Wema Bank to issue second tranche of N50bn bond in May to boost capital ratio
Businessam Staff
April 18, 2018
Wema Bank plans to start issuing the second tranche of a Tier II capital increase from next month, which is part of a N50 billion ($159 million) programme, Ademola Adebise, its deputy chief executive said on Wednesday. Adebise said the mid-tier bank hoped to boost its capital ratio, which is at 14.3 percent, higher than […]
Equity Assurance granted extension to submit quarter one result by end May, 2018
Businessam StaffApril 18, 2018
By Oluwaseun Afolabi Equity Assurance has announced that it has been granted approval by the Nigeria Stock Exchange for extension of time to file its 2018 first quarter unaudited financial statement not later than 31st May 2018. In a statement released by the company, John Akujieze, the company’s secretary, explained that “the extension was granted to […]
Election funds, minimum wage review to change inflation curve in Q2
Businessam StaffApril 15, 2018
The impending release of election funds, budget passage in May and the minimum wage review are seen feeding into prices, which would change the current inflation curve, according to analysts. They say the demand-pull effect of increased liquidity could exacerbate inflationary pressure despite headline inflation (year-on-year) declining for the 14th consecutive month to 13.34 percent […]
FDI inflows fall 80.38% in a decade to $981m in 2017 on prolonged security concerns, infrastructure deficit
Steve OmanufemeApril 15, 2018
The quantum of foreign direct investment (FDI) in the country has slowed 80.38 percent in a decade due to poor investment climate, prolonged security concerns, and growing infrastructure deficit, according to analysts at Financial Derivative Company (FDC). They indicated that in recentness years, Nigeria’s FDI has been struggling, reaching a mediocre $981 million in 2017, […]
Zenith Bank Nigeria introduces pounds sterling, Euro visa debit cards
Businessam StaffApril 12, 2018
Zenith Bank Nigeria Plc. is enhancing the ability of its customers to perform international transactions with the introduction of the Zenith Bank British Pounds and Euro Visa Debit Cards. The cards are designed to provide customers with more spend flexibility by enabling them to access their Pounds and Euro domiciliary accounts from anywhere in the […]
Heritage Bank partners GAC Motors on vehicle finance scheme, Go CAR-razy
Businessam StaffApril 12, 2018
Heritage Bank Plc has an agreement with the Choice International Group Motors Limited to introduce a new vehicle finance scheme aimed at assisting interested and pre-qualified customers to buy brand new GAC Vehicles with ease and at affordable prices. The initiative, tagged: “Go CAR-razy,” was facilitated by the sole representative of GAC Motors in Nigeria, […]
Nigeria’s DMO strengthens financial market, lists $278m sukuk bonds at NSE
Businessam StaffApril 11, 2018
Nigeria’s Debt Management Office has listed N100 billion, $278 million, 7-year, federal government Ijarah Sukuk with a rental rate of 16.47 percent on the floor of the Nigerian Stock Exchange. Patience Oniha, the director-general, DMO, said the listing of the FGN Ijarah Sukuk bond is about financial inclusion and deepening of the country’s financial market. […]
Access Bank offers instant access to loans through PayDay Loan on USSD code *901*11#
Businessam StaffApril 11, 2018
Nigeria’s Tier-1 bank, Access Bank, is continuing its push to reach its customers with quick and instant access to loans for employees with the launch of PayDay Loan, Nigeria’s first fully digital lending service. The service, the bank said in a statement, Can be accessed on USSD code *901*11# and across over 2,000 Access Bank […]
WorldRemit partners Lebara on money transfer service to Africa, targets first profit next year
Businessam StaffApril 10, 2018
WorldRemit, the online money transfer service start-up that provides international remittance services to expatriates and migrant workers, is partnering Lebara, a telecommunications company providing pay-as-you-go mobile SIM cards, targeted toward the needs of international communities and migrant workers, on money transfer service to Africa. The partnership would ensure the money transfer start-up leverage the over […]
Fidelity Bank reaches out to customers with digital banking campaign
Businessam StaffApril 10, 2018
Fidelity Bank began a renewed move to reach out to its customers Monday when it flagged off what it called a digital banking awareness campaign week in Lagos. Dubbed “Go Digital” the week-long campaign is being championed by the bank’s south-west directorate and while it is on, would involve creating awareness for the bank’s electronic […]