Category: Business

Mr. Adesola Adeduntan, the Chief Executive Officer, First Bank of Nigeria Limited, has said that since the introduction of the Importers’ and Exporters’ (I and E) foreign exchange (FX) window, the economy has witnessed remarkable improvement in FX inflows and an upsurge in capital importation. This, he said has also strengthened the Central Bank of Nigeria (CBN) capacity to maintain naira exchange stability. Adeduntan, who disclosed this in Lagos at the Financial Times Nigeria Summit tagged: “Dispelling Uncertainty and Building Resilience,” stated that in the last one year, I&E FX window has played an instrumental role in stabilising…

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Renowned for its simplicity and efficiency, GTBank’s 737 USSD Banking Service is the most robust USSD banking platform in Nigeria, staying miles ahead of its competitors and setting the pace for innovation in mobile banking. The Bank has continued to expand the services and features of the 737 service platform to make banking from a mobile device simple, fast and secure by implementing the use of a Personalized Identification Number (PIN) for completing transactions on the 737 banking platform. This means that customers can now create a 4 – digit…

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Investment banking and asset management subsidiary of FBN Holdings Plc, FBNQuest Merchant Bank, has received accolades from global financial and capital market awarding institutions in recognition of the impact and size of transactions delivered by the Investment Banking business in 2017. The firm has won five awards in various categories of the EMEAFinance Achievement Awards, including ‘Best Local Currency Bond House’ and ‘Best Social Development Bond’ for its role in Mixta Real Estate’s $4.5b Senior Guaranteed Fixed Rate Bonds; Most Innovative Naira Bond for the US$300m Inaugural SEC-Registered Diaspora Bond;…

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A multi-featured digital payment solution, Ecobank Pay, is now available from Ecobank Nigeria. Ecobank Pay is built as a core part of Ecobank’s digital financial services ecosystem approach and will deliver unified and instant self-service across a range of interconnected payment solutions. It can be used by all businesses from small informal micro merchants to large corporates as well as governments, allowing them to offer easy and convenient payment options to their customers in-store or online. Ecobank Pay includes a rebrand of the Ecobank Scan+Pay QR offering, which allows customers…

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Results for the full year ended December 31, 2017 of FBN Holdings Plc was announced wednesday, showing a growth of 179 per cent in profit after tax (PAT) to N47.8 billion, up from N17.1 billion in 2016. In the audited results, FBN Holdings Plc ended the year with gross earnings of N595.4 billion, up marginally by 2.3 per cent from N581.8 billion in 2016. Net interest income rose by 15.9 per cent from N405.3 billion to N331.5 billion, while non-interest income fell by 31 per cent from N165.5 billion to…

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Ecobank Transnational Incorporated (ETI) and its two affiliate countries – Nigeria and Ghana- have emerged winners in three strategic categories of The Asian Banker – West Africa Awards 2018. The annual awards saw ETI winning the Best Financial Inclusion Initiative Application or Programme with its innovative Xpress Account, while Ecobank Nigeria carted home the Best Transaction Bank in Nigeria, West Africa award. Ecobank Ghana also won in the Best Transaction Bank in Ghana, West Africa category. Speaking at the award ceremony in Lagos, the Chairman, The Asian Banker, Emmanuel Daniel…

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Guaranty Trust Bank on Wednesday announced N44.670 billion profit after tax (PAT) for the first quarter of 2018. This was higher than the N41.471 billion filed in the corresponding quarter of 2017. The report released through the Nigerian Stock Exchange (NSE) showed the lender ended the quarter with net interest income of N59.689 billion, lower than the N66.129 billion from 2017. Loans impairment charges declined from N3.412 billion in 2017 to N1.639 billion. Incomes from fees and commission grew from N13.68 billion to N15.22 billion in the quarter, while profit…

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The banking industry is one of the most critical sectors of every economy all over the world. And as such, most of those who have invested in this career and emerged as Chief Executive Officers can only be described as top brains because of their expertise in investment banking and funds management. Note that it takes a lot of hard work to build a profile as good as that of already successful investment bankers, especially having achieved the coveted level of Managing Director/CEO. The Nigerian banking industry, just like other…

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Jim Ovia, the Chairman of Zenith Bank (Nigeria) Plc, has reiterated the company’s commitment to delivering superior returns to its valuable shareholders in Nigeria. Ovia gave the reassurance, as the Bank, at the weekend, began the payment of dividend to shareholders immediately after the approval of the proposal of the board to pay a final dividend of N2.45k per share to them as dividend for the 2017 financial year. He was speaking in Abuja at he weekend where approval was unanimously given to the proposal at the 27th Annual General Meeting of the Bank.…

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Konga, Nigeria’s largest online mall and Yudala, Africa’s pioneer composite e-commerce company have officially announced a merger of their operations which will see them effectively become the biggest organized retail and e-commerce/marketplace outfit on the African continent. The business merger, which takes effect from Tuesday May 1st 2018, will see both companies operate under the KONGA brand name. The strategic decision will see both companies leverage the combined strengths of both platforms and is expected to further broaden the scope of organized retail and e-commerce in Nigeria and deliver more…

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