Business – National Infinity Magazine

GTCO Transforms Lives with Waste-for Gas Initiative, Distributes 3,000 Gas Cylinders to Obafemi Owode Community

As part of its ongoing efforts to enhance the quality of life for households and empower women in underserved communities, GTCO PLC at the weekend launched its Waste for Gas initiative which saw over 3,000 residents of Obafemi Owode Local Government Area of Ogun State, receive a unit each of a 3kg gas cylinder. Speaking about the initiative, the Group Chief Executive Officer, GTCO PLC, Mr. Segun Agbaje noted that beyond delivering innovative financial solutions, the institution is deeply committed to making a meaningful impact in the communities where it…

FirstBank’s topshot forfeits N1.1bn, $392,818 fraud money to FG

Wura Kelani, Crime Reporter

A former top official of First Bank of Nigeria, Muiz Tijani Adeyinka, has forfeited the sum of N1,168,602,877.44; $392,818.01 and £35,070 recovered from him to the Federal Government. Justice A. O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, ordered the final forfeiture of the monies on Tuesday. The judge gave the order following a motion on notice for the final forfeiture which was supported with an affidavit deposed to by Isah Yusuf Nadabo, an investigator with the Economic and Financial Crimes Commission, EFCC. Justice Owoeye had, on…

Zero Processing Fee; GTBank Removes POS Processing Fees to Support Businesses

Guaranty Trust Bank Ltd has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions. This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers. With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience. Speaking on the initiative, Miriam Olusanya,…

Habaripay’s Squad announces dates for take on Squad Hackathon 2.0, invites applications from young innovators across Africa

HabariPay’s Squad, payment fintech subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group”), today announced dates for its annual social coding competition. Building on the success of the inaugural edition, “Squad Hackathon 2.0” is set to take place from the 13th–15th of March 2025 at the state-of-the-art GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State. Launched in January 2024, Take on Squad Hackathon is designed to foster creativity, collaboration, and problem-solving skills among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital solutions…

Ex-Firstbank staff forfeits billions to FG

Wura Kelani, Crime Reporter

Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of the sums of N1,168,602,877.44, (One Billion, One Hundred and Sixty Eight Million, Six Hundred and Two Thousand, Eight Hundred and Seventy Seven Naira, Forty Four kobo) $392,818.01 (Three Hundred and Ninety Two Thousand, Eight Hundred and Eighteen United States Dollars, One Cent) and £35,070 (Thirty Five Thousand, Seventy Pound Sterling) recovered from one Muiz Tijani Adeyinka, a former employee of First Bank of Nigeria, FBN, to the Federal Government of Nigeria, FGN.…

NERC issues gudelines on electricity tariff hike

As controversies trailed the purported electricity tariff hike by the Federal Government, the Nigerian Electricity Regulatory Commission has issued regulations on the procedure for tariff reviews. The latest order, signed by NERC Chairman, Sanusi Garba, stated that pursuant to the provisions of the Electricity Act 2023, the commission is obligated to review and approve a fair tariff to allow licensees to recover prudent costs and a reasonable return on capital invested in the business for the provision of electricity services. It stated that Section 116(1) of the Act provides that…

Access Bank appoints Uche Orji as Independent Non-Executive Director

Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’). This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board. Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner…

NESG Appoints Wole Adeniyi, Mohamad Darwish, and Olusegun Alebiosu as Board Members

Jasmin Ekua, Banking & Finance

The Nigerian Economic Summit Group (NESG) has announced the appointment of three leaders, Mr Wole Adeniyi, Mr Mohamad Darwish, and Mr Olusegun Alebiosu, to its board of directors. These appointments reflect the NESG’s steadfast dedication to promoting visionary leadership and strengthening partnerships with key business leaders and private sector stakeholders. The addition of these accomplished professionals is expected to drive strategic initiatives aimed at transforming and advancing Nigeria’s economic landscape. Wole Adeniyi is the Chief Executive Officer of Stanbic IBTC Bank Ltd and is responsible for driving the institution’s strategy…

