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Unity Bank Receives N79.7m Fine

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By Dipo Olowookere

Unity Bank Plc has been asked by the Nigerian Stock Exchange (NSE) to pay the sum of N79.7 million as fine.

This followed its failure to file its financial statements as required by the extant laws.

Last week, the stock market regulator suspended the lender from trading its shares, which forced the firm to release the accounts for 2017 financial year, first quarter of 2018, half year and third quarter of this year.

In a document released by the NSE and obtained by Business Post, Unity Bank, which is almost sealing a deal with new investors, was asked to pay the fine for violating the rules.

For its failure to release its 2017 full year results, the financial institution was asked to pay N40.7 million.

For the late filing of Q1 2018 accounts, the bank was sanctioned N29 million, N9.8 million for the late release of the HY 2018 earnings and N200,000 for late submission of the Q3 2018 financial statements.

Business Post reports that this is not the first time Unity Bank is sanctioned by the NSE for failing to release its financial scorecard on time. The bank was asked to pay N500.000 fine for the late submission of its 2016 financial results.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Banking

CBN to Unveil FX Code January 28 to Boost Market Integrity

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street FX traders

By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) will on Tuesday, January 28, 2025, launch a foreign exchange (FX) code designed to boost the integrity of the market.

A statement from the banking sector regulator on Wednesday said the FX code would be unveiled at its headquarters in Abuja next week.

It explained the forex code will serve as a guideline for the ethical conduct of FX dealers in the Nigerian forex landscape.

“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of Authorised Dealers in the Nigerian Foreign Exchange Market.

“The bank will formally launch the code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the statement read.

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Banking

Stanbic IBTC Sells N148.7bn Rights Issue on NGX Invest

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NGX Invest

By Aduragbemi Omiyale

One of the leading financial services companies in Nigeria, Stanbic IBTC Holdings Plc, has taken its N148.7 billion rights issue to the e-offering platform of the Nigerian Exchange (NGX) Plc, NGX Invest.

Subscription for the rights issue of the organisation commenced on Wednesday, January 15 and will close on Friday, February 21, 2025.

The exercise allows existing shareholders to subscribe to 2,944,772,083 ordinary shares of 50 kobo each at N50.50 per share on the basis of five new shares for every 22 ordinary shares held as of October 29, 2024.

To streamline the rights issue and enhance investor participation, Stanbic IBTC has decided to join the others, who have used the NGX Invest for a similar transaction.

Business Post reports that qualified investors can seamlessly take up their rights via the platform at https://invest.ngxgroup.com.

The chief executive of the NGX Limited, Mr Jude Chiemeka, said, “The success of NGX Invest as a capital-raising platform reinforces our commitment to providing innovative solutions for issuers and investors alike. Stanbic IBTC’s confidence in our infrastructure reflects the opportunities we continue to create for sustainable growth in Nigeria’s financial markets.”

On his part, the acting chief executive of Stanbic IBTC, Mr Kunle Adedeji, noted that the platform would enable the company to distribute its rights issues efficiently while meeting regulatory requirements and delivering value to its shareholders.

He expressed deep appreciation for the confidence shown by shareholders, emphasizing the strategic importance of the rights issue.

Mr Adedeji emphasized that the funds raised would drive growth in critical sectors such as oil and gas, with a focus on Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and gas infrastructure. The proceeds will also support power sector reforms, including divestments in distribution companies (Discos), and explore opportunities in the debt capital market and sustainable finance to foster economic transformation.

The chief executive of NGX Group, Mr Temi Popoola, stated, “At NGX Group, we are committed to fostering innovation that drives economic growth and empowers issuers to achieve their goals. NGX Invest exemplifies how we continue to position the Exchange as the preferred destination for capital formation in Africa.

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Banking

Ecobank Partners CreditCorp for Flexible Loans to Customers

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ecobank customer forum

By Dipo Olowookere

Ecobank Nigeria Limited has taken a significant step to ensure its customers get cheap personal loans by partnering with the Nigerian Consumer Credit Corporation (CrediCorp).

The service is available to civil servants and private-sector employees whose salaries are paid through Ecobank.

New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank.

Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.

These loans can be used to finance a variety of personal needs, including paying school fees, rent, maintenance costs, medical bills, car purchase and repairs, asset purchase, and more.

The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly instalments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.

According to the Head of Consumer Banking at Ecobank Nigeria, Ms Adeola Ogunyemi, the loans will provide salary earners, both in the public and private sectors, with better access to financial products.

“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.

“Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance.

“We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative,” Ms Ogunyemi stated.

CrediCorp, a Development Finance Institution (DFI) established by the federal government, is focused on enhancing access to consumer credit for Nigeria’s workforce.

Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers.

The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).

Ecobank Nigeria is part of the Ecobank Group, a leading pan-African banking organization. The bank provides a full range of financial services to individuals, businesses, and institutions through its network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.

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