Category: Business

Wema Bank’s ALAT celebrates anniversary

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    Wema Bank Plc digital bank, ALAT by Wema, is celebrating three years of delivering financial services.   The bank in a statement made available to newsmen said ALAT had strategically positioned itself as a fast, reliable and convenient banking solution and will continue to align itself with evolving user habits and preferences, especially when users are quickly adjusting to a world where speed, efficiency and multiplicity will be the new normal.   “Known for reinventing the narrative in the delivery of financial services and experiential banking in Africa,…

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Nigeria should take advantage of AfCFTA delay’

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    As reactions continue to trail the recent announcement by the Secretary-General of the African Continental Free Trade Area (AfCFTA) secretariat, Wamkele Mene, that the implementation of the agreement will not begin on July 1, 2020 as planned due to disruptions caused by the coronavirus (COVID-19) pandemic, analysts at CSL Research have urged Nigeria to take advantage of the development to speed up growth in critical infrastructure.   The analysts stated this in a note obtained by New Telegraph yesterday.   The AfCFTA agreement, which is aimed at boosting…

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FCMB shareholders endorse N2.77bn dividend

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    Shareholders of FCMB Group Plc have approved payment of a cash dividend of 14 kobo per ordinary share, which translates to N2.77 billion, for the year ended December 31, 2019.   The shareholders, who gave the endorsement at the 7th Annual General Meeting (AGM) of the group in Lagos, also applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the challenging operating environment.   The AGM was held by proxy, following the outbreak of Coronavirus pandemic, and streamed live via www.fcmb.com/AGM to…

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COVID-19: Quickteller Paypoint to provide support for agents

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      Members of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) have been assured of continued support for Quickteller Paypoint Agents during the ongoing global COVID-19 crisis.   This assurance was given by Titilola Shogaolu, Divisional CEO, Interswitch Financial Inclusion Services (IFIS), at a virtual forum organised recently by the Association, for its members.   Expressing her profound gratitude to AMMBAN, she commended the association for putting the forum together at a time like this, when the COVID-19 pandemic has disrupted so many businesses across…

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Report attributes decline in Nigeria’s PMI to COVID-19

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    The recently released April version of the Stanbic IBTC Bank’s Nigeria Purchasing Managers’ Index (PMI) has said that the decline in activities in the private sector is due to disruptions caused by the coronavirus (COVID-19) pandemic.   According to the report, the Nigeria PMI headline sank to 37.1 index points in April 2020 compared to 53.8 index points recorded in March. New orders, output and employment witnessed sharp falls as prices rise amid supply chain disruption.   The Nigeria PMI report reflects economic indicators gotten from monthly surveys…

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COVID-19: Dangote foundation engages 54gene laboratory in Kano

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    The Aliko Dangote Foundation (ADF), a philanthropic endeavor of Aliko Dangote,  has contracted 54Gene, a molecular diagnostics company specialised in research, and diagnostics, to immediately set up a 400 test/day capacity laboratory in Kano State.   54Gene is accredited by the Nigeria Centre for Disease Control (NCDC), and has already set up labs in Lagos and in Ogun states.   The lab, which was inaugurated on May 3 in Kano, will start with a testing capacity of 400 tests a day, increasing to 1,000 tests a day by…

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Health workers’ N11bn insurance cover complementary

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    Stakeholders in the insurance industry have reiterated that the N11 billion insurance benefit provided for frontline health workers fighting Covid-19 as part of their support is a complement to existing policies the workers already have.   This is coming following concerns by some observers who think the cover is not big enough for the frontline workers.   The newly appointed Commissioner for Insurance, Mr Sunday Olorundare Thomas, who made this known to journalists in a statement, said the health workers had an existing policy, Group Life Insurance Policy…

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Stakeholders welcome appointment of Thomas as Commissioner for Insurance

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    Shareholders, insurance practitioners and other stakeholders have welcomed the appointment of Sunday Thomas as the Commissioner for Insurance.   They lauded President Muhammadu Buhari for giving the insurance industry a commissioner who understands the feelings of all stakeholders and is determined to take the sector to lofty heights.   The Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, congratulated Thomas for his appointment, stressing that what impressed him most about the appointment is Thomas’ knowledge of the workings of the industry.   He applauded Thomas…

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Demand for sesame to fetch Nigeria N465.3bn

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    Despite the negative impact of the coronavirus pandemic in the global market, demand for black sesame seed produced in Nigeria is expected to be on the increase in the Asian market because of its medicinal value.   It was learnt that Nigeria, which accounts for 12.22 per cent of the global production and the second largest producer after Sudan in Africa, has the capacity to produce 550,000 metric tonnes valued at N465.3billion ($990million).   However, since the outbreak of COVID-19, some export containers are yet to be processed…

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 COVID-19: MTN rues drop in voice revenue

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  Data income rises to N74bn   Nigeria’s largest telecommunications operator, MTN, has expressed worry over a decline in its voice revenue as subscribers made fewer calls in the first quarter of this year.   The telco blamed this on the effects of the coronavirus pandemic, noting that subscribers’ earning capacity had reduced.   The company, however, recorded a sharp increase in data usage over the same period as the pandemic forced many to work from home using data.   The telco’s data revenue jumped by 59.2 per cent to…

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