Unity Bank MD Seeks More Investment in Girl-Child Education

By Dipo Olowookere The acquisition of the United Kingdom subsidiary of Union Bank of Nigeria Plc, Union Bank UK, by Fidelity Bank Plc, has been completed. Fidelity Bank is a tier-2 financial institution in Nigeria, intending to move to the tier-1 category. Over a year ago, the lender announced that it was planning to take total control of Union Bank UK as part of its growth strategy. The Central Bank of Nigeria (CBN), a body which regulates the country’s banking industry, authorised Fidelity Bank to go ahead with the deal. In a disclosure on Wednesday, the bank said it has

By Adedapo Adesanya Neo-bank, PayDay, may get a new owner as its founders, which include Mr Favour Ori, are considering a sale in the coming months, per sources who spoke exclusively with TechCabal. According to the report, the company is in the process of being sold, with some developments that followed the exit of its co-founder and Chief Operating Officer (COO), Mrs Yvonne Ogechi Obike. In March, the company raised $3 million to expand its footprint into the United Kingdom and Canada. This round was led by Moniepoint Inc. and saw contributions from HoaQ, DFS Lab’s Stellar Africa Fund, and

By Modupe Gbadeyanka Last week, the United States Mission in Nigeria organised the annual US College and Career Fairs at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos. The US Consul General, Mr Will Stevens, while speaking at the event, said that America remains a leading destination for international students, noting the United States offers students an unrivalled educational experience, flexibility, and diversity. “We are happy to provide Nigerian students who wish to study in the United States a unique opportunity to learn about the diversity of the programs offered at various U.S. educational institutions,” Mr Stevens said.

By Modupe Gbadeyanka Africa’s leading payment cards and digital tokens brand, Verve, has joined forces with a fast-rising digital bank, Moniepoint Microfinance Bank, to provide customers with cutting-edge financial solutions. Recall that recently, Moniepoint announced its foray into the retail banking segment, issuing debt cards to its customers. The financial technology (fintech) firm boasts over 1.5 million businesses using its terminals across Nigeria to serve 30 million banked Nigerians. To pave the way for enhanced access to financial services for Nigerians and bridge the gap between traditional banking and modern fintech innovations, both parties are collaborating. The partnership will give

By Modupe Gbadeyanka **Warns Against Panic Withdrawal Nigerians having their hard-earned money in the custody of banks licensed by the Central Bank of Nigeria (CBN) have been asked not to fear. The Nigeria Deposit Insurance Corporation (NDIC), which gave this assurance, warned against panic withdrawal as a result of the lock down announced in some parts of the country due to the coronavirus pandemic, which has wrecked global economy. In a statement issued on Friday, the agency said depositors should not be confused or live in fear about what to do with their money, saying, “The best place to keep

By Dipo Olowookere Federal Government has congratulated the gallant troops of the Nigerian military for finally seizing the Sambisa Forest from the Boko Haram terrorists and securing the North-east, paving the way for Sunday’s re-opening of two strategic roads in Borno State. In a statement issued in Lagos on Monday, Minister of Information and Culture, Mr Lai Mohammed, appealed to Nigerians to continue to support the troops as they clear the remnants of the terrorists who are now on the run. He also called for increased vigilance among Nigerians, as Boko Haram escapees seek to integrate themselves into communities far

By Adeniyi Ogunfowoke There is no bank that doesn’t provide bank alert services to their customers. It is one of the ways they have devised to make money. While some customers have activated the alert, others haven’t perhaps because they don’t see the need for it. Even those who have activated a bank alert don’t see the value. All they see are greedy banks deducting a certain amount from their accounts at the end of the month for the service. But this is not the case at all. There are lots of benefits to receiving mobile bank alerts. Jumia Travel,

By Dipo Olowookere The Central Bank of Nigeria (CBN) is expected to auction some treasury bills of government at the primary market today, Wednesday, April 15, 2020. The T-bills worth N58.5 billion would be offered for sale across three maturities at N5.85 billion worth of 91-day bills, N3.50 billion worth of 182-day bills and N49.1 billion worth of 364-day bills. Commenting ahead of the exercise, which is open to local investors, analysts are of the opinion that stop rates of the bills would be further reduced by the CBN today. “In the new week, T-bills worth N253.44 billion will mature

By Dipo Olowookere Members of the public can now become a part-owner of the Nigerian Stock Exchange (NSE) following the approval given to the exchange to list its shares by introduction. The authorisation was given on Wednesday during the 59th Annual General Meeting (AGM) of the local bourse held in Lagos. At the gathering, which is expected to be its last as a mutual entity, members of the NSE voted overwhelmingly to support the listing of the Nigerian Exchange Group Plc (NGXG) on the Nigerian Exchange Limited (NGX) once the demutualization of the NSE is completed. NGX is the new

By Lere Ojedokun The outbreak of novel Coronavirus (COVID-19) and national response to it clearly exposed our ill preparedness for its possible spread to Nigeria. Response and management of the crisis also showed our poor strategy to emergency handling as a nation. Several months after the outbreak of the virus in faraway China’s town of Wuhan was reported, and its fast spread to other towns and cities across the Asian country and countries in other continents, it is obvious that Nigeria waited too long to initiate strategy and action plans to prevent and mitigate the pandemic. Perhaps, until the World

Ahead of the festive season, Stanbic IBTC Pension Managers, Nigeria’s largest Pension Fund Administrator (PFA), has unveiled the Stanbic IBTC Pension Managers Loyalty Program tagged Umatter. It is a reward scheme targeted at the customers of the PFA, to reward them for their loyalty and patronage through exclusive discounts as they shop with their e-loyalty card. The loyalty program is available at the PFA’s partner merchants’ locations and stores across the nation. It is aimed at providing Stanbic IBTC Pension Managers’ customers with exciting shopping discounts to help them spend less and save more when they shop. Some of the

By Adedapo Adesanya Nigeria’s Securities and Exchange Commission has banned the operations of the world’s largest crypto exchange, Binance, in the country, declaring it an illegal entity. In a statement signed on June 9, the commission said its attention had been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms. “Binance Nigeria Limited is neither registered nor regulated by the commission, and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own