Business – Page 2 – National Infinity Magazine

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…

Allegation of exploitation in ticket pricing untrue -Air Peace

Air Peace on Friday explained the cost component of a flight ticket, saying a one-hour flight should have cost N700,000 going by the high cost of operation. Chief Operating Officer (COO) of the airline, Mrs. Oluwatoyin Olajide, also faulted the recent allegation of exploitation of passengers by the Federal Competition and Consumer Protection Commission (FCCPC). She said the report alleging that the airline was being investigated for exploitative fare was not based on any empirical fact even as she stated that the allegation caused the airline to lose a slot…

Zenith Bank wins highly coveted Bank of the Year award in Banker Award 2024

Jasmin Ekua, Banking & Finance

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…

Greenwich Merchant Bank names Ogundeji, MD

Jasmin Ekua, Banking & Finance

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…

CBN to pay N50bn to 1,000 staff slated for retirement

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…

Zenith Bank expands global footprints with Paris branch

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…

Exciting News: InfinityLive Gets a Fresh New Look!

We’re thrilled to announce the revamp of InfinityLive! Our website has undergone a complete transformation to serve you better. Here’s what’s new: ✨ Sleek Design: Navigate with ease through our modern and user-friendly interface. 📚 Enhanced Content: Access richer, more engaging resources tailored to your needs. 🚀 Improved Performance: Enjoy faster load times and a seamless browsing experience. 📱 Mobile Optimization: Access all our features effortlessly, whether on your desktop, tablet, or phone. At InfinityLive, we’re committed to delivering value, innovation, and exceptional experiences. This revamp is a step forward…

Okonjo-Iweala gets another term at WTO

World Trade Organization chief Ngozi Okonjo-Iweala was reappointed Friday for a second term, in the shadow of the coming return of Donald Trump and his disdain for international trade rules. Okonjo-Iweala, the first woman and the first African to head the WTO, was the only candidate in the race, and had been all but assured a second term. The organisation’s 166 members “today agreed to give incumbent Ngozi Okonjo-Iweala a second term as director-general,” the WTO said in a statement. The 70-year-old Nigerian’s reappointment was approved by consensus during a…

Access Bank acquires Standard Chartered Bank in Angola, Sierra Leone

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…

Lagos shines brighter as Zenith Bank lights up Ajose Adeogun for yuletide

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…

No customer’s fund missing in our custody, Access Bank responds to viral video

Jasmin Ekua, Banking & Finance

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…

Eagle Online publisher, Dotun Oladipo leads Media Partners Cooperative Multipurpose Society

Dotun Oladipo, the Publisher of The Eagle Online has emerged as the President of the Innovative Media Partners Cooperative Multipurpose Society. The former President of the Guild of Corporate Online Publishers was among others who are members of the pioneer Executive Committee. Other pioneer executive committee members of the IMPCMS are Nkanu Egbe, who is the General Secretary, and Dolapo Otegbayi as the Treasurer. Oladipo, Egbe and Otegbeyi were endorsed for the position at the inaugural meeting of the IMPCMS on October 25, 2024, which birthed a new era of…

Vijorm Oil boss, Victor Ojomo, jailed 30yrs for N47.6m fraud

Victor Ojomo, the Chief Executive Officer of Vijorm Oil Nigeria Limited has convicted and sentenced to 30 years imprisonment by an Ikeja Special Offences Court for orchestrating a fraudulent scheme and defrauding a businessman of N47,645,000. Justice Rahman Oshodi delivered the judgment on Friday, convicting Ojomo on three counts: conspiracy to obtain money by false pretence, obtaining money by false pretence, and stealing. In his judgment, Justice Oshodi stated, “You orchestrated an elaborate scheme to defraud the victim of N47,645,000 and showed no remorse throughout the proceedings.” The judge highlighted…

3rd Time in One Week: Again national grid collapses

Benjamin Chukwudaalu, Political Reporter

Nigeria’s national grid has collapsed again. This is the third time this will happen in just one week. The latest collapse occurred early Saturday morning, with many states reporting total blackouts. Data obtained from the Nigerian System Operator’s portal (niggrid.org) and it revealed that the grid recorded zero megawatts (MW) as of 9.20am today. The cause of the collapse could not be ascertained at the moment as the Transmission Company of Nigeria could not be reached. Businesses and households continue to suffer over the nation’s unreliable electricity supply amid the…

Herbert Wigwe: Access Holdings Chairman, Aig-Imoukhuede named in Wigwe family’s will crisis

