Gbajabiamila wades into electricity workers feud

The leadership of the House of Representatives will ensure the implementation of the agreement between the National Union of Electricity Employees (NUEE), the Bureau of Public Enterprises and the Federal Ministry of Power to address the grievances that led to a strike action recently, Speaker Femi Gbajabiamila has said.Gbajabiamila also said the House would make sure that members of the union are henceforth treated rightly by the government to avoid the strike action they embarked upon on Wednesday, which paralysed economic activities in the country.In a bid to intervene in…

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FirstBank Sponsored National Company of the Year winners claim 4 awards in Africa Company of the Year contest

Taidob College Abeokuta, winners of the 2019 National Company of the Year Competition (NCOY) organized by Junior Achievement Nigeria and sponsored by First Bank of Nigeria Limited on Friday 6 December 2019, represented Nigeria in Ghana at the 2019 African Company of the Year competition. Taidob College left Ghana with four awards in the keenly contested competition, comprising representatives from 10 other Junior Achievement member countries in Africa, notably from the Kingdom of Eswatini (Swaziland), Ghana, Zambia, Gabon, Uganda, Zimbabwe, Mauritius, Botswana, Kenya and South Africa. Team Nigeria (represented by Taidob…

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FirstBank Sponsors National Company of the Year Winners for African Contest

First Bank of Nigeria Limited has announced that Taidob College Abeokuta, the 2019 winners of the National Company of the Year competition organized by Junior Achievement Nigeria would compete against student teams from 10 other Junior Achievement member countries across Africa. The student team contestants comprise representative from the Kingdom of Eswatini (Swaziland), Ghana, Zambia, Gabon, Uganda, Zimbabwe, Mauritius, Botswana, Kenya and South Africa. The event is scheduled for Friday, 6 December 2019 at Alisa Hotel in Accra, Ghana. The African stage of the National Company of the Year competition is a…

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Julius Berger wins 4th consecutive Top 50 Brands Nigeria Awards

Construction giant, Julius Berger Nigeria PLC weekend retained its top position in Nigeria’s construction sector with a fourth consecutive award in recognition of its outstanding quality and best international standards and practice in the building and construction industry for 2019. The company bagged the same award in the 2018 event. At a well attended event with the who is who in the various industrial sectors in attendance at the Oriental Hotel, Victoria Island, Lagos weekend, Julius Nigeria emerged the winner in the building and construction sector with a Business Strength Measurement,…

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Access Bank to reward loyal customers in N50m DiamondXtravanganza

In its usual way of rewarding customers for their loyalty, Nigeria’s leading retail bank Access Bank Plc has unveiled DiamondXtravanganza – a reloaded Diamondxtra reward scheme specially packaged to reward customers this yuletide season. DiamondXtravaganza will feature three different draws; Senior citizens draw, Women’s draw and the National quarterly draw this December. According to Adaeze Umeh, Group Head, Consumer Banking, Access bank Plc, “As we approach the season of giving and receiving, we at Access Bank also want to recognise our loyal customers and reward them for being with us…

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Access Bank names Dere Awosika as new chairman

Dr Ajoritsedere Awosika has been named as the new Chairman of Access Bank Plc by the Board of Directors of the bank. The bank’s Company Secretary, Mr Sunday Ekwochi, said in a statement on Tuesday in Lagos that Awosika would assume the position of the company’s Board Chairman on Jan. 8, 2020. Ekwochi said that Awosika’s appointment was apt to lead the board in the next phase of the bank’s transformation into becoming Africa’s Gateway to the World. According to the statement, Awosika will take over from Mrs Mosun Belo-Olusoga…

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Economy In Q3 2019: Ecobank, Standard Chartered lead in capital importation to Nigeria

National Bureau of Statistics (NBS) says Ecobank Nigeria and the local unit of Standard Chartered Bank have joined Stanbic IBTC Bank to become foreign investors’ favourites for investment deals. Details of the Bureau report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank. The bank attracted $1.63 billion worth of investment in the third quarter of this year, lower than $1.76 billion it had in the previous quarter. Ecobank followed with $754.38 million worth of…

