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Access Bank Supports Fight against COVID-19

Access Bank Supports Fight against COVID-19

Growth & Insight
Access Bank Plc has disclosed that it is one of the organisations at the forefront of the interventions deployed to fight the COVID-19 pandemic. The bank in a statement thursday, said it played a major role in the formation of The Coalition against COVID-19 (CACOVID), a task force instituted to ensure the minimisation of the impact of Coronavirus pandemic in Nigeria. The bank donated N1 billion to facilitate the building of 1000-bed isolation centers across the 6 geopolitical zones of the country. The building of the test and isolation centers would be in phases. The first phase of the project is the construction of additional testing and isolation centers, in Lagos (Yaba and Gbagada), Enugu, Kano, Port Harcourt, Borno, and Abuja.The next phase of the project will see the constru...
CBN Offers N95.681bn TBills, Records 59% Oversubscription

CBN Offers N95.681bn TBills, Records 59% Oversubscription

Economy
The Central Bank of Nigeria (CBN) offered a total of N95.681 billion debt instrument at its Nigerian Treasury Bills Primary Market Auction held wednesday. The results of the auction seen at the end of trading showed that the fixed income instrument was over-subscribed by 59 per cent, as total demand was put at N161.385 billion. However, the central bank allotted only the total amount it had offered. A breakdown of the treasury bills auction showed that for the 91-day bill, whereas the CBN offered a total of N10 billion, total subscription stood at N20.707 billion. Also, for the 182-day bill, while the regulator offered a total of N17.600 billion to investors, total subscription recorded was N28.819 billion. For the 364-day debt instrument, whereas total subscription stood at N111...
Banks Limit Debit Card Withdrawal Abroad

Banks Limit Debit Card Withdrawal Abroad

Finance
Nigerian banks are limiting the amount individuals can withdraw with their debit cards while abroad, bankers said on Wednesday, in an effort to ease foreign currency settlement risk. The central bank is battling to conserve dollar reserves that are down 16 per cent from a year ago after the coronavirus outbreak triggered a sharp fall in the price of oil, Nigeria’s main export. The oil price plunge has also prompted foreign investors to shed Nigerian assets. Fidelity Bank said it would impose a new limit of $1,000 from April 1, down from $3,000 previously, a senior executive told Reuters. Other lenders — Zenith Bank and GT Bank — have lowered withdrawal limits for individuals while abroad. Stanbic IBTC Bank said it has pegged its daily limit at $300. Such moves have previously bee...
COVID-19: Fidelity Bank Cuts Profit Target

COVID-19: Fidelity Bank Cuts Profit Target

Finance
Fidelity Bank Plc said wednesday it has cut its profit target for the year, citing the impact of the coronavirus pandemic. The bank also said it had set aside money for a Eurobond coupon payment due in two weeks, before the country begins a lockdown. The mid-tier bank now expects to see a 15 per cent drop in profit this year, to N25.8 billion, compared with its 2019 profit of N30.4 billion, its Chief Operations and Information Officer Gbolahan Joshua told Reuters. “We assume that Q2 is going to be soft after the disruptions associated with coronavirus,” he told Reuters. Africa’s largest economy has been hit hard by the coronavirus pandemic. It is struggling for foreign income from its production of oil, for which prices have slumped due to a drop in demand from China and a pri...
Covid-19: SEC Tasks Companies on Full Disclosure to Investors

Covid-19: SEC Tasks Companies on Full Disclosure to Investors

Business
The Securities and Exchange Commission (SEC) has urged all listed companies to continue to make material disclosures to investors despite the lockdown order by the federal government in Lagos, Ogun States and Abuja. The lockdown order has shut down business except the financial sector where permission was given for skeletal services. Trading in the stock market has been remotely since last week, while most players have activated various business continuity processes. However, SEC, which is the apex regulator of the capital market said all public companies are required to continue to make material disclosures to investors on the impact of COVID-19 Pandemic on their business operations. “They should also continue to disclose the trend and outlook for the company, and updates on imp...
FCMB Grows Profit to N20bn, Proposes Dividend of 14kobo Per Share

