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18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

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15-March-2024

Banks Can’t Pay Dividends from FX Revaluation Gains—CBN Insists

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has maintained its stance against the payment of dividends to shareholders by publicly quoted banks from foreign exchange (FX) revaluation gains. In a letter titled Re: Impact Of Recent FX Policy Reforms: Prudential Guidance to the Banking Sector on Thursday, the banking sector regulator said it has not changed its mind on the directive last year against such practice, warning banks to adhere strictly to it. In yesterday’s circular signed by the acting Director for the Banking Supervision Department of the CBN, Dr Adetona Adedeji, it was emphasised that “banks are

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15-March-2024

Stanbic IBTC Bank Reward4Saving 3.0 Quarterly Draw Produces More Millionaires

By Modupe Gbadeyanka More millionaires have emerged in the Stanbic IBTC Bank’s Reward4Saving 3.0 promo quarterly draw recently, bringing the total number of customers who have won in the campaign to over 1,500 since its inception in 2021. At the last draw, seven lucky customers of the bank won the grand prize of N1 million each, while an additional 70 customers won N100,000 each. Since the commencement of the promo, currently in its third season, six draws have been conducted, resulting in 434 customers emerging as winners, receiving cash prizes ranging from N100,000 to N1 million for maintaining consistent savings

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13-March-2024

Access Holdings Appoints Aig-Imoukhuede as Chairman

By Aduragbemi Omiyale Mr Aigboje Aig-Imoukhuede has been appointed as the Chairman of Access Holdings Plc, replacing Mr Abubakar Jimoh, who remains on the board as an independent non-executive director. Mr Aig- Imoukhuede, who is the business partner of the late chief executive of Access Holdings, Mr Herbert Wigwe, is expected to use his outstanding record of accomplishments, wealth of expertise and leadership to guide the company into a new era of success. The retired banker was the pioneer Group Managing Director (GMD) of Access Bank Plc, which is now the banking subsidiary of Access Holdings. A statement signed by

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13-March-2024

LivingTrust Mortgage Bank Trades Flat Amid Interest from Foreign Investor

By Aduragbemi Omiyale Shares of LivingTrust Mortgage Bank Plc have remained unchanged at N3.27 per unit on the floor of the Nigerian Exchange (NGX) Limited despite reports of an investor intending to take up to 7 per cent stake in the firm. There have been reports in the past few days that a foreign investor wants a bite of the real estate lending firm. The unidentified investor is reportedly interested in the acquisition of 7 per cent of its shares. It was said that the investor has seen future value in the company and wants to quickly position himself before

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12-March-2024

Abbey Mortgage Bank Relishes Transformative Journey, Impact of 32 Years

Abbey Mortgage Bank, a leading institution in the mortgage industry, is celebrating its 32nd anniversary this year. Over the past three decades, Abbey Mortgage Bank has evolved into a beacon of excellence, driving positive change and making a lasting impact on individuals and communities alike. Since its establishment in 1992, Abbey Mortgage Bank has undergone remarkable transformations, emerging as a pioneer in the mortgage sector. Beyond providing traditional mortgage services, the bank has expanded into retail banking, broadening its scope to better serve its customers’ needs. “Through dedication and innovation, our workforce has been the driving force behind Abbey Mortgage

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12-March-2024

Ecobank Gets $250m Bridge-to-Bond Loan from Afreximbank

By Adedapo Adesanya  Ecobank has signed a $250 million senior unsecured bridge-to-bond loan with the African Export-Import Bank (Afreximbank), aimed to support trade finance and the general corporate purposes of the group. It is expected to benefit the lender’s operations in 35 sub-Saharan African countries, as well as France, the United Kingdom, the United Arab Emirates and China, where its pan-African platform provides a single gateway for payments, cash management, trade, and investments. Africa Finance Corporation (AFC) acted as global coordinator and initial mandated lead arranger of the facility and Mashreqbank psc. joined the transaction as a mandated lead arranger.

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12-March-2024

GTCO Considers N525bn Public Offer to Boost GTBank Capital Base

By Aduragbemi Omiyale Guaranty Trust Holding Company (GTCO) Plc may approach the capital market to raise between N450 billion and N525 billion through a public offer, multiple reports suggest. The funds from the public offer, which may likely be through a private placement, would be used to shore up the capital base of its banking subsidiary, GTBank Limited. Recall that the Central Bank of Nigeria (CBN), through its Governor, Mr Yemi Cardoso, hinted that the minimum capital base of banks in the country would be raised because of the devaluation of the Naira for a long time, which may have

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11-March-2024

Union Bank Reaffirms Commitment to Gender Inclusivity

By Modupe Gbadeyanka Union Bank of Nigeria has reaffirmed its commitment to gender inclusivity and the promotion of female excellence and competence across different fields of endeavour. At an event to commemorate 2024 International Women’s Day, the financial institution re-emphasised its advocacy for an equitable and inclusive society devoid of biases, stereotypes, and discrimination. At the programme tagged Ability Over Gender, the bank’s new chief executive, Ms Yetunde Oni, reiterated the company’s commitment to continually champion the cause of women’s advancement and other underrepresented communities while pushing for their inclusion and recognition in otherwise closed-off spaces. Also, at a special

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19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

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19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

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18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

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18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

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18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

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18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

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18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

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18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

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18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

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18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing