We Have to Obey CBN, Kuda Tell Customers

By Aduragbemi Omiyale The board of United Bank for Africa (UBA) Plc has raised the bar in the interim dividend payout for the first half of 2023, increasing it to 50 Kobo from 20 Kobo in the same period of 2023. This was after the bank recorded triple-digit growth in the bottom line, as the profit before tax (PBT) jumped by 371 per cent to N404 billion from the N85.75 billion recorded in the first half of 2022, translating to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier, as the

By Aduragbemi Omiyale Despite the challenging operating environment characterised by the Naira redesign policy and the foreign exchange (FX) unification policy of the Central Bank of Nigeria (CBN), Zenith Bank Plc showed why it is one of the strongest lenders in the country. Analysis of its financial statements for the first six months of 2023 showed that its gross earnings surged by 139 per cent to N967.3 billion from the N404.8 billion achieved in the same period of last year. It was observed from the results filed to the Nigerian Exchange (NGX) Limited on Monday that this triple-digit growth in

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Dipo Olowookere Schools have been urged to choose Ecobank Nigeria Limited as their preferred financial institution for fee payments and collections because of the exciting advantages the lender offers. The Head of Consumer Banking at Ecobank, Mrs Korede Demola-Adeniyi, made this appeal while rolling out the special loan packages designed by the bank for its back-to-school initiatives. Mrs Demola-Adeniyi said the financial institution created some packages for parents, guardians and schools in line with its overall strategy to support the development of the nation’s education sector. According to her, there is a Banking-for-School pack for educational institutions to access

By Dipo Olowookere Hilton has announced the signing of a management agreement with Quality Inspection & Testing Services Limited to open a 350 guest-room and suite hotel at the Murtala Muhammed International Airport, Lagos. The hotel, which was signed at AHIF 2016 in Rwanda, is set to open in 2023 and joins Hilton’s growing African portfolio of more than 80 properties trading or in the development pipeline, which will see Hilton more than double its presence across Africa in the next 3-5 years. “With a population of more than 16 million, Lagos is the seventh-fastest growing city in the world

By Dipo Olowookere The Nigerian Exchange (NGX) Limited further appreciated by 0.03 per cent on Tuesday on renewed interest of investors in local stocks. Business Post reports that traders are beginning to purchase equities that could fetch them dividends in the coming days and weeks. This was reflected in the activity chart as the five most active stocks were majorly dividend-paying shares, with United Capital trading 66.1 million units valued at N889.2 million. Transcorp transacted 53.5 million shares worth N66.3 million, Zenith Bank exchanged 51.6 million stocks worth N1.4 billion, Fidelity Bank traded 44.4 million equities valued at N137.7 million,

By Dipo Olowookere Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has disclosed that the state-owned oil firm has embarked on the most aggressive expansion of the gas infrastructure network aimed at creating access to the market. Mr Baru made this disclosure while delivering the lead paper on a panel session at the 50th Offshore Technology Conference (OTC), in Houston, United States of America. According to him, the aggressive development of gas infrastructure (pipelines and processing plant) between supply sources and the market would create a sustainable evacuation route for currently flared gas and other

By Modupe Gbadeyanka Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has commended the positive impact the financial technology (Fintech) has had in the Nigerian capital market, saying that space was beginning to make investment in the market very attractive to young people in the country. Ms Uduk gave this commendation when she hosted officials of the Department For International Development (DFID) and the Financial Conduct Authority (FCA) at her office in Abuja at the weekend. She informed her guests that in view of its contribution to investment in the nation’s capital market, the commission

By Adedapo Adesanya In a bid to check the medical brain drain in Nigeria, the House of Representatives has proposed a bill to prevent Nigerian-trained medical or dental practitioners from being granted full licences until they have worked for a minimum of five years in the country. The bill passed second reading on the floor of the lower chamber on Wednesday, April 6. The bill is part of the measures to halt the increasing number of medical doctors leaving Nigeria for other countries in search of ‘greener pastures. The bill sponsored by Mr Ganiyu Abiodun Johnson read, “A Bill for

By Adedapo Adesanya A Federal High Court sitting in Lagos on Tuesday ordered the permanent forfeiture of the 2,149 pieces of jewellery and a customised gold iPhone, valued at $40 million, recovered from the Abuja home of Mrs Diezani Alison-Madueke, a former Minister of Petroleum Resources. In Tuesday’s ruling, Justice Nicholas Nicholas Oweibo held that Mrs Alison-Madueke, through her lawyer, Mr Awa Kalu (SAN), failed to give a concrete reason why the items should not be permanently forfeited to the Federal Government. The Economic and Financial Crimes Commission (EFCC) had told the judge that the jewellery and iPhone were reasonably

By Dipo Olowookere The Bank of Industry (BoI) has promised to collaborate with microfinance banks (MFBs) in the country to support small businesses and promote financial inclusion. Managing Director of the BoI, Mr Kayode Pitan, stated that the bank was seeking to align with MFBs to promote financial inclusion and deepen activities among people at the bottom of the pyramid. Speaking at a technical session organised by BoI for MFBs, he said the DFI understood the key role played by micro finance banks in bridging the financing gap experienced by micro enterprises in the Nigerian economy. “In driving economic growth

By Adedapo Adesanya Oil prices were flying high on Thursday due to signs of tight supply as the Organisation of the Petroleum Exporting Countries and allies (OPEC+) is expected to approve its moderate monthly increases in crude production when it decides output levels for July. During the session, the price of the Brent crude jumped by $3.13 or 2.74 per cent to trade at $117.20 per barrel, while the United States West Texas Intermediate (WTI) crude appreciated by $3.51 or 3.18 per cent to $113.80 per barrel. OPEC+, led by Saudi Arabia and Russia, will meet on June 2 and