Category: Business

Managing Director/CEO of Guaranty Trust Bank plc; Segun Agbaje has emerged the 2016 Ai Socially Responsible Investment (SRI) 30 CEO of the year at this year’s 9th annual Ai CEO Investment Summit which took place on the sidelines of the UN General Assembly. Launched in 2007, the Ai Institutional Investment and Capital Market Awards is the only pan-African Awards designed to recognize Africa’s best performing stock exchanges, listed companies, investment banks, research teams, regulators, socially responsible companies and sovereign wealth and pension fund investors. The investment and business leadership awards…

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One of Nigeria’s biggest financial institutions, FirstBank of Nigeria has announced the appointment of Mr. Patrick Iyamabo as its new Chief Financial Officer (CFO). The appointment came as a result of the elevation of the former CFO, Dr. Adesola Adeduntan to Managing Director/CEO of the Bank. Iyamabo’ s appointment, which is still subject to approval by the Central Bank of Nigeria (CBN), is consistent with FirstBank’s focus on corporate governance and best practice, and ensuring a balance of knowledge, judgment and experience at the highest decision making level in the…

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The Federal Inland Revenue Services (FIRS) on Tuesday stepped up its tax enforcement duties, shutting companies in Kano, Lagos and Onitsha for outstanding tax liabilities. In Onitsha, the warehouse of Next International Company was sealed. The company is owned by former Anambra Governor, Peter Obi. The company has tax liabilities of N20.4million. The breakdown showed that the company has failed to pay Company Income Tax, Withholding Tax and Education Tax since 2006. In Kano, the FIRS enforcement team, led by Umar Garba, sealed Sani Brothers Transport Company Limited, Triumph Nigeria…

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Previously embattled Fidelity bank boss, Nnamdi Okonkwo has resumed work as the bank’s CEO. Okonkwo was arrested and quizzed by the EFCC 2 weeks ago for his alleged involvement in the receipt of $115 million dollars from ex-petroleum minister,Diezani Allison Madueke. Alhaji Mohammed Lawal Balarabe, who was appointed Acting Managing Director pending when Okonkwo is now the bank’s Deputy Managing Director, subject to regulatory approval. Share on: WhatsApp

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Nigerian billionaire Femi Otedola has lost more than $400 million of his personal fortune over the last 9 weeks as the stock price of Forte Oil, the Nigerian-listed energy behemoth he controls, shed off 43.5% in value within that period. In late February the share price of Forte Oil hit an all-time high of N342 per share after the Lagos-based utilities and petroleum marketing company released its impressive 2015 FY results and declared an attractive dividend of N3.45 per share. However, as at close of trading today (Tuesday), its share…

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In the absence of the Managing Director/Chief Executive, Mr.Nnamdi Okonkwo, the Board of Directors of Fidelity Bank Plc has appointed the Executive Director, North, Alhaji Mohammed Lawal Balarabe as the Acting Managing Director/ Chief Executive Officer of Fidelity Bank Plc. with immediate effect subject to regulatory approval. The Bank reassures all its stakeholders including over 400,000 shareholders of its continued seamless services. Share on: WhatsApp

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FBN Holdings Plc, parent company of First Bank Nigeria Limited, is planning to downsize 1000 workers and place less focus on providing loans to the oil industry in a bid to reverse the profit slump it experienced in 2015. The lender expects to boost its return on equity, to between 11 per cent and 14 per cent in 2016 from last year’s “really bad” figure of 3 per cent, according to the Chief Executive Officer of First Bank of Nigeria Limited, Mr. Adesola Adeduntan. He said the company was also targeting…

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First Bank’s profit took a hit as forex scarcity and global slowdown continue to wipe-off the profits of Banks. The earnings report released showed the bank’s profit after tax stood at N15.1bn for the full year ended December 31, 2015. This represents a decline of 82 percent when compared with N84bn reported in December 2014. Total profit before tax was N21.5bn, down by 77.1 percent year-on-year. However, gross earnings rose 4.9 percent to N505.2bn from N481.8bn reported a year earlier. The bank also posted a net interest income of N265bn,…

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The Central Bank of Nigeria has imposed a total fine of N3.2bn on United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc for committing various kinds of regulatory offences. The offences, which were committed during the 2015 financial year, were contained in the annual reports of the affected banks. UBA had the highest fine among the four banks, paying the sum of N2.969bn as penalty to the CBN for committing eight offences. The offences include: failing to meet the Treasury Single Account reporting…

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