Category: Business

Following the completion of all regulatory procedures, Grobank Limited has been officially renamed Access Bank South Africa Limited. The deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa. With this new development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets. At an official closing ceremony in Sandton on Monday, top executives of the two banks were upbeat about new opportunities for clients, noting that the Bank will continue to support all its…

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Heritage Bank has continually fulfilled its promises to support the Nigerian Creative Industry, as millionaires emerged from the YNSPYRE product in collaboration with the CREAM Platform. The YNSPYRE account holders who subscribed to the platform by dialing *745*463# on all networks won over N12million during the second monthly raffle draw conducted in April at the weekend. The Heritage Bank’s YNSPYRE event commenced on a great note when D’banj and CREAM Platform introduced the CREAM Merit winners for March, BERRI, a music artiste who carted away sum of N10million in form…

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If you live in Lagos, Abuja or Port Harcourt, or you reside in any of the other state capitals, you probably take for granted that you actually live in the better of the two worlds that make up Nigeria when it comes to banking. Take Lagos, for example, you would find a bank in almost any corner you turn. You have many streets in business or commercial areas in the city that are lined up by nothing but banks in all their glory and magnificence. If a count is taken,…

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The shareholders of Fidelity Bank Plc have unanimously endorsed the payment of a cash dividend of 22 kobo per share to all Shareholders whose names appear in the Register of Members at the close of business on April 16, 2021. This translates to a dividend yield of 9.2%, making it the 4th most rewarding Bank to investors in the Nigerian Capital Market. This announcement was made at the 33rd Annual General Meeting (AGM) held in Lagos on April 30, 2021. Shareholders who spoke at the event praised the Board of…

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Former Chairman, Board of Directors of First Bank of Nigeria Limited, Ibukun Awosika, said she had great plans and aspiration for the bank before her sacking on Thursday by the Central Bank of Nigeria. She also said First Bank was able to deliver value to customers and stakeholders under her leadership. Awosika made this known in a statement on Friday posted on her Instagram handle titled, ‘My FBN Group Journey’. Reacting in a statement on Friday night, Awosika chronicled her journey with the board of First Bank which she said…

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We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited. Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020. The Board of Directors of First Bank of Nigeria Limited is now…

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Raheem Akingbolu reviews the new FirstBank’s corporate website and reckons that it would go a long way in strengthening the ability of the bank’s patrons and other potential customers in addressing basic banking operations. Outside the physical identity of any brand, the most accessible door into operations of a company in today’s market is perhaps the website. With digital technology taking the lead in today’s business environment, website has swiftly become the virtual meeting point for sellers and buyers. As a result of the fact that website can make or…

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The Board of First Ban, on Wednesday, approved the appointment of Mr Gbenga Shobo, currently Deputy Managing Director, as Managing Director designate of the bank. Shobo succeeds Sola Adeduntan, who will be leaving the bank in accordance with the bank’s term limit for its Chief Executives, after successfully leading the bank since January 2016. Also appointed is Abdullahi lbrahim as Deputy Managing Director, while Mr. Ini Ebong, Mr. Segun Alebiosu, Mr. Seyi Oyefeso and Mrs Bashirat Odunewu are also appointed as Executive Directors. According to the bank, the decision is…

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Top Nigerian lender, Fidelity Bank Plc recorded a strong financial performance in the first quarter of 2021, posting appreciable growth in profits for the period ended 31 March 2021. Details of the unaudited results, released at the Nigerian Stock Exchange (NSE) show that Profit before Tax (PBT) grew by 53.9% from N6.6bn in 2020 to N10.1bn for the corresponding period of March 31, 2021.  Similarly, Net revenue in the period increased by 13.4% from N30.3bn in Q1 2020 to N34.4bn in 2021, just as the bank recorded growth in other…

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Guaranty Trust Bank plc has released its unaudited Financial Results for the period ended March 31, 2021 to the Nigerian and London Stock Exchanges. A review of the result shows a resilient performance across all key financial metrics in the face of the unprecedented macroeconomic challenges, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa. The Group reported Profit before tax of ₦53.7billion, representing a drop of 7.8% over ₦58.2billion recorded in the corresponding period of March 2020. Deposit…

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Access Bank said on Monday it has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after it acquired a South African bank. Access Bank is expanding across Africa to counter stagflation at home and dollar shortages that have frustrated businesses. The lender will acquire just over 78 per cent of BancABC Botswana for cash of around 1.13 times book value and a two-year deferred payment, amounting to an undisclosed sum, Atlas Mara said in a statement. The latest acquisition from ABC Holdings,…

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FirstBank, Nigeria and indeed West Africa’s premier financial inclusion services provider has announced the launch of its newly designed website at https://www.firstbanknigeria.com/.  The new website is upgraded with features that are streamlined to reinforce its role in delivering seamless banking and technology solutions to its customers across the world. The website is configured with modern design and improved functionality that eases customer experience whilst carrying out various activities on the site, including electronic banking. Non-customers are also able to open an account, putting them at an edge in the industry as…

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 First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age.  The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. Registration is ongoing for the event via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg  Today’s world, largely referred to as the digital age has been influenced by information technology which has optimised the way we carry out our individual and business…

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Ecobank Transnational Incorporated, parent company of the Ecobank Group, has announced the appointment of Akin Dada as the new Executive Director of Corporate and Investment Banking. Previously Head of Ecobank Group’s Corporate Banking, Dada joined Ecobank in 2017 as the Executive Director of Corporate Banking in Nigeria, according to a statement from Ecobank on Tuesday. The bank said Dada had over 30 years of banking experience in client coverage, strategic transaction initiation and advisory dialogues across various client segments, including public sector, telecoms, FMCG and oil and gas. Prior to…

