Business

FBN Holdings Plc has cancelled its extraordinary general meeting amidst the resignation of its Managing Director, Adesola Adeduntan, from his role eight months before the expiration of his position in the company. The bank had scheduled an Extraordinary meeting aimed at raising N300bn capital. FBN said, “the Extraordinary General Meeting of the members of FBN Holdings Plc, earlier scheduled to…

Kunle Sanni President Bola Tinubu has approved the appointment of the following Nigerian professionals to the Board of the Securities and Exchange Commission (SEC). This was contained in a statement issued by Ajuri Ngalale, a spokesperson to the president on Friday. (1) Mr. Mairiga Aliyu Katuka — Chairman (2) Mr. Emomotimi Agama — Director-General (3) Frana Chukwuogor — Executive Commissioner…

The Governor Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has attributed the shift in Nigeria’s external reserves position to debt obligations, saying it is not the intention of the bank to defend the Naira but rather to encourage the practice of willing buyer, willing seller and price discovery. He also said the bank is not strengthening the Naira with…

Wema Bank has revealed that  seven fintech partners have been blacklisted from its payment gateway platform over fraudulent activities. This is as the bank unveiled an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners. A statement from the bank on Wednesday revealed that there had been a recent…

In a renewed effort at improving lending to the real sector of the Nigerian economy, the Central Bank of Nigeria (CBN) has announced a scale down of the Loans to Deposit Ratio, (LDR) by 15.0 points to 50per cent, reversing previous threshold set by the past CBN administration in January 2020. This significant policy adjustment, effective immediately, is a strategic…

The Federal Government has threatened to take stringent regulatory measures against traders “unfairly inflating prices” of goods and commodities. The government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), expressed worry that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and…

The Nigerian Civil Aviation Authority (NCAA) has suspended the permit of three private jet operators for engaging in commercial flights. The Acting Director General of the NCAA, Chris Najomo, announced the suspension of the three private operators in a riot act read to all airlines on Tuesday. Najomo said the Minister Aviation and Aerospace Development, Festus Keyamo, gave marching orders for…

The Central Bank of Nigeria (CBN’s) directive stopping the use of Non Export Domiciliary Account Collateral for naira loans will boost dollar liquidity, support reserves accretion and strengthen the financial services sector, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr.) Aminu Gwadabe has said. According to the CBN directive to banks, the use of foreign currency-denominated…

The family of the late former Chairman of the Nigerian Exchange Group, Abimbola Ogunbanjo, who was killed in a Southern California helicopter crash in February filed a lawsuit on Wednesday, against the US helicopter company. The former Chief Executive Officer of Access Holdings, Dr Herbert Wigwe, his wife and son were also onboard the ill-fated helicopter. The Ogunbanjo family stated…

The Group Managing Director/Chief Executive Officer of Nigerian Exchange Group (NGX Group), Mr. Temi Popoola, has been elected Chairman of Central Securities Clearing System (CSCS) Plc, effective April 1, 2024; succeeding Mr. Oscar Onyema, who retired after thirteen years of exemplary service as Chairman. Popoola, currently the Group Managing Director/Chief Executive Officer of Nigerian Exchange Group, brings a wealth of…