Category: Banking & Finance

The Lagos Division of the Federal High Court has ordered all banks operating in Nigeria to blacklist media executive Nduka Obaigbena and members of his family over alleged debt to First Bank of Nigeria. The December 30, 2024 Mareva order also sought to prevent Mr Obaigbena from moving any assets linked to him from the jurisdiction of the Federal High Court. First Bank had filed a debt-recovery suit against Mr Obaigbena and his family members, including Efe Damilola Obaigbena and Olabisi Eka Obaigbena, saying they used their oil servicing firm…

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Guaranty Trust Holding Company Plc (“GTCO Plc” or the “Group”) (NGX: GTCO) is pleased to announce the successful completion of the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC). The Offer, which garnered substantial interest from domestic retail investors, raised a total of ₦209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, fully allotted. This…

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Access Holdings Plc., the parent company of Access Bank has emerged as Company of the Year at the Nigerian of the Year 2024 awards The award, instituted in 2010 by National Infinity Magazine, has honoured notable Nigerians and institutions from all walks of life including public servants and business people and has expanded into recognitions for deserving corporate organisations. Biodun Abayomi Oyebanji, the governor of Ekiti State and a well-respected philanthropist monarch from Southwest Nigeria, His Royal Majesty, Oba Adedokun Omoniyi Abolarin, the Orangun of Oke-Ila, in Osun State, were…

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The Greenwich Group, a leading financial solutions provider in Nigeria, is celebrating 30 years of delivering innovative financial solutions tailored to the evolving needs of stakeholders while contributing to the growth and development of the Nigerian economy. The lead institution, formerly known as Greenwich Trust Ltd, has transitioned from its early days as a Financial Adviser and Issuing House into a Merchant Bank. In March 2024, Greenwich Merchant Bank was granted an Approval- In-Principle (AIP) by the Central Bank of Nigeria (CBN) for a non-operating financial holding company structure. Today,…

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The Nigerian National Petroleum Company Limited (NNPCL) has revealed that the federal government through the company took a loan of $1 billion to support the Dangote refinery project when it encountered some financial difficulties. NNPC’s Head of Corporate Communications, Olufemi Soneye, made the disclosure during his remarks at the Energy Relations Stakeholder Engagement in Abuja. Highlighting the achievements of the apex national oil company under the leadership of Mallam Mele Kyari, Sonoye said: “Permit me to digress a bit! Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved…

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We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence. About FirstBank First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant. FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in…

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Mobile money agents have become a familiar sight across Nigeria, using handy point-of-sale machines to provide essential services to millions of people without access to banking, particularly in hard-to-reach rural areas. Even on the streets of major cities, they have become a go-to, due to an ongoing shortage of cash at ATMs since a much-vilified redesign of the national currency, the naira, last year. “There are three of them (agents) on my street alone,” Chi Etche, a 29-year-old media executive, told AFP. “This means I don’t need to take a…

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Zenith Bank Plc has emerged as ‘Bank of the Year, Nigeria’ in The Banker’s Bank of the Year Awards 2024. The award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, during the awards ceremony held in London on December 4, 2024, is in recognition of the bank’s strong management, sound business model and strategy, and approach to sustainability and ESG banking practices. The Banker’s ‘Bank of the Year’ accolade is among the most coveted and widely regarded award in the banking industry. Often contested by the…

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The Board of Directors of Greenwich Merchant Bank Limited has announced the appointment of Mr. Benson Ogundeji as its substantive Managing Director/Chief Executive Officer, following the receipt of the approval of the Central Bank of Nigeria (CBN). The Chairman of the Board, Mr. Kayode Falowo, stated, “The Board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer”. Ogundeji brings over three decades of extensive banking experience to this role. A seasoned financial services professional, he previously served as Executive Director at Greenwich Merchant Bank…

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Barring any last-minute changes, the Central Bank of Nigeria (CBN) will soon retire about 1,000 of its employees before the end of the year, investigations by Daily Trust have shown. Reliable sources at the apex bank’s headquarters revealed that the retirement would gulp over N50 billion in payoff to the affected workers. In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce. In the last 10 months, the CBN had disengaged many of…

