Open Society Foundations pledges $400m for climate, economic resilience in Global South

Business a.m. The Open Society Foundations, the world’s largest private grant-making network, has committed $400 million over eight years to support the development of green industrial policies that contribute to economic growth in the Global South—significantly scaling up its support of economic development. The new economic and climate prosperity programme is expected to fund efforts […]

Tinubu seeks N6.2trn budget boost, amendments to finance act in 2024

Business a.m. President Bola Tinubu has officially communicated his request to the National Assembly for an upward adjustment of the 2024 appropriation act by N6.2 trillion. The President’s request was revealed in a letter read by Senate President Godswill Akpabio during the upper legislative chamber’s plenary session on Wednesday.  Tinubu’s recent request to increase the […]

Nova Bank sets foot in commercial banking arena with launch of first branch in Lagos

Joy Agwunobi  Nova Bank Limited has officially inaugurated its first branch in Victoria Island, Lagos, marking  its entry into Nigeria’s commercial banking sector. The bank, which formerly operated as Nova Merchant Bank Limited, has transformed itself into a full-fledged commercial bank after acquiring a national commercial banking license from the Central Bank of Nigeria. The […]

Access Bank secures N442bn FMO capital in historic Tier II facility agreement 

Business a.m. Michael Jongeneel, chief executive officer, FMO; and Roosevelt Ogbonna, managing director/chief executive officer, Access Bank Plc at the signing of a N442.5bn (USD295 million) syndicate Tier II Facility agreement in Hague, Netherlands… recently. Access Bank PLC, a leading financial institution in sub-Saharan Africa with the largest customer base, has achieved a significant milestone […]

British International Investment commits $50m to Access Bank for Nigeria SME support

Business a.m. The British International Investment (BII), in collaboration with FMO, has pledged a $50 million commitment to Access Bank as part of a $295 million loan package designed to boost the bank’s capital base and provide essential support to underserved Small and Medium Enterprises (SMEs) in Nigeria. The strategic investment, especially in the face […]

New cement pricing regulations brews storm in Ghana’s construction sector 

Isaac AIDOO, in Accra, Ghana  Ghana’s construction industry faces a potential crisis as the Chamber of Cement Manufacturers, Ghana (COCMAG), voices strong objections to the newly proposed Ghana Standards Authority (Pricing of Cement) Regulations, 2024 (L.I.). Despite Alex Dodoo, a professor and director-general of Ghana Standards Authority (GSA), and certain parliament members advocating for the […]

Report shows grim 5-year outlook for Nigeria’s informal businesses

Details stages of struggles to stay afloat  Onome Amuge A worrying trend has been exposed in Nigeria’s informal sector, with a new report revealing that most businesses within this sector fail to survive beyond five years, reflecting the harsh reality facing these businesses which contribute over half of Nigeria’s gross domestic product. The 2024 Informal […]

CBN to pursue dovish interest rate hike in H2’24, say analysts

ONOME AMUGE IN LAGOS Financial analysts at Cowry Asset  have suggested that the Central Bank of Nigeria (CBN) is expected to implement a moderately dovish interest rate hike, ranging from 25 basis points to 75 basis points in the second half of 2024, against the consecutive hawkish rate hikes witnessed in the first half of […]

Global ambition seen in Access Bank’s $1bn UK goal with rights issue on tap

*Eyes being among Top 20 UK banks by 2027 *Among top 5 African banks, leading banks globally *Targets 125m customer base *Ambitious $1.5bn capital raising programme on PHILLIP ISAKPA IN LONDON & ONOME AMUGE IN LAGOS Access Bank, the  arrowhead of Access Holdings Plc, Nigeria’s largest financial institution by assets and customer size, and Africa’s […]

Zenith Bank Solidifies Status as Nigeria’s best commercial bank, best corporate governance leader in World Finance 2024 Awards

Zenith Bank announces retirement of Ahmed, Olisa as executive directors 

Zenith Bank Plc has yet again proved its dominance in the financial sector, as it emerged best commercial bank, Nigeria in the World Finance Banking Awards 2024, retaining the position for four consecutive years. In another laudable achievement, Zenith  was named Best Corporate Governance, Nigeria, in the World Finance Corporate Governance Awards 2024 for the […]