Category: Business

Sluggish expansion experienced in Nigeria, Angola and South Africa is said to contribute to the slower pace of economic recovery in Sub Saharan Africa, this was made known by The World Bank. Specifically, while the bank identified the problems as lower oil production inAngola and Nigeria offsetting higher oil prices, in South Africa it says weak household consumption growth was compounded by a contraction in agriculture. Earlier this week the Central Bank of Nigeria, CBN’s recent  Purchasing Managers Index, PMI, report showed that growth in  the manufacturing and non manufacturing…

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  One of the leading financial institution in Nigeria, Fidelity Bank plc has assured investors and analysts’ community that the bank will deliver better returns in the 2018 financial year. Speaking in Lagos, Friday during the Half Year Investors and Analysts Conference Call, CEO of Fidelity Bank, Mr. Nnamdi Okonkwo said the bank will maintain its usual disciplined approach to the execution of the medium term strategic initiatives that have sustained the bank’s strong performance in recent years. “From what we have seen so far and going by our half…

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  Calling All Models! Have you got what it takes to strut the runways of Africa’s biggest fashion event? Then, the GTBank Fashion Weekend is looking for you. In preparation for the upcoming 2018 GTBank Fashion Weekend, there will be an in-person Model Casting Call at Muson Center, Onikan, Lagos on Tuesday, October 2nd, 2018. Models selected at the Casting Call will showcase the latest fashion designs at the 2018 GTBank Fashion Weekend, holding in November 10th and 11th, 2018. Requirements: Only female models between the ages of 18 to 27 and…

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Nigerian business owners in Ghana have kicked against the closure of more than 400 businesses owned by Nigerians by authorities in Ghana. The business owners have issued a week ultimatum within which to resolve the surrounding maltreatment of Nigerian business community in Ghana. The National Association of Nigerian Traders (NANTS) have written a petition to President Muhammadu Buhari and the Economic Community of West African States (ECOWAS) on the issue. The association gave a one-week ultimatum to the commission to intervene in the matter, warning that the association would occupy…

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The operating licence of Skye has been revoked by the Central Bank of Nigeria (CBN). Its assets and liabilities has been transfered to a newly licensed bridge bank called Polaris Bank. Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has sold Polaris Bank to the Asset Management Corporation of Nigeria (AMCON) with the mandate to stabilise the bank as well as return it to profitability for the purpose of selling it to interested Investors. In this regard AMCON will inject N786 billion into Polarise Bank to bring it’s net value to…

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From Saturday the 10th to Sunday the 11th of November, 2018, fashion enthusiasts all over the world will be treated to an unparalleled exposé of Africa’s finest in fashion at the 3rdedition of the GTBank Fashion Weekend. Holding in Lagos, one of Africa’s largest and most cosmopolitan cities, the two-day event will bring together renowned fashion personalities from around the world and budding small businesses in the local fashion industry to create the biggest fashion experience in Africa. Now in its third year, the GTBank Fashion Weekend has become the premier consumer-focused event that places…

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The Premium Bread Makers Association of Nigeria has warned that the high cost of baking ingredients may push bread prices up. The bakers gave this warning on Monday stating that the challenges faced as a result of incessant increase in the prices of baking ingredients have rendered most premium bakeries comatose making them to operate at a loss. The President of the association, Mr Jemide Tosan, stated that the prices of flour, sugar and other baking ingredients had increased threefold in the past three years, there had been no corresponding…

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The management of GTBank Liberia has released another statement on the assault of its staff by the Managing Director of GTBank Liberia, Mr. Ayodeji David Bejide. The statement signed by GTBank Liberia’s Head of Legal/Company Secretary was sent to all staff to update them on the progress of the investigation.  This statement has also been made available to the Liberian media and members of the public.  The management of GTBank Liberia had earlier released a statement to staff immediately it became aware of the incident yesterday. That statement was also…

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The Central Bank of Nigeria (CBN) has sanctioned four commercial banks for various forgeries in foreign exchange transactions between 2007 and 2015. For these infractions, they are to refund N5.87 billion to the apex bank. According to the CBN, the sanctions are essentially for “flagrant violation” of extant laws and regulations of the Federal Republic of Nigeria and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995, and the Foreign Exchange Manual 2006.The four banks are Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank. CBN’s Director, Corporate Communications, Isaac Okorafor,…

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Guaranty Trust Bank (GTB), and Dangote Cement transactions on the equity sector of the Nigerian Stock Exchange (NSE), reopened in an upbeat after the two days holiday to mark the Eid-el Kabir celebration yesterday. Market capitalisation rose by N198billion, and market capitalisation of listed equities increased by 1.56 per cent to N12.852trillion from N12.654trillion reported on Monday. Similarly, the NSE All-share index also appreciated by 542.68 basis points to 35206.16 points from 34663.48 traded previously. But analysts are sceptical of the possibility of market rebound in the absence of stable…

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