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How FirstBank FINTECH Summit is contributing to bridge Nigeria’s financial inclusion, By Bala Augie

As financial solution providers continue to face stiffer competition globally from Fintech startups and emerging technologies such as blockchain, cryptocurrency and crowdfunding, and the increasing level of disruption in the traditional mode of payment and business models, technology holds the key to unlock the potentials in the financial service sector across Africa through Fintech. As the banking sector continues to find newer ways of engaging and providing customer centric services to bridge the current level of unbanked and under banked population to achieve Nigeria’s 2020 financial inclusion target, the fallout…

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DBN holds workshop for Executives of Microfinance Banks

The Development Bank of Nigeria as part of its advocacy initiative has held a capacity-building programme on Environmental & Social Risk Management practice for top executives of Microfinance Banks recently in Lagos. Giving his opening remarks, the Managing Director, Development Bank of Nigeria, Tony Okpanachi represented by the Chief Operating Officer, Bonaventure Okhaimo, said “in fulfilling our mandate of increasing access, Development Bank of Nigeria Plc is poised to not only be change drivers but be a strong ally partnering with participating financing institutions to drive sustainable development by ensuring…

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Disaster averted as Abuja bound British Airways flight returns to Heathrow after losing engine mid-air

A British Airways flight heading to Abuja from London on Tuesday returned to Heathrow Airport after the plane lost one of its engines mid-air. The airline confirmed that BA 083 flight returned to Heathrow and was met by the emergency services as a precaution measure after what it called “a minor technical issue.” In a mail sent to THISDAY, the airline said, “For your information, the aircraft experienced a minor technical issue and our pilots elected to return to Heathrow. In terms of the emergency services meeting the aircraft, this is standard…

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Heritage Bank empowers 2000 female entrepreneurs via financial inclusivity initiatives

Taking into consideration the importance of Micro, Small and Medium Enterprises (MSMEs) to the economy, Heritage Bank Plc has continued to structure financial inclusivity initiatives in empowering over 2000 female entrepreneurs towards economic enablement and self-realization. This move is in line with the people-oriented policies of the Central Bank of Nigeria (CBN), Heritage Bank Plc is partnering with a Non-Governmental Organization, Prime Women Builders Foundation of Nigeria (PWOBFON) in providing skills training to the female entrepreneurs. At the graduation ceremony/ certificate award ceremony held at  Ikeja Local Government headquarters over…

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Shareholders set to dump Forte Oil for new name

Forte Oil Plc on Monday notified its shareholders of plans for a name change to Ardova Plc. The company stated this in a notice of Extra General Meeting posted on the Nigerian Stock Exchange website and signed by Oladeinde Nelson-Cole, the Acting Company Secretary. The company would be seeking shareholders’ resolution for a name change at an EGM slated for December 17. Nelson-Cole said its directors at the meeting would be empowered to authorise, approve, sign or execute all documents and appoint advisers regarding the matter, where necessary. The acting…

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FirstBank Powers Linda Ikeji TV for First Class Material

First Bank of Nigeria Limited has announced its partnership with Linda Ikeji TV for the broadcast of the TV show, First Class Material. The show is billed to premiere on all FirstBank and Linda Ikeji TV platforms across the web and social media on Tuesday 26th November at 8am and reposted at 7pm same evening- Nigerian time First Class Material is a programme which aims to chronicle the success stories of Nigerians who are distinct and exemplary in their achievements and importantly, a testament to the greatness of the West African country.   …

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EFCC docks Union Bank, staff for cyber fraud

The Economic and Financial Crimes Commission (EFCC), Makurdi Zonal Office, has arraigned one Amos Richard Chimaobi, a compliance and internal control staff of Union Bank Plc and, his employer, Union Bank Plc before Justice Mobolaji Olajuwon of the Federal High Court, Makurdi, Benue State. The defendants were arraigned on a four-count charge that border on criminal negligence and cyber-crime to the tune of N1, 245, 000.00 (One Million, Two Hundred and Forty-five Thousand Naira). One of the charges reads: “That you, Union Bank Plc, being a financial institution and you…