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Zenith Bank Plc has expanded its global footprints with the opening of Zenith Bank (UK), Paris Branch. The official commissioning, which took place on Wednesday, November 27, 2024 at 21 Rue de la paix,Paris, France was performed by theHonourable Minister of Finance and Coordinating Minister of the Economy,Mr. Wale Edun. The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the…

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Further to our July 14, 2023 announcement regarding the above subject, Access Holdings PLC (‘Access Holdings’ or ‘the Company’) is pleased to announce that its flagship subsidiary, Access Bank PLC (‘Access Bank’ or ‘the Bank’) has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone] Limited (‘the Acquisitions’). Commenting on the completion milestone, Roosevelt Ogbonna, the MD/CEO of Access Bank PLC and CEO of the Banking Group said: ‘We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording…

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In keeping with its acclaimed annual tradition, Zenith Bank once again set the stage for the Yuletide season with the Light-Up of Ajose Adeogun Street and Roundabout, Victoria Island, Lagos on Saturday, 23 November 2024. The Light-Up ceremony was performed by the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) AdaoraUmeoji, OON. The Light-Up ceremony is a Corporate Social Responsibility (CSR) initiative of Zenith Bank. Now in its 18th year, the beautiful Christmas decoration, which transforms the entire stretch of Ajose Adeogun Street (home to Zenith Bank’s Corporate…

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Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC. First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour. In the instant case, the allegations of missing funds in the Bank are most untrue and baseless. There is no N500million or any other fund or amount missing…

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Christian Chukwuka Wigwe, a cousin of the late Herbert Wigwe and former group managing director and CEO of Access Bank, has filed an Affidavit of Truth accusing Aigboje Aig-Imoukhuede of taking indirect guardianship and custody of the deceased’s assets and children. According to the affidavit filed at the Lagos High Court Probate Registry, Christian stated that Aig-Imoukhuede, who was a business partner to the deceased, is taking on a role that should rightfully belong to Pastor Shyngle Wigwe, the grandfather of the children. A report by WESTERN POST said that…

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FirstBank, Nigeria’s premier financial institution and leading provider of financial inclusion services, is proud to announce the 63rd edition of the FirstBank Lagos Amateur Open Golf Championship. This prestigious international golf tournament, held under the First@Sports initiative, reinforces FirstBank’s unwavering commitment to sports development and nation-building. A Legacy of Sporting Excellence For over six decades, FirstBank has been a driving force in promoting sports in Nigeria, with a focus on golf, polo, and tennis. The FirstBank Lagos Amateur Open Golf Championship stands tall as Nigeria’s most esteemed international golf tournament,…

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The Wigwe family has reacted to a story making the rounds that members of the Wigwe family are at loggerheads over the property left behind by the former Group Managing Director of Access Holdings, late Herbert Wigwe. According to a statement signed by Emeka Wigwe, the Wigwe family stated that there was no issue regarding the property left behind by the deceased. The statement reads “We, the family of Pastor Shyngle Wigwe, wish to address a recent article titled “Family Dispute Erupts Over Estate of Late Banking Executive Herbert Wigwe”…

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A contencious legal battle has erupted over the huge estate left behind by late Herbert Wigwe, multi-billionaire banker and former CEO of Access Holdings. Family members are at daggers drawn over the multi billion naira estate of the Access bank boss, who died alongside his wife, Doreen and son, Chizi on Friday, February 9, 2024, in a helicopter accident in the United States of America. According to a report by the Daily Independent, Herbert Wigwe’s parents have filed a caveat at the Probate Registry, seeking to challenge the distribution of…

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Lagos, 5 October 2024: FirstBank has announced the full restoration of services on Firstmobile, its mobile banking platform, following a downtime earlier this week which occurred following a recent upgrade of the mobile banking application. Firstmobile is now up and running as the Bank remains committed to delivering seamless and innovative financial services to enhance the digital banking experience of our customers, irrespective of where they may be across the globe. However, customers who still experience challenges in accessing or using their Firstmobile app are encouraged to contact our dedicated…