FCMB Grows Profit to N20bn, Proposes Dividend of 14kobo Per Share

Business
FCMB Group Plc has announced an improved performance for the year ended December 2019 and recommended a dividend of 14 kobo per share for the shareholders. Details of the audited results showed gross earnings of N181.249 billion in 2019, indicating a growth of 2.2 per cent, compared with N177.248 billion in 2018.Net interest income rose from N72.573 billion to N75.975 billion, net fee and commission income fell from N21.606 billion to N20.722 billion. Profit before tax rose from N18.442 billion to N20.130 billion showing an increase of 9.1 per cent, while profit after tax grew faster by 15.8 per cent to print at N17.337 billion, compared with N14.972 billion in 2018. Based on the performance, the board has recommended a dividend of 14 kobo per share, which is the same paid the pr...
Expert Promotes e-Commerce

Expert Promotes e-Commerce

Technology & Innovation
A Lagos-based Development Economist, Adeola Seyi-Smith, has stressed the need for the federal and state governments to encourage e-Commerce and support online shopping among Nigerians, with the outbreak of the COVID-19. He, advised governments to encourage and promote online shopping among Nigerians, in order to stop the spread of Coronavirus. However, he faulted the recent decision by the federal government to shut down economic activities in some states of the country, as measures to stop the spread of virus. Reacting to Sunday’s nationwide broadcast of President Muhammadu Buhari, where the he ordered a total lockdown in the Federal Capital Territory, Lagos and Ogun states, Seyi-Smith Seyi-Smith said: “Hundreds of jobs have been wiped off like almost all the value chains inc...
COVID-19: Jumia Implements Contactless Delivery, Cashless Payments

COVID-19: Jumia Implements Contactless Delivery, Cashless Payments

Business
Jumia, an e-Commerce platform has announced the implementation of ‘contactless’ delivery for prepaid packages on the platform. The company is taking additional measures to keep consumers, delivery agents and partners safe in the wake of the COVID-19 outbreak. To drive the initiative, the ‘contactless safe delivery’ option has been implemented on JumiaPay, the payment platform. This enables consumers to make prepaid payments for products online and get it delivered without a direct body contact or cash exchange with the delivery agent. Announcing the initiative, Senior Vice President, Logistics at Jumia, Apoorva Kumar, said: “The health and safety of our customers and delivery agents is our absolute priority. We are uniquely positioned to step up and be part of Africa’s response stra...
Stanbic IBTC Bank Offers Relief Initiatives

Stanbic IBTC Bank Offers Relief Initiatives

Finance
Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has introduced customer relief initiatives aimed at reducing the unease felt by its customers as a result of the Covid-19 global pandemic. The movements of individuals had to be curtailed to discourage physical contact between people as a way of containing the spread of the virus. Stanbic IBTC Bank Plc has also announced the closure of some of its branches, to safeguard the lives of its customers and employees. The bank has also encouraged its customers to make use of its digital banking platforms for transactions during this period, the bank said in a statement. The statement further said management of the bank has introduced further relief measures for its customers beginning from April 1, 2020, which include: full ...
Aganbi Marks 20yrs of Tech Broadcasting in ICT Advocacy

Aganbi Marks 20yrs of Tech Broadcasting in ICT Advocacy

Uncategorized
Don Pedro Aganbi, one of Nigeria’s top information communication technology (ICT) broadcast journalist, is set to celebrate 20 years of reporting the information technology (IT) and telecoms industry in Nigeria and championing the course of ICT advocacy in the country. Tagged “Celebrating 20 years of positive impact in Tech Broadcasting and Advocacy”, the event which is set to hold in June 2020 in Lagos will host leading stakeholders in the IT and telecoms industry in Nigeria. Aganbi, who made this known at an interactive session with the media in Lagos recently, described his contribution towards the growth of the IT and telecoms industry of the country as one of the best part of his life saying that it has been twenty years of passion, consistency and resilience. He disclos...
MTN, Ericsson Commence Network-managed Operations in Benin

MTN, Ericsson Commence Network-managed Operations in Benin

Business
MTN Benin has extended its long-term relationship with Ericsson to provide world-class managed services, including network operations centre, field services in radio, core and transmission in Benin. The new contract will propel MTN Benin towards intelligent and data driven operations with the power of Artificial Intelligence (AI) used cases. Under the agreement, the future capabilities of efficiencies, automation and data will enable MTN Benin and Ericsson to jointly create a world of predictive operations with focus on customer experience, network quality, performance and automation. Chief Executive Officer at MTN Benin, Stephen Blewett, said: “Network managed operations play a significant role in improving MTN customers’ satisfaction and enhancing customer experience as well as en...
Experts want government to create intervention funds for essential industries, others

