PoS operators dare Consumer Protection Commission, insist on new prices

The National Public Relations Officer, Association of Mobile Money and Bank Agents in Nigeria, Oluwasegun Elegbede, has said its members have no intention to revert to old prices charged for services. PoS agents under the association recently announced increases in the cost of PoS transaction costs and began the implementation of the new prices on Monday. Following the move, the Federal Competition and Consumer Protection Commission moved to stop the PoS transaction charges. Speaking with The PUNCH, Elegbede said, “What has the commission done to other price increases across other…

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Euromoney names Guaranty Trust best bank in Nigeria

GUARANTY TRUST BANK NAMED BEST BANK IN NIGERIA BY EUROMONEY Lagos, Nigeria – July 17, 2023: Guaranty Trust Bank Ltd (“Guaranty Trust” or “the Bank”) has been named Best Bank in Nigeria at the Euromoney Awards for Excellence 2023. This marks a record 12th time that Guaranty Trust Bank has been recognised as the leading financial institution in Nigeria. Announcing the award, Euromoney stated: “Nigeria’s Best Bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to…

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Access Bank acquires Standard Chartered Bank in Angola, Cameroon, The Gambia, Sierra Leone, and Tanzania

Access Bank Plc (Access) and Standard Chartered Bank have entered into agreements for the acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria. The announcement was made today at Standard Chartered’s Headquarters in London in the presence of senior representatives from both banks. Signed by, Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered,…

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Abuja Court voids Emefiele’s arrest, detention orders release

An Abuja High Court has voided the arrest and detention of the suspended Nigeria’s Central Bank Governor, Mr. Godwin Emefiele, by the Department of State Services. In a judgment upon an Originating Motion on Notice brought before the Court by Mr. Emefiele, against Incorporated Trustees of Forum for Accountability and Good Leadership, the Attorney General of the Federation (AGF), Economic and Financial Crimes Commission (EFCC), Inspector General of Police, State Security Service (SSS) and the Central Bank of Nigeria, the presiding Judge held that the arrest, detention and interrogation of…

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GTCO Autism Conference 2023: Empowering voices for Austism

Guaranty Trust Holding Company Plc (GTCO) has announced dates for the 2023 GTCO Autism Conference and follow-up consultations. This year’s programme is themed “Empowering Voices for Autism” to promote inclusivity and self-advocacy for persons on the Autism Spectrum. An offshoot of the Orange Ribbon Initiative, the GTCO Autism Conference has grown to become a reference point for autism advocacy and intervention in Africa, providing support and empowerment to thousands of people with neurodevelopmental disorders. Working with specialists and partner organisations within and outside Nigeria, the conference will feature lectures, panel discussions,…

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DigiCorper Programme: Polaris Bank Partners NYSC, Nerdzfactory to Empower Graduates with Digital Skills

Polaris Bank, in collaboration with the National Youth Service Corps (NYSC), is proud to announce the successful completion of the Digicorper Programme, an intensive digital capacity-building initiative for Corps members serving across 12 states. The Digicorper Programme, which held its virtual graduation over the weekend was a high-impact capacity-building workshop, aimed to equip 5,000 NYSC members with essential digital skills to thrive in today’s rapidly evolving digital world. The six-month training program, which commenced in November 2022, focused on empowering fresh graduates with the necessary skills required to excel in…

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Sterling Bank launches tech-based solutions for stakeholders in the Nigerian education sector

Sterling Bank has recently launched Edubanc; an innovative tech-based solution to provide banking and social services for stakeholders in the education sector. The solution aims to improve current learning outcomes and business growth for students, parents, and providers of educational services. Mr. Damian Umeasala, General Manager of Edubanc, stated at the launch in Lagos over the weekend, “Education has always been the cornerstone of progress, development, and growth in any economy in the world today. However, financial constraints often hinder the dreams and potential of countless individuals. At Edubanc, we…

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Hackers hit Globus Bank, steal N1.7bn

Global Bank Limited, one of the new entrants into the Nigerian banking sector, led by Peter Amangbo as chairman and Elias Igbinakenzua as its chief executive officer, is in the news for the wrong reason, THE WITNESS reports. The bank has filed an application before a Lagos high court seeking an order for recovery of a total sum of N962,019,843.35 fraudulently transferred electronically from its vault into accounts domiciled in eight commercial banks. The N962m is part of the total N1,755,376,156.34 transferred from the bank between Monday 6th and Saturday…

