By Eyo Nsima Wema Bank Plc, a leading commercial bank, has concluded plans to acquire a fintech firm or a merger with another commercial bank. Moruf Oseni, the bank’s deputy managing director, said, Friday, in Lagos during the company’s half-year 2021 investors/analysts presentation, that this was targeted at bringing about growth. He said: “In organic […]
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CBN introduces guidelines for Payments Service Holdcos By Eyo Nsima The Central Bank of Nigeria, CBN, has introduced guidelines for the regulation of Payments Service Holding Companies, PSHCs, in the nation. The guidelines, stated: “The regulation requires companies desirous of operating more than one license category, to set up a PSHC, with activities of subsidiaries
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DBN increases loan portfolio to N215bn The Development Bank of Nigeria (DBN) has increased its loan portfolio to N215.1 billion. DBN’s Managing Director, Mr. Tony Opkanachi, who provided the loan portfolio data in a statement, stated: “Notably, the Bank maintains a BASEL II capital ratio of 75.2 percent, several multiples of the minimum 10 percent
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By Eyo Nsima Dangote Sugar Refinery recorded strong improvements in performance indices in half year ended June 30, 2021, as group revenue increased by 27.8 percent to N131.95 billion in contrast to N103.23 billion recorded at the same period in the preceding year. According to the refinery’s unaudited results for the period, Gross profit grew
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By Eyo Nsima Africa’s largest cement producer, Dangote Cement has announced resilient results for the six months ended 30th June 2021 as Group sales volumes hit 15.3Mt. According to the company’s unaudited results for the period under review, Nigerian operations accounted for a sales volume of 9.87 Mt while pan African operations contributed the balance
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At the heart of Africa’s global and regional competitiveness is the textiles and clothing sector It has been brought to the attention of the African Continental Free Trade Area (AfCFTA) Secretariat that our strategic partner, a leading African financial institution supported a $200 million bid by Made in Africa to purchase Vlisco, a textile company
Airtel’s Mobile Operating Licence pending renewal – NCC By Eyo Nsima The Nigerian Communications Commission (NCC) has disclosed that Airtel’s Mobile Operating Licence application was pending renewal. Apparently, reacting to an online publication, which reported that the NCC has renewed it for another 10 years, NCC, stated in a statement that, “The attention of the
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A business which gives out virtual cash in exchange for rubbish, a start-up which converts faecal sludge into fuel briquettes, and an enterprise which offers smart metering solutions for solar mini-grids, have won the SEED Low Carbon Award (SEED Awards). SEED was founded as part of a global partnership between the United Nations Environment Programme
First Bank commits to Sustainability By Eyo Nsima First Bank of Nigeria Limited has expressed its commitment to sustainability in the country. In a message obtained from its website, the Bank stated: “At FirstBank, we are committed to growing our people, minimizing our environmental impacts, meeting the needs of our customers, and investing in the
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The African Development Bank (AfDB.org) on Friday launched its Strategy for Economic Governance in Africa (SEGA), aimed at fostering transparent and accountable governments and institutions to secure inclusive, sustainable development. The strategy proposes bold reforms in the management of public finances to eliminate revenue ‘leakages’ and ensure an efficient, productive, and transparent use of scarce