Access Bank to Host Pioneering Africa Trade Conference in Cape Town

Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme,‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’.Scheduled for March 12, 2025, in Cape Town, South Africa, the conference is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent. With Africa’s trade finance gap estimated at $81 billion annually, the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and…

Union Bank’s Save and Win Palli Promo 4 rewards 360 customers with N21min first draw

UNION BANK REWARDS 360 CUSTOMERS WITH N21 MILLION IN FIRST SAVE AND WIN PALLI PROMO 4 DRAW Nigeria’s leading financial institution, has kicked off its Save and Win Palli Promo 4 campaign on a high note following the announcement of its first set of winners in its inaugural monthly draws. The first live draw of this season, which took place at the Bank’s Head Office in Marina, Lagos, rewarded 60 customers with ₦100,000 each. Additionally, 300 other winners went home with ₦50,000 worth of gift vouchers during the inaugural live…

The NPA Lagos International Polo Tournament Returns with GTCO as Headline Sponsor

Guaranty Trust Holding Company Plc (GTCO) is proud to be the headline sponsor of the 2025 NPA Lagos International Polo Tournament. The highly-anticipated Polo Series will be held at the prestigious Lagos Polo Club, Ikoyi, from 4th to 23rd February 2025. A staple in Nigeria’s sporting and social calendar, the NPA Lagos International Polo Tournament is celebrated for its rich heritage, thrilling competitions, and vibrant atmosphere. Last year’s tournament delivered a thrilling six chukkas encounter that saw Leighton Kings dispatch a hard-fighting Art Hotel Shoreline team to retain the coveted…

FirstBank’s FirstGem: Redefining Women’s Empowerment in Nigeria

Wura Kelani, Crime Reporter

The story of women’s contribution to Nigeria’s economy is as old as the nation itself. It is no secret that women are the largest untapped source of national wealth worldwide. All over the world, women hold their place of pride in commercial enterprise. The Nigerian businesswoman have for a long time faced significant barriers in accessing the financial services and business support needed for their businesses to thrive. Globally, traditional banking failed to recognize the unique challenges of female entrepreneurs. It is against this backdrop that the 2019 International Women’s…

N8bn budget allocation for anti-vandalism advocacy, not electricity bill awareness says Adelabu

Benjamin Chukwudaalu, Political Reporter

The Minister of Power, Adebayo Adelabu, has reassured Nigerians of his commitment to delivering a stable electricity supply, stating that efforts are ongoing to improve the country’s power infrastructure. Adelabu also addressed misconceptions surrounding the N8bn allocation in the Ministry of Power’s 2025 budget, clarifying that the funds are earmarked for advocacy against vandalism, education, enlightenment, and deploying technology to safeguard power infrastructure—not for sensitising citizens to pay electricity bills. The minister, who came under fire on social media following claims that the ministry was spending N8bn on electricity bill…

OAU Student’s Murder: A/Court uphold’s Adedoyin’s death sentence

The Court of Appeal sitting in Akure, the Ondo State capital has upheld the death sentence of a popular hotel owner, Dr Ramon Adedoyin, who was found guilty in the murder case of an ex-Master’s student of the Obafemi Awolowo University, Ile-Ife, Timothy Adegoke. According to the court’s judgment on Thursday, the appellate court noted that the judgment by the Osun State High Court which sentenced Adedoyin to death stands. The appeal court had reserved judgment on October 29, 2024 The judgment read in parts, “The judgment of the High…

Police indict Sterling Bank in ‘$28.3m money laundering, fraud’

Sterling Bank Limited and its holding company, Sterling Financial Holdings Company have been accused by the Nigeria Police Force of money laundering, fraudulent deductions and other financial crimes. This was contained in a report presented to the House of Representative Committee on Public Petition during the hearing of a petition by Maiden Systems Ltd against Sterling Bank, Central Bank of Nigeria (CBN) and Shell Petroleum Development Company in Abuja. Maiden system Ltd had petitioned the Committee on alleged mismanagement, fraudulent debit, and misappropriation of funds from its account domiciled with…

