AfDB fund provides nearly $18m for efforts to stabilise Lake Chad Basin
Post AMUGE
November 12, 2024
Bamidele Famoofo The Board of Directors of the African Development Bank Group approved on 5 November a package of $17.97 million to Cameroon and Chad to bolster efforts to stabilise the Lake Chad Basin, a region long plagued by insecurity as well as deeply affected by climate change. The funding, comprising a grant of $11.11 […]
NDIC to begin Heritage Bank asset sale on December 4
Post AMUGENovember 11, 2024
Joy Agwunobi The Nigeria Deposit Insurance Corporation (NDIC) has announced that the sale of Heritage Bank’s assets will begin on December 4, 2024. In a statement issued recently, Bashir Nuhu, the director of Communication and Public Affairs at NDIC, disclosed that the corporation had already commenced the process of liquidating the defunct bank’s landed properties. […]
Afreximbank approves $200 million Facility to support BUA Industries Limited expansion plans
Post AMUGENovember 11, 2024
Bamidele Famoofo African Export-Import Bank (Afreximbank) has approved a $200 million Corporate Finance Facility in favour of BUA Industries Limited (BIL) to support its expansion plans. BIL is a Nigerian conglomerate with diversified business interest spanning across, sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping. […]
Access Bank UK boosts global expansion with New Hong Kong branch
Post AMUGENovember 8, 2024
Becomes First W’African Bank in Asian Country L-R: Mojalefa Mogono, Consulate General of South Africa in Hong Kong & Macau; Jamie Simmonds, CEO/MD, The Access Bank UK Limited; Oludare Folowosele, Consulate General of the Federal Republic of Nigeria in Hong Kong & Macau; Roosevelt Ogbonna, managing director/chief executive director, Access Bank Plc; Baher Sheweikhi, Consulate […]
FBN Holdings pursues N730bn capital base by Q1’25
Post AMUGENovember 6, 2024
Onome Amuge FBN Holdings has revealed its plans to surpass the minimum capital requirement set by the Central Bank of Nigeria (CBN), aiming to reach a total capital base of N730 billion by the first quarter of 2025. Nnamdi Okonkwo, the group managing director of FBN Holdings, discussed the company’s capital-raising strategy recently during the […]
Bank of Industry disburses N1bn to business owners in Ogun
Post AMUGENovember 6, 2024
Joy Agwunobi The Bank of Industry (BoI) says it has disbursed the sum of one billion naira to 20,000 small business owners in Ogun. Mr Michael Agidani, Manager BoI in Ogun, said this during a nationwide town hall/sensitisation programme on the Presidential Grant and Loan Scheme on Tuesday. According to him, the Presidential Conditional Grant […]
World Bank earmarks $50m to support Nigeria’s food nutrition challenges
Post AMUGENovember 5, 2024
Business a.m. The World Bank has approved $50m in support of Nigeria’s food nutrition challenges. Ndiame Diop, Country Director of the World Bank, revealed this during a meeting with Vice President, Kashim Shettima at the Presidential Villa Abuja recently. According to Diop, the fund was earmarked under the Accelerating Nutrition Results in Nigeria (ANRiN) project […]
Access Bank wins Best Digital, Best Website at 2024 Digital Jurist Awards
Post AMUGENovember 4, 2024
Business a.m. L-R: Adebowale Shonekan, head, network communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, team lead, digital communications, Access Holdings Plc; Ezinne Nwene, team member, digital communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, chief technical officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist […]
Top 4 Nigerian lenders grow assets by 56% to N115 trn in nine months
Post AMUGENovember 4, 2024
Disburse N33.6 trillion as loans & advances Record N2.9 trillion profit Bamidele Famoofo Four leading commercial banks in Africa’s most populous economy increased their balance sheet size to N115 trillion in nine months of the financial year ending December 31, 2024. The lenders, Access Holdings Plc, FBN Holdings Plc, GTCO Plc and Zenith Bank jointly […]
Currency outside banks now N4trn, says CBN
Post AMUGENovember 1, 2024
Business a.m. Currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02trn compared to N2.42trn in September 2023, a notable rise of N1.60trn in just one year. This is according to the Money and Credit Statistics data of the Central Bank of Nigeria. On a month-on-month basis, currency outside banks grew by […]