FG to meet telcos over court decision on SIM disconnection deadline
Arakunle KayodeApril 1, 2021
Arakunle kayode The Federal Government is to meet key industry stakeholders and telecommunications operators on Tuesday, April 6 to deliberate on the recent court judgement that prevents it from disconnecting SIM cards not connected with National Identity Numbers. The Federal High Court in Lagos on Wednesday ordered the Federal Government to put a hold […]
Reduced FX losses drove Access Bank Plc’s robust revenue growth by 14.7% y/y to N764.7bn amidst challenging operating environment
Charles AbuedeApril 1, 2021
Banking group reports an overwhelming Q4’20 numbers with falling gross earnings to N171.9bn Charles Abuede Nigeria’s top-most lender, Access Bank Plc has on Thursday announced a 14.7 per cent year on year growth in its total revenue (gross earnings) at N764.7 billion. The robust growth in gross earnings was principally driven by an […]
Fidelity Bank Plc records 6.2% decline in profit, posts N26.65bn for FY’ 20 due to pandemic induced stress
Charles AbuedeApril 1, 2021
Gross earnings fell 5.4% y/y to N206.2bn; Proposes 0:22k in final dividends Charles Abuede Fidelity Bank Plc saw its profits hit by a tepid economic performance in the face of pandemic-induced stress that saw many businesses crumble in the year 2020 where the Nigerian lender recorded a 6.2 per cent year on year […]
Airtel enters agreement to will out minority stake of its mobile money service to Mastercard for $100m
Charles AbuedeApril 1, 2021
Says transaction will be used to reduce Group debt and invest in network infrastructure Charles Abuede Following the recent acquisitions of a majority stake in Airtel Africa’s mobile money service by AMC BV for $200 million, Airtel Africa has announced the penned agreement which will see Mastercard, a leading innovator and global technology company in […]
Investors lost N116bn on Wednesday as sell pressures in MTN, Access Bank, Stanbic dragged the NSE-ASI
Charles AbuedeMarch 31, 2021
Charles Abuede The local bourse continued in its staggering movement on Wednesday due to selling pressures in MTN Nigeria (-2.9%), Access Bank (-3.6%), and Stanbic IBTC (-1.0%) which dragged the All-Share Index lower by 0.57 per cent to settle at 39,045.13 points. As a result, the market year to date loss worsened to -3.0 per cent and leading to a loss […]
Banks to begin accepting new cheque books by April 1st
Arakunle KayodeMarch 31, 2021
Arakunle Kayode All Deposit Money Banks will from Thursday April 1st begin accepting only new cheque books across the country. This is in line with a directive earlier issued by the Central Bank to all banks. The Central Bank of Nigeria (CBN) had directed that from Thursday, April 1st 2021, all old cheque books […]
European Central Bank could launch its digital currency within 4 years, says Christine Lagarde
Charles AbuedeMarch 31, 2021
Charles Abuede The President of the European Central Bank (ECB), Christine Lagarde, has said her institution could launch a digital currency within the next four years (2025) if her fellow policy makers grant the project the support and green light this summer. Lagarde, who made this revelation during a monitored interview on Wednesday said: “We […]
Africa dominates 1.2bn global mobile money market, despite Covid19 – GSMA report
Ben Eguzozie in Port HarcourtMarch 31, 2021
…Daily transactions exceeded $2bn, GSMA expects above $3bn a day in 2022 …SSA at forefront of MoMo industry over a decade, still topped 2020 growth with 43% …But barriers still persist, as 33% women less likely to have MoMo account Ben Eguzozie, in Port Harcourt Africa, though significantly strained by Covid-19 pandemic, […]
The equities market revisited by the bears on Tuesday as investors lost N118.4bn from sell-offs in DangCem, Ecobank, Fidelity Bank
Charles AbuedeMarch 30, 2021
Charles Abuede The bears revisited the Nigerian Equities Market on Tuesday to reverse previous session gains as the Nigerian Bourse continues its staggering movement which saw the All Share Index dipped by 0.57 per cent in the session to close at 39,267.11 basis points. This outing pegged the market capitalization at N20.54 trillion from […]
Suez Canal: With ship now freed, maritime experts, insurers question what went wrong
Ben Eguzozie in Port HarcourtMarch 30, 2021
…Litigation to recoup costs could take years …Lesson to more expertise in maritime industry – Nigerian professional Ben Eguzozie, in Port Harcourt As lines of ships began sailing again through the Suez Canal on Tuesday, the artery linking Africa with the Mediterranean and Red Seas, reports said at least 367 vessels […]