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FBNHOLDINGS: Setting the tone for gender inclusiveness, balance in boardroom

By Hope Ashike In many parts of the world, including Nigeria, women often face the barriers of discrimination and persistent gender inequalities which deny them access to key positions in the corporate world as well as access to finance or the formal economy. Women make up almost half of the world’s working-age population of nearly 5 billion people. But only about 50 percent of those women participate in the labour force, compared with 80 percent of men, according to a report by the International Monetary Fund (IMF). The IMF’s research…

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AMCON to publish names of Nigeria’s high profile debtors

Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani hinted that the committee will cooperate the Asset Management Corporation of Nigeria to publish names of high profile debtors in an effort to facilitate the recovery of over N5 trillion debt owed the corporation. Sani, according to a release in Kaduna, made available to newsmen, said the decision was part of the outcome of the retreat organised by AMCON for the committee, which held in Kaduna, the state capital. He expressed concern over the debt profile of…

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RevolutionPlus Property hooks Omoni Oboli for double

Leader in property development and housing, RevolutionPlus Property Ltd has struck a dual partnership with star actress Omoni Oboli as the company unveiled the leading role interpreter in the movie industry as its latest brand ambassador. According to Bamidele Onalaja, Chief Executive Officer of RevolutionPlus, the deal will see Omoni Oboli headline mostly the construction arm of RevolutionPlus while the company will in turn partner with the actress on two of her upcoming projects; Sisi London and Unfaithful. Onalaja had earlier hinted that the RevolutionPlus settled for Oboli out of…

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Heritage Bank marks International Men’s Day

Heritage Bank Plc, Nigeria’s Most Innovative Banking Service Provider celebrated International Men’s Day 2019 themed: “Making a Difference for Men and Boys”, with an event held at every Experience Centres- ECs (branches) of the bank across the country. The financial institution leveraged on this theme and coined a personal theme, which is “Break the Ice; Inspire another Man”. To help chart a path that will champion gender parity in grand style, the male staff had engaging activities which include a men’s bonding/mentorship session with various appealing subject of discussions in the…

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FirstBank Partners CFA Society Nigeria for 2019 ethics challenge competition

In the furtherance of the Bank’s commitment to promote business ethics, professional excellence and education, reflected in the Bank’s Endowment programme – the Samuel Asabia Chair for Business Ethics at the University of Lagos – First Bank of Nigeria Limited for three consecutive years is partnering with CFA Society Nigeria to host its annual flagship event, the Ethics Challenge,  scheduled for Friday & Saturday, 15 -16 November 2019 in Abuja and Lagos for the regional and national levels respectively. The Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas and issues they may face…

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FirstBank’s Lagos Amateur Open Golf Championship achieves global recognition with WAGR listing

 Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited has announced that the FirstBank Lagos Amateur Golf Championship scheduled to Tee-Off on Friday, 15 November 2019 is now listed amongst the golf tournaments in the World Amateur Golf Ranking (WAGR). The WAGR isoffered by the R&A and the United States Golf Association as a global service to golf.  Through incorporation and assessment worldwide of both amateur and professional events, WAGR™ encourages the international development of the competitive game. Since 1894, FirstBank has continued to promote the growth and development…

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Heritage Bank identifies oppurtunities in Nigeria’s £4bn Gold market

Heritage Bank Plc, Nigeria’s most innovative banking service provider, disclosed that Nigeria’s Gold market is worth £4 billion Pounds with high prospects of profitability for all players in the subsector. The MD/CEO, Ifie Sekibo, who stated this at the Nigeria-Canada Investment Summit, held in Abuja, yesterday also disclosed that the enormous potential of the industry was one of the reasons why Heritage Bank delved into the mining sector despite enormous risks. According to him, the bank has Dukia Gold as its partner that would facilitate access to local miners and artisans…

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IWEC Foundation names Awosika President

