Access Bank Plc yesterday denied reports that it planned to sack 75 per cent of its workforce and as well close more than 300 branches. The bank, in a statement signed by Mr Sunday Ekwochi, its Company Secretary, and obtained from the Nigerian Stock Exchange (NSE) website, described the news as malicious and a distraction from the genuine and compassionate plan to protect its staff and help keep jobs in the unfolding macroeconomic environment. It said the closure of a bank branch was an action that…
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Lockdown: FirstBank commends customers’ support
FirstBank Nigeria Ltd has expressed its appreciation to the public – especially its customers – for their continued patronage of its services during the coronavirus ( COVID -19) lockdown. This is even as the lender has assured the public that stringent measures have been implemented to ensure its branches and locations across the country operate in line with the health and safety guidelines issued by the Nigeria Centre for Disease Control (NCDC to mitigate the spread of Coronavirus. Expressing the bank’s delight at welcoming customers to…
Read MoreForex: Naira sustains recovery against dollar
The naira yesterday continued its recovery against the dollar on the parallel market after slumping to N460 to the greenback about two weeks ago. As the Federal Government’s partial lifting of the COVID-19 lockdown in Lagos State, the Federal Capital Territory (FCT) Abuja commenced on Monday, the naira further appreciated to N430/$1 from N450 per dollar last Friday. Analysts attribute the local currency’s recovery to the International Monetary Fund’s (IMF) approval of Nigeria’s $3.4billion loan request, as well as the Central Bank of Nigeria’s (CBN) announcement…
Read MoreDiamondXtra: Access Bank rewards customers
Access Bank Plc is set to splash millions of naira on lucky customers who will emerge winners in the forthcoming DiamondXtra monthly draw. According to Adaeze Ume, Group Head, Retail Products and Segments, Access bank Plc, “we have been encouraging our customers to stay safe and stay connected by using our various digital channels this period. We know these are trying times and our customers need funds to pay essential domestic bills, send money to their loved ones and also save up for unforeseen circumstances since we don’t…
Read MoreFraud: AfDB bans Nigeria-based Chinese firm for 18 months
The African Development Bank (AfDB) Group has blacklisted China Zhonghao Nigeria Limited, a civil engineering company registered in Nigeria, for 18 months, for alleged fraudulent practices. In a statement posted on its website yesterday, the AfDB said: ”An investigation conducted by the bank’s office of Integrity and Anti-Corruption established that China Zhonghao Nigeria Limited, as a member of a joint venture with Oceanic Construction and Engineering Nigeria Ltd., was jointly responsible for its joint venture partner’s fraudulent misrepresentations of its year of incorporation, the value of its reference…
Read MoreCOVID-19: Polaris bank commends medics, assures on service delivery
Polaris Bank has once again commended medical professionals those on the frontlines of the fight to flatten the COVID-19 curve, even as the nation continues to battle the spread of the pandemic. In a statement issued in the wake of Federal Government’s extension of the lockdown in Abuja, Lagos and Ogun states, The bank’s Head, Strategic Brand Management and Communication, Nduneche Ezurike, hailed the role of medical personnel in the fight against the virus that is currently ravaging the entire world. The bank also praised the media…
Read MoreIMF: I03 countries seek $100bn emergency facility
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has said that 103 nations are seeking about $100billion from the fund as emergency financing to tackle the impact of the coronavirus (COVID-19) pandemic. The IMF boss, who disclosed this in a blog post obtained by New Telegraph yesterday, said the fund had doubled its emergency, rapid-disbursing capacity to meet expected demand of about $100 billion, adding the IMF’s Executive Board “will have considered about half of these requests by the end of the month.” Also…
Read MoreLockdown: Low forex demand freezes pressure on naira
Low demand for dollars on the foreign exchange markets, due to the lockdown occasioned by the coronavirus (COVID-19) pandemic, is masking rising pressure on the naira, traders have said. According to the leading non-bank currency broker on the continent, AZA, not even the failure of the agreement reached by the Organisation of Petroleum Exporting Countries (OPEC) to bolster oil prices has had the sort of negative impact on the naira that analysts expected. In a note obtained by New Telegraph yesterday, the firm said: “Gloom over OPEC’s…
Read MorePWC: Liquidity, staff safety top Nigeria businesses COVID-19 concerns
Businesses in Nigeria have identified liquidity and the safety of their staff among the most pressing business needs they are concerned about as they grapple with the impact of the COVID-19 pandemic. These are some of the findings from a survey conducted by PwC Nigeria. The survey findings were revealed during a recent webinar hosted by the firm, on the economic implications and policy responses to COVID-19. The survey had about 3000 respondents ranging from managers to CEOs and business owners. Asked what their top business concerns were, 22.5 per…
Read MoreAdesina commends UK over investments in AfDB
President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has commended the United Kingdom’s Department for International Development (DFID) over its investments in the bank. He made the commendation while speaking at the at the UK-Africa Investment Summit, “Sustainable Infrastructure Forum.” Noting that the DFID is a key strategic partner of the AfDB, Adesina disclosed that since the DFID joined the bank in 1983, its “strong and consistent support for the African Development Fund has helped us to support the development of low-income states, especially the fragile states.” According…
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