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The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility. It said the stimulus package was to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, adding that beneficiaries could access up to N25m. This was disclosed in a tweet on Monday by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank. The NIRSAL microfinance bank stated that interested households and businesses could apply via link posted in…

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Despite a challenging economic and regulatory landscape, Access Bank PLC has announced gross earnings of ₦764.7bn for the financial year ended December 31, 2020. The Bank’s audited gross earnings shows a 15% improvement from the ₦666.75bn posted for the comparative period of 2019. While the Bank’s Profit Before Tax stood at ₦125.9bn, it also posted a non-interest income of ₦275.5bn, a significant 112% y/y growth from 2019. This is despite the cost of operating its enlarged franchise. According to Herbert Wigwe, the Group Managing Director and CEO of Access Bank…

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Nigeria’s largest bank, Access Bank has paid about $60 million to purchase a controlling interest in South Africa’s 74-year-old Grobank. The acquisition is the culmination of Access Bank’s aspiration to foray into Africa’s most industrialised nation and tap its market. The move makes it Nigeria’s first bank to do so, with Access Bank ploughing in both equity and debt in Grobank as part of the grand plan to explore trade banking deals on its way to becoming “Africa’s Gateway to the World”, Managing Director Herbert Wigwe told CNBC Africa. It will…

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Former Chairman, Board of Directors, Fidelity Bank Plc, Mr. Ernest Ebi; Executive Director, Lagos & South-West, Fidelity Bank Plc, Dr. Ken Opara and his wife; Former Executive Governor, Anambra State, Peter Obi; at the thanksgiving Service organised by Dr. Ken Opara and family in Lagos …Sunday

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced the fourth edition of its annual FirstGem Conference, tagged FirstGem 4.0. The 2021 event is themed ‘The Art of Negotiation’ and convened to provide women with insights on the secrets of wealth management, investment and savings. It is scheduled to hold on Wednesday, 31 March 2021. Participants are required to register via the link http://bit.ly/firstbankwebinar The product, FirstGem, is an account designed specifically to meet the needs of women, aged 18 years and above. The product…

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Winners have emerged at the Heritage Bank Plc, ‘YNSPYRE’ Cream Platform Promo held in Abuja. CREAM Platform, Nigeria’s premiere creative reward platform officially kicked off its partnership with Heritage Bank’s YNSPYRE Initiative with the commencement of the CREAM Monthly draws on Friday – March 26th 2021, rewarding subscribers who dialed the *745*463# code, with lots of cash and other prizes. The CREAM YNSPYRE Draw proper started off on a great note with random picking of numbers electronically and with some never-to-be-forgotten moments producing 5 winners who went home with the…

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Africa’s largest cement producer, Dangote Cement Plc has remained a major contributor to the economy with a tax charge of N97 billion for the financial year ended 31st December 2020, even as it proposed a dividend of N16 per share. According to the cement group’s audited results released on the floor of the Nigerian Stock Exchange (NSE), the tax charge represents an increase of 95 per cent over the sum of N50 billion recorded in 2019.  Dangote Cement’s Nigerian operations during the period sold 15.9Mt for the full year 2020, compared…

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Guaranty Trust Bank Plc, Nigeria’s biggest lender by market value, plans to acquire a Kenyan lender as part of its expansion on the continent, according to the managing director. “I think the place we will still like to do business or do an acquisition is Kenya,” Segun Agbaje, the lender’s chief executive said at an investor call in Lagos, without giving a time-line for the acquisition. The Lagos-based lender already has offices in 10 countries outside Nigeria including Kenya. It wants to increase the contribution of African subsidiaries to the…

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Union Bank has released its audited financial statements for the year ended 31st December 2020. The bank’s results for the period show sustained growth in key income lines and significantly improved fundamentals, notwithstanding a constrained operating environment largely due to the impact of the Covid-19 pandemic. Union Bank’s investments in technology and building a progressive work culture over the past eight years, enabled a swift response to the pandemic that allowed our workforce transition to remote working while maintaining the productivity required to deliver these strong set of results in…

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Driven by its commitment to deliver best-in-class service to all its customers, Africa’s largest retail bank, Access Bank PLC, has upgraded its service platforms to allow for resolution of failed transactions within one business day. The Bank has guaranteed that all failed transactions will be reversed within one business day. It has also affirmed that in the event that reversal time exceeds one business day, customers will be entitled to a refund of up to five times the bank transfer fees for that transaction. Speaking on this development, Ogor Chukudebelu, Access…

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…Thumbs up mobile banking (FirstMobile) and USSD (*894#) platforms By Bolaji Israel Dr Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said technology, innovation and enhanced capabilities have become necessary to achieve significant business growth in the post-COVID-19. Adeduntan made this remark on Thursday during a Digital Disruption Series webinar organised by the Surrey Business School of the University of Surrey, England. The webinar was themed: “Digital Disruption: How Can Companies Thrive in Africa Post-COVID-19.” According to the FirstBank boss, it is about studying the environment and leveraging…

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Guaranty Trust Bank plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa. The Group reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December…

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the launch of First Global Transfer (FGT) to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The Bank’s subsidiaries in Africa include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal. The First Global Transfer (FGT) initiative is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa. The FGT is not restricted to FirstBank and FBNBank Customers…

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Fidelity Bank Plc, a leading Nigerian bank has restated its readiness to continually support the Central Bank of Nigeria’s (CBN) efforts to engender sustainable economic development by significantly improving diaspora remittances and foreign exchange (FX) inflows into the country.   Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe who made this known on Saturday at the inaugural edition of the Fidelity Diaspora Webinar Series in Lagos stated that the bank would leverage its robust digital infrastructure, bespoke product offerings and extensive partnership with International Money Transfer Operators (IMTOs) to strengthen remittances inflows.   While applauding…

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