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CBN Sets the Record Straight: Responds to Attempts to Misinform the Banking Public, Reasserts Role as Nation’s Apex Banking Authority. In a show of strong support for Guaranty Trust Holding Company (GTCO), the Central Bank of Nigeria (CBN) has set the record straight by debunking false allegations being peddled against GTCO and its Executive Management by faceless and unqualified entities. This was contained in a statement released by the apex banking authority in Nigeria today, reassuring the public that their deposits with Nigerian banks are safe and protected. In the…

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Based on the incessant release of false news reports on GTCO’s business activities, results and its Management Team, it has become necessary to set the records straight and dispel attempts by certain groups to create a false narrative about the GTCO Brand and its Management. The false news articles which are being sponsored using the media, centered around baseless allegations against the Group’s business activities and its Executive Management. Being a responsible corporate citizen and a first class institution, GTCO Plc has taken swift and decisive legal actions against the…

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Zenith Bank has announced that it has made significant progress with its information technology infrastructure upgrade and apologised for the inconvenience caused during the process. Recall that following a notification from the bank that it would undergo maintenance from September 29 to October 1, customers of the bank took to social media platforms to express their frustration over difficulties with online banking transactions. Giving an update on Thursday, Zenith Bank’s statement on X.com stated that customers can now access their accounts, make transactions, and enjoy banking services. The statement read,…

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Guaranty Trust Fund Managers Limited (“GTFML” or the “Fund Manager”), the asset management subsidiary of Guaranty Trust Holding Company Plc, today announced the launch of the Guaranty Trust Investment Fund 724 (“Fund 724”), an open-ended, naira-denominated Unit Trust Scheme duly authorised and registered by the Securities and Exchange Commission, Nigeria (SEC). The Scheme lists 10,000,000 Units of ₦100.00 each in the Fund by way of Offer for Subscription and aims to distribute the capital growth it generates from a diversified portfolio of money market instruments, including fixed deposits, commercial papers,…

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A former acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, on Wednesday, told Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, that intrigues and politics were involved in the naira redesign exercise carried out in 2022. Shonubi, who served as the Deputy Governor of Operations before his appointment as acting CBN Governor and is now retired, appeared in court as a witness in the trial of ex-CBN Governor, Godwin Emefiele. He claimed that the redesigned naira notes released by the CBN under…

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United Bank for Africa (UBA) has posted a 40 per cent growth in gross earnings to N1.37 trillion in the first half of 2024 from N981.77 billion in the prior period of last year. The pan-African banking group declared an interim dividend of N2 per share for, a 300 per cent increase from the N0.50 declared in the same period of 2023. This was disclosed in its audited financial results for H1 ended 30 June 2024, filed with the Nigerian Exchange Limited on Monday. In the period under review, the…

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Access Holdings Plc, a leading global financial institution, announced its half-year audited financial results for the period ended 30 June 2024. The results underscore the company’s continued resilience, focus on delivering sustainable performance and commitment to creating long-term value for shareholders. Performance Highlights Access Holdings Plc demonstrated strong performance across all key balance sheet indicators and continues to maintain a well-structured, healthy, and diversified financial position. This is evident in the resilient half year results from the banking franchise operating in twenty-two markets across four continents and the non-banking subsidiaries…

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In a demonstration of its commitment to community support, Access Holdings Plc, leading African financial group, has announced a donation of over N1 billion to assist with relief and recovery efforts in Maiduguri, through its banking vertical – Access Bank Plc. The announcement was made during a visit of the Group’s delegates, led by Bolaji Agbede, acting group chief executive officer, to the Borno State Government House in Maiduguri. The donation, which comes in response to the devastating floods that have severely impacted the region, is aimed at providing both…

