Wema Bank Plans to Raise Equity Next Year

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 Adedapo Adesanya Pan-African Banking-as-a-Service (BaaS) provider, Anchor, has announced its seed raise of $2.4 million to launch new products, invest in its licensing and compliance infrastructure, and evaluate expansion markets. The round was led by Goat Capital, with participation from FoundersX, Rebel Fund, and others, including Y Combinator. Byld Ventures, who led the pre-seed, also participated in the seed round. The funds raised will be allocated towards investing in its licensing and compliance infrastructure, launching its new products, and researching expansion markets. This will help Anchor realise its mission to drive financial access and prosperity by empowering more participants

By Modupe Gbadeyanka The premises of Access Bank, Heritage Bank and other companies in Oyo State have been sealed by the state government over their failure to pay the land use charge. A statement signed on Tuesday, September 5, 2023, by the Commissioner for Information and Orientation, Mr Dotun Oyelade, disclosed that the affected organisations refused to act on the notices sent to them before the closure of their business premises. Apart from commercial banks, some telecommunications masts around the Ibadan metropolis were not left out by the state government. It was gathered that the enforcement team of the Ministry

By Modupe Gbadeyanka There are plans by the European Union (EU) to invest about €820 million in Nigeria’s digital economy through the Gateway Initiative. A statement issued on Monday by Mrs Uwa Suleiman, spokesperson to the Minister of Communications and Digital Economy, Mr Isa Ali Pantami, disclosed that the investment comprises €160 million in grants and €660 million in loans. She said the funds would be pumped into the sector by the European bloc over the next three years, according to the Executive Vice President of the EU, Ms Margrethe Vestager. Mrs Vestager, while extolling the leadership style of the

By Modupe Gbadeyanka The Zonal Office of the Nigerian Communications Commission (NCC) in Kano recently received members of the Association of Mobile Phones and Allied Products Traders of Nigeria (AMPAT) who came on a courtesy and familiarization visit. The AMPAT delegation made up of the members of its Board of Trustees and the Executive Council explained that the visit was to get better acquainted with the operations of the commission and establish areas of collaboration especially to ensure sanity in the segment of the telecom market where their members operate. At the moment, there are 24 specialised markets for downstream

By Dipo Olowookere Governor Rotimi Akeredolu of Ondo State has promised investors of an enabling environment, saying his administration was determined to boost the economy of the state. Speaking on Wednesday at his office in Akure, the Governor said Ondo will not make the mistake Nigeria made some years ago, where industries left the country for friendly environments. “When factories left in Nigeria, we felt bad but we can’t blame them because they didn’t have enabling and accommodating economic atmosphere. “I can assure you it will be a thing of the past in Ondo State if not Nigeria, for factories

By Michael Owhoko, PhD Help! Lekki residents are exposed to water-related diseases engendered by sub-standard and unregulated sources of water supply.  Increasing cases of dysentery and diarrhoea-induced pathogenic bacteria infections have sparked concerns on public health in the area. Water is an essential element in human life, and the inability to have access to clean water makes healthy living a hazardous matter. It is particularly worrisome for a cosmopolitan community like Lekki to live without guaranteed portable water, especially, during this COVID-19 era when the importance of regular washing with clean water is emphasized by the World Health Organisation (WHO).

By Dipo Olowookere On Sunday, February 4, 2018, the World Cancer Day was marked to create awareness for the disease, which is fast killing many across the world. A non-profit company and a subsidiary of Merck KGaA Germany, Merck Foundation, marked the ‘World Cancer Day 2018’ to create awareness around cancer and build cancer care capacity with the aim to increase the limited number of oncologists across Africa and developing countries. In June 2017, BIO Ventures for Global Health (BVGH), and the African Organization for Research and Training in Cancer (AORTIC), released a white paper on the African continent’s emerging

By Ahmed Rahma Oyo State Government on Wednesday suspended the monthly environmental sanitation and the restriction of movement which normally characterised the exercise. In a statement by the Commissioner for Environment and Natural Resources, Dr Idowu Oyeleke, the government, however, urged residents of the state to ensure daily cleaning of their environments because sanitation exercise had now become an everyday activity. He stated that failure to comply with this directive would attract the use of environmental laws and sanctions against offenders. “The state government has suspended the exercise and restriction of vehicular and human movement have been suspended indefinitely, however

Residents of Surulere and its environs in Lagos State recently enjoyed a free health check-up services courtesy a group of organisations, which pooled resources together to make it a reality. The programme was put together by Arrive Alive Diagnostic Center with support from Labakcare Organisation, VFD Microfinance Bank and Eko Electricity Distribution Company. The Corporate Social Responsibility (CSR) service was rendered through a scheme known as Project Stay Alive and many residents of the areas visited partook in it. During the event, a popular actor and member representing the area at the Lagos State House of Assembly, Mr Desmond Elliot, joined

By Modupe Gbadeyanka The immediate past Minister of Aviation, Mr Hadi Sirika, has accused the Chairman of the House Committee on Aviation, Mr Nnolim Nnaji, of demanding a 5 per cent stake in controversial Nigeria Air. Mr Sirika made this allegation while appearing on Arise TV’s ThisDay Live on Sunday evening, monitored by Business Post. About a day to the end of the tenure of the immediate past President, Mr Muhammadu Buhari, the former Minister launched the national carrier in Abuja. This raised dust in the media, compelling the House of Representatives to conduct a hearing, where the acting Managing