Wema Bank Posts Strong Double Digit Profit Growth in Q1

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Modupe Gbadeyanka A total of N7 million has been won by 70 customers of Stanbic IBTC Bank Limited in season three of the lender’s Reward4Saving promo. The winners were given N100,000 each in the October draw held recently, with their corresponding cheques presented to them on Friday, November 10, 2023, at the headquarters of the company in Lagos. The third season of the promo started in September 2023 and 140 people have been rewarded so far with N100,000 each. There are 10 draws left until the end of season three and 700 new and existing customers from our seven

By Aduragbemi Omiyale The chief executive of a digital financial services provider, Moniepoint Incorporated, Mr Tosin Eniolorunda, has disclosed that the firm has put in place mechanisms to detect fraudulent transactions on its platform. Mr Eniolorunda made this disclosure when he paid a courtesy visit to the chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, at the bank’s headquarters in Lagos. The visit came after Fidelity Bank prevented the flow of transactions from Moniepoint over issues relating to the identity of the neo bank’s customers. Fidelity Bank later removed the restrictions, allowing customers of the two banks and digital

By Modupe Gbadeyanka A partnership for the deployment of a patronage reward product has been entered into between Unity Bank Plc and Cashtoken, a cash reward-as-a-service company that operates a loyalty programme designed to power customer engagement and improve customer satisfaction. This collaboration will see the bank’s customers winning millions of Naira in cash rewards and guaranteed instant cashback. A statement issued by Unity Bank said this scheme provides an opportunity to migrate old and new customers to a platform that will continually create exciting rewards and appreciation for loyalty. It said this initiative would not only reward existing customers

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) opened the week on Monday, January 16, 2017, on a bullish note with the major market indices ending green. This was against what was posted on the last trading day on Friday when the market closed in negative territory. The all-share index closed today at 26,373.83 points after advancing by 47.9 points or 0.18 percent, while the market capitalisation finished at N9.07 trillion after increasing by N16.5 billion. The volume of shares bought and sold by investors on the NSE on Monday went higher by 25.4 million. The chart showed that a

By FSDH Research After five consecutive quarters of contraction in the Real Gross Domestic Product (GDP), the Nigerian economy exited the first recession in over two decades. The Q2, 2017 figures that the National Bureau of Statistics (NBS) released on Tuesday, September 05, 2017 shows that the GDP recorded a growth rate of 0.55%. The growth in the GDP was mainly due to the growth recorded in Agriculture, Financial and Insurance, Electricity, Gas, Steam and Air Conditioning Supply, and Mining and Quarrying sectors of the Nigerian economy. The Oil sector, which grew by 1.64% in Q2, 2017, recorded the first

By Modupe Gbadeyanka The management of Nigerian Stock Exchange (NSE) has announced that Dangote Flour Mills is no longer a member of the local bourse and its shares no more tradeable on its platform. A statement issued by NSE last week and signed by its Head of Listings Regulation Department, Mr Godstime Iwenekhai, confirmed that the flour milling firm ceased to be on its daily official with effect from Monday, November 18, 2019. Before its eventual exit from the stock exchange last week, the buying and selling of the company’s shares by investors were suspended on the NSE trading platform.

By Ashemiriogwa Emmanuel Seplat Energy Plc has reiterated its commitment to the federal government in achieving an improved gas utilisation in Nigeria and would continue to invest towards the objective. The chief executive officer, Mr Roger Brown, said this during his contribution at the ongoing 2021 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos. The Seplat boss, who was represented by the executive director of operations Mr Effiong Okon, lauded the federal government effort in initiating projects and programmes to reinforce gas development in Nigeria. According to him, the National Gas Expansion

By Kestér Kenn Klomegâh An Italian multinational energy giant headquartered in Rome, Eni, has emphasised that its decarbonization targets would be anchored on sound investments, reaffirming its commitments towards net zero emissions by 2050. The company said this in its latest 2022 report, which outlined the main outcomes and objectives in the energy transition pathways for a number of African countries. Eni described its contribution to a just transition that ensures access to efficient and sustainable energy, sharing the social and economic benefits of the path towards net zero emissions by 2050 with employees, suppliers, communities, and customers with an

By Dipo Olowookere All is not well with the Nigerian Naira in the black market segment of the foreign exchange (forex) market. This is because the exchange rate of the nation’s legal tender has further weakened against the United States Dollar. One of the reasons for this plunge is the incessant scarcity of FX in the Nigerian financial system. The crisis has failed to end despite the efforts made by the Central Bank of Nigeria (CBN). To boost the value of the local currency, the central bank introduced various forex policies like defending the Naira in the market through the

By Adedapo Adesanya Oil futures moved lower on Monday, extending losses from last week despite signs of strong demand from China. At the session, the Brent crude fell by 0.59 per cent or 42 cents to trade at $68.80 per barrel, while the West Texas Intermediate (WTI) slid by 0.49 per cent or 32 cents to sell at $65.29 per barrel. China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15 per cent from the same period a year earlier, data showed. Industrial output in the largest crude importer rose to 35.1 per

The H1 2016 performance scorecard of Diamond Bank Plc on the floor of the Nigerian Stock Exchange (NSE) has been released and it shows a considerable growth in key financial parameters. Analysts and industry watchers had, because of the harsh macroeconomic outlook, forecasted sluggish growth and greyed result for the period, but the interim report and accounts of the bank for the first six months of the year surpassed industry expectations as total comprehensive income rose by 13.3 per cent year on year to N16.3 billion as against N14.4 billion recorded in comparable period of 2015. Non-interest income surged by