The International Women’s Entrepreneurial Challenge Foundation (IWEC)  has announced the appointment of Ibukun Awosika to their Board of Directors as its New President. Awosika is the Chairman of First Bank of Nigeria Limited, Nigeria’s Premier and Leading financial services provider. Mrs. Awosika was elected to replace Miguel Valls, former president of the Barcelona Chamber of Commerce and president of the IWEC Foundation, who passed away last month. “The Foundation is very excited to announce the appointment of our new president,” stated Ruth A. Davis, IWEC Chairwoman and distinguished former U.S. Ambassador. “Ibukun Awosika has…

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UBA launches self-printing debit card machine at Lagos Trade Fair, pledges superior value for customers

Pan African financial institution, United Bank for Africa (UBA) have announced that it is committed to continued investment in cutting edge technology for efficient and improved service delivery to its customers and by extension the business community. The Chief Executive Officer, UBA Africa, Victor Osadolor, made the disclosure during a well-attended flag-off ceremony of the 2019 Lagos International Trade Fair (LITF), in which UBA is the headline sponsor. The event, which held at the Tafawa Balewa Square, had in attendance distinguished guests, including the Deputy Governor, of Lagos State, Mr. Obafemi Hamzat; President, Lagos…

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Lagos Fire outbreak: Gbajabiamila sympathises with traders at Balogun Market

The Speaker of the House of Representatives Rep. Femi Gbajabiamila has sympathised with traders and shop owners at the popular Balogun Market, Idumota, Lagos over the fire outbreak that occurred at the market on Tuesday.The Speaker said the fire incident, which affected two-storey buildings at No. 43, Martins Street, in the market where property worth millions of naira were lost, was unfortunate.In a statement by his Special Adviser on Media and Publicity, Lanre Lasisi, the Speaker said it was painful that traders and shop owners, who were carrying out their…

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Fidelity Bank gives back to customers, pledges more support

Fidelity Bank Plc, one of the top six lenders in terms of total assets, loans and advances and customer deposits has said that it is committed to the long term expansion of the businesses of its customers whilst providing positive experiences at all its touchpoints to grow the bottom line and gain a competitive advantage in the marketplace. Managing Director/CEO, Fidelity Bank Plc, Nnamdi Okonkwo made the disclosure Wednesday at the Fidelity Bank Special Day at the ongoing 2019 Lagos International Trade Fair. Okonkwo who was represented by the bank’s…

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EFCC docks FCMB, 2 staff for fraud and criminal negligence

The Economic and Financial Crimes Commission (EFCC), has arraigned a new generation bank,  First City Monument Bank, FCMB alongside two of its employees-Timothy Shoon, an account officer and Obende Thomas, head of operations-before Justice Mobolaji Olajuwon of the Federal High Court, Makurdi, Benue State on three-count charges bothering on advance fee fraud and criminal negligence.  One of the charges reads: “That you, First City Monument Bank being a financial institution, sometime in February, 2018, in Makurdi within the jurisdiction of this honourable court, as a result of your negligence, failed…

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Keystone Bank’s AGM in EFCC Net Over N.5bn Money Laundering Scam

Keystone Bank’s Assistant General Manager, Rowly Isioro, and his wife, Ovuomarhoni Naomi Isioro, a businesswoman, have dragged the bank into the news for the wrong reasons as the Economic and Financial Crimes Commission (EFCC), Lagos office, has arrested the couple, for their alleged involvement in Business Email Compromise, BEC, and money laundering amounting to over N.5bn. A statement released by the commission on Monday, November 4th, says the couple allegedly laundered the total sum of One Million and Forty-nine Thousand Dollars ($1.49m) which was allegedly transferred to Ovuomarhoni Naomi’s bank…

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Fidelity Bank celebrates 2019 compliances and ethics week

As part of sustained efforts to promote ethical values and professionalism within the bank, Fidelity Bank Plc, weekend disclosed plans to participate in this year edition of the Corporate Compliance and Ethics Week. Commencing on November 3 and running up until Friday, November 08, the bank has organised series engagement initiatives that are part of the annual activities around the celebration. Corporate Compliance and Ethics Week, organised annually by the Society of Corporate Compliance and Ethics (SCCE) provides organisations with the ideal occasion to demonstrate their extensive and comprehensive compliance…

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Heritage Bank holds strategic Agribusiness meeting with Sumitomo Corporation

Nigeria is at the threshold of the much-needed agricultural revolution, as food production remains a significant challenge all over the world, hence whilst, Heritage Bank Plc is forming an alliance to further create formidable partnership arrangements with Sumitomo Corporation that will lead to impactful agribusiness within the segments of the agricultural value chain. This relationship that is focused on mechanisation and agribusiness will complement the efforts of the Central Bank of Nigeria’s (CBN) to fast track development of the agricultural sector and enhance national food security.

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Heritage Bank pledges continued support for women empowerment

Heritage Bank Plc has said it will continue to lend support to causes that promote women empowerment as this will impact positively on the nation’s socio-economic development. Managing Director, Heritage Bank, Ifie Sekibo, stated this at the “Raising Girls Summit ‘19” which held in Lagos last Friday as part of activities to commemorate the International day of the Girl-Child. Sekibo, who was represented at the event by  the Regional Executive, Lagos & South-West, Heritage Bank, Dike Dimiri, disclosed  that the lender sponsored the “Raising Girls Summit ‘19” because  as he…

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FirstBank hosts maiden FirstMonie agents awards, splashes N15m on awardees

First Bank of Nigeria Limited has expressed its commitment to driving financial inclusion across Nigeria. With currently over 37,000 Firstmonie Agents, present in 99% of the 774 Local Government Areas in Nigeria, the Bank is the leading financial institution at promoting financial inclusion in the country to all Nigerians, regardless of where they are. Speaking during the Firstmonie Agent Banking national award ceremony, recently held in Lagos, the Chief Executive Officer, FirstBank, Dr. Adesola Adeduntan, said the Firstmonie agent network is a bespoke channel through which the Bank expresses its unalloyed commitment and passion…

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Fidelity Bank on course to deliver on 2019 financial targets as Q3 Profits Hit N23bn

Fidelity Bank Plc has posted an impressive financial performance for the 3rd Quarter of 2019 and is on course to finishing strong in the 2019 Financial Year (FY). Details of the 9-months results for the period ended September 30, 2019, released on Tuesday at the Nigerian Stock Exchange (NSE) showed strong double-digit growth in revenues, deposits and profitability etc. Gross Earnings grew by 16.3 per cent to ₦161.4 billion from ₦138.7 billion reported in the same period in 2018 whilst profit-before-tax soared by 14.7 per cent from ₦20.1 billion to ₦23.0 billion.  In other…

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FBNHoldings, FBNBank Ghana pay courtesy visit to Prez. Akufo-Addo

The Group Board Chairman of FBN Holdings Plc, Dr. Oba Otudeko CFR and Directors of FBN Holdings, FirstBank of Nigeria Limited and FBNBank Ghana Limited have paid a courtesy call on the President of the Republic of Ghana, Nana Addo Dankwa-Akufo-Addo in Accra. The visit was to show appreciation to the President and thank him for participating in First Bank of Nigeria Limited’s 125th anniversary activities held earlier this year and update the President of some recent investment activities of the Group. Dr. Otudeko assured President Akufo-Addo that FBNHoldings believes in…

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GTBank removes all Bank Charges for Young Undergraduates on its GTCRea8 Account Product

If you are an undergraduate, between the ages of 16-25, then you can now bank for free with Guaranty Trust Bank (GTBank). The leading, youth-focused, financial institution has announced that it will cover all charges on transfers, USSD transactions and bank alerts for holders of its GTCrea8 Account, a bespoke banking product for young undergraduates between the ages of 16-25. GTCRea8 has been a core part of the GTBank’s value proposition to deliver value adding banking services to young people whilst empowering them to pursue excellence in their academics and…

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Heritage Bank briefs Prez. Buhari on $1bn joint investment to boost solid mineral investment in Zamfara