Experts want government to create intervention funds for essential industries, others

Economy
To alleviate pains of COVID-19 on the citizenry, financial experts have urged the Federal Government to consider the provision of intervention funds to support essential industries/commodities such as rice, vegetables and related products. According to them, the measure would also enhance outputs and efficiency. The experts, while suggesting key fiscal measures that the federal government should consider within this period, said government should also develop economic stimulus packages for essential industries and commodities in their respective states. Specifically, experts from FSDH Securities Limited, said there is need to target specific non-oil products and industries for exporters to take advantage of the devalued exchange rate. “Key fiscal measures that Federal Governm...
Sit-at-home subscribers pressure telecom operators for tariffs slash

Sit-at-home subscribers pressure telecom operators for tariffs slash

What's Hot
Telecommunications subscribers have pressured mobile network operators (MNOs) to initiate slash in prices of data, voice and all other telecoms services across the country. This, according to them, has become necessary following the Federal Government’s Sit-At-Home policy. They stressed that since most people will be working from home, and at the same time not get bored, MNOs should be considerate enough to bring down prices. The Sit-At-Home policy is part of the Federal Government’s efforts targeted at curtailing the effect of the COVID-19 pandemic.  Subscribers took to the social media to voice out their opinions called on the Nigerian Communications Commission (NCC) to intervene in the matter urgently. There are about 185 million active telephone users in Nigeria. ...
Unilever Ghana Appoints Chris Wulf-Caesar As CEO

Unilever Ghana Appoints Chris Wulf-Caesar As CEO

News
In a momentous development, Unilever Ghana has named Chris Wulf-Caesar as its new CEO, marking a return to the company where his journey in FMCG industry began. This appointment signals a significant milestone for Unilever Ghana and underscores the company’s commitment to fostering talent and driving sustainable growth. Wulf-Caesar’s return to Unilever Ghana followed a distinguished career spanning various sectors within Africa’s consumer goods industry. Starting as a Unilever management trainee, he immersed himself in every aspect of the company, spending two years working in every department, including packing soap on the factory floor to cultivating the plantations. His hands-on experience laid the groundwork for his remarkable ascent through the ranks, leaving an indelible mark ...
GOVERNOR SANWO-OLU ADJUSTS SIX-YEAR SALARY ELEMENTS; RECEIVES ACCOLADES FROM UNION, STAFF

GOVERNOR SANWO-OLU ADJUSTS SIX-YEAR SALARY ELEMENTS; RECEIVES ACCOLADES FROM UNION, STAFF

News
Lagos State Government workers are excited following the correction of a longstanding basic salary element of their pay. The correction affects basic, rent and transport and had persisted for six years within the Public Service.  This adjustment, which is reflected in the March 2024 salary, is a significant milestone that provides fair compensation for the diligent workforce. Governor Babajide Sanwo-Olu is getting accolades for the rectification. Workers are hailing his “commitment” to their welfare.  The adjustment in the salary scale, a result of extensive deliberations between the Staff Union and the State Government, has brought relief to employees.  The revised salary scale reflects the true earnings due to employees based on their cadres and grade level...
NEM Chairman Charges Insurers On Mental, Physical Fitness

NEM Chairman Charges Insurers On Mental, Physical Fitness

News
The chairman, NEM Insurance Plc, Mr. Tope Smart has charged insurance practitioners to be physically and mentally fit through regular exercise and fitness walk to perform optimally in their civic responsibilities. Smart, while speaking to journalists shortly after the recent NEM Fitness Walk in Obanikoro, Lagos, at the weekend noted that, regular exercise enhances good health and mental alertness that are very crucial to succeed in corporate life. The fitness walk had started at NEM House in Obanikoro, terminated at Maryland and back to NEM office on Ikorodu road, in which its numerous staff partook in the early morning walk. Speaking further, he said, the company initiated the fitness walk as a form of exercise as well as to enhance insurance awareness among Nigerians. Statin...
Eko DisCo removes MD/CEO over NERC order

