Wema Bank Targets Eastern Commercial Hubs, Opens Aba Branch

By Modupe Gbadeyanka Some displaced Renaissance homeowners in Rivers State are seeking about N4 billion as compensation from the management of First Trust Mortgage Bank over their eviction from the properties they acquired from the lender. They accused the bank, formerly known as FBN Mortgage Bank, of not carrying due diligence before selling some portions of land to them in 2010, about seven years after a Supreme Court judgement held that the land belonged to the favour of the Nigerian Air Force (NAF). The solicitors to property owners of Renaissance Homes Housing Scheme, Adeniji Kazeem & Co, in a letter

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Modupe Gbadeyanka For supporting Micro, Small and Medium-scale Enterprises (MSMEs) with credit facilities, Ecobank Nigeria Limited has won big at the 2023 Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos. The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending small businesses and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantees and technical support to MSMEs. It got an award for Platinum Service Ambassador; Bank with the Highest Impact on

By Jerome-Mario Utomi To understand more fully where this second part is headed, I will encourage readers to search and read a report titled; Scientific and Technological Innovations In Biafra (1967-1970), as it also gave a big helping hands to the first part and chiefly provided the step by step accounts of how the nation’s education sector originally/fundamentally went into ‘trouble. With this point highlighted, let’s focus on other accounts as history further points at how successive administrations in Nigeria (military and civilian alike) defined learning too narrowly in a manner devoid of process and outcome fairness. Beginning with the

By Aduragbemi Omiyale Nigerians have the opportunity to have their bedrooms transformed with N1 million in a new campaign introduced by Mouka, the country’s leading brand of mattresses and pillows. The bedroom makeover promo tagged Get the Mouka for You aims to encourage consumers to buy the right Mouka mattress based on their unique needs. It also seeks to educate consumers about the need to consider their age, body build, lifestyle and budget before choosing the right Mouka mattress. The campaign also features the leading associations in the bedding industry, the Nigeria Society of Physiotherapy (NSP) and the National Association

By Modupe Gbadeyanka A popular Nigerian movie actor, Mr Sylvester Made, has returned to Nigeria after he survived a fatal attack in Cameroon some days ago. The Nollywood star had travelled to the neighbouring country for a movie job when some hoodlums attacked a fun spot where he had gone after shooting a film in the Bamenda region of Cameroon on Monday, November 25, 2023. It was gathered that the attackers stormed the location where the actor had gone to have fun after the day’s job and were asking for a settlement for bringing the Nigerian into the country. A

By Dipo Olowookere Acting President, Mr Yemi Osinbajo, this week, signed three executive orders expected to improve the ease of during business in the country. The three orders, it was disclosed, would address a number of policy issues affecting the promotion of transparency and efficiency in the business environment designed to facilitate the ease of doing business in the country; timely submission of annual budgetary estimates by all statutory and non-statutory agencies, including companies owned by the Federal Government; and support for local contents in public procurement by the Federal Government. Spokesman of the Acting President, Mr Laolu Akande, explained

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange has announced the admission of Cititrust Holdings Plc to the fold of companies trading on its platform. The firm joined the unlisted securities exchange on Thursday, May 26, increasing the number of organisations on the platform to 40. This is coming after Access Bank listed more than 35.545 billion shares valued at N353.674 billion after delisting from the Nigerian Exchange (NGX) Limited in March following the Scheme of Arrangement last December at N9.95 per unit. Business Post understands that Cititrust listed its stocks at the alternative bourse at N5.50 per unit

By Adedapo Adesanya On Thursday, the Central Bank of Nigeria (CBN) lifted an eight-year restriction on importers seeking to get foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM) for the importation of 43 items into the country. This was among other policy issues that the apex bank said would promote orderliness and professional conduct by all participants to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle. On June 23, 2015, the CBN put 41 product categories on a list of items not valid for FX at the official market, later on, it

By Dipo Olowookere President Muhammadu Buhari will attend the 22nd Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC), also known as COP-22, in Marrakech, Morocco, from November 14-16, 2016. A statement issued by the presidency, it was disclosed that Mr Buhari will participate in the official opening plenary on November 15 where he will deliver his national statement during the High Level Segment of COP 22. The Presidential address is expected to highlight, among other key issues, Nigeria’s unwavering commitment to implementing the Nationally Determined Contributions (NDCs) and policy actions aimed at tackling

With global and regional capital continuing to flow into West African Real Estate, investors are starting to diversify their funds across the region and move away from the previous Nigeria and Ghana bias. Following from the first market correction seen in 20 years, crippling Central Bank debt and the pegging of the Naira, the reaction to Nigeria’s (in President Buhari’s words) ‘suddenly poor’ status has been fight or flight. Some, like Novare, Old Mutual, Johnson & Johnson and Pick ‘n Pay sticking to their guns and continuing to make gains, while others, like Sun International, Tiger Brands and Truworths, choosing