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Hanging on a cliff! Heritage Bank enmeshed in boardroom crisis, depositor’s money threatened as IT staff steals N49bn

Heritage Bank is troubled and with the magnitude of negative stories coming from the embattled, bank its just a matter of time before its doors are closed to the banking public. National Infinity reports that the face-off that snowballed into the current boardroom crisis involves the current managing director and chief executive of the bank, Mr. Akinola George-Taylor and some board members considered loyalists of the immediate past Managing Director, Iffie Sekibo. Sources divulged to National Infinity thatlLess than one year after assuming office as the bank’s CEO, George-Taylor may…

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CBN issues new guidelines on Forex

The Central Bank of Nigeria has released new operational changes to the foreign exchange market in the country. The Apex bank in the new operational changes abolished all segments of the foreign market and collapsed them into the Investors and Exporters (I&E) window. It said in the guideline signed by Angela Sere-Ejembi, Director, Financial Markets that applications for medicals, school fees, BA/PTA, and SMEs would continue to be processed through deposit money banks. In the new changes, the CBN reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window.…

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Its FirstBank’s finest hour, dazzles stakeholders with growth across key metrics

Rising from a lower profit margin of N10.2billion and a debilitating Non-Performing Loan portfolio of 45 per cent in 2015, to an impressive profit of N147billion and a significantly lowered NPL rate of 5.6 per cent in 2022, FirstBank has proven that its back-to-back profit-making is far beyond recoveries made, but rather it’s a reinforcement of a well-articulated growth trajectory driven by a committed, competent and experienced Board and management team, writes Festus Akanbi There seems to be a consensus among watchers of the Nigerian banking sector that these days,…

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Fidelity Bank announces 2nd edition of International Trade and Creative Connect (FITCC)

…takes trade expo to Houston, Texas, USA in October 2023 Building on the resounding success of the maiden edition of the Fidelity International Trade and Creative Connect (FITCC) in London, UK last November, leading financial institution, Fidelity Bank Plc, has announced plans to host the second edition of the trade expo in Houston, Texas in the United States of America. Tagged FITCC Houston, the event would hold on Wednesday, 18th and Thursday, 19th October 2023 at the George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010.…

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Customers laud Polaris Bank’s exclusive banking product

… Commend Partnerships and bundled investment initiatives Nigeria’s leading Retail Bank, Polaris Bank has announced the launch of its exclusive banking product aimed at serving its High Net-worth Individuals (HNIs) seeking innovative investment options in challenging economic times. The unveiling which took place in Ikoyi, Lagos, on Tuesday was attended by esteemed guests, industry experts, and corporate customers from across the country. The exclusive banking proposition, designed to guide HNIs towards high-yield investment opportunities, received an overwhelmingly positive response from customers present at the launch with most of them offering…

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Naira devaluation’s fake news, says CBN

The Central Bank of Nigeria (CBN) has debunked a report by a national daily that it has devalued the naira to N631 per dollar at the Importers and Exporters’ (I&E) window. A top official of the apex bank, who told this medium that the report is completely false , warned that such reports could have serious adverse consequences for the economy. According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates. “The report is not…

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Over 10,000 residents to benefit as LASG, Firstbank partner to boost health care

In a bid to boost healthcare delivery to thousands of residents, the Lagos State Government has built and unveiled a new Primary Healthcare Centre (PHC) in Ije-Ododo Community, Iba Local Council Development Area (LCDA), under the Ojo Council Area of the state. The facility, which has been under construction since 2021 in partnership with First Bank of Nigeria Limited, was unveiled in the community in an opening ceremony attended by the Lagos State Governor, Babajide Olusola Sanwo-Olu, representatives of the state government, the state Primary Health Care Board, community leaders,…

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Expect our product in July -Dangote

The Chairman of Dangote Group, Aliko Dangote, has said that the first tranche of petroleum products from the multi-million dollar Dangote Petro-chemical Refinery will be supplied to the market before the end of July. Speaking at the commissioning of the integrated refinery project located in the Lekki free trade zone area of Lagos State on Monday, Dangote described it as a milestone in a new and exciting trajectory for Nigeria’s oil and gas downstream sector. He said, “It is our firm commitment that we will replicate in this sector what…

