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UBA emerges Best Bank in support of Real Sector at Banking Awards

UBA emerges Best Bank in support of Real Sector at Banking Awards Pan-African banking group, United Bank for Africa (UBA) Plc, at the weekend was recognised for its extraordinary support of the real sector as it won best bank in the category, ahead of its peers. The award, the organisers noted is in recognition of UBA’s leadership role as in expanding access to...... more

World Bank invests N8.5bn across Nigeria

World Bank invests N8.5bn across Nigeria  To support inclusive economic development and youth empowerment in the country, the World Bank Group says it has an investment portfolio of about 8.5 billion scattered across several states and regions in Nigeria. The Senior Communications Officer, World Bank Nigeria, Mrs Olufunke Olufon, in a statement on Sunday said the investment...... more

Forex: CBN boosts retail segment with $306.3m

Forex: CBN boosts retail segment with $306.3m Players in the retail segment of the Nigerian inter-bank foreign exchange market received a $306.3 million boost from the Central Bank of Nigeria (CBN) on Friday, following bids received from foreign exchange dealers by the apex bank. Information obtained from the CBN indicates that the deals in the retail window represent...... more

Bitcoin jumps 12 percent to all-time high

Bitcoin jumps 12 percent to all-time high The value of the digital currency Bitcoin soared 12 percent on Thursday to an all-time high after reports suggested Chinese authorities may not completely ban cryptocurrencies. Bitcoin reached as high as $5,391, according to global financial website investing.com. The cryptocurrency has risen 17 percent this week, 24 percent since the beginning of...... more

NIPOST sets to introduce banking service

NIPOST sets to introduce banking service The Nigeria Postal Service (NIPOST) will soon introduce agency banking service in addition to the re-introduction of money order to its clients. Mr Godwill Magulike, the District Manager of NIPOST in Kwara State, told the News Agency of Nigeria (NAN) in Ilorin on Friday that the introduction of agency banking will...... more

FG moves to float focused labs to drive public, private sector partnership

FG moves to float focused labs to drive public, private sector partnership The Federal Government is working on modalities for setting up focused labs in some critical areas of the Economic Recovery and Growth Plan (ERGP) to further consolidate the gains of the economic diversification programme. Budget and National Planning Minister, Senator Udoma Udo Udoma, while briefing members of the Senate Committee on...... more

Ernest Akinlola is new ntel CEO

Ernest Akinlola is new ntel CEO  The board of ntel, Nigeria’s first 4G/LTE-Advanced network, has announced the appointment of Ernest Akinlola, as new Managing Director/Chief Executive Officer. According to a statement issued on Tuesday, Akinlola is a senior executive with over 20 years extensive experience in Telecoms Media and Technology. He joined the fledgling One 2 One...... more

Banks finally embrace bitcoin

Banks finally embrace bitcoin At first, bitcoin was a way to make payments without banks. Now, with more than $100out banks. Now, with more than $100bn stashed in digital currencies, banks are debating whether and how to get in on the action. Goldman Sachs CEO Lloyd Blankfein tweeted on Tuesday that his firm is examining...... more

NERFUND to fold up over N17.5bn bad loans

NERFUND to fold up over N17.5bn bad loans The Federal Government is reportedly making arrangements to shut down operations of the National Economic Reconstruction Fund (NERFUND), at the end of October, due to huge non-performing loans of about N17.5 billion. A source at the Federal Ministry of Finance told the News Agency of Nigeria (NAN), in Abuja, yesterday, that...... more

Vodacom under prove for ‘abuse of dominance’

Vodacom under prove for ‘abuse of dominance’ In a move that caught the market off guard, South Africa’s Competition Commission said on Wednesday it was investigating Vodacom for abuse of dominance after it clinched an exclusive R5bn contract to supply voice and data services to the government. The surprise announcement sent Vodacom’s share price tumbling as much as...... more

