Category: Business

Union Bank Rewards 360 Customers with N21 Million in First Save and Win Palli Promo 4 Draw

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Union Bank, Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws. The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each. Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live draw, which was conducted transparently and digitally under the supervision of relevant regulatory bodies. The winners…

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Air Sierra Leone resumes direct flight to Nigeria 15 years after

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Air Sierra Leone, Sierra Leone National carrier, has resumed its scheduled flight operations between Lagos and Freetown after over 15 years of inactiveness. Air Sierra Leone returned to Nigeria in partnership with a Nigerian airline, XEJet. While XEjet provides technical support to the airline, it also provides three operational aircraft for the airline to return to the country. While speaking with journalists at the sideline of the inaugural flight ceremony, on Wednesday, at the Lagos airport, Air Sierra Leone General Manager, Edgard Lacle, expressed joy for the return of the…

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Court orders arrest of Access Bank’s MD, others for theft and conspiracy

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Justice Ibironke Harrison of the Lagos State High Court has ordered the arrest of Access Bank’s acting Managing Director, Bolaji Agbede and three others for allegedly failing to appear for arraignment. The judge’s order also affected Balmoral International Limited, DDSS International Company Limited, and Adejare Adegbenro. Justice Harrison issued the arrest warrant after the Lagos State prosecution counsel, Uthman̈ Rilwan informed the court that he had served the defendants with notice, but they failed to attend the arraignment. The Lagos State government had filed a four-count charge of conspiracy, stealing,…

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Corruption: W’Bank bans two Nigerian firms, CEO

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Two Nigerian companies, Viva Atlantic Limited and Technology House Limited, alongside their Managing Director and Chief Executive Officer, Mr Norman Dida have been banned for 30 months by the World Bank Group for fraudulent, collusive, and corrupt practices linked to the National Social Safety Nets Project in Nigeria. In a statement issued on Monday, the World Bank disclosed that the project aimed to provide targeted financial assistance to poor and vulnerable households was compromised due to several unethical practices during a 2018 procurement and subsequent contract process. The statement read,…

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EFCC: Ex-First Bank chairman, Oba Otudeko flees Nigeria over fraud

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Former Chairman of the First Bank of Nigeria (FBN),Oba Otudeko has suddenly left Nigeria, according to a report from online platform, TheCable His departure comes in the wake of his imminent arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count charge of alleged fraud. The report says that the businessman left the country via one of the land borders. According to security sources, he was dropped off at the Nigeria-Benin border on Thursday evening, 16 January, 2025, by a family member. When TheCable reached out to Otudeko,…

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Fidelity Bank Strengthens Leadership with New Board Appointments

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In a strategic move to sustain its impressive performance, leading financial institution Fidelity Bank Plc has announced significant changes to its Board of Directors, effective January 14, 2025. According to a regulatory filing on the corporate disclosure portal of NGX Regulation Limited, the Bank has received the Central Bank of Nigeria’s (CBN) approval to appoint Alhaji Abdullahi Sarki Mohammed as an Independent Non-Executive Director, Ms. Obiaku Augusta Okam as a Non-Executive Director, and Mr. Sufiyanu Ibrahim Garba as an Executive Director, all effective January 14, 2025. Alhaji Mohammed brings over…

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$718m debt: Court orders Nigerian banks to blacklist Nduka Obaigbena from financial transactions

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A Federal High Court in Lagos has ordered all banks operating in Nigeria to blacklist the chairman of Thisday Newspaper and Arise TV, Nduka Obaigbena and members of his family over alleged debt to First Bank of Nigeria. The December 30, 2024, Mareva order also sought to prevent Mr Obaigbena from moving any assets linked to him from the jurisdiction of the Federal High Court. First Bank had filed a debt-recovery suit against Mr Obaigbena and his family members, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, saying they used their…

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Fidelity Bank Launches “Bundles of Joy” Initiative to Support Children with Special Needs and Their Families

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As part of its commitment to fostering inclusivity, Fidelity Bank Plc has inaugurated the Bundles of Joy programme, a groundbreaking initiative aimed at creating supportive spaces and activities for children with special needs while addressing the psychological and emotional well-being of their parents and caregivers. The first session of the programme was held over the weekend at a dedicated facility in Lekki, Lagos. Dr. Meksley Nwagboh, Divisional Head of Brand and Communications at Fidelity Bank, welcomed participants and emphasized the bank’s dedication to creating meaningful experiences for its customers and…

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CBN says 1,000 staff left voluntarily, not by force

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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso claimed that staff who left the apex bank in December did so voluntarily with payment of full benefits and were not disengaged or forced to quit. This was disclosed today (Friday) during the resumed investigative hearing to probe the disengagement of the 1000 workers and how the N50 billion terminal benefits were arrived at for them. The hearing was held at the instance of the House of Representatives Ad-hoc Committee to probe the matter, chaired by Hon. Usman…

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Jigawa Flood: Committee of Banks in Nigeria Donates Multimillion Naira Relief Materials to victims

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The Committee of Banks in Nigeria on Thursday lifted the victims of the recent flooding in some parts of Jigawa State with a solidarity visit to Dutse, the state capital, during which they made donation of assorted items of relief materials to the State Government as part of their own contribution to alleviate the plight of those impacted by the September 2024 natural disaster. The donation of the relief materials comprising food items, including bags of rice, cartons of vegetable cooking oil, mattresses, and beverages were presented to the Governor…

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