Wema Bank Expands e-Commerce Payment Capabilities

By Aduragbemi Omiyale If Nigerian banks intend to have a competitive advantage in the global market, then they must quickly integrate environmental, social, and governance (ESG) principles into their business strategies. This was the submission of the chief executive of the NGX Regulation Limited (NGX RegCo), Ms Tinuade Awe, at the 16th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers in Nigeria (CIBN) in Abuja. Recall that Nigeria has made a commitment to adopt the International Sustainability Standards Board (ISSB) standards. At a panel session titled ESG in the Financial Services Industry: Challenges, Opportunities, and 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 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 Modupe Gbadeyanka A creative studio, EPAC Studios, has been unveiled by Ecobank Nigeria Limited to promote talents in the showbiz industry in Africa. The bank disclosed in a statement that the facility would be used to carefully tell “authentic African stories in art, culture, lifestyle, and entertainment.” According to the Head of Marketing and Corporate Communications at Ecobank Nigeria, Mr Jide Sipe, the initiative is to showcase further and develop the creative industry, adding that the space is an open canvas for the public to explore, collaborate and create premium indigenous content for television, online and mobile platforms. EPAC

By Dipo Olowookere President of the American Business Council (ABC), the affiliate of the US chamber of commerce, Mr Lazarus Angbazo, has described the United States as a natural business partner of Nigeria. Mr Angbazo, who is also the President and CEO of GE’s Business operations in Nigeria, made this disclosure at the ABC launch of the 2018 US Economic Impact Survey with the media. The launch was the result of a comprehensive business survey of US firms operating in Nigeria and underscores the significant impact that US trade and investment has on this economy. In the survey, 74 US

By Lukman Otunuga Brent crude has gained roughly 57% since the start of 2022. The global commodity remains supported by ongoing geopolitical risks and rising demand. As oil producers enjoy the rich bounties from surging commodity prices, some countries have failed to make the most of such an opportunity. Nigeria’s sub-optimal oil production, poor infrastructure, and fuel subsidies have sapped the benefits of surging oil prices. For other countries, the rally in oil prices means more foreign exchange reserves, higher revenues, and potential economic growth. In Nigeria’s case, this blessing could turn into a curse. It is widely known that

By Gregory Kronsten The international media have picked up on the theme that Africa has done all right in the fight against COVID-19. This is understandable in terms of the number of cases and deaths: 1.3 million cases out of 35.8 million globally and 37,000 deaths out of 1.0 million globally according to the EU’s European Centre for Disease Prevention and Control. As many as 680,000 cases and 17,000 deaths have been reported from just one country (South Africa). We hear the rejoinder that the data are suspect and that the number of cases for Africa appears low because the

By Modupe Gbadeyanka Secondary schools in Nigeria have been directed to resume from Tuesday, August 4, 2020, only for exit classes writing external examinations. This directive was contained in a press statement issued on Monday by the Director of Press and Public Relations in the Federal Ministry of Education, Mr Ben Bem Goong. Mr Goong said the federal government agreed to reopen the schools following a meeting it held with stakeholders in the sector today. Present at the gathering, which was virtual, were officials of the Federal Ministry of Education, Commissioners of Education of the 36 states, the Nigerian Union

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.27 per cent appreciation on the back of positive price movement from five admitted securities. The five companies which spurred the growth were Afriland Plc, FrieslandCampina WAMCO Nigeria Plc, Food Concepts Plc, Nigerian Exchange (NGX) Group and VFD Group Plc. VFD Group Plc was the day’s highest gainer as it appreciated by N8.50 or 2.4 per cent to sell at N361.82 per unit compared with the previous N353.31 per unit. On its part, Friesland gained 63 kobo or 0.5 per cent to trade at N120.63 per unit in contrast

By Adedapo Adesanya The United Kingdom on Wednesday, December 30 authorised the use of a second COVID-19 vaccine, which would be rolled out from next week. The British government disclosed that the Medicines and Healthcare Products Regulatory Agency (MHPRA) has made an emergency authorisation for the vaccine developed by Oxford University and UK-based drugmaker, AstraZeneca. The UK has ordered 100 million doses, enough to vaccinate 50 million people, which along with the Pfizer-BioNTech jab, is enough to cover the entire population. The country’s Health Secretary, Mr Matt Hancock, said the development was a significant moment in the fight against the

By Adedapo Adesanya As the race to the FIFA World Cup 2022 scheduled to hold in Qatar draws nearer, the fate of Nigeria’s Super Eagles ahead of the tournament begins as they have been drawn against Cape Verde, Central Africa Republic (CAR) and Liberia in the Group C of the 40-nation qualifier group.  In the Confederation of African Football (CAF) led draw held in the Egyptian capital, Cairo on Tuesday, the first set of qualifier matches will begin in March 2020 and after the conclusion, will see only the group winners advance to the final round of qualifying, where the

By Dipo Olowookere A meeting behind closed-door was recently held between President Muhammadu Buhari and the Inspector General of Police (IGP), Mr Ibrahim Idris. On Thursday, January 3, 2019, the tenure of Mr Idris officially expired having reached the mandatory 35 years in active service. However, the main opposition political party in the country, the Peoples Democratic Party (PDP), claimed the President was planning to extend Mr Idris’ stay in office to allegedly use him to rig the 2019 general elections in favour of the ruling All Progressives Congress (APC). Shortly after the Friday Jumaat today, the President and the