Category: Money market

Report Ranks Lagos Fourth In Africa’s Dollar Millionaires

Admin

A report by research firm, New World Wealth and Henley & Partners, has ranked Nigeria’s commercial capital, Lagos, fourth in terms of the number of dollar millionaires in Africa. The latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide, shows Lagos has 6,300 High Net Worth Individuals (HNWI) with at least $1 million. The report shows South Africa’s business hub Johannesburg has 15, 200 dollar millionaires – the most in Africa – followed by Egypt’s capital Cairo, which has 7,800 HNWIs. Another South African city, Cape Town,…

Read More

eNaira: Report Casts Doubt On Prospects

Admin

While Nigerians and the Central Bank of Nigeria (CBN) are still basking in the euphoria of the successful launch of the country’s version of digital currency, eNaira, a new report has raised the alarm the lack of trust in Federal Government’s disposition to policies could negatively affect the prospect of the initiative. According to the Bitcoin.com News report, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success. It noted that in addition, some analysts insist the digital currency’s already tenuous position…

Read More

Tax Fraud: FG Reneges On Global Pact To Curb Investments In Tax Havens

Admin

Despite recent outcry over Nigerian public and private officials’ criminal investments in countries, which exempt them from paying taxes, the Federal Government has refused to join about 140 other countries to curb the fraud through a 15 per cent corporate minimum tax. According to the report released over weekend, nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore havens where they pay little or no tax. The…

Read More

Wema Bank commended for SMEs Business School

Admin

Beneficiaries of the maiden Wema Bank SME Business School have commended the novel and impactful initiative, disclosing that they have gained immensely from it. The Wema SME Business School equipped Micro, Small and Medium Enterprises with the basic management knowledge required to effectively run their businesses and respond to challenges in an ever-demanding business environment. The five-day free training programme was held recently in Lagos featuring 50 participants. They were trained using a robust curriculum spanning the broad areas of finance, marketing and sales, leadership, technology, branding, strategy, innovation and…

Read More

Digital currency: CBN picks technical partner

JUSTINA EMMANUEL OKPARA

Preparations for the unveiling of digital currency ( e-Naira) by the Central Bank of Nigeria (CBN) has commenced in earnest with the engagement of Bitt Incorporated, a Fintech company, as technical partner by apex bank. This comes as CBN Governor, Mr. Godwin Emefiele, listed benefits of the proposed digital currency billed to take off before end of 2021, to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection. A…

Read More

Transfer: CBN Pegs Limits As e-Naira Takes Off October 1

Admin

The Central Bank of Nigeria (CBN) has set an initial transaction limit of N50,000 for non- account preparatory to the take-off of its digital currency set for October 1. In a guide released by the apex bank to Deposit money banks, the CBN stipulated a transaction limit for customers, non-interest-bearing Central Bank Digital Currency (CBDC) status, and an account value limit. There are three levels to the CBN “Speed wallet” issued primarily to meet the October 1, 2021, deadline. As a means to transact value, the wallet doesn’t compete with…

Read More

FCMB, Mercy Corps to uplift farmers, vulnerable in North East

admin

About 500,000 farmers and vulnerable people in Nigeria’s North-East zone can now access farming friendly and demand-driven financial services.  It is the result of First City Monument Bank’s (FCMB) partnership with Mercy Corps, a frontline international aid organisation.  A bold and landmark intervention, the partnership supported by USAID-funded Feed the Future Nigeria Rural Resilience Activity, will deliver funding and capacity-building support to smallholder farmers and vulnerable people living in the conflict-affected states of Adamawa, Borno, Gombe and Yobe. The Feed the Future Nigeria Rural Resilience Activity aims to facilitate and…

Read More

H1: Zenith Bank posts N117bn pre-tax profit

Admin

Zenith Bank Plc has announced its audited results for half-year ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by COVID 19. According to the financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of three per cent from N114 billion reported in H1’20 to N117 billion in H1’21. The Group also recorded a nine per cent growth in non-interest income from N116 billion in June 2020 to N127 billion in June 2021. Overall, the…

Read More

UBA unveils online entertainment, lifestyle radio

Admin

Pan- African financial institution, United Bank for Africa (UBA Plc), continues to lead in innovation with the launch of its dynamic and creative Online Radio channel – RED Radio. RED Radio, powered by UBA is a lifestyle web platform that has been set up to inform, educate, entertain and to bring to the fore, the best of Africa. Much like its sister platform, REDTV, RED Radio is expected to showcase the best in lifestyle, entertainment, music, news, comedy and fashion. Speaking on the launch of RED Radio, Group Chairman of…

Read More

Wigwe: Banks should partner states to address power problem

Anya Michael

The Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, has said that banks need to partner state governments to resolve the country’s power issue to achieve sustainable growth and development.   Wigwe said this on Wednesday, at the 13th Annual Banking & Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN), at which there was a hybrid of both physical and virtual attendance.   He said that commercial banks should partner state governments to embrace solar power solution in order to resolve the country’s power issues.  …

Read More