Category: Capital Market

World Environment Day: Egbin Power Plc Charts Path For Environmental Sustainability

JUSTINA EMMANUEL OKPARA

…urges global concerted efforts Deliberate actions designed to further reduce environmental pollution in line with global agenda for sustainability have been outlined by Egbin Power Plc, the largest power generating station in Nigeria, to commemorate World Environment Day 2023, under the theme “Solutions to Plastic Pollution.” The GenCo, while raising awareness about the hazardous impact of pollution on the environment, also called for concerted global efforts among governments, businesses, and individuals towards building a more sustainable world. Speaking during the activities outlined to commemorate this year’s World Environment Day, Chief…

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Import Duties: First Bank Defrauds Federal Government of N100bn

Gideon Myek

.CBN, Clearing Agents Blacklist Lender …May face EFCC soon The Central Bank of Nigeria (CBN) on the orders of the House of Representatives Committee on Customs has delisted First Bank Plc from collection of import duty revenue due to its alleged failure to remit N100billion collected on behalf of the Federal Government of Nigeria on export proceeds for Nigerian Exports Promotion Council (NEPC). This indication was given by the Acting National President of Association of Nigerian Licensed Customs Agents (ANLCA) Dr Kayode Farinto innan exclusive chat with DAILY TREND on…

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Premium Pension Grows Asset Under Management To N1.041trn

JUSTINA EMMANUEL OKPARA

One of the leading Pension Fund Administrators in the country, Premium Pension Limited, has grown its Asset Under Management (AUM) to N1.000.41 trillion at the end of 2022 financial year. This is despite increasing economic challenges and stiff competition in the industry. This growth represents N120.93 billion over 2021 year-end of N879.48 billion, indicating a year-on-year growth rate of 12.08 per cent. Mr. Ibrahim Alhassan Babayo, Chairman, Board of Directors of Premium Pension Limited, disclosed this at the 18th Annual General Meeting (AGM) of the company held at its corporate…

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Breaking: Old Naira Notes, No Extension Beyond Feb. 10—CBN

JUSTINA EMMANUEL OKPARA

After days of suspense surrounding the legality of old naira notes, the Central Bank of Nigeria (CBN) has declared that the February 10 deadline earlier given for the notes to cease from being legal tender remains. CBN Governor, Mr Godwin Emefiele, ruled out extension today in Abuja when he briefed ambassadors of foreign nations and diplomats in Nigeria about the apex bank’s monetary policy and issues thrown up by the currency redesign. Details later

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Union Bank Unveils Brand New Sonic Identity – The Sound of Union

JUSTINA EMMANUEL OKPARA

Union Bank of Nigeria has launched a brand-new sonic identity tagged ‘The Sound of Union. At 105 years, the bank is now leveraging the universality of music to engage with new and existing audiences through this unique sound identity. The bank tapped prolific and award-winning music producer Tee-Y Mix, to create a timeless sound and interpret it across multiple genres for today’s and tomorrow’s generations. Speaking about The Sound of Union during the official Twitter Space unveiling, Ogochukwu Ekezie-Ekaidem, Chief Brand and Marketing Officer, Union Bank, said: “Over the past…

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Polaris Bank Promotes SMEs, Sponsors The Fashion Souk

Gedion Myek

Polaris Bank has reaffirmed its commitment to support the growth of Small and Medium Enterprises (SMEs) in Nigeria. The bank in a statement gave this assurance while disclosing plans to sponsor The Fashion Souk 7.0. The statement further noted that three successful entrepreneurs who emerge winners in a business pitch at the event will go home with N1million, N500,000 and N250,000 for the overall winner, first runner-up and second runner-up respectively. The two-day event, which is organised in partnership with Nigeria’s foremost event management company, EVENTFUL Limited is scheduled to…

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Finance Minister Faults CBN On Planned Currency Alteration

Onyinye Obianwu

…asks Senate to probe proposal Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmad, has reportedly disowned the new Central Bank of Nigeria (CBN) policy on redesigning the Nigerian currency, the naira. The Minister made this disclaimer when she was to a question raised by Senator Opeyemi Bamidele representing Ekiti Central, during the 2023 budget defence session with the Senate Committee on Finance. Reports reaching voiceofnaija.ng have it that the Finance Minister warned the CBN of the dire consequences that may arise from its new policy. The Senator asked: “Just two…

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FBNInsurance Names Tunde Mimiko New MD/CEO

Gedion Myek

FBNInsurance Limited has announced the appointment of Mr. Tunde Mimiko as its new Managing Director/Chief Executive Officer, following the retirement of Mr. Val Ojumah. A statement released by the company described Mimiko as a seasoned insurance professional with over 23 years’ experience in life and general insurance, spanning sales and marketing, business development, strategy, vision & mission planning, technical operations, product development & management. The statement added that he was a transformational leader who has actively participated in the transition projects of the various companies where he served, including the…

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MTN Nigeria Announces Issuance Of $54.2m Commercial Paper

admin

MTN Nigeria Communications Plc has announced a proposed issuance of N23 billion ($54.2 million) in the Nigerian capital market. A disclosure by the telco, seen by newsfieldglobal, said the Series 3 commercial notes are part of MTN Nigeria N150 billion ($353.7 million) commercial issuance programme. The disclosure by MTN Nigeria did not say when exactly the notes would be issued or their tenor. But it did mention that funds realised from the proposed issuance would go towards bolstering working capital. “The issuance is part of the company’s strategy to diversify…

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Court Freezes Another Sh400.6m Belonging To Flutterwave

JUSTINA EMMANUEL OKPARA

The High Court of Kenya has allowed the freezing of a further Sh400.6 million belonging to Nigerian fintech startup Flutterwave after the Assets Recovery Agency (ARA) linked the money to card fraud and money laundering. For the good part of this year, Flutterwave has been in constant contest with Kenyan authorities over money held in different banks alleged to have been obtained illegally. This is the second time the company in less than six months that the company’s accounts have been frozen on grounds of fraud and money laundering. In…

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