Telecom Tariff: Operators get 50% hike approval from NCC

The Nigerian Communications Commission has approved requests from network operators for tariff adjustments in response to rising operational costs, marking the first change in rates since 2013. The decision, announced in a statement signed by the Director of Public Affairs, Reuben Muoka, on Monday, allows for a maximum adjustment of 50% to current tariffs, significantly less than the over 100% proposed by some operators. The NCC said it is exercising its authority under Section 108 of the Nigerian Communications Act, 2003 and emphasised that the new tariffs would remain within…

PMS: Dangote’s hike pushes pump price to N1,150/litre

The pump prices of Premium Motor Spirit, popularly called petrol, have risen to between N1,050 and N1,150/litre depending on the area of purchase, following the hike in the cost of the commodity by the Dangote Petroleum Refinery and various depot owners. Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the upward swing lately. The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, earlier alluded to this when he pointed out…

Dangote jacks up fuel prize, says its in response to global price surge

As a result of an upsurge in the price of Brent, Nigeria’s crude export to the global oil market, the Dangote Petroleum Refinery says it has necessitated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers. In an email statement obtained by our Correspondent on Friday, the refinery announced that its refined products would now be priced at N955 per litre at the loading gantry, marking an adjustment in its pricing structure. It noted that marketers buying between 2 million – 4.99…

EFCC to arraign FirstBank’s ex-Chairman, Otudeko, ex-CEO, Onasanya for N12.3bn fraud

The Economic and Financial Crimes Commission, EFCC, is set to arraign Oba Otudeko, a former chairman of First Bank of Nigeria FBN Holdings, and Stephen Bisi Onasanya, a former Managing Director of First Bank of Nigeria Limited before a Federal High Court in Lagos for alleged N12.3billion loot. According to reports, Otudeko who is the chairman of Honeywell Group and Onasanya, now CEO of Address Home Limited, will be arraigned alongside a former board member of Honeywell, Soji Akintayo and a firm, Anchorage Leisure Limited linked to Otudeko. Otudeko, Onasanya,…

NNPCL diverted N2.68tn, $9.77m, shunned probe invitations – Report

Amid its controversial financial dealings that have negatively impacted the nation’s financial standing, the Nigerian National Petroleum Company Limited has been accused by the Auditor-General of the Federation of diverting a total sum of N2.68tn and $9.77m in the last four years. Findings by Sunday PUNCH using the Auditor-General’s annual reports published between 2017 and 2021 showed that N1.33tn was diverted in 2017, N681.02bn in 2019, N151.12bn, ($19.77m) in 2020 and N514bn in 2021 amounting to N2.68tn and $19.77m over four years. The reports, which were submitted to the National…

Court Order Blacklists Nduka Obaigbena, family from financial transactions over $718m First Bank Debt

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…

ALEBIOSU: In line with our vision, FirstBank is well-positioned to break new grounds in 2025 and beyond

As the foremost Nigerian bank, First Bank of Nigeria Limited no doubt has a history of curating products and services that not only meet the immediate and future needs of its customers. In this interview with THISDAY, the bank’s Managing Director/Chief Executive Officer, Mr. Olusegun Alebiosu described 2025 as the beginning of the bank’s new strategic planning horizon when it is poised to double down on its market dominance position across all the markets where the bank operates. What’s your view on the global economic outlook in 2025, and what…

GTCO raises ₦209bn in first phase of equity capital raise programme

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…

Access Holdings win ‘Company of the Year’ at Nigerian of the Year 2024

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…

Nigerian of the Year 2024: PWAN Group wins Real Estate Company of the Year

PWAN Group a foremost real estate network marketing and development company emerged as Real Estate Company of the Year for its massive expansion and innovative approach to business development in that sector. 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. Others slated for recognition at the Nigerian of the Year 2024 Awards are Mr. Biodun Oyebanji, the Executive Governor of Ekiti State, for…

