CBN gives Access Bank approval to expand to Cameroon

In a statement filed at the Nigerian Stock Exchange(NSE), Access Bank Plc says it has received the approval of the Central Bank of Nigeria for its proposed expansion into the Republic of Cameroon. According to the statement, the proposed expansion, which is subject to regulatory authorities in the Republic of Cameroon, is in pursuance of the bank’s strategic objective to become Africa’s gateway to the world. Access Bank said it was awaiting regulatory approvals and would provide the market with updates in due course. The Executive Director, Access Bank, Victor…

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Kenneth Ndubuisi Amadi’s N2.9billion fraud case adjourned

The on going court vacation has stalled the arraignment of a Lagos businessman Kenneth Ndubuisi Amadi alleged to have obtained the sum of N2.9billion by false pretences from a Petroleum company Eunisell  Limited.  Consequently, the case has been adjourned till 29th,of January, 2020 when the accused businessman will be arraigned. Ndubuisi Amadi and his company Idid Nigeria Limited were alleged to have obtained  the sum of N2,900.000,000 by false pretence from a Petroleum company Eunisell while working as the Chief Executive officer of the company. The offences alleged to have been…

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Fidelity Bank wins double awards for Real Sector support

    Top lender Fidelity Bank Plc, Nigeria’s fastest growing bank has been recognised for its efforts at growing the economy particularly its supporting the real sector   The bank received 2 awards to the effect at the 11th Annual Bankers’ Committee Retreat which held at Ogere, Ogun State at the weekend. The awards were bestowed on the bank for its leadership role in the ongoing efforts to strengthen Nigeria’s agricultural value-chain as well as its staunch  commitment to promoting women economic empowerment. Organised by the Central Bank of Nigeria…

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Stallion Nigeria Limited in trouble over N11.4billion debt

   A Federal High Court sitting in Lagos south west Nigeria has granted an order protecting the  Receiver /Manager appointed by  Guaranty Trust bank Plc Mr Gbenga Akinde- Peters to take over all fixed and floating assets  of Stallion  Nigeria Limited company in receivership,the company  owned by the Vaswani brothers,wherever the assets are found particularly its registered Head office at 270A,Ajose Adeogun Street Victoria Island Lagos. The order of the court was as a result of the company’s inability to pay a debt of N11,401,860,857.06 and $1,969,801.07 The defendants in…

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Ocean Marine Solutions : “We did not harass Ms. Hadiza Usman with thugs”

The management of Ocean Marine Solutions Limited (OMSL) has debunked any knowledge or involvement in the physical attack of the Managing Director of Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman, at the National Assembly. NPA boss Ms. Hadiza Usman petitioned the President of the Senate, Dr. Ahmad Lawan alleging that she was physically attacked by hoodlums at the premises of the National Assembly in Abuja on Tuesday. She claimed that her attack was sponsored by Chairman of Messrs Ocean Maritime Solutions Limited (OMSL), Captain Wells Okunbo apparently over the…

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RevolutionPlus Signs Star Actress, Omoni Oboli as brand ambassador

Leader in property development and housing, RevolutionPlus Property Ltd has struck a dual partnership with star actress Omoni Oboli as the company unveiled the leading role interpreter in the movie industry as its latest brand ambassador. According to Bamidele Onalaja, Chief Executive Officer of RevolutionPlus, the deal will see Omoni Oboli headline mostly the construction arm of RevolutionPlus while the company will in turn partner with the actress on two of her upcoming projects; Sisi London and Unfaithful.   Onalaja had earlier hinted that the RevolutionPlus settled for Oboli out of…

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Balogun market traders lose millions of naira to fire incident

Some traders of the popular Balogun market on Lagos Island, on Tuesday, November 5, 2019 lost goods worth millions of naira to the fire incident that consumed a five-storey building that serves as a shopping plaza to the occupiers. An eyewitness, recount “We just saw the plaza burning and we do not know what actually caused the fire.  Area boys tried to put out the fire but couldn’t because of the intensity. We then called the Fire Service’’, he said. He said the items destroyed included textile materials, shoes and…

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3rd Quarter: Union Bank’s profit rises by N15.6 bn

One of Nigeria’s oldest financial institutions, Union Bank Nigeria Plc has recorded a profit before tax of N15.6 billion for its unaudited financial statement for the period ended September 30, 2019, Q3’19 representing a growth of five per cent from N14.9 billion recorded in the corresponding period of 2018. In its financial statement sent to the Nigerian Stock Exchange, its gross earnings was down by four per cent to ₦117.2 billion from N122.2 billion in Q3’18, a situation attributed to a decrease in average earning assets.  The Bank’s interest income was…

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Access Bank’s profit rises by 44 percent in nine months

Reflecting the positive impact of its merger with former Diamond Bank Plc, Access Bank Plc has reported a significantly improved performance for the nine months ended September 30, 2019. The bank posted a growth of 44 per cent in profit after tax (PAT) to N90.7 billion in 2019, up from N62.9 billion in the corresponding period of 2018. The breakdown showed that Access Bank Plc ended the period with net interest income of N210 billion, compared with N123 billion in 2018, while non-fee income rose from N37 billion to N56…

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Fidelity Bank Seeks Better Data Sharing In Retail Growth  

The Executive Director, Operations and Information, Fidelity Bank Plc, Gbolahan Joshua has advised data validation agencies and organisations to adopt appropriate policies that provide financial institutions with the required flexibility to utilise available customer data. Joshua who gave the counsel during a panel session at the 10th anniversary celebration of Verve in Lagos recently, explained that this would assist banks in the country drive new levels of customer engagements across digital channels and systems. He harped on the need for data generating institutions in Nigeria to explore fresh ways to collaborate with…

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