Category: Business

Due to the inability of importers to evacuate containers, over two million containers laden with various cargoes worth over N5 trillion are currently stranded at the Lagos port complex. Investigations showed that many of the cargoes are now incurring demurrage after enjoying three rent-free days from the day of discharge. The containers continue to accumulate due to the blockade of ports’ access roads for repairs. This situation, according to experts, portends grave danger for the Nigerian economy, as it will trigger inflation and further discourage importers from choosing Nigeria as…

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The reign of Amazon.com Inc. founder Jeff Bezos as the world’s richest person on Thursday only lasted for a few hours as Microsoft founder, Bill Gates takes over the number one spot again. Shares of the online retailer had surged as U.S. markets opened, and climbed as much as 2.9 percent just before noon in New York, giving Bezos a net worth of $92.3 billion. Then, with investors bracing for the Seattle-based company to report second-quarter results after the close, the shares tumbled. Amazon fell 0.7 percent on the day,…

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Fidelity Bank Plc has denied reports that it sacked some of its drivers without adequate compensation. In a statement signed by its Divisional Head, Brand & Communications, Mr. Charles Aigbe, the lender said that as a result of the false report, a group was planning to picket the institution. According to the bank: “Our attention has been drawn to the planned picketing of Fidelity Bank over the alleged sacking of drivers without adequate compensation. This allegation is untrue and was concocted to mislead the Advocate for People’s Human Rights and Justice…

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In its drive to promote convenience and ease of business for customers, First Bank of Nigeria PLC has raised the limits on international transactions on Naira Cards to $1,100 monthly across ATMs, PoS, and online channels, with the daily ATM withdrawals raised to $300. First Bank in a statement in Lagos, said customers can now enjoy increased access to funds using the FirstBank Naira Master Cards, Naira Prepaid, and Naira Credit Cards for international payments. It however, pegged the monthly limit for points of sale (PoS), online transactions, and customers…

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In a statement made available by FirstBank PLC on Saturday, the bank has denied reports that it failed to comply with the federal government’s Treasury Single Accounts (TSA) policy. Ten months after the Central Bank of Nigeria (CBN) suspended nine commercial banks from trading in the interbank foreign exchange (IFEX) market for failing to remit a total of $2.33 billion belonging to the Nigerian National Petroleum Corporation/Nigerian Liquefied Natural Gas Company to the federal government’s TSA, a Federal High Court in Lagos had Thursday ordered seven of the banks to…

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Skye bank PLC has refuted reports of a ruling of the Federal High Court in Lagos yesterday July 20, 2017 wherein seven commercial banks were ordered by Hon Justice Chuka Obiozor to remit a total of $793.200.000 allegedly hidden with them in contravention of the Federal Government’s Treasury Single Account (TSA) policy According to the said reports, it was alleged that the sum of N41m is illegally kept in a NAPIMS fixed deposit account with Skye Bank in collusion with government officials. The management of Skye Bank has made it…

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In a statement released by a group of concerned Nigerians, the group has vowed to commence a daily sit-out at the National Assembly on the 90th day to register their concerns over the continued absence without clarification to Nigerians of President Muhammadu Buhari who has been out of the country for 73 days now to seek medical treatment. The group of Nigerians said the health condition of President Buhari has been kept secret to Nigerians who have the right to know the condition of the man they voted into power…

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Sterling bank Plc has refuted reports by certain online platforms of an order by the Federal High Court sitting in Lagos on Thursday 20th July 2017 mandating Sterling Bank Plc to remit the sum of US$46.5m (Forty Six, Million, Five Hundred Thousand United States Dollars Only) to a designated Federal Government Asset Recovery Account with the Central Bank of Nigeria. The sum in question supposedly represents undisclosed qualifying funds under the Federal Government’s Treasury Single Account (TSA) policy illegally kept by the National Petroleum Investment Management Services (NAPIMS) and Nigerian…

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Skye Bank has appointed a very reputable investment bank as financial advisers for its proposed recapitalization programme paving the way for a defined future for the leading financial institution classified as a Systematically Important Bank (SIB). The disclosure, which was contained in a statement issued and signed by the bank’s Chairman and Group Managing Director, Messrs. M. K Ahmad and Tokunbo Abiru, indicated that the financial advisers have identified the various options open to the bank for recapitalization and proposals are being considered by CBN accordingly. The statement also noted…

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