Category: Business

Stanbic IBTC advises customers to reactivate dormant, inactive accounts

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Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has urged customers with dormant and inactive accounts to reactivate them to enjoy fantastic product offerings and exciting benefits. The financial institution recently launched an account reactivation campaign aimed at giving its customers with dormant accounts the opportunity to enjoy the best financial solutions. Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, stated: “This campaign is another demonstration of our unwavering dedication to serving our esteemed customers better. Their convenience is paramount to us, especially during this period when…

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Naira drops to N460/$1 on parallel market

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The naira weakened further on the parallel market, yesterday, dropping to N460/$1 from N455 per dollar that it exchanged for on Friday, traders said. The local currency, which has been under pressure on the parallel market since the beginning of the year, due to foreign exchange scarcity occasioned by the slump in the price of oil rebounded from N477 per dollar to N440/$1 penultimate Tuesday, following an announcement by the apex bank that it would resume the sale of dollars to Bureaux De Change (BDCs) on September 7. The CBN…

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CBN unveils framework for solar connection intervention

Dorothy Ewah

The Central Bank of Nigeria(CBN) has unveiled a framework for the implementation of solar intervention facility, which it said was designed “to complement Federal Government’s effort at providing affordable electricity to rural dwellers through the provision of long term low interest credit facilities to the Nigeria Electrification Project (NEP) pre-qualified home solar value chain players that include manufacturers and assemblers of solar components and off-grid energy retailers in the country.” As part of its Economic Sustainability Plan (ESP), the Federal Government had launched an initiative to achieve the roll out…

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Thailand exporters lose N385.2bn rice market in Nigeria

Stella Okofi

  Thailand exporters have lost 1.2million tonnes of rice valued at N385.2billion ($819.6million) in Nigerian market following import restrictions by the government. The Central Bank of Nigeria (CBN)’s import restriction has boosted local production by 11.2per cent or 600,000 tonnes from 4.8million to 5.4million tonnes in one year. Last month, Thai Rice Exporters Association (TREA), which has also shifted to Benin, Cameroon, South Africa and Angola markets, raised the price of the grain from $678 in August to $683 per tonnes in September, 2020. Data from the United States Department…

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UBA: USA CEO, Yomi-Ajayi, appointed to US EXIM’s sub-Saharan Africa Advisory Committee

Dorothy Ewah

Sola Yomi-Ajayi, the CEO of the United Bank for Africa (UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on sub-Saharan Africa for 2020/2021. Established by the US Congress, the sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes designed to support the expansion of financing for US manufactured goods and services in sub-Saharan Africa. The committee is composed of prominent members of the US business community and Ms. Yomi-Ajayi is the sole representative…

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COVID-19: Heritage Bank, FAMO provide succor for 300 teachers

Dorothy Ewah

  Heritage Bank Plc in partnership with Honourable Fatima Mohammed (FAMO) foundation has provided succor to over 300 affected private school teachers and small medium enterprises (SMEs). The gesture is part of efforts to cushion the effect of COVID-19. A statement issued at the weekend said in alleviating the challenges, Heritage Bank and its partner supported over 300 private school teachers and small businesses as palliatives in 15 local governments; including five major markets in Ojokoro Local Council Development Area of Ifako Ijaiye, in Lagos State. Speaking at the event,…

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Stocks: Banks post N92bn gain in August

Funke Adeko

Investors in banks quoted on the main board of the nation’s stock market reported a cumulative gain of about N92 billion during the month of August 2020 following fair earning results released by most lenders despite COVID-19 ravaging the country. Checks revealed that the stocks recorded a gain of N92 billion or 4.67 per cent to close at N2.063 trillion in market capitalisation on the last trading day of August 31, as against the opening figure of N1.971 trillion at the beginning of trading on August 1. Market watchers believe…

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Investment migration: Wealthy Nigerians boost $3bn industry with traffic to Caribbean Island

Oladipupo Johnson

The decline in standard of living and an unimpressive return on investment prospect in Nigeria has again been accentuated by a report that wealthy Nigerians have started buying their way into the citizenship of St. Lucia, a small island in the Caribbean. According to the report by Quartz Africa, the office of Citizenship by Investment Program (CIP) of St. Lucia, which had no application from Africa in the last five years of its operation, has suddenly been invaded by Nigerians with the intention of relocating their families to the tiny…

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Access Bank signs $93.8m loan with Dutch bank

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  Access Bank Plc has signed a subordinated  syndicated loan agreement totalling $93.8 million with the Dutch development bank (FMO), the French private sector development bank (Proparco), and leading investment firm, Symbiotics.   The tier-II capital facility was structured as a “10 years non-call five years” subordinated debt instrument, benefitting the bank for a period of five years.   Access Bank’s Group Managing Director, Herbert Wigwe, said the  facility would enable the bank continue on its strategic path to becoming Africa’s gateway to the world even after the unexpected simultaneous…

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NAICOM tasks insurers to reposition for post-COVID-19

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  The Commissioner for Insurance, Mr Sunday Thomas, has charged operators in the insurance industry to deal with unethical business behaviour in the sector, with a view to repositioning the industry for post-COVID-19 era.   Thomas, the Chief Executive Officer, National Insurance Commission (NAICOM), spoke at the 2020 Nigerian Council of Registered Insurance Brokers (NCRIB) CEOs’ retreat, held virtually with the theme: ‘X-raying The Finance Act 2020’.   He said that as the insurance industry positions itself for Post COVID-19 era, the demands of the insuring public would require sound…

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