11 suspects arrested as Army destroys 21 illegal refineries in Niger Delta

Wura Kelani, Crime Reporter

The 6 Division of the Nigerian Army has announced the destruction of 21 illegal oil refining sites, the arrest of 11 suspected oil thieves, and the recovery of 190,000 litres of stolen petroleum products in the Niger Delta. The Army stated that these successes were a result of its intensified operations, conducted in collaboration with other security agencies, aimed at dismantling the network of criminal enterprises run by oil thieves in the region. The Acting Deputy Director of the 6 Division Army Public Relations, Lt. Col. Jonah Danjuma, disclosed this…

Access Holdings win ‘Company of the Year’ at Nigerian of the Year 2024

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…

Port Harcourt, Kaduna refineries, my own story by Obasanjo

Nigeria’s former President, Olusegun O basanjo has revealed new details about Nigeria’s refineries’ woes, recounting failed efforts to privatise the plants and the subsequent alleged financial losses of about $2bn by the facilities under government management. Obasanjo disclosed this on Thursday as the Nigerian National Petroleum Company Limited beckoned the ex-President to visit the recently revamped refineries for a tour. The former President said his successor, Umaru Musa Yar’Adua, rejected a $750m offer from Aliko Dangote, Chairman of Dangote Group, to manage the Port Harcourt and Kaduna refineries in 2007.…

Ekiti State Gov., Oyebanji, philanthropist King, Adedokun Abolarin named National Infinity Magazine’s Nigerian of the Year 2024

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, have been named Nigerian of the Year 2024. 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. In recognising Oyebanji, the sixth executive governor of Ekiti State who turned 57 on December 21, in…

Greenwich Group celebrates 30th Anniversary, set to break new territories

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,…

Access Holdings Plc secures full regulatory approvals for recently closed rights of ordinary shares

Jasmin Ekua, Banking & Finance

Access Holdings Plc (‘the Company’) today announces that it has secured the full regulatory approvals of the Central Bank of Nigeria and the Securities and Exchange Commission of its recently closed Right Issue of 17,772,612,811 Ordinary Shares of 50 Kobo each at N19.75 Kobo per share (‘the Rights Issue’) and has raised the target amount of N351,009,103,017.25. This development has positioned the Company’s flagship subsidiary, Access Bank Plc (‘the Bank’) as the first bank to meet the Central Bank of Nigeria’s N500 billion minimum capital requirements for Banks with International…

Christmas: Its low key, as consumers lament high prices

As Nigerians celebrate Christmas, traders across various markets in Nigeria are lamenting poor patronage amid skyrocketing food prices, a sharp contrast to the festive sales experienced in previous years. In Lagos, Abuja, Osun, Rivers, Edo, Kano, Kaduna, and Sokoto, among other states, traders decried the high cost of food items and ever-increasing food inflation on the jump in the petrol pump prices nationwide. This came as consumers of food commodities called on the Federal Government to work hard to address the spike in Nigeria’s inflation, as they lamented their inability…

Alake on Rescue Mission: A review, by Tunde Rahman

By Tunde Rahman “Alake on Rescue Mission” is much more than a photo book of activities, events and work of the Minister of Solid Minerals Development, Dr. Oladele Henry Alake, in one year in office. It’s a serious-minded and exciting piece of writing on the minister’s stewardship. If you see it as the official book on the Minister’s achievements in one year in office, you will hit the nail on the head. Appointed on August 15, 2023, Dr. Alake has spent around 14 months as Minister of Solid Minerals, meaning…

FG sack Julius Berger from Abuja-Kaduna dual carriageway

The Federal Government has terminated the contract for the Rehabilitation of the Abuja-Kaduna-Zaria-Kano Dual Carriageway, Section I (Abuja-Kaduna) being handled by Julius Berger Construction company. The Minister of Works, David Umahi, had two weeks ago, threatened to revoke the contract after seven days if Julius Berger refused the federal government’s offer of N740.79bn for the completion of the 82km section II of the Abuja-Kaduna-Zaria-Kano. A statement by the Director of Press, Federal Ministry of Works, Mohammed Ahmed, said the decision was made following the failure of the management of Berger…

Why NNPCL took $1bn loan for Dangote refinery -Spokesperson

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…

Oak Homes boss, Olusanya in court over alleged N152m real estate fraud, threat to client’s life

