NFIU Act: Danger Not Yet Averted—MIIVOC Warns

By Adedapo Adesanya  The International Finance Corporation (IFC) has announced a collaboration with Allied Climate Partners (ACP) that will help create a pipeline of viable climate investments in emerging markets including Southeast Asia, Africa, the Caribbean and Central America, and India. ACP’s new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact. In a statement seen by Business Post, the parties said the collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring

By Bliss Okperan The Tincan Island Port (TCIP) Command of the Nigeria Customs Service (NCS) has created a mobile application to automate its bond and license unit, Transire. At the unveiling of the app on Thursday, the Customs Area Controller, Comptroller Dera Nnadi, said the need to automate the Bond and License Unit had become imperative for administrative and procedural ease of doing business in the command. Speaking at a sensitization program on the automation process, Mr Nnadi informed participants that the application was developed by Superintendent of Customs Samuel Bello, to reduce the volumes of documents being deployed in

By Aduragbemi Omiyale The Oyo State government has maintained that its decision to register all commercial motorcycle and tricycle riders in the state was to promote public safety and not for any other purpose. The Commissioner for Information and Civic Orientation, Mr Dotun Oyelade, said this during a one-day sensitisation meeting with Okada and Keke riders in Ibadan. He explained that the meeting became necessary following a recent state security council meeting, noting that the exercise will help in the documentation of riders in the state. The Commissioner called for sustained cooperation between motorcycle and tricycle riders and the state

By Adedapo Adesanya Fils has launched a platform to help global businesses turn intent into action when integrating sustainable values into the core of digital payments. The new innovation paves the way for trust and safety in carbon markets, bringing together buyers with capital, and suppliers with high-integrity carbon credits, at the rate and scale required to rebalance the planet.  Designed as a holistic, enterprise-grade B2B2C product offering, Fils leverages the power of leading technologies for its end-to-end infrastructure to transform various industries, including financial services, hospitality, and e-commerce. This makes it easier for businesses to act on the core

By Dipo Olowookere Fidelity Bank Plc on Tuesday released its financial statements for the first half of 2017, posting a 65.6 percent growth. Specifically, during the period, the profit after tax increased to N9.04 billion from N5.46 billion in the corresponding period of 2016. The financial results further showed that profit before income tax stood at N10.22 billion as at June 30, 2017, in contrast to N6.13 billion achieved 12 months ago. However, the results showed that no dividend was proposed by the Board of Directors of the lender in respect of the interim period ending June 30, 2017. According

By Aduragbemi Omiyale Small business owners have been urged to submit entries for the 2021 Entrepreneurship Training Programme organised by the Development Bank of Nigeria (DBN) Plc. The training scheme is expected to commence from August 16 to October 14, 2021, but entries for the programme will open from July 5 to August 1, 2021. Interested Micro, Small and Medium Enterprises (MSMEs) would be required to apply through the bank’s online application portal at www.devbankng.com. Business Post reports that intending candidates must be 18 years and above and must be citizens as well as legal residents in Nigeria. They must

By Dipo Olowookere Several owners of accounts at various deposit money banks (DMBs) operating in Nigeria without the Bank Verification Number (BVN) are presently not at rest over news of Federal Government obtaining a court order to take over their deposits at the banks. On February 14, 2014, registration for BVN introduced by the Central Bank of Nigeria (CBN) began across the country and wrapped up on October 31, 2015. During the period, about 40 million bank customers enrolled for the exercise, which was introduced to checkmate fraud in the financial sector. Those who did not register to obtain their

Governor Babajide Sanwo-Olu of Lagos State has assured residents of the metropolis that his administration will be open and accountable in the implementation of the 2020 budget. On Tuesday, at a short ceremony in Ikeja, Mr Sanwo-Olu signed the N1.168 trillion 2020 Appropriation Bill into law in the presence of his team and members of the state parliament. Speaking, the Governor said, “Now is the time for members of the state’s executive council who will be implementing this budget to demonstrate their tenacity to the vision of achieving Lagos of our dreams. We must display the conviction that we can

By Adedapo Adesanya   Nigeria’s economy is expected to grow by 2.5 percent this year (2020) and the next (2021), according to the International Monetary Fund (IMF). The projection was contained in the IMF’s January World Economic Outlook (WEO) titled Tentative Stabilization, Sluggish Recovery, signed by Ms Gita Gopinath, an Economic Counsellor and Director of the Research Department at the Fund, which was released on Monday and covers a two-year time period (2020-2021). In an earlier report released last year October, there had been projection that the country’s real Gross Domestic Product (GDP) will grow by 2.3 percent in 2019

By Sodeinde Temidayo David The ride-hailing platform, Bolt, has created a cash withdrawal service for drivers to provide early access to cash out earned on the platform from cashless payment methods and other earnings. Drivers can now take away the cash they earn whenever they need to. Although there are limitations as the cash out service is available to drivers once a day with a transaction fee of N15 to the bank. The feature is also active for existing drivers who have been on the platform for up to two weeks and have completed at least 25 trips without any

By Brian Abel Nigeria has long been considered Africa’s largest economy in terms of GDP, this should come as no huge surprise, especially considering its population of over 200 million, making it the largest in the continent, and boasting an abundance of natural resources, as well as strong trade links with its neighbouring countries. However, as vast as the Nigerian economy may appear to be, it is still very much going through stages of growth. Helping to drive this evolution is the rapid digitalisation of many economic sectors. Consider the financial sector, for example, while Nigeria has been a major

By Dipo Olowookere A senior analyst with the London-based Financial Institutions Group, Mr Mik Kabeya, has submitted that the Naira redesign policy of the Central Bank of Nigeria (CBN) will not heavily impact the profitability of commercial banks in the country. He gave this submission at a podcast put together on Monday by a global rating company Moody’s tagged Moody’s Talks – Emerging Markets Decoded, which was monitored by Business Post. The central bank, in October 2022, announced that it was redesigning the N200, N500, and N1,000 notes, stating that it would release the new banknotes into circulation from December