Xend Finance Launches Crypto Banking App to Tackle Devaluation, Inflation

By Dipo Olowookere Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds. The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive. In the disclosure sighted by this newspaper, the NIBSS specifically

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

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 Adedapo Adesanya The federal government is planning to revive three major power projects in Abia North Senatorial District in the first quarter of 2021 to boost electricity in the state. This was disclosed by the Minister of Power, Mr Sale Mamman, on a visit to the project site on Saturday in Abuja, according to a statement issued by his Senior Special Adviser, Media and Communication, Mr Aaron Artimas. He identified the projects to include the 60/40MVA Ampree substation, 132 KVA Ampree transmission lines, located in Arochukwu, Ohafia and the Ubur-Ihechiowa awarded in 2001. The minister, who expressed disbelief that

By Dipo Olowookere Justice Mojisola Olatoregun of the Lagos High Court has granted an interim injunction restraining the Securities and Exchange Commission (SEC) from removing the Group Chief Executive Officer of Oando Plc, Mr Adewale Tinubu, and his deputy, Mr Omamofe Boyo. The interim injunction was granted yesterday by the court after the duo filed an application to stop their removal from the board of the oil company by the apex capital market regulator. Last Friday, SEC directed Mr Tinubu and Mr Boyo to resign after a forensic audit of the company indicted them for market infractions. SEC, on Sunday

By Dipo Olowookere Capital market operators in Nigeria have expressed divergent views on the plan by the Securities and Exchange Commission (SEC) to fragment the stock market, Vanguard is reporting. The SEC had disclosed plan to fragment the stock exchange further to cater for small and medium enterprises (SMEs) in the country interested in listing but are encumbered by the stringent listing requirement of the Nigerian Stock Exchange (NSE) as part of efforts to drive equity listing in the stock market. According to SEC, the process, when completed, would lessen the strident listing rules that have been hindering small companies

By Adedapo Adesanya Nigerian bank, Union Bank, alongside energy company, Riverside LNG of Nigeria, have signed different agreements that involve a $500 million renewable energy pact and gas export between Nigerian and German entities. Union Bank and DWS Group signed a pact on cooperation in renewable energy while Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership. President Bola Tinubu witnessed the signing of the two Memoranda of Understanding (MoU) in Berlin, Germany, at the 10th German-Nigerian Business Forum, according to Mr Ajuri Ngelale, the President’s Special Adviser on Media and Publicity.

By Aduragbemi Omiyale An initiative aimed to provide comprehensive financial and investment support for women entrepreneurs has been introduced by Standard Chartered Bank Nigeria. The double-packed proposition called Women Banking and Women Winning with Wealth (WWWW) will provide quality financial and non-financial support to boost productivity and increase economic diversification for businesswomen and businesses with women as majority shareholders. “We have researched extensively, and the core focus is to ensure that we fill the gender gap. Our propositions, informed by several factors, include cost-saving on business accounts where clients get a zero per cent maintenance fee on any business account

By Dipo Olowookere Date just released by the National Bureau of Statistics (NBS) has revealed that a total of N149.45 billion was generated in the third quarter of 2017 from Internally Generated Revenue (IGR) by states in Nigeria. From the figure released on Thursday, November 30, 2017, Lagos emerged the highest IGR generating state, contributing N73.8 billion to the amount. It was followed by Ogun State, which generated N16.9 billion as IGR during the period under review, while Delta State added N13 billion to the N149.45 billion generated by the states in Q3 of 2017. However, the least IGR generating

By Adedapo Adesanya Oil prices extended gains on Thursday, rising to their highest since last February on the back Saudi Arabia big voluntary production cut and crude inventories decline in the United States. During the trading session, the Brent crude gained 22 cents or 0.41 per cent to sell at $54.52 per barrel, while the US West Texas Intermediate (WTI) rose by 20 cents or 0.4 per cent to trade at $50.82 per barrel. Both contracts had jumped by almost more than 5 per cent this week on the string of bullish news. US crude stocks fell sharply while fuel

By Modupe Gbadeyanka The Asset Management Corporation of Nigeria (AMCON) has fulfilled the promise it made to name and shame some very important persons in the country owing the corporation huge amount of money worth over N1 trillion. According to a report by Leadership Newspaper, top on the list are Mr Ifeanyi Ubah, Wale Babalakin, Jimoh Ibrahim and others. According to the news journal, the money owed by the trio and 102 other individuals are over N900 billion. “Capital Oil and Gas Industries Limited owned by Ifeanyi Ubah, NICON Investments Limited owned by Jimoh Ibrahim, Bi-Courtney Limited owned by Wale