Category: Business

FG stops online banks from accessing customers’ photos, contacts

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From May 31, 2023, loan apps on Play Store will lose their ability to access their users’ contacts or photos. This came as the Federal Government said it would enforce the latest policy by Google, saying the action was consistent with the Nigerian authorities’ move to curtail the invasion of customers’ privacy by loan app firms. The Federal Government had in recent time taken major decisions aimed at tackling the violation of customers’ privacy by loan apps. Notably, the Federal Competition and Consumer Protection Commission,FCCPC had recently registered 170 loan…

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Union Bank and CIG Motors Announce Partnership

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Union Bank of Nigeria has signed a commercial partnership agreement with Choice International Group (CIG) Motors Limited, a member of CIG Group of Companies, to provide auto financing services to the Bank’s customers on purchase of GAC range of cars, through its asset finance loan scheme. The deal, which was recently signed at Stallion Plaza, Union Bank’s head office in Marina, Lagos, will allow customers to purchase brand new GAC vehicles with as low as 0% interest and N242,000 monthly instalment. In addition, subscribers to the Union Bank asset finance…

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FG seeks another Chinese bank after China-Exim bank rejects US$22b loan request

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China-Exim Bank has rejected Nigeria’s $22,798,446,773 loan request earlier approved by the National Assembly. This has made the House of Representatives, to approve the request by the Federal Government to borrow $973,474,971.38 from China Development Bank after the rejection by China-Exim bank. The Chairman of the House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval for the failed loan deal. The motion was titled ‘Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.’ Moving the motion, Fulata…

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GTCO FOOD & DRINK FESTIVAL 2023… A CELEBRATION OF FOOD!

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The annual GTCO Food & Drink Festival is back again for its 6th Edition, and food lovers across Africa and the world are in for a feast like never before! The event is slated to hold from Saturday April 29th till Monday May 1st 2023, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos, providing a 3-day weekend of food and endless celebration. The GTCO Food & Drink Festival brings together the greatest minds on the global culinary stage, the most industrious Nigerian small food business owners, a…

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Lagos market fire: Gov. Sanwo-Olu compensates Akere traders with N100m

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Governor of Lagos State, Mr. Babajide Sanwo-Olu, yesterday, announced the donation of N100 million compensation to traders of the burnt Akere Motor Parts and Allied Dealers Association (AMPADA) in Ajegunle, Ajeromi-Ifelodun Local Council, stressing that there is no room for politics to divide the residents. Sanwo-Olu made the donation at the foundation laying ceremony for reconstruction of the market that got burnt last week Thursday. The governor said the compensation for the traders is aimed at cushioning the loss they suffered, disclosing that the new market would be a storey-building…

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Equity vs Equality: Union Bank Celebrates International Women’s Day 2023

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Leading financial services institution, Union Bank of Nigeria, has reaffirmed its commitment to a just and equitable society in honour of International Women’s Day 2023 by promoting equity, justice, and the continuous inclusion of women in all fields of human endeavour, particularly in technology. This was highlighted at a virtual event recently hosted by the bank’s internal women’s network, WeHub (Women Empowerment Hub). In line with this year’s global campaign theme, ‘Embrace Equity’, the event had activities and discussions focused on topical issues. As an organisation committed to leading the…

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IMPORTANT NOTICE ON SPURIOUS SOCIAL MEDIA POST

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The attention of Guaranty Trust Bank Ltd (the “Bank”) has been drawn to a spurious post on Twitter by @ifygold21 alleging that the Bank gave the new Naira notes in the total sum of ₦500 million to one of the leading presidential candidates in the ongoing General Elections on the eve of the elections and at the order of a high-ranking Government official. The Bank wishes to refute this claim in its entirety and state categorically that it is completely false and is designed to bring the image of the…

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Buhari Signs Nigerian Tourism Development Authority (NTDA) Act, 2022 Into Law

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President Muhammadu Buhari has signed the Nigerian Tourism Development Authority Act, 2022 into law. The Act he explained, repealed the Nigerian Tourism Development Corporation Act, Cap. N137 Laws of the Federation of Nigeria 2004 and enacted the Nigerian Tourism Development Authority Act, 2022 to develop and promote Nigeria as a travel and tourism destination. The act will Encourage Collaboration/ Partnership with state governments, private sector/stakeholders, government agencies and international bodies. The Authority will jointly regulate the industry with the State Governments. The Tourism Alliance will create platforms for partner Stakeholders…

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President Buhari’s full speech on Naira Swap

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My Dear Compatriots, I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors. 2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation…

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CBN uncovers hoarded N6m new naira notes in Bank

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The Central Bank of Nigeria has uncovered N6 million of new naira notes hoarded by a new generation bank branch along bank road, Ado-Ekiti. The Apex bank Deputy Director, Oluwole Owoeye uncovered the hoarded newly redesigned currencies while leading a team of officials on monitoring exercise in the state. Owoeye accused the bank of deliberately hoarding the new banknotes it had collected from the CBN for almost two weeks. The Deputy Director who said there was no excuse for keeping the money, saying Deposit Money Banks are sabotaging the apex…

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