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GTCO to pay N91.24bn total dividend payout for 2022

Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022. This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually. The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit…

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Access Bank PLC expands global footprint, launches French subsidiary

Access Bank PLC, the flagship company of Access Holdings PLC, has officially launched its subsidiary in Paris, France. The Bank’s operations will focus on trade finance, initially capitalising on flows between Africa and France, particularly Francophone Africa. Herbert Wigwe, Group Chief Executive Officer of Access Holdings PLC, speaking on the purpose of the Bank’s strategic expansion efforts said, “Access Bank PLC, today, has a very strong presence in the United Kingdom, but coming on the heels of Brexit, there was a need for us to establish a presence in another…

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Fidelity Bank emerges Nigeria’s best-performing bank share

With a 32% year-to-date appreciation in value, Fidelity Bank Plc’s shares have emerged Nigeria’s best performing year -to-date bank share. This is according to a recently published Bloomberg article. Speaking with the platform’s journalist, MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe shed light on the 35-year-old institution’s business expansion plans especially to other African countries after finalizing the acquisition of Union Bank UK, explaining that, “The strategy is for us to move footprint outside Nigeria and be able to compete favorably with our peers. In the next three years, we…

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Zenith Bank fetes shareholders with unprecedented dividend payout of n100.47 billion

At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion. In his opening statement at the AGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and…

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Fidelity Bank to pay N15.7b dividends as net profit rises by 102% to N46.7b …

Fidelity Bank Plc yesterday released its latest audited financial statement and accounts to the investing public. A major highlight of the report is a recommendation of a 42.9 per cent increase in dividend payout by the board of directors of the bank. In one of the highest return growths in the stock market, Fidelity Bank, which set a personal record with its first interim dividend in 2022, is increasing cash dividends payable to shareholders for the 2022 business year from N10.137 billion in 2021 to N15.7 billion in 2022. According…

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EFCC on the trail of real estate fraudsters over money laundering

The Economic and Financial Crimes Commission has said the antigraft agency is beaming its searchlight on suspected fraudsters using real estate for money laundering. Chris Mishela, a lawyer with the commission, disclosed this in Benin during a training for journalists on effective reporting of economic and financial crimes. Mishela said one of the objectives of the training was to keep journalists abreast of the framework of the new anti-money laundering Act 2022 and the role they were expected to play. “As it is, I am talking about Abuja, you see…

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Transcorp Hotels profit soars by 172%, increases revenue to N31.4 billion

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, on Monday, held its annual general meeting at the Transcorp Hilton Abuja The hospitality firm during the meeting reported a profit before tax (PBT) of N4.5 billion, representing a 172 percent rise year-on-year, compared to a Profit Before Tax of N1.7 billion in 2021. The Company also reported a 47 percent growth in revenue to N31.4 billion in 2022. Commenting on the results, Dupe Olusola, Managing Director/CEO Transcorp Hotels Plc said, “We are excited to have delivered another exceptional year of…

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FirstBank reacts to alleged forgery allegation against MD, three others

First Bank Nigeria Limited has reacted to an allegation of forgery leveled against its Managing director, and three others by the Federal Ministry of Justice on behalf of the proprietor of Whiteplain British School, Mr. Francis Chukwumah Nwufor. The ministry alleged that the bank forged a “tripartite legal mortgage without the consent of the Whiteplain British School’s proprietor at the bank, including its MD, two lawyers, Muftau Ande and Dibiaezue Chuks, as well as its Utako Abuja Branch Manager. The matter that is before an Abuja High Court has in…

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FIRSTBANK ANNOUNCES CALL FOR APPLICATION IN THE THIRD EDITION OF ITS FIRSTBANK MANAGEMENT ASSOCIATE PROGRAMME (FMAP)

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced the call for participation in the third season of its FirstBank Management Associate Programme (FMAP). Interested participants are required to submit their application via https://hdbc.fa.em2.oraclecloud.com/hcmUI/CandidateExperience/en/sites/CX. The application is extended to the general public as it closes by 24 March 2023. The FirstBank Management Associate Programme (FMAP) is a 24-month fast-track comprehensive programme targeted at young, dynamic and highly driven individuals that are passionate about making a difference in the financial services industry. The programme is…

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More Naira notes on circulation as banks get old notes deposited with CBN