Allianz joins top 50 most valuable global brands

Allianz joins top 50 most valuable global brands For the seventh consecutive year, Allianz has climbed the Interbrand ranking of the 100 most valuable brands in the world. The Allianz brand came in 49th in this year´s “Best Global Brands Ranking”. Increasing the brand value by 6 percent, Allianz can now post a brand value of USD 10.06bn for...... more

BREAKING NEWS: Buhari appoints new CBN Deputy Governor, members of Monetary Policy Committee

BREAKING NEWS: Buhari appoints new CBN Deputy Governor, members of Monetary Policy Committee President Muhammadu Buhari has presented Mrs Aishah Ahmad to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria (CBN). “She is to replace a former Deputy Governor, who retired early this year,” according to Special Adviser to the President (Media and Publicity), Mr. Femi Adesina. “In accordance...... more

Local rice to sell for N6,000,says Farmers Association

Local rice to sell for N6,000,says Farmers Association The Rice Farmers Association of Nigeria (RIFAN) says it will reduce the price of locally produced rice from N18,000 per 50kg. bag to N6,000 within the next few months. Alhaji Aminu Goronyo, the National President of RIFAN, said this during a meeting with Rice Processors Association of Nigeria (RIPAN) and the...... more

Yudala leads in e-commerce price war

Yudala leads in e-commerce price war E-commerce has become a thriving global industry, with recent research projecting sales to hit an all-time high of $4 trillion in three years. Nigeria has also been bitten by the e-commerce bug. This has been made possible by the proliferation of online stores all competing for the attention of shoppers, many...... more

FG grants 3-year tax relief to new pay TV operator

FG grants 3-year tax relief to new pay TV operator New pay television operator, TStv Africa, has been granted three-year tax relief by the Federal Government. The newly inaugurated television was also granted tax free dividends to all investors in the company. The Minister of Information and Culture, Alhaji Lai Mohammed, announced incentives on Sunday night in Abuja at a dinner...... more

Court orders MTN to pay ex-Nigerian operations manager N4.8bn

Court orders MTN to pay ex-Nigerian operations manager N4.8bn The National Industrial Court of Nigeria (NICN), Akure Division, has ordered MTN Nigeria Communications Limited and MTN International, Mauritius, to pay its former Network Group Operations Manager, Mr Paul Odunewu, $13,419,728.54, £10,000 and N2,540,000 (totalling N4,825,036,735.9) following wrongful termination of employment. Justice Oyejoju Oyewunmi made the order on Wednesday, September 27,...... more

Nigeria’s foreign reserves rise to $32.16bn

Nigeria’s foreign reserves rise to $32.16bn Nigeria’s foreign exchange reserves were up 1.52 percent from a month earlier to $32.16 billion by Sept. 22, latest central bank data showed on Friday. Nigeria’s dollar reserves were up almost 30 percent from a year earlier. The bank did not provide a reason for the increase, which could be a...... more

South African workers union eyes 18 per cent stake in Coca-Cola bottler

South African workers union eyes 18 per cent stake in Coca-Cola bottler Katishi Masemola, general secretary of the Food and Allied Workers’ Union, is hoping his members will bag an 18% stake in Coca-Cola Beverage South Africa (CCBSA), the largest Coca-Cola bottler in SA. The stake, which would be worth several hundred millions of rand, would have to be vendor-financed. Masemola told the...... more

UBA wins big at Interswitch Awards

UBA wins big at Interswitch Awards Pan-African financial services group, United Bank for Africa (UBA) Plc, has once again added to its growing list of laurels by emerging best institution in two esteemed categories at the prestigious Interswitch Awards and Gala. UBA beat other nominees in its category, taking away the prize for the Fastest Growing Bank...... more

Nigeria plans N130bn Treasury bill auction on Oct. 4

Nigeria plans N130bn Treasury bill auction on Oct. 4 Nigeria plans to sell 130.37 billion naira worth of treasury bills at an auction on Oct 4., the central bank said on Wednesday. The bank plans to offer 28.69 billion naira in three-month paper, 33.49 billion naira in six-month bill and 68.18 billion naira in one-year note. Results of the auction...... more

