Category: Business

South Africa’s Nedbank on Tuesday said that Ecobank Transnational Incorporation (ETI) remains vital to its expansion elsewhere on the African continent despite booking a $293 million write-down on the value of its stake in the sub-Saharan lender. Ecobank has operations in nearly 40 countries outside its home market. Nedbank Chief Executive, Mike Brown, told reporters ““It’s obvious that we would be disappointed. But we still, however, remain optimistic on the long-term growth prospects in the rest of Africa.” ETI’s operations in Central and West Africa are exposed to some economies…

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Foremost African financial institution; Guaranty Trust Bank plc, reaffirmed its position as a leading global brand with its recent recognition as the ‘Best Private Banking Services, Best Commercial Banking Capabilities & Best Net-worth Specific Services in Africa’ during the 2017 Euromoney Private Banking Awards which held on Wednesday, February 22, 2017 at the Plaisterer’s Hall in the City of London. Now in its 14th year, the Euromoney Private Banking and Wealth Management Survey is the industry’s leading barometer for product innovation and service delivery to private banking clients. The survey…

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In what can be categorized as a really great moment, foremost financial institution, Guaranty Trust Bank plc, has reaffirmed its position as Nigeria’s leading financial institution on e-payments with its emergence as a multiple award winner during the 2017 Electronic Payment Incentive Scheme (EPIS) awards organised by the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS). With six awards, GTBank took home half of the dozen honours won by Banks and had the highest number of the total awards presented to the financial institutions, Fin-techs, merchants…

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ntel has officially commenced its Long Term Evolution (LTE) mobile network operations in Port Harcourt, Rivers State. In a letter to Port Harcourt subscribers, the Chief Executive Officer of nTel, Kamar Abass, wrote “I am delighted to announce that beginning December 1, 2016 you can pick up and activate your nTel SIM here in Port Harcourt. We will give priority to those of you who pre-registered your preferred numbers during our number registration campaign. “In the weeks ahead, our branded stores located at 278 Aba road and 36 old Aba…

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The sum of N750 billion has been approved by the Federal Government as Agricultural Intervention Fund to ensure food sufficiency in tune with its diversification agenda. Acting President, Yemi Osinbajo, disclosed this yesterday at the inauguration of the Senior Executive Course (SEC) 39 with the theme, “Science, Technology and Innovation for the Development of Agriculture and Agro-Allied Industries in Nigeria”, at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State. Represented by the State Deputy Governor, Professor Sonni Tyoden, he restated the current administration’s commitment to revamping…

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Traders lock down the Lagos-Abeokuta Expressway f or several hours yesterday, paralyzing human and vehicular traffic as rioting youths and rice sellers in Sango-Ota market protested against alleged invasion of the market by customs officials. The protest, which led to the blockade of the main road before the bridge at Sango-Ota in Ado-Odo/Ota Local Council of Ogun State, was blamed on the customs officials who invaded the market in the early hours of Wednesday, broke into stalls and forcefully carted away bags of rice into their vehicles. Angry traders and…

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Sea Petroleum and Gas Company Limited owned by Senator Stella Oduah, has been restrained by a Federal High Court, Lagos from making any withdrawal whatsoever from the account of the company. The restriction order also involves three other limited liability companies, namely Sea Shipping Agency Limited, Rotary Engineering Services Limited and Tour Afrique Company Limited. The accounts of those firms are domiciled in 21 commercial banks listed before the court. The order followed an alleged indebtedness of $16,412,819.06 and N100,493,225.59 to Sterling Bank. The court also granted an order directing…

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United Bank for Africa (UBA) Plc, has added another award to its growing list of laurels as it has emerged Most Innovative Bank of the Year at the Independent Newspapers Awards. The award which is a recognition of innovative products and services introduced by the bank in the past years towards meeting customer needs, comes on the heels of recent awards hauled by UBA, including Finnacle Client Innovation Awards, and Best Bank Awards won by its five subsidiaries  across Africa by The Bankers Magazine. The event played host to dignitaries and…

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Over an outstanding Pay As You Earn (PAYE) tax liability for 2014, the Kaduna State Internal Revenue Service on Friday obtained a court warrant to seal the premises of Union Bank Plc in Kaduna over non remittance of N19.3 million. The revenue service had on February 8 dragged the bank before Justice Gideon Kurada of a Kaduna High Court for the non remittance of tax liability to the tune of N19.3 million. The counsel to the revenue service, Francis Kozah, told the court that the service conducted PAYE tax audit…

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Heritage Bank Plc has continued to take the lead in empowering youths to become entrepreneurs, which is amongst others is geared to creating jobs and distributing wealth across the Nigerian economy. Recently, Heritage bank made a “measured” entry into financing and empowering youths with the N3billion Youth Innovative Entrepreneurship Development Programme fund by the Central Bank of Nigeria, with the active participation of the National Youth Service Corps and the bank as the sole financial institution and operating vehicle for the disbursement of funds to approved beneficiaries. The bank in…

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