Winners Grab N4.5m in Union Bank Centenary Innovation Challenge

By Adedapo Adesanya President Bola Tinubu has thrown his full weight behind the plan by the Central Bank of Nigeria (CBN) to increase the capital base of banks in the country. The President expressed his views on this move, which last occurred in 2005, through his Special Adviser on Information and Strategy, Mr Bayo Onanuga, in his message at the 40th anniversary of The Guardian Newspapers in Lagos on Tuesday. He said bank recapitalisation was crucial to Nigeria achieving a $1 trillion economy. “Amidst the general lull in a global economy, our ambition to attain a $1 trillion economy appears

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 Bliss Okperan A digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

By Dipo Olowookere Some loyal customers of Zedvance Finance Limited were on Sunday, February 14, 2021, swept off their feet when officials of the leading consumer finance company came knocking on their doors. The firm, in celebration of love and brand loyalty, made the surprise visits to the customers to share several gifts with them for Valentine’s Day. Zedvance designed the #WithLoveFromZedvance initiative to “show love to our customers and reward their loyalty for having us as their preferred financial partner,” according to the acting Managing Director of the firm, Mr Ever Obi. Some of the customers that received the

By Adedapo Adesanya The final trading session for the year 2020 at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note on Thursday, December 31, with a 0.1 per cent growth. The NASD Unlisted Security Index (NSI) rose by 0.7 points to end the year at 733.00 points as against 732.30 points it recorded at the previous session. Equally, the market capitalisation, which measures the total value of equities on the exchange, increased during the session by N551 million to close at N525.94 billion in contrast to N525.43 billion it finished on Wednesday. The bullish outcome came from

By Dipo Olowookere Efforts are being taken by Heritage Bank Plc and the River State government to make art and culture a unifying factor and major earner to the contribution of Gross Domestic Product (GDP) of the country. Speaking at the 2018 National Festival of Arts and Culture (NAFEST) at Sharks Stadium, Port Harcourt, Rivers State, MD/CEO of Heritage Bank, Mr Ifie Sekibo, explained that the lender’s partnership with the state was informed with the understanding of the importance of arts and culture as consistent sources of economic growth, during both good and difficult economic times. “The art and culture

By Adedapo Adesanya The Corporate Affairs Commission (CAC) has inaugurated a Beneficiary Ownership Register (BOR) aimed at removing Nigeria from the grey list of the Financial Action Task Force (FATF). The Registrar-General of CAC, Mr Garba Abubakar, made this disclosure at a workshop on the use of BOR organised by the commission in Lagos on Wednesday. BOR allows anyone with a stake of five per cent or more in a legal entity or corporation to disclose such to CAC through the company where it is domiciled. Business Post reports that FATF, an intergovernmental policy-making body that seeks to combat money

***Declares 25k Interim Dividend By Dipo Olowookere Access Bank Plc, the full-service commercial bank with headquarters in Nigeria and operations across Sub-Saharan Africa and the UK, has released its audited results for the first half ended 30 June 2016, showing positive growth in financial indices. The Group recorded a strong performance in the first six months of the year, reasserting its capacity and resolve to deliver sustainable returns in spite of a tough operating environment. In the audited financial results released to the Nigerian Stock Exchange (NSE) on Friday August 19, 2016, Access Bank recorded gross earnings of ₦174bn, representing

By Dipo Olowookere The federal government has authorised Heritage Bank and five other financial institutions to commence account opening for beneficiaries of the Special Public Works Programme throughout the 774 local governments. Recently, the government announced the creation of 774,000 jobs across the country, with 1,000 picked from each of the 774 local councils. Heritage Bank, which has always supported entrepreneurs in the country, was chosen by the federal government to be part of this programme. Other lenders selected were Zenith Bank, UBA, Access Bank, Fidelity Bank and FCMB. “The banks assured us that even in LGAs where they don’t

By Modupe Gbadeyanka President Muhammadu Buhari has commended the cordial relations between Nigeria and the State of Kuwait. The President, on Tuesday, during an audience with the outgoing Ambassador of the State of Kuwait, Dr Abdulaziz Alsharrah at the State House, said ties between both nations were important not only at the bilateral level, but also as members of the Organisation of Oil Exporting Countries (OPEC) in which they shared a common interest. While thanking the outgoing ambassador for promoting good relations between Nigeria and the State of Kuwait, President Buhari, said he hoped that the cordial relations would translate

By Dipo Olowookere Automatic promotion in public schools across Oyo State has been banned by the state government. This information was revealed at a ministerial press briefing by the Commissioner for Education, Science and Technology, Professor Adeniyi Olowofela. The Commissioner noted that there was a surgical operation going on in the education sector in the state starting with automatic promotion which he said adversely affected the standard of education not only in Oyo state but Nigeria as a whole. He explained that the state government has introduced the ‘No Automatic Promotion” policy and started a unified examination system as well