The Central Bank of Nigeria has released old Naira notes deposited in its vaults by deposit banks in a move aimed at finding a solution to the lingering Naira scarcity rocking the Nigerian financial system. Following a Supreme court judgment that extended the validity of the old Naira notes to December 31, 20223 on March 3rd this year, the CBN had followed up with an order instructing commercial banks to accept the old N500 and N1,000 notes. Reliable sources in the CBN said banks have been instructed to collect the…

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Buhari did not instruct Malami, Emefiele to disobey Supreme Court order -Presidency

The Presidency Monday evening said President Muhammadu Buhari did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.” A statement by the President’s Senior Special Adviser on Media and Publicity, Garba Shehu, said the Central Bank of Nigeria had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy. The statement is a reaction to public concerns that Buhari has not reacted to the Supreme Court…

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We didn’t give money to any Presidential candidate -GT Bank

The management of Guaranty Trust Bank has denied a report that it gave a huge sum of money to one of the presidential candidates in the ongoing general elections. The bank urged its customers to disregard the unsubstantiated claim in its entirety. A Twitter user, @ifygold21 had earlier posted that the bank gave the sum on February 24, 2022, on the order of the President, Muhammadu Muhammadu Buhari. The bank in a statement made available to the media on Tuesday refuted the report, describing the sponsors of the post as…

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Contempt: Court vacates order sentencing Fidelity Bank CEO, Company Secretary to prison

A Chief Magistrate Court sitting in Ikeja, Lagos has vacated its ruling that convicted and sentenced the Managing Director and Company Secretary of Fidelity Bank Plc to six weeks in prison or a fine of Four Hundred Thousand Naira respectively for contempt. The Chief Magistrate, Mr. Lateef Owolabi vacated the order in a Suit No: MIK/4726/22 between Justin Ahmed, (judgement creditor), Prince Enabulele Osazee, (judgement debtor) and Fidelity Bank Plc, (1st Garnishee/Applicant). The court in an earlier ruling delivered on February 6, 2023, held that the Managing Director of Fidelity…

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FAKE NEWS ALERT: FBN Holdings say GMD not wanted by EFCC

First Bank of Nigeria Limited’s parent company, FBN Holdings Plc, has dismissed a report alleging that the Economic and Financial Crimes Commission (EFCC) declared Nnamdi Okonkwo, its group managing director, wanted in connection with a bogus N400bn purportedly discovered in the home of Bola Tinubu, presidential candidate of the All Progressives Congress (APC). Recall that an online platform had in a report that went viral on Sunday, alleged that EFCC operatives raided Tinubu’s home and recovered N400bn. The report, which has since been dismissed by both the EFCC and the…

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Naira Crisis: Lawyer accuses Buhari of over ruling Supreme Court

A human rights lawyer, Onyekachi Ubani, has accused President Muhammadu Buhari overruling the Supreme Court with his declaration on Thursday that old N500 and N1,000 notes are no longer tender. The lawyer who is the Chairman of the Nigerian Bar Association Section on Public Interest and Development Law (SPIDEL) spoke Thursday on Channels Television’s The 2023 Verdict According to him, the President’s intervention should have been to allow the apex court to resolve the matter and not cut short the process. “The President has actually overruled the Supreme Court decision.…

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Sterling Bank states position on alleged N278m hoarded in its vault

The management of Sterling Bank Plc. has issued an official statement in response to allegations by the Independent and Corrupt Practices Commission that the bank hoarded N287m in its regional headquaters in Abuja. Read bellow the statement as sent to National Infinity. TRUE POSITION ON THE ICPC’S ALLEGATION ON OUR ABUJA REGIONAL OFFICE This report is developed for the purpose of providing the true representation of events to the narrative as expressed by the Independent Corrupt Practices Commission (ICPC) ina tweet late on Tuesday, February 7, 2023. Background 1. A…

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New Naira Note: Abuja court bars FG, CBN from extending deadline

Justice Eleoje Enenche of a High Court at the Federal Capital Territory in Abuja has on Monday restrained the Federal Government and the nation’s 27 commercial banks from suspending, stopping, extending or interfering with the currency redesignation terminal date of February 10 or issuing any directive contrary to the date. Also restrained were President Muhammadu Buhari, Central Bank of Nigeria and its Governor, Godwin Emefiele. In a motion exparte filed by five of the 18 political parties, Justice Enenche also granted an order directing the CEO’s of the banks and…

