Category: Business

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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In order to boost convenience and ease of banking as well as enhance customers’ digital banking experience, FirstBank has revamped its mobile banking application – FirstMobile . According to the management source, the bank recently increased its maximum daily limit to N500,000.00 without the use of a token and a total daily transaction limit of N1,000.000.00. The mobile banking app which is secure and easy to use, allows users to carry out banking transactions on the go from their mobile phones anywhere in the world.  FirstMobile comes with a user-defined…

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Malam Mohmoud Modibbo, manager of the Bakehouse Bakery in Kaduna, has revealed that 25 of its workers have been laid off due to rising price of flour. Mohmoud Modibbo said this in Kaduna on Monday that price of flour had gone up from N6, 000 to between N11, 000 and N12, 000 per bag. He said that the cost of flour and other inputs, 90 per cent of which were imported, had led to corresponding increase in price of bread. According to him, this development has drastically reduced sales, forcing…

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United Bank for Africa (UBA) Plc, last week had an interaction with students of the Gateway Secondary School, Abeokuta, Ogun State, to educate them on the need to cultivate the culture of savings as part of activities to mark the Financial Literacy Day . An Executive Director of the bank, Ayoku Liadi, who addressed the students, stressed the need for them to imbibe the habit of savings, and investing, “even from their pocket money and gifts,” insisting that was the only way they could plan for a better future. He…

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