The Chairman of Oak Homes Ltd, Olukayode Olusanya, is in the centre of an alleged real estate fraud as he has been accused of perpetrating a N152 million fraud. The matter is currently at the Federal High Court in Ikoyi, Lagos and has Bern adjourned to February 10, 2025. The high-profile case has gripped the public after explosive allegations emerged, including fraud, theft, and even a chilling threat to murder a U.S.-based Nigerian engineer, Anthony Ehiedu Ugbebor. According to court documents, Olusanya and Lynda Umeh, Oak Homes’ former head of…

FirstBank kicks off DECEMBERISSAVYBE 2024 with Kenny Blaq’s Musicomedy

Jasmin Ekua, Banking & Finance

By Bolaji Israel December marks a special time in Nigeria, a moment when people take a break from their hectic year to unwind, celebrate, and create lasting memories with loved ones. The month is filled with vibrant arts and entertainment, including plays, musical concerts, festivals, operas, fashion shows, poetry, and various performance arts. As the month unfolds, the atmosphere is electrified with fireworks, street carnivals, and colourful Christmas decorations, complemented by numerous year-end thanksgiving parties. It’s also a time for bonding, as Nigerians reconnect with family and friends visiting from…

More troubles for ex-Bank PHB boss as EFCC arraigns Atuche for forgery

The Economic and Financial Crimes Commission has re-arraigned the former Managing Director of the defunct Bank PHB Plc, Francis Atuche, alongside two others, on charges of forgery and conspiracy. According to a statement on Monday via X, the re-arraignment took place on Monday, before Justice O. O. Abike-Fadipe at the Special Offences Court in Ikeja, Lagos. Atuche was charged alongside Nnosiri Joachim, also known as Ifeanyi, and Uguru Onyike, in a nine-count indictment involving allegations of forging board resolutions of companies to defraud financial institutions. One of the charges reads,…

Finland freezes Simon Ekpa’s assets

The authorities in Finland have frozen the assets of Simon Ekpa, the self-acclaimed Biafran agitator facing allegations of terrorism-related activities. According to Yle, a local newspaper, the Finnish government also froze the assets of companies associated with Ekpa and four of his accomplices, who are also in remand. The report said Ekpa is being held in the Kylmäkoski vankila, (Kylmäkoski prison), which is reputed to be one of the world’s toughest prisons. The prison was established in January 1993 in the Kylmäkoski municipality. On November 21, Ekpa was sent to…

Mikano Motors celebrates Changan night with CS95, X7 launch

It was a night of fun and excitement on Thursday when Mikano Motors celebrated Changan Festive Night ‘24 with the launch of two premium models from Changan – the All-New CS95 and the X7 Plus. The launch was done at an exclusive event, which provided an opportunity for the audience comprising the customers, influencers and other invited guests to explore the latest innovations from Changan from their representatives. The unveiling was described as a celebration of a partnership that combines Changan’s global reputation for quality and innovation with Mikano Motors’…

Onyema endorses President Tinubu’s reforms, says he is working to stabilise businesses with his policies

The Chairman and CEO of Air Peace, Allen Onyema, has commended President Bola Ahmed Tinubu, for his efforts in implementing policies aimed at stabilising business operations across Nigeria. Onyema who met with President Tinubu at the state house in Abuja on Thursday December 12th, said that the president has made great strides with the ease of doing business in the aviation industry, and with the new reforms introduced by the Minister of Aviation and Aerospace Development, Festus Keyamo, the Tinubu administration will stabilise the aviation industry. Onyema added that although…

First Bank corrects misleading information regarding fraud allegations

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…

Consumer Protection Probe: Travel agents back FCCPC against Air Peace probe

Benjamin Chukwudaalu, Political Reporter

The National Association of Nigerian Travel Agents has thrown its weight behind the Federal Competition and Consumer Protection Commission’s investigation into exploitation allegations against Air Peace. The agents also appealed to the FCCPC to expand the scope of its fact-finding to other airlines in the country. This was made known through a statement signed by the association’s President, Yinka Folami, and made available to PUNCH Online on Tuesday. The association said it was committed to advocating fair practices within the downstream aviation sector, prioritising equitable market policies and the protection…