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Union Bank pledges to support small businesses at Top 100 SME Conference

Leading financial institution, Union Bank of Nigeria, has reiterated their support for Small and Medium-sized Enterprises in the country to drive increased growth and development. This commitment was made during the recently held ‘Top 100 Fastest Growing SMEs in Nigeria’ conference hosted by Business Day newspaper. The event themed ‘How SMEs can thrive in an age of volatility’ was well attended by various stakeholders in the SME sector, including entrepreneurs, industry experts, start-ups, and financiers. The event had different panel sessions to discuss the multiple problems facing SMEs in Nigeria.…

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Again, CBN reviews cumulative daily withdrawal limit on ATMs to N20,000

The Central Bank of Nigeria (CBN) has again effected a downward review of daily cash withdrawal limit on Automated Teller Machines (ATMs) to N20,000 from N100,000 across banks. National Infinity findings indicate that customers will only be able to withdraw a cumulative daily amount of N20,000 from their account(s) across all ATMs irrespective of the bank or the number of accounts they operate. The new review was communicated to deposit money banks earlier in the week and already took effect from January 23, 2023, sources from some of the banks…

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Fidelity Bank conducts free medical test, treatment in Lagos Island

As part of its Corporate Social Responsibility initiatives, leading financial institution, Fidelity Bank Plc, recently facilitated a free medical outreach in the Lagos Island East Local Council Development Area (LCDA) through its Fidelity Helping Hand’s Programme (FHHP). Held on Thursday, December 22, 2022, the outreach afforded members of the community an opportunity to undertake breast cancer screening, cervical cancer screening, cryotherapy, malaria test, blood pressure test, eye tests and diabetes screening as well as a deworming exercise and treatment of detected ailments at no cost. Welcoming guests to the event,…

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New Naira Notes: Senate seek June 30 deadline

The Nigerian Senate has urged the Central Bank of Nigeria to urgently extend the withdrawal date of old currency notes from January 31 to June 30, 2023. The Senate resolution was sequel to a point of order raised by Sen. Mohammed Ndume (APC-Borno) during the plenary on Wednesday. Raising Orders 41 and 51 of Senate Standing Rule, Ndume said that the call for extension of the date should be considered as a matter of urgent national importance in order to forestall imminent hardship on Nigerians. Ndume said, “This senate notes…

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Towards A Stronger Union – Year 105 in Review

2022 was a remarkable year for Union Bank of Nigeria (“Union Bank”). The leading financial institution celebrated its 105th year of serving Nigerians with the announcement of the completion of a landmark transaction that saw the integration of the Bank with Titan Trust bank to form a stronger union. This announcement kicked off several noteworthy events and major milestones and Union Bank is pleased to recapitulate these milestones the Bank recorded in 2022. The noteworthy events in each month are summarised below under the respective headings. January 2022: Union Bank…

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Sterling Bank launches MBN, set to showcase best of Nigeria at maiden fair

As part of its commitment to the growth and development of Nigerian businesses and the economy, Sterling Bank Plc, Nigeria’s leading financial institution, has created the Made-By-Nigerians platform. The Made-by-Nigerians platform is a community designed to showcase the best products and services made by Nigerians, at home and abroad.

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Onyeali-Ikpe, Banda, others make outstanding African women list

The first female Managing Director of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, has made the list of 110 ‘Outstanding Women in Africa’ for the year 2022. The ‘Outstanding Women in Africa’ report is developed by the New Africa Magazine, a strong believer in the culture of recognition for both men and women who have been shaping the vision and progress of the African continent. Some others picked for special recognition are Hon. Joyce Hilda Banda, Fmr. President of Malawi, Hon. Jewel Howard Taylor, Vice President of Liberia; Jamila Sedqi, First…

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Redesigned Notes: Abuse naira, go to jail -CBN warns

The CBN warned in Abuja on Tuesday that those abusing the naira were liable to go to jail. It warned that the law banning the “spraying’’ and the stepping on the naira, especially at social gatherings is still in force and offenders are liable to six months imprisonment or a fine of N50,000. The News Agency of Nigeria (NAN) reports that Section 21(3) of the CBN Act 2007 provides that mishandling of the naira is a punishable offence. Principal Manager, Currency Operations Department at the CBN, Ms Ngozi Etim, gave…

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