Nigerian stocks slide 0.2% as big cap stocks record losses
Businessam Staff
December 13, 2018
Nigeria’s stock market All Share Index (ASI) extended losses to a second consecutive session ending Thursday 0.2 percent lower at 30,568.05 points, on share price depreciation in Seplat (-9.8%), Stanbic (-1.0%) and Nestle (-0.3%). Market capitalisation thus declined by N27.1 billion to N11.2 trillion while year-to-date loss weakened to -20.1 percent. However, activity level was […]
Polaris bridge bank option saved N949.60bn depositors` funds in defunct Skye Bank, says Nigeria’s deposits insurer, NDIC
Jacob Ajakaiye in KanoDecember 6, 2018
By Jacob Ajakaiye, in Kano Nigeria Deposit Insurance Corporation (NDIC), an agency of the federal government established for the protection of depositors fund in the nation`s financial system, says the recent adoption of a bridge bank option was an intervention measure taken to prevent the loss of N949.60 billion of depositors’ money in the defunct […]
Access Bank collaborates with firm to end violence against women
Businessam StaffNovember 28, 2018
Access Bank Plc, a female friendly bank, has, through its ‘Women Network’, partnered with Genesis House to organise the 4th edition of the annual ‘Orange Lecture’ on Friday, November 30, 2018 in Lagos. The essence of the collaboration is to support vulnerable women who have been sexually exploited through mentoring, as well as equip them […]
New cost elements as hindrance to deflating unclaimed dividend funds
Adesola AfolabiNovember 27, 2018
It is still a long, winding road ahead to to the pleasure and company of the bales of money locked up in the unclaimed dividend fund for the thousands of retail investors who are encumbered by the cumbersome process involved and the cost of accessing the money. Lying idle in the unclaimed dividend fund is […]
SEC unveils digital revolution securities trading
Nse Anthony-UkoNovember 14, 2018
The technological trading revolution at the Nigeria Stock Exchange continued on the upward trajectory as the Securities and Exchange Commission (SEC) inaugurated a Fintech committee to come up with a FinTech roadmap for the Nigerian capital market. The Committee, which is to operate under the purview of the Capital Market Committee (CMC), has Ade Bajomo, […]
Nigeria’s NDIC says regulators monitoring investigations of failed Skye Bank directors for abuses
Nse Anthony-UkoNovember 13, 2018
Deposit insurer, the Nigeria Deposit Insurance Corporation (NDIC), said it was closely monitoring along with the Central Bank of Nigeria, the investigations by law enforcement agencies of the directors and management of the failed Skye Bank Plc to determine their culpability in the failure of the bank. The CBN on September 22 revoked the operating […]
Financial inclusion is advancing in Nigeria on fintech push, says SEC’s Uduk
Adesola AfolabiOctober 24, 2018
Mary Uduk the acting director general of the Securities and Exchange Commission Friday noted that financial inclusion in the county has begun to advance, adding that fintech innovators are the main drivers of the revolution. Delivering a keynote address on “Digitization, disruption and financial inclusion: Digital finance as an essential tool for enhancing financial inclusion” […]
Fidelity Bank sees H1 2018 post tax profit grow by 31% to N11.8bn
Businessam StaffSeptember 26, 2018
Fidelity Bank Plc. Wednesday released its half year financials for the period ending 30th June 2018, recording a 31 percent increase in profit after tax. The lender grew it’s post tax profit to N11.8 billion from N9.0 billion recorded in the same period of 2017, on account of a four percent growth in gross earnings […]
Nigeria’s senior bankers, insurers praise central bank’s takeover of Skye Bank, urges best practice in sale process
Temitayo AyetotoSeptember 26, 2018
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) praised the Central Bank of Nigeria (CBN) on Wednesday over the revocation of the operating license of Skye Bank. The union said the N786 billion injection by the apex bank, which birthed Polaris Bank, is a courageous move at ensuring the efficiency of […]
Heritage Bank seeks sustained collaboration between banks, fintechs on financial inclusion
Adesola AfolabiSeptember 25, 2018
Heritage Bank Plc has stressed the need for sustained collaboration between banks and financial technology companies (fintechs), to support Central Bank of Nigeria’s (CBN) drive for financial inclusion and promote economic growth. Ifie Sekibo, managing director of Heritage Bank, said this while delivering a goodwill message at the 2018 annual national conference of the Finance […]