In a bid to boost the nation’s economic growth, Heritage, Zamfara State Government and the Pan African Capital, at the just concluded Russian-African Summit in Sochi, Russia, held a meeting to brief President Muhammad  Buhari on the African Export-Import Bank cooperation with Zamfara on solid minerals development put together by the two aforementioned financial institutions. This is coming on the heels of the signing of $1bn Memorandum of Understanding (MoU) in the areas of mining, agriculture, water resources and others, between Afreximbank and Zamfara, which Heritage Bank is the banker to the…

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YEA 6: Fidelity Bank, Gazelle Empowers Over 200 Youth With Entrepreneurial Skills

Determined to reduce unemployment levels in the country, Fidelity Bank Plc, in partnership with Gazelle Academy and the Nnamdi Azikiwe University, Awka on Friday concluded an entrepreneurship training programme for over 200 students in Anambra State. The programme which formally kicked off Wednesday ended with a call to Nigerian youths to embrace entrepreneurship and create wealth for themselves instead of searching endlessly for non-existing paid jobs. Organised under the Fidelity Youth Empowerment Academy (YEA 6), the programme seeks to empower the Nigerian undergraduate with vocational skills and enterprise training which…

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FirstBank celebrates top performing FirstMonie Agents nationwide

In recognition of the contribution of its Firstmonie Agents towards the Bank’s resolve at promoting access to financial services to all Nigerians, First Bank of Nigeria Limited has announced that its Agent Banking National award ceremony would hold on Friday, 25 October 2019 at the Oriental Hotel, Lagos. The event is themed “Planting Community Heroes Nationwide”. Since its inception in 2017, the FirstBank Agent Banking scheme, popularly called Firstmonie, has recorded giant strides at promoting financial inclusion across the nook and cranny of the country. With almost 40,000 Agents in…

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Access Bank, others launch first United Nations Global Compact Nigeria

Nigeria’s largest retail bank and sustainability champion, Access Bank Plc., has joined other organisations to launch the first-ever United Nations Global Compact (UNGC) sustainability compendium in Nigeria. The compendium, which was launched recently at the UNGC Breakfast Dialogue, documents some of the stellar efforts of the Bank, its sustainability journey and its strategic collaborations to facilitate socio-economic development. Launching the compendium, the former Group Managing Director, Access Bank Plc., Aigboje Aig-Imoukhuede urged corporate organisations and SMEs to invest in and practice sustainability. Highlighting this as the primary solution to achieving…

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January-December budget cycle will allow for proper implementation, says Gbajabiamila

The Speaker of the House of Representatives Rep. Femi Gbajabiamila has said that the National Assembly is doing everything to return the country’s budget to the January to December cycle for proper implementation.Besides, the Speaker said, the 1999 constitution provides that the country’s budget should run from January to December, except as otherwise prescribed by the National Assembly where there are strong reasons to do so.Gbajabiamila, who spoke on Wednesday at the opening of a 2-day public hearing on the 2020 budget organised by the joint Senate and House Committee…

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FirstBank wins Best Private Bank and Best Retail Bank Awards in Nigeria

In recognition of its commitment and leading role at providing bespoke financial services to its customers and the public in general, through its numerous state of the art and innovative financial products and services, First Bank of Nigeria Limited has been awarded the Best Private Bank and Best Retail Bank in Nigeria respectively by World Finance Magazine and Global Banking and Finance Review. Speaking on the Bank’s recognition for the Best Retail Bank in Nigeria award, Wanda Rich, Editor, Global Banking & Finance Review said “With 125 years of continuous banking operations, First…

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Heritage Bank boosts economic growth, empowers young entrepreneurs

As part of its drive to contribute to the growth of economic drive, Heritage Bank Plc has continued to support The Next Titan Season-six; in ensuring that the entrepreneurial targets of the Nigerian youths are attained. The Next Titan entrepreneurial reality TV show sponsored annually by the Heritage Bank Plc has unveiled the top 16 contenders for the season-6 of the competition. The 16 lucky candidates were selected from among 50 contestants who made it to the Bootcamp after the auditions that saw thousands of Nigerian young entrepreneurs jostle for…

