UBA reinforces commitment to SMEs financing with N50bn

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The United Bank for Africa (UBA) Plc has set aside N50 billion for financing of Small and Medium Scale Enterprises (SMEs) in Nigeria. At the level of the Africa continent, the lender said it was  devoting premium attention to funding, development and  growth  of SMEs in Africa, a sector, the bank believes holds the key to stimulating the continent’s economy.  Group Managing Director, UBA, Mr. Kennedy Uzoka, confirmed the bank’s renewed commitment to SMEs over the weekend in Abuja at the opening of the UBA Market Place. The UBA Market…

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IMF initiates selection process for new managing director

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The International Monetary Fund (IMF), at the weekend, announced that it had initiated the selection process for its next managing director to succeed Christine Lagarde. Lagarde submitted her resignation letter from the global crisis lender last Tuesday, citing more clarity about her nomination to lead the European Central Bank (ECB) as European legislators approved a new top bureaucrat. In a press release, the Fund stated: “The executive board announces today that it has adopted an open, merit-based, and transparent process for the selection of the next managing director, similar to…

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Winners emerge in Access Bank’s DiamondXtra draw

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    Ten Nigerians have emerged in the monthly draw of DiamondXtra savings scheme season eleven initiated by Access Bank.   The presentation, which took place in various states across Nigeria, saw Samuel Ebu, Stanley Igwe, Olusina Fadare, Amos Tochukwu, Orungbala Anna among others winning N1million naira each.   Speaking during the cheque presentation to winners, Head, Products Insights and Capabilities, Access Bank, Robert Giles, revealed that the initiative had paid off immensely in which over N5 billion have been given out to winners, adding that DiamondXtra savings scheme has…

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Union Bank announces partnership with TEDxLagos

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  Union Bank has announced its partnership with TEDxLagos to host the upcoming TEDxLagos event tagged “Spring.” In a press release, the lender said the collaboration was in line with its efforts to leverage partnerships and initiatives that focus on boosting Nigeria’s development and growth. According to the release, the ticketed event will take place at the MUSON Centre in Lagos on August 3, 2019, and is expected to attract some of Nigeria’s best minds – thought leaders, social innovators and members of the TEDxLagos and international TED communities. TEDx is a…

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Kuru: AMCON’s N5trn debtors occupy leadership positions

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      The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, has lamented that some prominent men and women responsible for the over N5trillion debt burden, which the corporation is battling to recover, “manipulate their way to emerge as members of the national assembly, ministers, chairmen and women of big organisations and pro-chancellors of universities.”   The AMCON MD, who stated this at the July 2019 edition of a Breakfast Meeting organised by the Nigerian – American Chamber of Commerce (NACC)   in Lagos yesterday, also…

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US stocks push higher on earnings, growth

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  US stocks attempted to push higher for a fourth day as investors mulled weak economic data and mixed corporate results, including an unexpected quarterly loss for Boeing. Treasuries advanced along with bonds in Europe.   The Nasdaq and S&P 500 veered into positive territory, bolstered by UPS exceeding its profit guidance. In addition to Boeing, Caterpillar weighed on the Dow Jones Industrial Average after the equipment maker projected earnings at the low end of forecasts. European bond yields dropped to unprecedented lows as disappointing manufacturing data added to concerns…

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Awareness: NSE supports cancer cause with N20m

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  The Nigerian Stock Exchange (NSE) has announced the donation of N20 million to support initiatives focused on promoting early detection as well as increasing awareness and advocacy for cancer-related causes in Nigeria.  The donation is in line with its longstanding commitment to reduce the scourge of cancer in Nigeria. The donation was made known to participants at the 2019 edition of the annual NSE Corporate Challenge by Oscar Onyema, Chief Executive Officer, NSE. Commenting on the development, Onyema expressed delight at the donation. He said: “We are pleased to…

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Sell pressure dominates market activities

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  Activities on the floor of Nigerian Stock Exchange (NSE) yesterday returned downward following sell-off that pervaded the equities market that has dropped by 0.19 per cent. The decline was impacted by negative sentiments on blue chip stocks. Consequently, the All-Share Index shed 136.68 basis points or 0.19 per cent to close at 28,088.74 index points as against 28,144.87 recorded the previous day while market capitalisation of equities depreciated by N27 billion to close lower at N13.689 trillion from N13.716 trillion as market sentiments remained on the red territory. Meanwhile,…

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NSE, NASD to resume 5% VAT charges on transactions

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    There are strong indications that the Nigerian Stock Exchange (NSE) and NASD may resume five per cent Value Added Tax (VAT) charges on transactions today.   The order for exemption of VAT from all NSE and NASD transactions was granted by the Federal Government in 2014. The order became effective on the  July 25, 2014 for a 5-year period, and this is expected to end today.   To this end, all dealing members of NSE and NASD have been directed to resume charging VAT on all NSE and…

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Insecurity: Ireland approves N1.3bn for Nigeria embassy building

Alade Jones

  Barely 24 hours after four Turkish nationals were kidnapped in Kwara state, the Irish Government has announced its intention to step up security for its diplomat in Nigeria. To this end, the government has approved an estimated N1.3 billion (€3m) to put up a more secure embassy building in the Federal Capital Territory, Abuja. The building will be in a compound with embassies from other European Union countries. Prior to the latest decision, the department has been renting a building for the Irish embassy in the Maitama district, since…

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