Category: Business

this indeed is not the best of times for the management of Stanbic IBTC as the Financial Reporting Council of Nigeria (FRC) has suspended the Chairman of the bank, Mr. Peterside Atedo and the Managing Director, Mrs. Sola David-Borha from the board of the bank for alleged fraudulent activities. Specifically, FRC said the two were involved in accounting irregularities, and improper disclosures in the bank’s 2013 and 2014 financial statements. Also suspended were KPMG’s Arthur Oginga, Dr. Daru Owei and Ayodele H. Othihiwa for their alleged roles in the breach.…

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Foremost African financial institution; Guaranty Trust Bank (GTBank) Plc has once again reaffirmed its position as a leading global brand with the recent recognition of its Managing Director/CEO; Segun Agbaje as CEO of the Year during the 2015 Finance Monthly Global Awards. Now in its seventh year, The Finance Monthly Awards is one of the most sought after industry awards and compiled by a dedicated team of researchers who draw on the views of thousands of stakeholders including investors, analysts, executives, employees, and media professionals worldwide. The research results are…

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Sani Dangote, the junior brother of one of the Nigeria’s richest Industrialist, Alhaji Aliko Dangote may have run into trouble waters as a commercial bank in Nigeria Union bank plc has appointed a Lagos Lawyer,Barrister Chukwudi Enebeli of Pinheiro and company as Receiver/Manager over his company Dansa foods limited The take over of Dansa foods limited was as a result of inability of Alhaji Sani Dangote to pay bank a loan of N4billion he obtained from the bank. Mr Chukwudi Enebeli was appointed under the deed of Denture to take…

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With the complete takeover of Mainstreet Bank on January 27, 2015, analysts believe Skye Bank Plc has positioned itself as one of the largest in terms of branch network, thereby bringing confidence to the bank’s customers and investors. With this feat, Skye Bank which is known for its dominant operations in the Southwest will also take advantage of Mainstreet Bank to deepen its penetration of the South-East and South-South regions where it is currently less represented. And with the total transfer of the ownership after 100 percent payment, the bank’s…

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  In its effort to build as well as provide a secured e-Banking platform that supports its operations globally through strategic partnerships, United Bank for Africa (UBA) Plc has introduced mobile Point of Sale (mPOS) terminals. The Bank said that it has gone live with this initiative in partnership with POS partners across Africa to satisfy its teeming customers. A mobile POS terminal is about the size of Blackberry Curve phone, but works just like the traditional POS currently used in many stores and cash collecting business outlets. mPOS terminals…

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  One of the leading financial institutions in the country, Guaranty Trust Bank Plc, has again added another feat to his numerous achievements, as the bank again got the award as the ‘Best Corporate Governance, Africa’, for the Financial services category by the Ethical Boardroom Magazine UK. The ‘Corporate Governance Award’ organized by Ethical Boardroom magazine recognizes outstanding companies who have exhibited exceptional leadership in the area of governance and professional ethics to ensure protection and long-term value for all their stakeholders.   The award is an acknowledgement of the…

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One of the nation’s financial institutions, Access Bank Plc is planning to raise its capital by way of rights issue. The Bank has been meeting with domestic investors over the past week to gauge interest in a possible rights issue of N60-70 billion ($369-$431 million) by the fourth quarter, according to reports. Access Bank , which raised a $400 million in Eurobond in June, wants to bolster its core capital, the fund manager who attended the meetings in Lagos told Reuters, declining to be named. Access Bank was also discussing…

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The Federal Operations Unit of the Nigeria Customs Service, Zone A, Ikeja, intercepted 22 brand new vehicles smuggled into the country in a recent raid of the Ikoyi andVictoria Island areas of Lagos State. A statement by the Public Relations Officer of the unit, Mr. Uche Ejesieme, on behalf of the Controller, Mr. Turaki Adamu, said the raid was made at 11.45hrs on Sunday, August 24, 2014. The vehicles, according to him, are 19 Toyota Hilux pickups, two Izuzu-DMAX jeeps and one Toyota Land Cruiser GRX 2014 model, which were…

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