CBN to revise NUBAN standards to accommodate OFIs
Chris Ikosa
November 7, 2018
The Central Bank of Nigeria Tuesday issued an exposure draft for the revised standards on Nigerian Uniform Bank Account Number (NUBAN) to accommodate other financial institutions (OFIs) aside Deposit Money Banks (DMBs) operating in the country. According to the CBN, in view of the success of the NUBAN scheme across DMBs and the increasing role […]
MTN partners Sterling Bank on smartphone financing scheme
Adesola AfolabiNovember 6, 2018
In a bid to provide more Nigerians with access to the benefits of a digital world, MTN Nigeria in partnership with Sterling Bank and PayJoy recently launched a Device Financing Scheme (DFS) to provide customers (who meet their requirements) with the opportunity to purchase smartphones of their choice and pay over a period of six […]
DMO announces Nigeria’s November savings bond offering
Adesola AfolabiNovember 5, 2018
The Debt Management Office on Monday opened subscriptions for the November 2018 savings bond of the Federal Government of Nigeria (FGN). The bond subscription period, according to the debt office, will run from Monday, November 5 to 12 noon of Friday, November 9, 2018, with the settlement date fixed for Wednesday, November 14, 2018. The debt office […]
CBN mandates Bureau de Change to apppint board of directors from December 1, 2018
Adesola AfolabiNovember 2, 2018
A new code of corporate governance released Thursday by the Central Bank of Nigeria to Bureau de Change (BDC) operators in the country, is requiring that BDCs have a board of directors with a minimum of three and maximum of five members. The board which have an array of responsibilities, rights and management requirements outlined […]
Access Bank, Transfast sign global partnership agreement to facilitate funds movement across 7 African countries
Businessam StaffNovember 1, 2018
Access Bank Nigeria Plc has partnered with Transfast, a leading provider of cross-border payments and remittance solutions to facilitate inflow of remittance to bank accounts and delivery in the form of cash pay-outs from any of Access Banks outlets in Nigeria. The two entities signed a global agreement to offer remittance services to expatriates sending money to […]
Dangote Sugar sees 9-months’ profit fall 37% on back of rising competition, logistics challenges
Adesola AfolabiOctober 31, 2018
A 37 percent drop in its 2018 nine-months profit after tax was all that was needed to reveal the telling signs competition is having on the operations of Dangote Sugar as revealed in results released to investors at the Nigerian Stock Exchange on Tuesday. Profit after taxation for the period dropped to N16.7 billion from […]
Fidelity appoints Agbapu to its board as non-executive director
Afolabi OluwaseunOctober 30, 2018
Fidelity Bank Plc has announced the appointment of Chidozie Bethram Agbapu, as a non-executive director of the bank, following the retirement of Robert Nnana-Kalu, The bank made this known to the investing public via a notice to the Nigerian Stock Exchange, stating that the appointment took effect from September 4, 2018 upon the completion of Nnana-Kalu’s […]
Nigerian breweries approve N4.8bn interim dividend on N14.7bn profit
Adesola AfolabiOctober 30, 2018
The board of directors of Nigerian Breweries Plc has approved an interim dividend of N4.8 billion for the period ended September 30, 2018, following a profit declaration of N14.7 billion. Although the firm’s N14.7 billion profit was 38.4 percent lower than N23.9 billion declared over the same period of the previous year, Nigerian breweries noted […]
Investor interests upbeat on Zenith, Stanbic, Diamond Banks as share prices soar 27% in one week
Adesola AfolabiOctober 30, 2018
Impressive nine months results released for the third quarter of 2018 for Zenith and Stanbic Bank have increased demands for their stocks, thereby resulting in a price appreciation of 5 percent and 2.2 percent respectively. Zenith bank having being able to muster a 12 percent year-on-year post tax profit growth amounting to N144.2 billion, as […]
Equities market to trade upbeat this week on expected bargain hunting as ASI improve 0.2% W-o-W
Adesola AfolabiOctober 30, 2018
Expectations from market analysts on trading activities by investors this week remain upbeat as bargain hunting on strong corporate could stem the tide of political jitters. Although a bearish near-term outlook is being predicted by analysts at Afrinvest, the local bourse had a largely positive performance last week as trading on 4 of 5 days […]