Category: Business

Shareholders of Sterling Bank Plc unanimously voted in favor of the creation of a new non-operating holding company (HoldCo) to hold the shares in its commercial banking operation as well as the shares of a newly incorporated subsidiary, The Alternative Bank Limited, which will operate as a Non-Interest Banking (NIB) business. At the end of a court-ordered meeting in Lagos yesterday, the shareholders gave the approval for the carve out and transfer of the Bank’s non-interest banking business to The Alternative Bank Limited, under a proposed scheme of arrangement between…

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NECA, the Nigeria Employers’ Consultative Association has raised alarm over 50 different taxes, levies and fees imposed on organised businesses by local, state and the Federal Government. The employers’ body, also revealed that, currently, at the National Assembly, there are over five different Bills, which also seek to impose various taxes and levies on businesses, in addition to the notable taxes and levies which are of general application, such as The National Information Technology Development Levy (NITDA Levy), Education Tax (or Tertiary Education Tax), National Social Insurance Trust Fund (NSITF),…

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The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr. Ademola Adebise, has emerged one of the top three most visible and prominent bank CEOs during the month of August 2022. Adebise was listed as the third most prominent bank CEO in the country in an independent media performance audit and analysis of 27 commercial bank’s carried out by ,P± Measurement Services, a leading media intelligence and public relations agency. The audit is an independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks and…

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Mr. Farouk Gumel, Chairman, Board of Directors, Union Bank of Nigeria delivered the keynote address that formed part of the theme for the 15th Annual Banking and Finance Conference year’s conference tagged Repositioning the Financial Services Industry for an Evolving Global Context. The two-day event, hosted by the Chartered Institute of Bankers of Nigeria (CIBN), began on September 13, 2022, and is being attended by dignitaries including the President of the Federal Republic of Nigeria, Muhammadu Buhari, represented by the Minister of Finance Mrs Zainab Ahmed, the Governor of Lagos…

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Who should corporate responsibility and sustainability lessons be taken from? Some companies are still unclear about the concept but latching onto the sustainability mantra anyway, because it has become a marketing buzzword for business? Or a company through whose creed and deeds, over the many decades it has been around, people can see corporate responsibility and sustainability lived (first) and preached (subsequently)? If the above set of questions constituted a question in an examination hall, it would be one of the easiest of questions to answer. Not one person would…

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First Bank of Nigeria Limited has announced that it will host the Financial Markets Dealers Association’s (FMDA) quarterly meeting scheduled for 5pm on Friday, 16 September 2022, at Federal Palace Hotels, Victoria Island, Lagos. The event themed “Nigeria Macroeconomic Developments and Outlook: IMF View” will have its keynote address delivered by Ari Aisen, IMF Resident Representative for Nigeria. In a statement issued by the Acting Executive Secretary, Mrs. Mary Gbegbaje, “The FMDA quarterly meeting serves as a platform for in-depth knowledge sharing, dissemination of information and fostering of business relationships…

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Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦103.2billion, representing an increase of 11.0% over ₦93.1billion recorded in the corresponding period ended June 2021. The Group’s loan book (net) increased by 1.8% from ₦1.80trillion recorded as at December 2021 to ₦1.83trillion in June 2022 while deposit liabilities increased by 6.4% from ₦4.13trillion in December 2021…

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We refer to the news regarding the announcement of the proposed acquisition of Union Bank UK Pic. (“UBUK”) by Fidelity Bank. Recall that in 2020, Union Bank of Nigeria Plc. (“UBN”) or (“the Bank”) in a regulatory filing issued to the Nigeria Stock Exchange (NGX), the Bank announced that it had entered a Share Sale and Purchase Agreement to divest 100% of its equity stake in Union Bank UK Plc following a competitive bid process. This sale was in line with Union Bank’s strategy to streamline its focus on growth…

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*The FirstBank CR&S Week is a dedicated week designed to offer opportunities for employees to give their time & resources to defined causes in line with the Bank’s CR&S strategic approach; *The FirstBank CR&S Week is held in Nigeria and 7 other countries: United Kingdom, Ghana, DRC, Guinea, Sierra Lone, Senegal and Gambia; *Since its maiden edition in 2017, the FirstBank CR&S week in 2017 is fast becoming a household name in the Bank’s host economies. In furtherance of its continued commitment to impacting the lives of individuals in its…

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