CBN revokes Skye Bank operating licence, transfers assets and liabilities to Polaris Bank

The operating licence of Skye has been revoked by the Central Bank of Nigeria (CBN). Its assets and liabilities has been transfered to a newly licensed bridge bank called Polaris Bank. Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has sold Polaris Bank to the Asset Management Corporation of Nigeria (AMCON) with the mandate to stabilise the bank as well as return it to profitability for the purpose of selling it to interested Investors. In this regard AMCON will inject N786 billion into Polarise Bank to bring it’s net value to…

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The 2018 GTBank Fashion Weekend Set To Hold In November

From Saturday the 10th to Sunday the 11th of November, 2018, fashion enthusiasts all over the world will be treated to an unparalleled exposé of Africa’s finest in fashion at the 3rdedition of the GTBank Fashion Weekend. Holding in Lagos, one of Africa’s largest and most cosmopolitan cities, the two-day event will bring together renowned fashion personalities from around the world and budding small businesses in the local fashion industry to create the biggest fashion experience in Africa. Now in its third year, the GTBank Fashion Weekend has become the premier consumer-focused event that places…

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We will increase Bread prices -Bakers association

The Premium Bread Makers Association of Nigeria has warned that the high cost of baking ingredients may push bread prices up. The bakers gave this warning on Monday stating that the challenges faced as a result of incessant increase in the prices of baking ingredients have rendered most premium bakeries comatose making them to operate at a loss. The President of the association, Mr Jemide Tosan, stated that the prices of flour, sugar and other baking ingredients had increased threefold in the past three years, there had been no corresponding…

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GTBank Liberia Provides Update on Its Investigation into Assault of Staff 

The management of GTBank Liberia has released another statement on the assault of its staff by the Managing Director of GTBank Liberia, Mr. Ayodeji David Bejide. The statement signed by GTBank Liberia’s Head of Legal/Company Secretary was sent to all staff to update them on the progress of the investigation.  This statement has also been made available to the Liberian media and members of the public.  The management of GTBank Liberia had earlier released a statement to staff immediately it became aware of the incident yesterday. That statement was also…

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Serial fraud: Standard Chartered, Stanbic IBTC, Citibank,Diamond get N5.9b fine… MTN to refund $8.13

The Central Bank of Nigeria (CBN) has sanctioned four commercial banks for various forgeries in foreign exchange transactions between 2007 and 2015. For these infractions, they are to refund N5.87 billion to the apex bank. According to the CBN, the sanctions are essentially for “flagrant violation” of extant laws and regulations of the Federal Republic of Nigeria and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, and the Foreign Exchange Manual 2006.The four banks are Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank. CBN’s Director, Corporate Communications, Isaac Okorafor,…

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GTB, others lead stock market’s N198b gain

Guaranty Trust Bank (GTB), and Dangote Cement transactions on the equity sector of the Nigerian Stock Exchange (NSE), reopened in an upbeat after the two days holiday to mark the Eid-el Kabir celebration yesterday. Market capitalisation rose by N198billion, and market capitalisation of listed equities increased by 1.56 per cent to N12.852trillion from N12.654trillion reported on Monday. Similarly, the NSE All-share index also appreciated by 542.68 basis points to 35206.16 points from 34663.48 traded previously. But analysts are sceptical of the possibility of market rebound in the absence of stable…

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Abuja Court stops Multichoice from increasing subscription

A Federal High Court sitting in Abuja has ordered Multichoice not to increase it’s tariff three weeks after doing so. Justice Nnamdi Dimgba on Monday asked the cable company, sued by the Federal Government, not to impose any hidden charges pending the determination of the plaintiff’s motion on notice for interlocutory injunction. The restraining order was issued in respect of Suit No FHC/ABJ/CS/894/18 brought before the court by the Consumer Protection Council in the light of the strong public interest raised in the application. The Attorney-General of the Federation and…

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Ref ‘n’ Win’ Promo: Undergraduate wins Skye Bank’s N5 million star prize

Damilola Rachel Ajayi, a 26-year old undergraduate, , has emerged the overall winner of N5million star prize in the just-concluded Skye Bank Ref ‘n’ Win Promo. The ‘Ref n Win’ promo was a youth-focused initiative designed to reward Skye Bank’s account holders, who were mainly undergraduates across the country. This is just as the Bank’s mCash Merchant, Sulaiman Gidado, also emerged one of the top performing agents in the country, as made known by the Nigeria Inter-bank Settlement System (NIBSS) at the mCash relaunch in Lagos, recently.As part of the renewed efforts…

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Tony Elumelu Foundation to host 5000 African entrepreneurs

The fourth edition of the Tony Elumelu Foundation (TEF) annual Entrepreneurship Forum is set to hold on October 25, 2018 in Lagos. The gathering is expected to bring together over 5,000 entrepreneurs, global investors, leaders from African public and private sectors as well as developmental organisations at the Federal Palace Hotel, Lagos. The event offers a unique opportunity to generate ideas, forge networks and bring policymakers and the private sector together, in a spirit of robust debate and interaction. The Forum will include an interactive session with President Uhuru Kenyatta…

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Fidelity Bank partners WorldRemit on instant money transfer

Fidelity Bank plc in partnership with WorldRemit, a digital money transfer service, has joined forces for instant money transfers to four million Fidelity Bank accounts in Nigeria. The new partnership further expands WorldRemit’s footprint in the country and allows the 15 million-strong Nigerian diaspora living in over 50 countries to send money directly from their phones to recipients in Nigeria.  The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020. Commenting, Andrew Stewart, Regional Director of Africa and the Middle East at WorldRemit, said: “Nigeria…

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