Business

Wema Bank Plc will target a share placement or a public offer ahead of a forthcoming industry recapitalisation order, after raising N40 billion this month, its executive director, Tunde Mabawonku disclosed. Mabawonku, who also serves as Wema’s chief finance officer, said its current share sale would close on Dec. 29 and would help catapult shareholder funds to N160 billion including…

The Head of Media Relations, Access Holdings Plc, Mr. Abdul Imoyo dies on Sunday morning. A statement issued by Tunde Imoyo, on behalf of the family, said he died in the early hours of Sunday, December 17, 2023, at the First Cardiology, Ikoyi, Lagos, after a brief illness. The statement reads: “It is with deepest sorrow that we inform you…

A leading fintech company, PalmPay has launched a new security in-app version that mandates all new users to input their BVN or NIN numbers before a wallet can be created. The product launch was in response to the Central Bank of Nigeria’s recent directive on promoting financial system stability by strengthening the Know Your Customer (KYC) procedure for customers. Speaking…

Lucky winners in the just-concluded PalmPay Savings Challenge have described their winning of iPhone 15 and TECNO Phantom X2 smartphones as an unexpected ‘Detty December’ gift from the leading fintech company. “I feel very excited about winning a TECNO Phantom X2. I have been using PalmPay for two years, so this win was unexpected,” said university undergraduate Adesola Adehuwa, who…

The Central Bank of Nigeria (CBN) has announced a suspension of new loan applications under its Intervention program. In a circular entitled “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,” addressed to the Chief Executives of banks, the CBN outlined this new directive. The circular, signed by the Acting Director…

The Central Bank of Nigeria (CBN) on Monday expressed that FBN Holdings Plc, Zenith Bank Plc, among other banks remain resilient, stressing that no licensed bank has failed the apex bank’s Capital Adequacy Ratio (CAR) for international authorisation. The acting Director, Corporate Communications, CBN, Mrs. Sidi Hakama in a signed statement said, “The attention of the CBN has been drawn…

The Central Bank of Nigeria (CBN) on Monday directed all banks, and other financial instructions and non-financial institutions to suspend two per cent and three per cent charges on individuals, and corporate cash deposits. In December 2019, the apex bank reviewed downwards most charges and fees for banking services in its updated Guide to Charges by Banks, Other Financial, and…

Community Energy Social Enterprise Limited (CESEL), a leading provider of sustainable energy solutions in sub-Saharan Africa, has further solidified its commitment to community development with the commissioning of a solar-powered oil palm mill and borehole in Osi Community, Osun State. This latest initiative follows the recent deployment of a 45KW Solar Hybrid Mini Grid to the same community, demonstrating the…

A syndicate of European Development Finance Institutions (EDFIs) led by Proparco, and including Norfund, DEG, FMO and EFP, has announced a $200 million Sustainability-Linked Loan to support Ecobank Group’s Sustainability and Climate strategy. This is a significant milestone as it is the first-ever sustainability-linked loan to a sub-Saharan African financial institution. The facility is linked to two major climate commitments…

The Central Bank of Nigeria (CBN) on Friday warned bank customers to beware of counterfeit Naira banknotes in circulation, The apex bank as of October 2023 declared N2.997trillion currency in circulation. The acting Director, Corporate Communications, CBN, Mrs. Sidi Hakama in a signed statement said the attention of the apex bank has been drawn to the circulation of counterfeit banknotes,…