Yellow Card, MoonPay to Expand Crypto Access in Nigeria

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) recorded a 107.1 per cent growth in total interest income to $1.1 billion for the half-year of 2023 versus $540.8 million in the same period of 2022. This was contained in the consolidated financial statements of the bank and its subsidiaries for the half year ended 30 June 2023, which demonstrates a strong and resilient performance, which was ahead of expectations due to global headwinds. The growth in its total interest income came as a result of increased volume of interest-earning assets, particularly loans and advances and higher interest rates. Afreximbank Group’s

By Aduragbemi Omiyale The chief executive of CardinalStone Finance, formerly CSAdvance, Mr Ayoola Adeola, said the company would deliver enhanced financial solutions and empower its customers with financial flexibility. Mr Adeola said this while commenting on the recent change of name of the organisation, done because it intends to offer a comprehensive range of financing solutions to a diversified clientele, including SME businesses and high-net-worth individuals. CardinalStone Finance is the subsidiary of CardinalStone Partners Limited. The firm said the transition marks a pivotal moment in the group’s pursuit of becoming a world-class financial services firm, catering to the evolving needs

By Modupe Gbadeyanka A partnership will enable customers to receive remittances from anywhere in the world, directly into their Smartcash Payment Service Bank (PSB) has been entered into with Simba Pay Limited, a subsidiary of MFS Africa. A statement from the firm explained that Smartcash customers can instantly receive international funds directly into the account by simply sharing their phone numbers, which also serve as their account numbers. Smartcash PSB, a subsidiary of Airtel Networks Nigeria, was launched in 2022, after obtaining an operating licence by the Central Bank of Nigeria (CBN) to provide financial services to unbanked persons in

By Modupe Gbadeyanka Activities on the floor of the Nigerian Stock Exchange (NSE) finished strong again on Thursday after the market reversed Tuesday’s bearish trend on Wednesday. This comes a day after the Dow broke above 20,000 as US stocks hit all-time highs. The all-share index close at 26,289.95 points after rising by 49.50 points or 0.19 percent, while the market capitalisation ended at N9.05 trillion after improving by N17 billion. A total of 24 stocks appreciated on the floor of the NSE today compared with the 19 equities that went down. Forte Oil topped the gainers’ chart with a

By Modupe Gbadeyanka The four applications filed by BGL Plc and its subsidiaries objecting to their trial before the Wuse Magistrate Court in Abuja have been dismissed by Chief Magistrate Chinyere Nweoachenu. According to a statement from the Security and Exchange Commission (SEC), the judge held that ongoing civil matters involving the firm in another court cannot affect the hearing of the criminal case before the Magistrate Court. As a result, the court fixed Wednesday October 2, 2018, for the definite hearing of the case before it. BGL Plc and her subsidiaries had filed four different applications against their trial

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) resumed trading activities for the week on Monday on a bullish note as investors await the filing of half year financial statements of companies listed on the NSE. Banking stocks were investors’ toast today as the key market indicators closed in the green zone. GTBank was the most active, exchanging 26.5 million shares worth NN909 million, and was closely followed by FCMB, accounting for 18.7 million units traded at N23.2 million. Zenith Bank transacted 15.7 million shares for N330.2 million, Diamond Bank traded 13.9 million shares valued at N17.2 million, and First

By Adedapo Adesanya Billionaire and founder of the Tony Elumelu Foundation, Mr Tony Elumelu has urged the Japanese government to invest 5 percent of its $50 billion commitment to Africa in entrepreneurs saying it is a clear-cut model for ensuring sustainable development in Africa. The banker and Chairman of United Bank for Africa (UBA) noted this at the just-concluded Tokyo International Conference on African Development (TICAD) in Yokohama, Japan. “If we invested just 5 percent in Africa’s new generation of entrepreneurs, following my Foundation’s robust, proven model of getting capital directly to those best placed to catalyse growth and create

By Adedapo Adesanya The Naira recorded a 30 kobo or 0.06 per cent loss against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Tuesday to trade at N415.10/$1 compared with N414.80/$1 it traded on Monday. At the investors’ segment of the market, the turnover, according to data from the FMDQ Securities Exchange, stood at $323.56 million compared with $360.18 million achieved on Monday, indicating a decline in the value of transactions by 10.2 per cent or $36.64 million. This high turnover, though lower than the preceding session, put the local

By Dipo Olowookere The long hands of the Economic and Financial Crimes Commission (EFCC) have nabbed a Lebanese national with more than $2 million in his possession. The suspect, Mr Abbas Lakis, was picked by the agency at the Nnamdi Azikiwe International Airport, Abuja, following intelligence report that he had on him undeclared huge sums of monies aboard the Egypt Airline bringing him from the Kano Airport en route Lebanon. When he was searched at the airport, the EFCC discovered that he had about $2.1 million, £163,740, Riyal 391,838, CHF 3,420, Lira 435, 109,000 Lebanese Pounds, Dirhams 10,135, ¥10,000, Riyal10

By Aduragbemi Omiyale The board of Honeywell Flour Mills has said the company is not in any way in financial distress and that it has not defaulted in its loan repayment plan with First Bank of Nigeria Limited. The Chairman of Honeywell Flour, Mr Oba Otudeko, used to be the Chairman of FBN Holdings Plc, the parent company of First Bank. He was removed from the position by the Central Bank of Nigeria (CBN) last week after the board of First Bank removed Mr Adesola Adeduntan as the Managing Director of the lender without regulatory approval. The company, according to

By Modupe Gbadeyanka Members of the fourth estate of the realm have been urged to stop chasing away potential investors in the power sector in Nigeria with their ‘inresponsible and unbalanced reportage’ of the industry. Managing Director/CEO of Nigeria Bulk Electricity Trading PLC, Ms Marilyn Amobi, who made this appeal on Wednesday in Abuja, noted that “bad news are read by investors around the world who naturally become anxious of a hostile business climate, which unfortunately is what the Nigeria media does often.” Addressing a delegation of the Nigeria Union of Journalists (NUJ) FCT Council, Ms Amobi said unbalanced reportage