Senate summons Adeosun, Udoma over poor Budget implementation

Senate summons Adeosun, Udoma over poor Budget implementation Nigerian Senate has summoned the Minister of Finance, Kemi Adeosun, and her counterpart in the Ministry of Budget and Planning, Udo Udoma. The ministers were summoned to brief the lawmakers on the cause of the inadequate releases and steps being taken to expedite release of funds for the capital component of...... more

CAC crashes cost of business registration

CAC crashes cost of business registration The Registrar-General, Corporate Affairs Commission (CAC), Mr. Bello Mahmud, said on Tuesday in Abuja that the cost of business registration in Nigeria was now cheaper and its process simplified to enable small entrepreneurs to register their businesses. Muhmud announced this in a statement by Head, Public Affairs, CAC, Mr Godfrey Ike....... more

FG releases N336bn capital funds to MDAs

FG releases N336bn capital funds to MDAs The Federal Government has, to date, released N336 billion from the 2017 Budget to Federal Ministries, Departments and Agencies for the funding of capital projects in the first quarter of 2017. The balance of N14 billion is being processed, pending resolution of some formalities within the agencies concerned. Power, Works and...... more

Kaduna generates N16bn as IGR in 8 months

Kaduna generates N16bn as IGR in 8 months Malam Mukhtar Ahmed, the Executive Chairman, Kaduna State Internal Revenue Service (KDIRS), says the state generated N15.7 billion as Internally Generated Revenue (IGR) from January to August. He made the disclosure on Tuesday in Kaduna in an interview with the News Agency of Nigeria (NAN). He spoke on the sideline of...... more

Nigeria’s N100bn debut Sukuk offer oversubscribed

Nigeria’s N100bn debut Sukuk offer oversubscribed As was expected, the N100 billion seven-year debut Sukuk offer by the Debt Management Office (DMO), which closed last week Friday, has been oversubscribed. Sukuk, a project-tied investment facility attracted investors from across a broad spectrum of the public comprising pension funds, banks, fund managers, institutional and retail investors. Reacting to...... more

African Business Round Table gets new president

African Business Round Table gets new president Founder and Chairman of Petrolin, a pan African exploration and production, oil and gas conglomerate, Mr. Samuel Dossou-Aworet, has been elected as President of the African Business Roundtable (ABR). The election was by unanimous vote on September 20, 2017, where the Executive Board of Directors, which included long time members of...... more

UBA disrupts the market with Callback Technology

UBA disrupts the market with Callback Technology United Bank for Africa (UBA) Plc has caused a stir in the market through the deployment of Al-powered Callback Technology. The Al-Powered Callback Technology is one that enables the bank to call back customers instantly when they contact the bank for one reason or the other. The UBA Group seems to...... more

Nigeria records rise in non-oil export

Nigeria records rise in non-oil export Nigeria has recorded a significant rise in its non-oil export, with agricultural goods increasing the country’s foreign exchange earnings. The National Bureau of Statistics (NBS) recently reported that Nigeria recorded an export rise of 73.5 per cent in the second quarter (Q2) of this year compared to the same quarter last...... more

Unilever strikes deal over South African spreads business

Unilever strikes deal over South African spreads business Unilever and South African investment holding company Remgro on Friday announced a 11.9 billion rand ($901 million) deal that sees Unilever trade its spreads business in southern Africa for Remgro’s stake in its South African subsidiary. The Anglo-Dutch consumer goods maker said it would acquire Remgro’s 25.75 percent shareholding in its...... more

Nigeria exited recession in Q2 of 2017 — Budget Ministry

Nigeria exited recession in Q2 of 2017 — Budget Ministry Contrary to reports in some sections of the media last Tuesday that Nigeria’s economy will finally be out of recession in 2020, the economy actually climbed out of recession in the second quarter of 2017, as indicated by the National Bureau of Statistics (NBS), the Budget Ministry has said. “The reports...... more

 

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