Author: topnews

Union Bank Wins Global Finance Award for Best SME Bank in Nigeria

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Union Bank of Nigeria ‘Union Bank’ has been named as the Best Small and Medium Enterprises (SME) bank in Nigeria by Global Finance – a leading financial international publication, in its second annual 2023 SME Bank Awards. Global Finance seeks to help corporate leaders, bankers, and investors chart the course of global business & finance and has become a trusted standard of excellence for banks and their corporate partners. Honorees of the 2023 Best SME Bank Awards have been chosen globally across the following regions: Africa, Asia-Pacific, the Caribbean, Central…

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Finance minister disagrees with CBN over naira redesigning

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Zainab Ahmed, the Minister of Finance, Budget and National Planning, has distanced herself from the Naira redesign policy fixed for December 15, 2022 by the Central Bank of Nigeria. The Minister, who commented on the policy in response to question raised by Senators during the 2023 budget defence session she had with the Senate Committee on Finance, chaired by Senator Solomon Olamilekan, warned the CBN of consequences that may arise from the policy. The Senate had told the Finance Minister that barely two days after announcement of the policy by…

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Terror alert: Buhari reacts to US, UK alerts to possible terror attack on Abuja

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President Muhammadu Buhari on Friday in a statement by his spokesperson Garba Shehu, called for calm amid alerts by the United States and United Kingdon over a possible terror attack on Abuja, the capital city. Buhari said Nigeria’s security forces will be vigilant and urged citizens not to panic. “He urges citizens to remain calm. The recent changes in travel advice from the US and UK governments should not be a cause for panic,” Shehu said. “Nigeria is no exception in having terror threats listed in foreign government’s travel advice…

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GTCO Plc Releases 2022 Q3 Unaudited Results .. Reports Profit Before Tax of ₦169.7billion

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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦169.7billion, representing an increase of 11.7% over ₦151.9billion recorded in the corresponding period ended September 2021. The Group’s loan book (net) increased by 2.2% from ₦1.80trillion recorded as at December 2021 to ₦1.84trillion in September 2022, while deposit liabilities increased by 6.4% from ₦4.13trillion in December 2021…

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Agusto Upgrades Wema Bank Funding SPV Series II Bond to ‘Bbb+’, with a Stable Outlook

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Ratings agency Agusto & Co. has upgraded Wema Bank Funding SPV Plc’s (‘’the Issuer’’ or ‘’the SVP’’) Series II Bond (‘‘the Issue’’ or ‘’the Bond’’) to ‘Bbb+’, with a stable outlook, from the previous ‘Bbb’ score. The Issuer is a Special Purpose Vehicle (SPV) set up by Wema Bank Plc (‘’the Bank’’ or ‘‘the Sponsor’’) for the issuance of debt securities. Agusto in its latest rating assessment released on Tuesday said it upgraded the rating of Wema Bank Funding SPV Plc’s Series II ₦17.7 billion seven-year fixed rate bond to…

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Creative Industries Can Help Develop Tourism Industry-Folorunsho Coker

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Creative Industries have been identified as veritable avenues to enhance and promote tourism industry in any given society. According to the Director General of the Nigerian Tourism Development Corporation (NTDC), Chief Folorunsho Coker, there is a nexus among culture, the creative industries and tourism, which he said has been engaged boldly at NTDC. Folorunsho Coker said in a position paper entitled; “Enhancing Tourism Through The Creative Industries,” that “the need for a recalibration in approach is what informed the convocation of a global conversation on “Linking Tourism, Culture and Creative…

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No bilateral agreement signed with UK – MDCN

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The Medical and Dental Council of Nigeria has denied signing a bilateral agreement with the UK government restricting the emigration of doctors. The MDCN issued the disclaimer several hours after it posted some pictures announcing that some officials of the council visited the GMC, UK. A Twitter user @doctorisonu, had on Wednesday, tweeted that “I’m hearing that the visit of the Nigeria MDCN team to the UK …there was a bilateral agreement between Nigeria and UK government that before any Nigerian doctor can practice and be registered in the UK,…

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Crime rate credited to Nigerians in the UAE was a sad reality –Abike Dabiri

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Nigeria President Muhammadu Buhari’s aide on diaspora affairs Abike Dabiri-Erewa, has said the crime rate credited to Nigerians in the UAE was a sad reality. The World Population Review data of 2022 ranks the UAE as the 60th safest country in the world with 15.23% crime rate from a population of 9.4million residents. Dabiri-Erewa, who heads the Nigerians in Diaspora Commission (NiDCOM), was reacting to a tweet on the effect of Nigerians living in Dubai on the UAE. The Nigerian official drew cheers from many who think she is intolerant…

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FG dismisses threat as U.S. evacuates workers, families from FCT over terror alert

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The United States government, yesterday, granted authorised departure status to U.S. citizens in Abuja, permitting voluntary departure of family members and certain employees of its embassy in Abuja due to heightened risk of terrorist attacks, barely 48 hours after it issued travel advisory to its citizens of possible terror attacks in the Federal Capital Territory (FCT). This latest security notice by the U.S. Consulate came amid assurances by government and security agencies of no cause for alarm. The Minister of Information and Culture, Lai Mohammed, had, on Tuesday, labeled the…

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CBN redesigns currency, mops N2.73tr black money

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The Central Bank of Nigeria (CBN), yesterday, announced the introduction of newly redesigned N200, N500 and N1,000 banknotes, a move interpreted to mark the beginning of a broader currency census and the mop up of black money.   At a virtual press briefing, CBN Governor, Godwin Emefiele, admitted the concern over large amounts of money outside the banking system, which is estimated at 80 per cent of the total money in circulation.     Emefiele revealed that as of September 2022, N2.73 trillion of N3.23 trillion currency-in-circulation was outside of vaults…

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