Zenith Bank Shareholders to Get Interim Dividend for H1’20

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 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 Modupe Gbadeyanka Access Bank Plc has expressed its determination to support initiatives that promote knowledge, integrity, and the enduring legacy of excellence in the legal profession. The chief executive of Access Holdings, the parent firm of the lender, Mr Herbert Wigwe, while speaking at the launch of a book to honour Justice Amina Adamu Augie on Tuesday, November 28, 2023, said the financial institution has a strong affinity for the preservation and advancement of country’s judicial heritage. “We are proud to support the launch of Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through

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 Dipo Olowookere Shares of Wema Bank Plc appreciated by 2 kobo or 3.18 percent on Thursday at the Nigerian Stock Exchange (NSE) amid speculations that the board structure of the lender might be tampered with anytime soon. This thought was triggered as a result of the huge transactions around the stock in the early days of this trading week. On Monday, Wema Bank emerged as the most active stock on the NSE after a turnover of 2.7 billion units of its shares sold for N1.7 billion. The next day, the company maintained its position on the activity chart, transacting

By Adedapo Adesanya The board of directors of the African Development Bank (AfDB) on Wednesday approved $27.3 million in grants to boost the African Union’s (AU) efforts to mobilize a continental response to curb the COVID-19 pandemic. The approval follows a meeting of the extended Bureau of the Conference of Heads of State and Government with Africa’s private sector in April 2020, chaired by President of South Africa and chairperson of the AU, Mr Cyril Ramaphosa, at which the bank’s President, Mr Akinwumi Adesina, pledged strong support for the AU’s COVID-19 initiative. The AU Bureau meeting called for contributions to

By Adedapo Adesanya The exchange rate of the Naira to the United States Dollar moved in different directions on Friday, depreciating in the black market and the Peer-to-Peer (P2P) segments of the foreign exchange market and gaining in the Investors and Exporters (I&E) window. In the P2P category, the local currency declined by N13 against the greenback to sell at N738/$1 compared with the preceding session’s N725/$1, and in the black market, it lost N7 to trade at N720/$1 in contrast to Thursday’s value of N713/$1. However, in the spot market, the domestic currency appreciated against the American currency by

By Dipo Olowookere On Thursday, February 23, 2017, Nigeria’s Acting President, Mr Yemi Osinbajo, will launch a-three day Micro Small and Medium Enterprises (MSME) Clinic for viable enterprises in Ilorin, the Kwara State capital. Chief Operating Officer of the Kwara State MSME Bureau, Mr Segun Soewu, who disclosed this in a statement on Monday, said that the event will hold at the Banquet Hall, Ilorin by 10 am daily. According to him, the Clinic is an opportunity for Micro Small and Medium Enterprises in the State to discuss the opportunities and challenges confronting their businesses. Mr Soewu added that business

By Dipo Olowookere On Friday, May 5, 2017, President Muhammadu Buhari showed up at the mosque inside the Presidential Villa in Abuja to observe Juma’at with other Muslim faithful. For about three straight Federal Executive Council (FEC) meetings in Abuja, the President had been absent, fuelling speculations that his health was failing him, though his aides had always debunked this. On Tuesday, he was said to have had a meeting with the Attorney-General of the Federation (AGF), Mr Abubakar Malami; as well as the Group Managing Director of NNPC, Mr Maikanti Baru. However, the next day, he missed the FEC meeting

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) ended the month of May 2018 on a negative note as investors continue to readjust compositions of their portfolio. In the midst of the broad market onslaught, Dangote Cement recorded its worst session since March 2017 on Friday, shedding 7.08 percent on the day. The cement giant was one of the top losers for last week, down 8.61 percent w-o-w and currently trades at a YtD low of N223. The stock has lost 3 percent YtD, a fairer performance compared with a 10 percent YtD loss for the Industrial Goods sector. As

By Adedapo Adesanya The National Pension Commission (PenCom) has disclosed that the total pension fund assets in the country stands at N10.5 trillion as at February 2020. PenCom stated this in its monthly report, which detailed the summary of pension fund assets as at February 29, 2020. According to the pension sector regulator, Retirement Saving Account (RSA) retiree fund, which has been reclassified in the multi-fund structure, stood at: Fund I, N24.2 billion; Fund II, N4.6 trillion; Fund III, N2.7 trillion; Fund IV, N829 billion and newly introduced Fund V, N7.8 million. It noted that Closed Pension Fund Administrators Fund

By Adedapo Adesanya Following the approval of the Securities and Exchange Commission (SEC), top Insurance company, Consolidated Hallmark Insurance (CHI Plc), has commenced the process of raising an additional sum of N1,056,900,000 to further strengthen its capital base. SEC gave the approval to the company to offer a total of 2,032,500,900 units of 50 kobo each at 52 Kobo per share through a Rights Issue to existing shareholders. The offer opened on Monday, February 24, 2020 and is to run for a period of five weeks, with closing date set for April Fool’s Day, April 1, 2020. Shareholders of the