Category: Business

In line with encouraging entrepreneurship and self sustenance among Youths in Africa at large, the Tony Elumelu Foundation (TEF) is now accepting applications for business ideas that can transform Africa. The Programme includes a provision of critical tools for business success, 12 weeks of intensive online training, which guides creating and managing a business; A world-class mentor to guide during the early transformation stages of the business; $5,000 in seed capital to prove the concept, plus access to further funding and access to the largest network of African start-ups and…

Read More

Fresh facts have emerged on why the Economic and Financial Crimes Commission, EFCC arrested Mr. Innocent Chukwuma, the chairman of Innoson Group. What was discovered: 1. GTBank (in 2009) granted Innoson several credit facilities (i.e loans) totalling N2,400,000,000,00 (two billion, four hundred million Naira only), to part finance working capital requirements, import new motorcycles and motorcycle spare parts, agricultural spare parts and plastic manufacturing equipment (“Imported Goods”). 2. Under the loan terms agreed by Dr. Innocent Chukwuma on behalf of Innoson, proprietary interest in the Imported Goods was consigned exclusively…

Read More

Observers are beginning to query what has happened to the $300m foreign facility obtained by indigenous auto manufacturing group, Innoson Vehicle manufacturing (IVM) in 2016 for the local production and supply of a minimum Set-Top Boxes to support the FG’s Digital Switch Over (DSO) project being handled by the National Broadcasting Commission (NBC). It was gathered that the amount was part of Innoson Group partnership with a Consortium of Chinese Investors to pump in $1billion into Nigeria information technology sector of the economy; to include 400 million Nigeria’s DSO Project…

Read More

 BY IJEOMA NWOGWUGWU Segun Agbaje, the managing director/CEO of Guaranty Trust Bank (GTBank), is not a popular man. To many, he is aloof, too strait-laced, not your typical run-of-the-mill Nigerian. As one of Nigeria’s foremost bankers, he has a reputation for running a tight and efficient ship, is unflinching in his pursuit and recovery of loans from the country’s systemically chronic debtors who have a sense of entitlement believing that they can borrow depositors’ funds without paying back, and does not give a hoot about those critical of his take-no-prisoners…

Read More

The Central Bank of Nigeria on Friday warned Nigerians against abusing the naira notes. The apex bank said anyone caught abusing the naira would be prosecuted and if convicted the person risked six months in jail or a fine of N50,000. An official of the Currency Operation Department at the CBN headquarters, Mr. Samuel Shuaibu, disclosed this in Calabar, Cross River State capital, during the commencement of the ‘CBN Fair’, which was to sensitise residents of the state to the appropriate use of the naira. The fair had the theme,…

Read More

Access Bank Plc has upgraded its Mobile and Internet banking platforms to provide an Omnichannel experience alongside a range of new and exciting features. The Omnichannel experience simply means customers of the 2017 Karlsruhe Outstanding Business Sustainability Award winner would enjoy a seamless and consistent interaction with the Bank across multiple channels. With this new upgrade, customers can now sign-in to the mobile and internet banking platform with the same user details. Also beneficiaries and other information stored on one channel are available for use on the other channels. Furthermore, additional…

Read More

The Business council for International Understanding (BCIU), a non-profit U.S Business association dedicated to forging relationships and promoting dialogue between business and government communities across the globe, tonight presented the prestigious Dwight D. Eisenhower Global Entrepreneurship Award to both Tony O. Elumelu and Bill Marriott, Chairman, Marriott International Inc. Mr. Elumelu ho is also the Group Chairman for United Bank for Africa Plc (UBA) and Founder, becomes the first African to receive this prestigious award. The award was conferred on Elumelu in recognition of his outstanding work in promoting Entrepreneurship…

Read More

The Asset Management Corporation of Nigeria (AMCON) and its receiver manager have been brought to the center of a media circus owing to the allegations of Olajide Awosedo, chairman of Grant Properties Limited, against the corporation. AMCON has now given a detailed response to the allegations. WHO IS OLAJIDE AWOSEDO? Mr. Olajide Awosedo is the promoter of Grant Properties which is currently under receivership due to debts owed AMCON. AMCON was established under the AMCON Act 2010 to acquire non-performing loans known as “Eligible Bank Assets” (EBA) from Nigerian banks.…

Read More

Foremost African financial institution; Guaranty Trust Bank plc has been recognized as the 2017 ‘Bank of the Year Nigeria’ at The Banker Awards which held in London, United Kingdom. The Banker, a publication of the Financial Times, is the world’s leading monthly journal of records for the banking Industry, with over 90 years expertise in publishing development in the banking industry both Africa and on the global scale. The Banker Awards is regarded as the industry standard for banking excellence, recognizing and celebrating the achievements of individuals and financial institutions…

Read More

Sterling Bank Plc has said its dealings being a lead bank in an N8 billion syndicated loan-financing transaction between it and Grant Properties Limited, a property development company, owned by one Chief Olajide Awosedo, which spanned over a decade solely with depositors funds was transparent. The bank’s rebuttal followed a report by an online news medium where Grant Properties accused the lender of withholding and selling 10-hectares from its 50-hectare land used as collateral to Mr. Yemi Idowu, its one-time non-executive director. Refuting the allegations, Sterling Bank said it was…

Read More