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Don’t go there! FG stops MTN’s

The federal government has ordered the Nigerian Communications Commission(NCC) to suspend the N4 per second imposed by MTN on subscribers to USSD access to banking services charges. The Minister of Communications Dr Ibrahim Ali Pantami gave the directive through a statement by his Media aide Uwa Suleiman on Sunday. The Minister said MTN should stay action on the matter pending when he is properly briefed on it. The statement reads: “The attention of the Federal Ministry of Communications has been drawn to the viral text message allegedly sent by the…

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FG to combat national power outage with $1.61bn

The Managing Director, Transmission Company of Nigeria, Alhaji Usman Gur says the Federal Government in collaboration with international donor agencies has set aside over 1.61 billion dollars to ensure constant power supply in the country. Gur, who is also the Chief Executive Officer of the TCN revealed this on Sunday in Kano State while briefing newsmen at the Kumbotso power sub-station. According to him, the project will be carried out under the Transmission Rehabilitation Expansion Programme. “We are rehabilitating and expanding to degree 20, 000 Mega Watts by 2022 across…

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Hackers break into UBA’s servers, steal Flour Mills’ N.75bn

Pan African financial institution, United Bank for Africa, UBA, is sailing in troubled waters as scammers and fraudsters have allegedly hacked into the servers of the financial giant stealing a whopping N752 million from the accounts of one of its premium customers, Flour Mills of Nigeria Plc. According to an auditor with the bank, Ojo Oladimeji, while testifying in a case against an alleged internet fraudster, Ola Lawal, aka Lawal Roland, at the Federal High Court in Lagos, the bank’s server was allegedly hacked and brought down recently. Ola Lawal,…

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House Of Reps pass bill criminalising estimated electricity billing

The House of Representatives has passed a bill which seeks to prohibit and criminalize imposition of estimated billing by the electricity distribution companies (DISCOs). The lawmakers, who expressed their overwhelming support during the debate on a Bill for an Act to amend the Electric Power Reform Act, 2005 which scaled through third Reading at the Committee of the whole house, stressed the need for the DISCOs to provide compulsorily install prepaid meters to all power consumers across the country. The bill which was sponsored by Hon Femi Gbajabiamila passed through…

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FirstBank: Towards reviving Nigeria’s textile industry

FIRST BANK: TOWARDS REVIVING NIGERIA’S TEXTILE INDUSTRY By Chinyere Joel- Nwokeoma (NAN) For many years, until the early 1980s, the Nigerian textile industry was the highest employer of labour, after the public sector. Sadly, the industry is in dire straits battling for survival in recent times. Among the challenges that confronted the sector were policy inconsistency leading to the closure of many textile companies occasioned by poor power supply, smuggling, poor access to finance and high operating cost, among others. It is unarguable that the closure of many textile companies…

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Sanwo-Olu, Okonkwo Parley ASPAMDA, Trade Fair Market Leaders on Infrastructure Development

Lagos State Governor, Mr. Babajide Sanwo-Olu on Thursday, met with market leaders from Alaba, Trade Fair axis in Lagos West senatorial district. The consultative meeting, which was at the instance of the Governor and coordinated by the Managing Director Fidelity Bank, Mr. Nnamdi Okonkwo, lasted for about 90 minutes and it was centred around the State Government’s plans to improve security and upgrade infrastructure around the markets. Speaking to newsmen after the meeting, Gov. Sanwo-Olu said the discussion was aimed at fostering collaboration with the traders and to carry them…

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GTBank posts N170.7bn PTB for 3rd quarter

Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2019, to the Nigerian and London Stock Exchanges. A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Profit before tax stood at ₦170.7billion, representing a growth of 3.9% over ₦164.2billion recorded in the corresponding period of September 2018. The Bank’s Loan Book grew by 9.2% from ₦1.262trillion recorded as at December 2018 to ₦1.378trillion…

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