olowookere The positive momentum on the floor of the Nigerian Stock Exchange (NSE) continued on Thursday with the market appreciating further by 2.93 percent. It was observed that as foreign investors take positions in consumer goods stocks, local pension funds garnered equities after being lured by the 2017 gains recorded by the stock market, converting their investments in the bond market into the equity market as a result of Federal Government’s decision to lower its local borrowing costs. Business Post reports that Thursday’s bullish close was buoyed by sustained positive sentiments in the market as well as gains

By Modupe Gbadeyanka Heritage Bank has announced the adoption of a systemic business continuity management strategy to offer more seamless services that is usable and accessible without interruption. This scheme, according to the Managing Director of Heritage Bank, Mr Ifie Sekibo, was put in place to minimise and manage the risk arising from the coronavirus disease and ensure that the payment infrastructure and logistics to maintain seamless operations are readily available. Mr Sekibo, in a message, noted that the safety and wellbeing of customers and employees are amongst the most pressing business needs, as the world grapple with the impact

By Dipo Olowookere The Nigerian Stock Exchange (NSE) remained bearish on Tuesday after going down by 0.46 percent to stretch the year-to-date loss to 11.49 percent. This was caused by the huge losses posted by equities in the consumer goods sector as well as those in the banking industry. The poor performance of these stocks consequently dragged the All-Share Index (ASI) lower by 129.79 points to 27,820.57 points and the market capitalisation by N64 billion to N13.558 trillion. Business Post reports that Nestle Nigeria dominated the losers’ chart at the market yesterday after losing N10.50k to finish at N1299.50k per