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…

63 Years of Empowering Golfing Excellence: FirstBank presents the Lagos Amateur Open Golf Championship

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,…

National grid collapses twice in 24 hours

Jasmin Ekua, Banking & Finance

The national electricity grid has collapsed for the second time in 24 hours, leading to a nationwide blackout. Electricity distribution companies (DisCos) announced the grid collapse in separate statements on Tuesday, October 15, 2024. The companies disclosed that the grid collapsed at about 9:17 a.m. on Tuesday. The national grid had earlier collapsed at about 6 p.m. on Monday, October 14. “Please be informed that we experienced another system outage today 15/10/24 at 09:17hrs affecting supply within our network,” Ikeja Electric stated. The DisCo added that it is collaborating with…

Wigwe: Family reacts, says no issues

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”…

Family feuds over Herbert Wigwe’s estate

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…

FirstBank elevates online experience with a revamped e-channel

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…

CBN issues statement on alleged misinformation on GTCO

Jasmin Ekua, Banking & Finance

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…

Air Peace boss, Onyeama indicted by US court over alledged submission of false documents in money laundering probe

Air Peace, boss, Allen Onyema, has been charged ‘in a superseding indictment with obstruction of justice for submitting false documents to the government in an effort to end an investigation that resulted in earlier charges of bank fraud and money laundering.’ This was contained in a statement released on Saturday by the Justice Department. Ejiroghene Eghagha, the airline’s Chief of Administration and Finance, was also charged for participating in the obstruction scheme, as well as in the earlier bank fraud counts, the statement posted on Justice.gov claimed. “After allegedly using…

Rebuttal of false news reports against GTCO’s business activities, results and its executive management

Wura Kelani, Crime Reporter

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…

IT Upgrade: Zenith Bank apologises to customers, restores services

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,…

Guaranty Trust Fund Managers Limited Launches Guaranty Trust Investment Fund 724

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,…

Emefiele produced own Naira notes, not what Buhari approved, witness reveals

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…

US SEC blacklists Nigerian Auditor, Olayinka Oyebola, over alleged Tingo Group’s fraud

The U.S. Securities and Exchange Commission (SEC) has charged Nigerian auditor Olayinka Oyebola and his accounting firm, Olayinka Oyebola & Co., for their alleged involvement in a major securities fraud scheme orchestrated by businessman Dozy Mmobuosi, and three U.S.-based companies collectively referred to as the Tingo entities. This comes on the heels of a $250 million judgment that the SEC recently obtained against Mmobuosi and the Tingo entities for their fraudulent activities. According to the SEC’s complaint, Oyebola and his firm played a critical role in enabling Mmobuosi and the…

NAFDAC intercepts N37m fake cosmetics in Abuja

The National Agency for Food and Drug Administration and Control has intensified its campaign against counterfeit cosmetics in Abuja, seizing illegal products worth ₦37 million. Acting on intelligence reports, NAFDAC’s Investigation and Enforcement Directorate conducted coordinated raids across several supermarkets and open markets, including Wuse and Garki markets. A statement from the agency on Tuesday via X said, “Several unregistered and counterfeit cosmetics were seized with a total street value of ₦37 million. NAFDAC is committed to investigating the sources of these illegal products and will take strict regulatory action…

UBA’s half-year earnings hit N1.37t

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…

Two years after flight suspension, Emirates land in Lagos

Two years after the United Arab Emirates, UAE, flag carrier, Emirates, suspended operations in Nigeria, the Middle East airline, Tuesday, landed at the Murtala Muhammad International Airport, MMIA, Lagos. At 3:32 pm, flight number EK 783 touched down at the old terminal of the MMIA, confirming the carrier’s resumption. However, before the flight, a Senior First Officer at Emirates, Moha Madugu, had expressed his happiness on X, formerly Twitter, stating: “A very special day for me today, I have the honour of operating our inaugural return flight to Lagos, Nigeria.…

H1 2024: Access Holdings grows revenue to N2.2trn

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…

Access Holdings donates N1bn to support Maiduguri flood victims

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…

Breaking barriers: Access Bank championing education for every child in Africa

Children in emergency situations have a right to quality education like every other child, yet education in emergencies continues to be critically underfunded and under-resourced. Education is lifesaving and should not be seen as a second phase of a humanitarian response,” – Wongani Grace Taulo, UNICEF Regional Education Adviser for Eastern and Southern Africa It is a basic right for every child to receive an education that is both inclusive and of high quality. However, in Africa, there are nearly 46 million children of school age who do not attend…

Isa Funtua begs EFCC for mercy over N28bn mismanaged loan from Keystone Bank

Wura Kelani, Crime Reporter

Abubakar Isa Funtua, politician and son of late Mallam Isa Funtua, a top Nigerian businessman and ally of former President Muhammadu Buhari, is reportedly pleading with the Economic and Financial Crimes Commission (EFCC) for soft landing over alleged N28 billion fraud. Abubakar and one of his ally, Asega Aliga, who is now at large, The Witness gathered were accused of embezzling N28 billion from Keystone Bank. Abubakar Isa Funtu was arrested and granted bail by the EFCC in June this year. Before his arrest and detention by the EFCC, Abubakar…

