Category: Business

Guaranty Trust Bank plc has released its unaudited financial results for the 3rd quarter ended September 30, 2017, to the Nigerian and London Stock Exchanges. A review of the 3rd quarter performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Despite non-recurrence of significant FX revaluation gain during the period, the Bank reported an impressive Profit before tax of ₦150.03billion, representing a growth of 9% from ₦137.99billion recorded in the corresponding period of September 2016. Increase in PBT is primarily from 36% growth…

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“It has come to our notice that a company called Altlantic Global Asset Management (AGAM), which claims to be an Asset Management Company, with the headquarters in Cape Verde, has been distributing marketing messages via Whatsapp soliciting for investment from individuals. In the messages they claim to have a cooperative relationship with Ecobank Nigeria Ltd. Please note that Altlantic Global Asset Management is not known to Ecobank Nigeria. Ecobank Nigeria is in no way associated or connected with Altlantic Global Asset Management and will therefore not be liable in any…

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The present situation of the Nigerian economy, may not have favoured Standard Chartered Bank Plc as the bank is finding it difficult to sustain its Ota branch. The bank which is headquartered in the United Kingdom, but re-entered Nigeria in 1999 and opened to customers on September 15, 1999 has shut down its Ota branch in Oju-Ore axis near Sango- Ota, Ogun State. The branch which used to enjoy a lot of patronage from foreign owned companies situated at the Ota Industrial Estate, has recently lost steam and the one-time…

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This is obviously, not the best time for Wale Tinubu, the CEO of Oando group and its management as the Securities & Exchange Commission (SEC) on Wednesday directed the Nigerian Stock Exchange (NSE) to place the shares of Oando Plc on a full suspension for 48 hours, effective Wednesday, and technical suspension from Friday, October 20, 2017. It is believed that the regulatory body wants to conduct a forensic audit into the affairs of Oando Plc following two petitions from Alhaji Dahiru Barau Mangal and Ansbury Incorporated. The petitioners alleged that…

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In what has been described as the largest combined new issue and liability management offering ever by a Nigerian issuer, Fidelity Bank Plc, on October 11, 2017, priced a successful $400m five-year Eurobond with a 10.50 per cent coupon. Citigroup Incorporated, Renaissance Capital and Standard Bank Group Limited managed the deal, which included an any-and-all cash tender offer for the early redemption of its $300m 6.875 per cent notes due May 9, 2018. The bank, in a statement on Monday, said the tender offer was very successful with the repurchase…

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United Bank for Africa (UBA) Plc on Monday announced gross earnings of N333.91 billion for the third quarter ended Sept. 30, 2017. This is according to the company’s third quarter result released by the Nigerian Stock Exchange (NSE). The report showed that the gross earnings represented a growth of 25.75 per cent when compared to N265.53 billion posted in the comparative period of 2016. Also, the company’s profit before tax during the period under  review increased by 33.2 per cent or N19.53 billion to N78.33 billion as against N58.79 billion…

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The Nigerian Communications Commission (NCC) has said that there has been an increase in banking fraud in the nation more than what banks are willing to disclose. Executive Vice Chairman of the Commission, Professor Umaru Garba Danbatta said this yesterday in Minna while presenting a paper titled ‘Promoting Regulatory Framework for Safety and Security on the Internet’ at the North Central Zonal Internet Governance Forum. According to him: “Banks are unwilling to discuss the fraud that happens within the banks due to the fear of liquidation and loss of customers.…

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In a memo addressing their various customers, financial institution, Guaranty Trust Bank, tendered their apologies over their service disruption which affected their banking system on 4th October, 2017. The memo states: “at GTBank, we know that when you walk into our banking halls, subscribe to our products or make use of our e-channels, it is because you expect the best from us. This is the reason we drive all our resources on a daily basis to ensure we deliver on this promise. Share on: WhatsApp

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The board of ntel, Nigeria’s first 4G/LTE-Advanced network, is pleased to announce the appointment of Ernest Akinlola, as its substantive Managing Director/Chief Executive Officer. Ernest is a senior executive with 20+ years extensive experience in Telecoms Media & Technology. He joined the fledgling One 2 One telecoms operator in the UK and was instrumental in establishing a world class internal audit and compliance department. As Head of Department he led the assessment and subsequent launch of Virgin Mobile UK on the One 2 One network which proved to be the…

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Access Bank has rewarded 120 customers of the bank as part of efforts to promote savings culture in Nigeria, in the first monthly draw of the Family Fortune Promo. Speaking at the draw in Lagos, Group Head, Inclusive Banking of Access Bank, Ope Wemi-Jones, explained that the promo is aimed at promoting financial inclusion. “It is deliberate for us to have children as part of the audience because that is the whole essence of the promo; to drive financial inclusion and for families and individual members of the family to…

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