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In an exclusive interview with Arise TV on the sidelines of the 79th United Nations General Assembly in New York, the CEO of FirstBank, the premier West African financial institution and financial inclusion service provider, Olusegun Alebiosu highlighted poverty eradication as a pressing concern that should keep international leaders up at night. Alongside poverty, climate change and gender inequality are equally pressing issues that demand attention and action. Alebiosu stressed that poverty, in all its forms, stems from lack of access and resources. He highlighted that finance is the most…

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Stakeholders unanimously called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock significant economic benefits for the nation. This clarion call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar themed “Nigerian Non-Oil Export Industry: Awakening the Giant”, which was held on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos and virtually. In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora…

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Guaranty Trust Bank Ltd, the flagship subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of Africa’s largest financial services institutions, has been named Best Bank in Corporate Social Responsibility in Nigeria at the prestigious Euromoney Awards for Excellence 2024. This recognition underscores GTCO’s unwavering commitment to excellence, going beyond offering innovative financial services and creating more value for its stakeholders to enrich lives and constantly explore new opportunities to drive positive change in society. Announcing the Award, Euromoney highlighted the range and impact of GTCO’s CSR initiatives spanning education,…

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Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2024, recording an impressive triple-digit growth of 117% in gross earnings from N967.3 billion reported in H1 2023 to N2.1trillion in H1 2024.This superior performance has been achieved even as the Nigerian banking industry navigates a challenging macro environment. According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) on Friday, 30thAugust 2024,the triple-digit growthin the top line also drove growth in the bottom line as the Group recorded a 108% Year…

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Financial institutions that have started raising capital have stated that they will allocate $1.20bn from the proceeds to invest in technology and bolster their cybersecurity infrastructure. This was indicated in the offer prospectus of five lenders that have commenced their capital raise, to meet the new capital requirement of the Central Bank of Nigeria. In late March, the CBN announced new capital requirements for the banks operating in the country. The apex bank directed commercial banks with international authorisation to increase their capital base to N500bn, national banks to N200bn…

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The Federal Government has disclosed that sales of crude oil to Dangote Refinery and other local refineries will commence October 1, 2024. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja. According to a post on the official X (formerly Twitter) page of the finance ministry, the meeting was to review progress on key initiatives. At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority,…

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The Central Bank of Nigeria (CBN) disqualified six Nigerian banks in its latest Retail Dutch Auction System (rDAS) on 6 August. Details of the transaction were disclosed in a statement by the Director of the Financial Markets Department at the CBN, Omolara Duke, who explained that six banks were rejected due to various compliance concerns, including late submissions and invalid forms. The disqualified bids amounted to $279 million. According to the Apex bank, the disqualified bids stemmed from late submissions. It explained that four banks, including major financial institutions such…

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One of Nigeria’s most successful businessmen, Tony Elemelu, has accused former President Muhammadu Buhari of blocking his bid to acquire an oil field. Elumelu whose business interest spans across banking, power, hospitality, among others, disclosed that Heirs Holdings, his company, had been looking to purchase the oilfield since 2017 and raised $2.5bn for this, but Buhari and his late Chief of Staff, Abba Kyari, blocked the deal. He said he was told Nigeria could not allow something of such strategic importance to fall into the hands of a private operator.…

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Zenith Bank Plc is offering its ongoing hybrid rights and public offers at the bank’s lowest price range, locking in about 32 per cent gain in potential immediate return for existing shareholders and new investors. Nigeria’s largest bank by profit, Zenith Bank is offering a rights issue of 5.233 billion ordinary shares of 50 kobo each at N36 per share. The shares were pre-allotted to existing shareholders on the basis of one new ordinary share for every six existing ordinary shares held as at the close of business on Wednesday,…

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The Central Bank of Nigeria (CBN) has given a node for the merger arrangement between Unity Bank Bank and Providus Bank. The bank’s spokeswoman, Mr. Hakama Sidi Ali gave the indication in Abuja, last night. A statement by Mrs. Sidi Ali reads in full, “The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. “This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks. The…

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