Wema Bank Begins Branch Transformation, Expansion

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 harsh operating environment and the unexpected policies of the government that affected businesses in Nigeria, Unity Bank Plc showed resilience in the first six months of 2023. In its half-year unaudited financial statements filed to the Nigerian Exchange (NGX) Limited over the weekend, the bank marginally improved its gross earnings by 0.37 per cent to N27.5 billion from N27.4 billion in the first half of last year. It was observed that 10 per cent growth in the fees and income commission to N3.5 billion from N3.2 billion helped the lender jerk up its income in

By Dipo Olowookere The Chairman of the Board of Directors of Citibank Nigeria, Mr Yemi Cardoso, has been nominated to serve as the new Governor of the Central Bank of Nigeria (CBN). The renowned stockbroker and investment banker was picked for the position by President Bola Tinubu, according to a statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He would be screened by the Senate, and on confirmation; he will take over from the acting CBN Governor, Mr Folashodun Shonubi, for a term of five years at the first instance.

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 Dipo Olowookere A new appointment has been announced by the management of Flour Mills of Nigeria Plc, one of the companies listed on the Nigerian Stock Exchange (NSE). A statement issued by the firm disclosed that Mr Anders Kristiansson has now been appointed as its new Chief Finance Officer (CFO). This followed the resignation of Mr Jacques Vauthier, who finally leaves the position at the end of the year. The market leader in food and agro-allied products in Nigeria expressed its gratitude to Mr Vauthier, who has been with the group for over seven years, for his time and

By Adedapo Adesanya Nigeria is reportedly among countries the United States under the President Donald Trump administration is planning to restrict her citizens into its territory if an executive order expanding visa restrictions to seven countries is finally signed. The other countries include Belarus, Eritrea, Kyrgyzstan, Myanmar, Sudan and Tanzania. According to reports, the Trump administration might not place full visa bans on these countries as the restriction may be limited to certain types of visas like the business or visitor visa popularly referred to as B1/B2 visa type. It was also stated that Mr Trump is expected to announce

By Modupe Gbadeyanka Nigeria’s former Minister of Finance, Dr Ngozi Okonjo-Iweala, has been assured of the country’s full support in her quest to becoming the next Director-General of the World Trade Organisation (WTO). This assurance was given by President Muhammadu Buhari when the former Managing Director of the World Bank paid him a courtesy visit at the Presidential Villa on Monday. Mrs Okonjo-Iweala made it to the final two for the job along with South Korea’s Minister for Trade, Mrs Yoo Myung-hee and the candidacy of the former received huge support of the European Union. Today, the Nigerian visited President

By Dipo Olowookere The stop rates of treasury bills across the three tenors have been increased by the Central Bank of Nigeria (CBN). On Wednesday, the apex bank conducted the sale of the debt instruments at the primary market. It was held a day after the Monetary Policy Committee (MPC) of the bank announced keeping the Monetary Policy Rate (MPR) at 11.5 per cent. At the PMA, the central bank increased by increased the stop rate for the 91-day bill by 0.05 per cent, raised the 182-day bill by 0.30 per cent and moved the 364-day bill higher by 0.50

By Modupe Gbadeyanka For the seventh time, the Central Bank of Nigeria (CBN) on Tuesday, September 26, 2017, announced retaining the benchmark interest rate as 14 percent. This information was made known to newsmen in Abuja by the CBN Governor, Mr Godwin Emefiele, after the apex bank’s two-day Monetary Policy Committee (MPC) meeting, which ended today. Explaining the reason behind this, Mr Emefiele said the decision was based on the need to maintain consistency in the growth of the economy. Earlier this month, the National Bureau of Statistics (NBS) revealed that the country’s Gross Domestic Product (GDP) grew by 0.55

By Modupe Gbadeyanka The treasury bills market was slightly bullish on Tuesday as investors gear up for the sale of the government securities tomorrow by the Central Bank of Nigeria (CBN) via the primary market. The central bank is offering about N120 billion NTBs at its primary market auction tomorrow. A breakdown showed that the apex bank will sell 91-day bills worth N32.44 billion, 182-day bills worth N22.82 billion, and 364-day bills worth N64.68 billion. The rates are expected to clear at the following levels: 13.05% – 13.15% (91-day); 15.25% – 15.35% (182-day); and 15.45% – 15.65% (364-day). But today,

By Adedapo Adesanya   The Akwa Ibom State Government has disclosed plans to expand the Ibom Air operations to other African countries to enhance the state’s economy. This was disclosed by the state governor, Mr Udom Emmanuel, in a state-wide broadcast marking the 33rd anniversary of the state, in Uyo, noting that Ibom Air, which started operation with two aircrafts a year ago, now has a total of five aircraft in its fleet. The airline is owned by the state government and commenced operations with its first commercial flight on June 7, 2019. The governor said that plans were underway

By JJ van der Walt New research from Baker McKenzie, The Shape of Water: Tax Disputes in the Age of Intangible Value, shows that the amount of tax under dispute in Fortune 500 companies is equal to more than half of the profit growth in the Fortune 500. With disputes predicted to continue rising in the coming years, corporate taxpayers around the world, including, in Africa must revisit their tax strategies so that they are able to mitigate these risks. Hard earned profit growth in the Fortune 500 is threatened by the scale of current tax disputes. Baker McKenzie’s report