Category: Capital Market

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

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

AIICO Insurance grows premium by 21.4% in H1’22     

JUSTINA EMMANUEL OKPARA

AIICO Insurance Plc, foremost and most resilient insurance services provider, has announced a gross written premium (GWP) of N45.5billion in the H1 2022, up by 21.4per cent compared with N37.481billion recorded within the same of in 2021. While the company posted a growth of 21.4per cent in 2022, the group grossed N45.5billion year-on-year (y-o-y) in the first half of the year from N37billion or 21.6per cent within the period under review. The company’s unaudited results represent the firm’s performances for the interim period ended 30 June 2022. Accordingly, the company’s…

Read More

AMCON: Josepdam not indebted to us

JUSTINA EMMANUEL OKPARA

Following the successful liquidation of its indebtedness, the Asset Management Corporation of Nigeria (AMCON) has declared Josepdam & Sons Limited and Josepdam Sugar Company Limited free of any debt obligation to the Corporation. A letter to this effect sighted by our correspondent revealed that the concerned obligors had defrayed the total outstanding balance put at N18.783 billion. Recall that a section of the media had recently been erroneously listing Josepdam alongside other obligors that are yet to liquidate their indebtedness to the Corporation.  The said publication also alleged that Mrs.…

Read More

AXA Mansard Records 21% Drop In Profits

JUSTINA EMMANUEL OKPARA

Frontline underwriting firm, AXA Mansard Insurance Plc, has posted a 21 per cent drop in its profits before and after tax. According to the breakdown, the insurer recorded a four percent drop in profit before tax as well as 17 per cent drop in profit after tax, according to details from its 2021 financial report. Further details revealed that the company’s PBT went down from N6.04 billion recorded in 2020 to N5.78 billion posted in 2021, representing a four per cent drop. In the same vein, the profit after tax…

Read More