WorldRemit Lauds CBN’s USD Bank Account Opening Policy

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 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 The forthcoming trade expo organised by Fidelity Bank Plc has received the endorsement of the Mayor of Houston Texas, Mr Sylvester Turner. Mr Turner, in a short video, highlighted the several side attractions scheduled for FITCC Houston and encouraged businesses to take advantage of the expo to expand their businesses beyond borders. He described the event as “A catalyst to support bilateral trade between Nigeria and Houston; and an opportunity for the Houston community and the diaspora to explore emerging trends, forge new partnerships and unlock new possibilities.” The Nigerian lender will, on Tuesday, October 24 and

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has unveiled a digital platform for the submission of Microfinance Bank (MFB) licence applications with effect from Monday, September 25. The apex bank made this known in a statement signed by its Director of Corporate Communications, Mr Isa AbdulMumin. “The Central Bank of Nigeria (CBN) is pleased to announce the unveiling of a new online platform for submission of microfinance bank (MFB) licence applications,” the statement released on Wednesday said. According to the statement, the new online platform is called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) and

By Dipo Olowookere The sum of N60 billion would be shared to holders of MTN Nigeria Communications Plc stocks, the leading telco in the country has announced. In a disclosure last week, the firm said the amount was a cash reward for the half year ended June 30, 2019 and it represents N2.95k per share. According to the notice, the payment would be made on Friday, August 16, 2019 only to shareholders whose name appear on names appear in the register of members as at the close of business on Monday, August 8, 2019. Last week, MTN Nigeria released its

By Adedapo Adesanya The Governments of Jersey, Nigeria and the United States of America on Monday, February 3, entered into an Asset Recovery Agreement to repatriate over $308 million of forfeited assets to Nigeria. The disclosure was made in a joint press release posted on the US embassy website on Tuesday and sighted by Business Post. In the statement, it was disclosed that the funds were laundered through the US banking system and then held in bank accounts in Jersey under the name of Doraville Properties Corporation, a BVI company, and in the name of the son of the former

By Adedapo Adesanya Chevron Nigeria has disclosed that 23,000 Nigerians have benefitted from its scholarship programmes since its inception, including postgraduate scholarship in Nigeria and foreign universities. The Chairman and Managing Director of Chevron Nigeria and Mid-Africa Business Unit, Mr Rick Kennedy, said over 16,500 students from all the 36 states in Nigeria have benefitted from the Medical and Engineering Professional Scholarship programme, put together by Chevron and her JV partners in Agbami field, since 2009. The Chevron boss explained that from the 16,500 Medical and Engineering Professional Scholarship, 715 students have graduated with first-class degrees. CNL’s General Manager, Policy,

By Dipo Olowookere An investigation has been launched into the circumstances surrounding the suspension of the Director-General of the Securities and Exchange Commission, Mr Mounir Gwarzo, by the Minister of Finance, Mrs Kemi Adeosun. The regulatory chief was suspended last week for allegedly failing to stop a forensic audit of Oando Plc, accused of gross financial misconduct. At the plenary on Tuesday, a lawmaker in the House of Representatives, Mr Diri Douye, called the attention of his colleagues to an alleged interference by the Ministry of Finance in the activities of the capital market regulator. In his motion of urgent

By Adedapo Adesanya Oil increased its value on Monday on considerations of reducing output by more than 1 million barrels per day to buttress prices with what would be the biggest output cut since the start of the COVID-19 pandemic. Brent crude futures for December delivery rose by $3.72 or 4.4 per cent to $88.86 a barrel as the US West Texas Intermediate (WTI) crude futures improved by $4.14 or 5.2 per cent to $83.63 a barrel. The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, is considering an output cut of more than

By Aduragbemi Omiyale Ms Winnie Ngaji has emerged as the winner of the Ladies Can Tech event, an app-building competition put together by Harvoxx Tech Hub in partnership with Web Work Tools Limited. The first and second runners-up of the contest were Ms Princess Ganobi and Ms Sharon Uzu, respectively, and they have been awarded N100,000 Zoho Wallet credits that can be utilized for Zoho Creator Plus subscription that includes Zoho Creator, Zoho Flow, and Zoho Analytics. The winners will also receive dedicated support from the Zoho team. The competition, designed to promote the participation of women in the tech

By Adedapo Adesanya The exchange rate of the Naira to the United States Dollar remained unchanged at both the parallel market and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market on Tuesday, August 10. This is as the demand pressure witnessed two weeks ago after a sudden policy of the Central Bank of Nigeria (CBN) concerning forex sales has waned in the past few days. Yesterday, at the black market, the value of the local currency against its American counterpart remained flat at N510/$1. However, the indigenous currency appreciated by N2 against the Pound Sterling at

By Dipo Olowookere The main challenger for the Lagos State governorship ticket of the All Progressives Congress (APC) primary today, Mr Babajide Sanwo-Olu, has described the attack on his person by Governor Akinwunmi Ambode yesterday at a world press conference in Ikeja, the state capital, as unfortunate. The Governor had alleged that Mr Sanwo-Olu, who has the support of various party stakeholders in the state, was not fit to govern Lagos State. According to Mr Ambode, his challenger was once arrested in the United States for spending fake American Dollars at a night club and had allegedly been admitted at