ACCESS BANK UK LIMITED TO STRENGTHEN EUROPE-AFRICA TRADE TIES WITH LAUNCH OF THE ACCESS BANK MALTA LIMITED

Access Holdings Plc has announced that its banking subsidiary, Access Bank UK Limited, has established its first fully owned subsidiary in Malta. The disclosure, published on the Nigerian Exchange on December 10, 2024, and signed by the company’s secretary, Sunday Ekowchi, stated that the new entity will operate as Access Bank Malta Limited. According to the statement, the move is part of Access Holdings’ global expansion strategy and has received licensing approvals from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA). The company noted: “The banking…

More national blackout looms as gas suppliers suspend service to GenCos over N2.7tn debt

Wholesale gas-producing companies have abruptly stopped the supply of natural gas to power generation companies for electricity production over the non-payment of debts accrued from previous supplies, fresh findings by The PUNCH have shown. The Chief Executive Officer of the Association of Power Generation Companies, Dr Joy Ogaji, disclosed the latest development in an exclusive interview with The PUNCH on Wednesday, stressing that the gas-producing companies have formally notified all GenCos of the suspension of natural gas supply. The gas supply was abruptly halted after the Nigerian Midstream and Downstream…

Nigerians lament as naira scarcity worsens amid hardship

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…

Safety concern heightens as Allied Air crash lands at Abuja Airport

Benjamin Chukwudaalu, Political Reporter

An Allied Air Cargo aircraft with registration number 5N-JRT suffered a tyre burst causing it to skid the Runway 22 at the Nnamdi Azikiwe International Airport in Abuja on Wednesday. As a result, the Federal Airport Authority of Nigeria has temporarily shut down the runway following the incident. The plane, arriving in Abuja, was involved in the incident upon landing while all passengers and crew members were safely evacuated. The incident was said to have caused significant disruptions, with several departures delayed as authorities work to clear the affected runway.…

Union Bank, Ahmed Kuru, others face criminal charges over Arik Air N125b fraud

Ex AMCON Boss Ahmed Kuru, Union Bank, Others Face Criminal Charges Over Arik Air N125b Fraud The former Managing Director of the Assets Management Cooperation of Nigeria (AMCON), Ahmed Lawal Kuru, has been named in a fresh N125 billion alleged fraud regarding the taking over of Arik Air Limited. This time, the AMCON boss is said to have conspired with the Union Bank of Nigeria Plc and others to perpetrate the fraud. In this vein, the Economic and Financial Crimes Commission (EFCC) has filed six-count criminal charges Ahmed Lawal Kuru,…

Ex-AMCON boss Ahmed Kuru, ex-Keystone Bank Chairman, Modibbo, former Heritage Bank CEO, Sekibo, to be tried for N20bn fraud

The former Managing Director of Asset Management Corporation of Nigeria, (AMCON), Ahmed Kuru is set to be arraigned on February 11, 2025, on another fresh charge for the fraudulent conversion of the sum of ₦20bn AMCON funds. The fresh six-count charge filed by the Economic and Financial Crimes Commission (EFCC) disclosed that the AMCON funds were converted through Heritage Bank to the use of a company, Sigma Golf Nigeria Ltd for the acquisition of Keystone Bank. Kuru and his co-defendants, the former Chairman of Keystone Bank, Umaru Hamidu Moddibo, and…

Access Bank staff in police net for stealing N18m from customer’s account

The Katsina State Police Command has paraded the Head of Automated Teller Machine (ATM) operations at the Daura branch of Access Bank in Katsina State has confessed to conspiring with a colleague to steal about N18 million belonging to a customer of the bank. “I primed an ATM card for a colleague and friend of mine, and he said N18 million was the dividend from the bank, of which he sent me N10 million,” the suspect, Adewumi Bolaji Gabriel, said when the police paraded him along with others for sundry…