Category: Business

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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Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2017 to the Nigerian and London Stock Exchanges. A review of the half year performance, shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 2% to ₦214.1billion from ₦209.9billion reported in the June 2016; driven primarily by growth in investment securities income as well as income from risk assets. Profit before tax stood at ₦101.1billion, representing a growth of 18%…

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Crude oil production by OPEC members increased slightly in July, including Saudi Arabia, which had championed efforts by the oil cartel and allies to extend an output freeze. Output from the 14 cartel members hit 32.87 million barrels per day (mbd) in July according to secondary sources, OPEC said in its monthly report on the oil market, up from 32.69 mbd in June. “Crude oil output increased mostly in Libya, Nigeria, and Saudi Arabia,” said the report. OPEC and a number of other producers including Russia agreed in May to…

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In utmost recognition of its support for Micro Small Medium Enterprises (MSMEs) in Nigeria, Fidelity Bank PLC, one of the foremost financial institutions in the country, was recently bestowed with the award for “SME Friendly Bank of the Year 2017”. The accolade which was bestowed upon Fidelity Bank Plc at the 2017 Lagos Chamber of Commerce & Industry (LCCI) Awards, is a clear testament of the Bank’s resolve to raise a new generation of entrepreneurs. As part of its core mandate of trade promotion and business & policy advocacy, the…

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