My regrets over failed Arsenal deal -Dangote

The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has expressed his regret for not buying Arsenal when his interest lies with owning a football club. He said he wished he had bought the English side club when the team was valued at around $2 billion. Speaking in an interview with Bloomberg’s Francine Lacqua in New York, the billionaire business mogul explained that he missed out on buying Arsenal by committing his resources to the refinery project. He said, “I think that time has passed. The last time…

ALEBIOSU REITERATES THE POSITIVE ROLE OF FINANCIAL INCLUSION IN POVERTY ERADICATION AT UNGA ‘79

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…

2,000+ Winners and Counting! Knorr’s ‘Unwrap and Win’ Promo Still Running Through December

If you’re a fan of tasty, nutritious meals, then Knorr has a good surprise for you! Since July, Knorr has been running an exciting “Unwrap and Win” promo, and over 2,000 lucky winners have emerged getting prizes like ₦5,000 cash, ₦1,000 airtime, one-month Showmax subscriptions, and ₦2,000 discounts on Uber rides, and the best part? The promo is still ongoing until December, so there’s plenty of time for YOU to join in and win! What is the “Unwrap and Win” Promo? Knorr’s “Unwrap and Win” promo is a fun and…

Desperados teams up with Ladipoe and Cruise Gang for an unusual new streetwear collection

Desperados, the renowned beer brand known for its bold and adventurous spirit, has announced an exciting new collaboration with Nigerian music sensation Ladipoe, alongside the innovative streetwear label Cruise Gang. This partnership marks the launch of a unique collection designed for the unusual. Ladipoe, known for his distinctive sound and lyrical prowess, has consistently pushed the boundaries of what it means to be an artist in the Nigerian music scene. From his breakout hits to his continued success as a leading figure in Rap and Afrobeats, Ladipoe has always embraced…

Heineken Introduces Stylish 45cl Bottle, Crafted For The Modern Consumer

Heineken, the world’s most international beer, has introduced its newly designed 45cl bottle at an exclusive press conference in Awka. The event, attended by top directors of Nigerian Breweries, key distributors, and other trade partners, marks a significant milestone in Heineken’s mission for a fresher world. The new 45cl bottle, uniquely tailored to meet the desires of Nigeria’s younger demographic, particularly Millennials and Gen Z consumers, is designed with a sleek and stylish aesthetic. This bottle offers just the right amount of beer—striking the perfect balance for those who want…

Dove soap, cosmetic products dangerous to human health, NAFDAC warns Nigerians

The National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians to the recall of Dove beauty bar soap. In a statement on Monday, Mojisola Adeyeye, the NAFDAC director-general, said the 100g soap with batch number 81832M 08, produced in Germany, was recalled due to chemical impurity. Adeyeye said the soap does not comply with the cosmetic products regulations because it contains butylphenyl methylpropional (BMHCA), which is prohibited due to its risk of harming the reproductive system, causing harm to the health of an unborn child, and…

Zenith Bank Int’l Trade Seminar: Stakeholders call for a re-awakening in the Nigerian non-oil export industry

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…

No plan to monopolise Dangote refinery products -NNPCL

The Nigerian National Petroleum Company Ltd (NNPCL) has said Dangote Refinery and other domestic refiners are “free to sell directly to any marketer on a willing buyer, willing seller basis”, thereby dismissing the allegation of the national oil company becoming a sole offtaker. The NNPCL was reacting to the Muslim Rights Concern (MURIC’s) claim that the organisation hiked the price of Premium Motor Motor Spirit, aka petrol, to undermine the efforts of Dangote Refinery to reduce the price of petroleum products in the country. MURIC in a statement signed by…

Euromoney names GTBank as Best Bank for Corporate Social Responsibility in Nigeria

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,…

Petrol will be available by weekend says Lokpobiri after meeting with VeePee Shetima

The Minister for Petroleum Resources, Heineken Lokpobiri, has said that it is expected that there will be availability of Premium Motor Spirit, otherwise known as petrol, by the weekend. The Minister stated this following a meeting with the Vice President, as well as the Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mugo Okuoha, at the State House on Thursday. Lokpobiri said the meeting was at the instance of President…

Dangote presents first petrol sample from his refinery, defends colour, clarity

Aliko Dangote, the President of Dangote Group, has presented the first sample of Premium Motor Spirit, commonly known as petrol. Dangote made the presentation on Tuesday during a broadcast at his refinery located in the Ibeju-Lekki area of Lagos State. The 650,000 barrels per day refinery has been undergoing a test run of the product in the past weeks. Dangote said “I would like to commend the people of Nigeria and the government of President Bola Tinubu for providing us with the platform for growth, development, and prosperity. I also…

A Stellar Half Year: Zenith Bank maintains leadership in profitability, triple digit growth

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…