Fidelity Bank names Joshua, Odeghe, Imman executive directors in line with its next growth phase

April 9, 2019

As part of corporate realignment and repositioning for its next growth phase, Fidelity Bank Plc named Gbolahan Joshua, Obaro Odeghe and Hassan Imman as executive directors in as part of effort to drive what the next growth phase of the bank.   The appointments were made by the bank’s board following a recent meeting in Lagos where approval was give for Joshua to become executive director/chief operations and information officer; […]

FIRS to charge VAT on lottery, betting, automate collection

April 8, 2019

The federal government on Monday said plans are afoot to charge Value Added Tax (VAT) on lottery and gaming activities and automate collection from operators. The federal government disclosed this in Lagos at a stakeholders’ engagement session with lottery and gaming operators. The session, organized by the Federal Inland Revenue Service (FIRS) in conjunction with […]

CBN disbursed N25.4bn to facilitate non-oil products in 2018 – Director

April 8, 2019

A total of N25.4 billion was disbursed in 2018 to facilitate the exportation of non-oil products including cashew and sesame seeds among other,Isaac Okoroafor, tthe director, corporate communicationsd Department, Central Bank of Nigeria (CBN),, has said. He disclosed that 509 beneficiaries have accessed credits from the N60.8 billion provided under the Agric-Business/Small and Medium Enterprises […]

Lagos, Edo, Kaduna, Cross River owe over half of states’ foreign debt

April 8, 2019

Four states of the federation — Lagos, Edo, Kaduna and Cross River — dominate the list of sub-national governments indebted to foreign bodies, statistics obtained from the Debt Management Office, has shown. Analysis of the DMO data show that the four states have combined foreign debt of $2.12bn, out of the $4.23bn owed by the […]

SEC DG woos Nigerian youth  with capital market investment opportunities

Adesola AfolabiApril 4, 2019

Mary Uduk, acting director general of the Securities and Exchange Commission, (SEC) is encouraging Nigerian youths to invest in the capital market instead of indulging in gambling. Uduk said there are various products and funds available in the market that would appeal to the youth populace in Nigeria, and encouraged them to take advantages of […]

NDIC begins verification, payment of depositors of revoked MFBs, PMBS Licences

April 4, 2019

The Nigerian Deposit Insurance Corporation (NDIC) has commenced the process of verification and payment of depositors of 154 microfinance banks (MFBs) and six primary mortgage banks (PMBS) whose licences were recently revoked by the Central Bank of Nigeria (CBN) in the last quarter of 2018. Umaru Ibrahim, managing director and chief executive of NDIC, disclosed […]

Union Bank cuts bad loans by 61% in 2018

Adesola AfolabiApril 4, 2019

Non-performing loans (NPLs) for Union Bank of Nigeria Plc, has reduced by 61 percent in the one year period between 2017 and 2018 from 21 percent to 8.1 percent, Emeka Emuwa, managing director and CEO of the bank has revealed. Emuwa made this disclosure following the release of the banking group’s audited financial statements for […]

Commerzbank to decide on April 9 on merger talks with Deutsche

Chris IkosaApril 3, 2019

By Oluwaseun Afolabi, with agency report German business weekly, Wirtschaftswoche on Wednesday said, Commerzbank’s executive board is due to decide on April 9 whether to intensify merger talks with Deutsche Bank or back away from a deal. The magazine said Commerzbank’s management is scheduled to discuss how to proceed in the merger talks during its […]