Category: Business

The Central Bank of Nigeria and the Bankers’ Committee have said they will give financial support to some specific pharmaceutical companies in the country, as part of efforts to tackle the spread of coronavirus. After an extraordinary meeting in Lagos on Saturday, they pledged to grant funding facilities (in naira and foreign exchange) to pharmaceutical companies to enable them to procure raw materials and equipment to boost local drug production in Nigeria. The Bankers’ Committee also gave its support to the over N3.5tn policy measures earlier disclosed by the CBN…

Read More

Satellite cable television service providers in Nigeria are currently under investigation by members of the House of Representatives for refusing the calls by Nigerians to adopt ‘pay per view’ subscription plan. Members of the House took turns to particularly criticise Digital Satellite Television, a South Africa-based company owned by MultiChoice, for cheating its Nigerian subscribers by restricting them to prepaid plans. Consequently, the House resolved to set up an ad hoc committee to probe into the matter, with the mandate to invite Federal Government agencies regulating the industry, including the…

Read More

Mr. Nnamdi Okonkwo, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, yesterday commiserated with traders and other victims of Sunday’s tragic explosion in Abule Ado, Amuwo Odofin Local Government Area (LGA) of Lagos State. Accompanied by other executive management staff, Okonkwo who visited the affected market areas was received by the leaders of the Balogun Business Association (BBA), Auto Spare Parts and Machinery Dealers Association (ASPAMDA) and Association of Progressive Traders (APT). He prayed for the repose of the souls of those who died in the explosion and disclosed the…

Read More

The successful merger of Access Bank Plc with former Diamond Bank Plc has continued to yield positive results with the improved performance recorded in the year ended December 31, 2019. The merger process concluded in April last year and going by the audited results, shareholders of Access Bank Plc are getting a better deal. The bank posted gross earnings of N576.348 billion, showing an increase of 32 per cent, from the N435.743 billion recorded in 2018. Net interest income increased jumped 59 per cent from N173.578 billion to N277.228 billion…

Read More

A storey building, reportedly belonging to Keystone Bank collapsed at Palmgrove area of Lagos State. The structure which was under renovation, caved in at 07.20 pm and trapped labourers working at the site. In fact, one of the labourers was said to have lost his life in the process. Confirming the incident, the Director-General, Lagos State Emergency Management Agency, Dr Oluwafemi Oke-Osanyintolu, said efforts were ongoing to rescue the remaining victims, adding that emergency responders, including officials of the Lagos State Fire Service, men of the Nigeria Police Force, among…

Read More

In a judgment on Tuesday by Justice Wasiu Animahun of the Lagos State High Court in Igbosere in favour of a businessman, Onah Happy, Keystone Bank Limited has been ordered to pay the sum of N4,340,350.00 over unauthorised debits from his account in two days in 2016. The judge ordered that the N4.3m be paid with 25 per cent annual interest from May 12, 2016 till judgment day and 10 per cent interest thereafter until the final liquidation of the judgment debt. Justice Animahun also awarded N500,000 cost in favour…

Read More

In its bid to enhance business opotunities, Ecobank Nigeria is providing opportunities that supports exporters and importers within the African region. The bank’s Head Trade Finance, Sunday Abah, in a statement yesterday, said Ecobank’s unique intra-Africa trade solutions enable settlements of trade transactions and mitigates payment risk; provide regional solutions and enable exporters obtain payment guarantees without the need for a letter of credit and its related costs to the importers. Furthermore, Abah noted that Ecobank works closely with clients in reviewing key factors regarding transactions processing, settlements, financing, and…

Read More

One of Nigeria’s financial institutions, Zenith Bank Plc is in the news for bad reasons. The bank’s staff, Omotola Fawehinmi managing an account belonging to Mobilng Huil Service Limited was alleged to have shortchanged the customer of the bank to the tune of N700million as a result of debiting the customer’s accounts at different times fraudulently. This fraudulent act of the banker has invited the Economic and Financial Crimes Commission, and prosecution of Fawehinmi has begun at the Federal High Court, Ikoyi, Lagos, on a five-count charge of forgery and…

Read More

There is likelihood that Oyo State, and some parts of Ogun and Osun States may experience blackout as the Ayede transmission station of the Transmission Company of Nigeria (TCN) in Ibadan got burnt this morning. The early morning fire completely burnt the Transfomer 1B, 150 mva, 330KV/132 Kv located inside the transmission station. The station supplies power to almost the whole of Oyo state, Sagamu in Ogun state and Iwo in Osun state. The inferno, which started at about 7 am, was said to have been as a result of…

Read More