Vetiva ETF Admitted on FMDQ Platform

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Dipo Olowookere World leading German brand in sanitary fittings, GROHE, has launched the exceptionally ‘slim’ duo: GROHE SmartControl Concealed in combination with the new GROHE Rapido SmartBox allowing planners and installers to use typically very limited shower space as effectively as possible. Thanks to the concealed technology behind the wall and elegant ultra slim design with only 43 mm outreach on the wall, GROHE SmartControl Concealed makes for additional space in the shower. The new SmartControl models are controlled with the same self-explanatory push and rotary knob technology and are available in square or round designs as well as

By Modupe Gbadeyanka Managing Director/Chief Executive Officer of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that customers of the country’s premier financial institution have become more technology savvy than before. Mr Adeduntan made this assertion while reacting to the feat recently achieved by the lender when it became the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million cards to customers across the country. The bank’s chief executive was quoted in a statement released by the bank that the feat was a testament to the bank’s brand promise to put its customers first

By Dipo Olowookere The audited financial statements of Guaranty Trust Holding Company (GTCO) Plc for the 2022 accounting year have been released to the Nigerian Exchange (NGX) Limited, and from the analysis, the firm net profit moderated by 3.20 per cent to N169.2 billion from N174.8 billion. This was after a N35.6 billion impairment recognised on Ghanaian sovereign securities weakened the pre-tax profit by 3.30 per cent to N214.2 billion from N221.5 billion. However, this did not deter the board from maintaining its dividend payout as it recommended the payment of a cash reward of N2.80 to shareholders, bringing the

By Aduragbemi Omiyale The management of Polaris Bank Limited has urged its customers and members of the public not to panic over reports that the financial institution has been sold to a new investor, Mr Auwal Gombe, in the sum of N40 billion. It was recently reported that efforts are being made to hand over the lender to the businessman, who is said to be an ally of former military president, Mr Ibrahim Babangida, after the Central Bank of Nigeria (CBN) nationalised the defunct Skye Bank Plc into Polaris Bank in 2018. In a statement issued on Friday in Lagos,

By Adedapo Adesanya Sterling Bank Plc recorded a decline in its net profit as established by its half year financial statements for the period ended June 30, 2019, Business Post is reporting. From the brief analysis, the lender declared a profit before tax of N6.0 billion in H1 2019, lower than the N6.4 billion announced in the same period of last year, representing a decline of 6.25 percent. Likewise, the profit after tax announced by the board in the results stood at N5.7 billion in the first six months of this year compared with the N6.2 billion made in the

By Dipo Olowookere Properties worth millions of Naira were lost when inferno brought down the popular Kano Cooperative Fish Market in Kano metropolis. A statement issued by the Director General of Media and Communications at Government House in Kano, Mr Salihu Tanko Yakasai, disclosed that the unfortunate incident occurred at about 8:30pm on Saturday, January 20, 2018 and lasted for some hours. A total of 27 containers of fish were burnt before men of the state Fire Service brought the situation under control. Although the cause of the fire could not be immediately established, traders in the market were seen

By Dipo Olowookere A Court of Appeal sitting in Lagos has dismissed the appeal filed by CSP Segun Fabunmi, a former Divisional Police Officer (DPO) attached to Pen Cinema Police Station, Agege who was sentenced to 10 years imprisonment for the killing of one Mr Ademola Aderintola Daramola, during the January 9, 2012 fuel subsidy protest in Lagos. Justice Olabisi Akinlade of a Lagos State High Court had in 2015, sentenced Segun Fabunmi, to 10 years in prison for manslaughter following his arraignment and trial before the Court. The Lagos High Court Judge also found Mr Fabunmi, the dismissed Chief