Category: Business

Foremost African financial institution; Guaranty Trust Bank plc has been named the African Bank of the Year at this years African Banker Awards. The Awards was presented during a prestigious gala dinner on 23rd May Ahmedabad, India, on the sidelines of the Annual Meeting of African Development Bank. Now in its 11th year, The African Banker Awards is internationally recognized as the landmark finance event to reward achievements, commend best practices and celebrate excellence in African banking. The award provides a platform to bring together industry leaders from across Africa, celebrate the achievements…

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Dangote Cement has delighted shareholders after approving the dividend payout of N144.8 billion, which translated to N8.50 kobo per share as against N8 per share, that was paid in the corresponding period of 2015. Speaking at the company’s annual general meeting (AGM), held in Lagos on Wednesday, the President of Amiable Shareholders Association of Nigeria, Festus Akano, said the shareholders were pleased with Aliko Dangote and his team. He said for the company to still pay a robust dividend despite the recession in the economy, which also affected their operations,…

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Fidelity Bank Plc, one of the country’s top finance institutions in partnership with Gazelle Academy and Federal Polytechnic, Oko Venture has just concluded an entrepreneurship training programme for 400 students in Anambra State in a bid to empower youths and reduce unemployment rate in the country. Organized under the Fidelity Youth Empowerment Academy stream 3, the week-long training programme was aimed at equipping the students with skills and capabilities needed to take start businesses even whilst in school. Some of the skill areas participants were trained on include: fashion, accessories, cocktail,…

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The N2billion long-term facility Heritage Bank Plc and Central Bank of Nigeria gave to Triton Aqua Africa Limited (TAAL), under the Commercial Agriculture Credit Scheme (CACS), has continued to boost job creation. The Managing Director of Heritage Bank Plc, Ifie Sekibo, who disclosed this at the weekend, led a team of the bank’s senior management on fact-finding mission to the company’s facilities. He said that the fund was disbursed to enable TAAL expand its aquaculture businesses- nursery/hatchery for the production of fingerlings and brood stock in Ikeja; and earthen ponds for…

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FirstBank of Nigeria Limited has engaged Small and Medium Enterprises (SMEs), on sensitisation programme to enhance operators’ accessibility, as part of its efforts to promote the recent Central Bank of Nigeria (CBN) special Foreign Exchange (FX) window. The CBN, on April 10, opened a special FX window SMEs for import of eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. To this effect, Firstbank of Nigeria organised a one day SME’s programme for SME’s in Lagos at the weekend to align with the CBN as agent…

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Skye Bank Plc has been granted order to take over a five-star hotel, Intercontinental Hotel, located at Plot 244 and 245 (now 52) Kofo Abayomi Street, Victoria Island, Lagos, by the Federal High Court in Lagos. The bank had dragged Milan Industries Limited, owner of the 361-room Intercontinental Hotel, to court over an alleged debt. Skye Bank claimed to have granted loan facilities of $29.8m and N3.8bn to Milan Industries Limited to construct the hotel. It claimed to have also raised an overdraft facility of N500m in favour of Milan…

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Shareholders of Fidelity Bank Plc have endorsed the bank’s N4.05 billion dividend, culminating to 14 kobo per share for the 2016 financial year. Speaking on the 29th yearly general meeting of the bank, held in Lagos at the weekend, also urged the bank to improve on its earnings to enhance profitability and dividend payout in the current year. Specifically,the President, Progressive Shareholders Association of Nigeria  (PSAN), Boniface Okezie commended the board and management for the dividend payout amid harsh operating environment, stressing the need for the bank to grow its…

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Contrary to report making the round, Sterling Bank Plc, has said that it did not sack 650 staff but only returned them to service providers that had earlier assigned them to work with the bank. The company made the clarifications in a statement made available to www.topnews magazines.com yesterday. According to the bank, “In the course of its operations, our bank engages the services of third party service providers, who assign their staff to Sterling Bank to carry out specific tasks” on the behalf of the service providers. “These 650…

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  Fidelity Bank Plc has reported a solid financial performance in the first quarter of 2017 despite the challenging and fiercely competitive environment, posting an appreciable growth in its profit and gross earnings for the period ended March 31, 2017. A statement by the lender showed that in its unaudited result released at the Nigerian Stock Exchange (NSE) the bank’s gross earnings rose by 18.8 per cent from N34.4 billion in March 2016 to N40.8 billion for the corresponding period in March 2017. Similarly, Fidelity Bank’s profit before tax in…

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Diamond BanPlc has posted its scorecard as approved by the Central Bank of Nigeria, CBN, the bank posted 53 per cent growth year-on-year in total comprehensive income to N12.1 billion with non-interest income increasing by 6.9 per cent to N53.9 billion, ostensibly stimulated by transactional fees. The bank on Monday released her 2016 performance sheet on the floor of the Nigerian Stock Exchange, NSE, showing stable growth in key financial parameters, though profit after tax, PAT, dropped. Although the ripple effect of the tough operating business environment impacted negatively on…

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