Eko DisCo removes MD/CEO over NERC order

News
THE Board of Eko Electricity Distribution Company, has removed the Managing Director/CEO, Dr. Tinuade Sanda, in compliance with  the directive of the Nigerian Electricity Regulatory Commission, NERC. Chairman of Eko DisCo, Dere Otubu, disclosed in a letter, saying,  “We have received a directive from NERC stating that all staff working for the utility must be employed directly by the utility, bound by applicable service conditions that are applicable to the employees of the utility, and paid through the utility’s payroll. “The Disco is obligated to comply with these directives due to the powers of NERC as stipulated in the Electricity Act 2023. In compliance with the aforementioned directive, all seconded staff from WPG Ltd are being released by Eko Electricity Distri...
Credit to economy rises 2% to N114.7trn

Credit to economy rises 2% to N114.7trn

News
Financial sector’s credit to the economy grew  Month-on-Month (MoM) by two percent to N114.7 trillion in February 2024 from N112.4 trillion in January 2024. A breakdown of the Money and Credit Statistics report published by the Central Bank of Nigeria, CBN, yesterday show that banks’ credit to the private sector increased MoM by six percent to N80.8 trillion in February from  N76.2 trillion in January.  The report, however, stated that credit to the government fell MoM by 6.3 percent to N33.9 trillion in February from N36.17 trillion in January.   Despite the fall in credit to the government, the country’s recent debt profile data published by the Debt Management Office, DMO, showed that public debt stood at N97 trillion in the fourth quarter of 2023 (Q4’23), repre...
Insurance Assets Hit Record N2.67trn

Insurance Assets Hit Record N2.67trn

News
Nigeria’s insurance industry recorded a significant improvement in real terms as the market recorded total assets of N2.67trillion and capitalization of N851billion in 2023, according to official data released by the National Insurance Commission (NAICOM) early Tuesday. The sector sustained a progressive trend of positive market performance at the close of 2023 fourth quarter (Q4), posting a growth to close at N1.003trillion, representing about 27 per cent growth compared to the N790billion recorded in 2022. The non-life business accounted for 61.3 per cent of all premiums written during the year while the Life segment contributed 38.7 per cent, valued at N388.1billion. The market also recorded a retention of about 87.7 per cent for the Life business, just about 54 per ...
FG Broadens Public-private Sector Collaboration On Industrialisation

FG Broadens Public-private Sector Collaboration On Industrialisation

News
The federal government is broadening Public-Private Sector collaboration with the view to achieve multi sectoral linkage in line with present administrations Industrialisation and growth agenda.The FG, through the minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, said sectorial linkage has been identified as missing in creating a holistic approach to drive industrialization in the country.She highlighted this at the weekend during her official visit to one of the country’s largest indigenous steel manufacturing Company, Kam Steel Integrated Company Limited, in Sagamu, Ogun State.Kam Steel Integrated Company Limited is a wholly owned indigenous integrated steel company in Nigeria having capabilities in contributing to the sector and economy of the country. The visit of ...
Zenith Bank Appoints Adaora Umeoji GMD/CEO

Zenith Bank Appoints Adaora Umeoji GMD/CEO

News
Zenith Bank Plc has announced the appointment of Dr. Adaora Umeoji, as its Group Managing Director/Chief Executive with effect from June 1, 2024. The appointment is however subject to approval by the Central Bank of Nigeria (CBN). She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. According to a statement, Umeoji is the first female GMD/CEO since the inception of the bank, and her “appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within.” Prior to the appointment, Umeoji had been the Deputy Managing Director of the bank since October 28, 2016 and has close to 30 years cognate banking experience of which 26 years has been with Zen...
Expert Tasks Industries To Prioritise Skill Mastery For Maximum Growth

Expert Tasks Industries To Prioritise Skill Mastery For Maximum Growth

News
Human resource consulting expert, Jane Odonwodo, has called on industries to recognise and prioritise skill mastery and practical experience, to maximize growth. Odonwodo made the call on the backdrop of the recent insights, which suggested that the essence of true expertise lies not in the mere accumulation of years but in the depth of skill mastery and hands-on experience. Odonwodo, in a press statement made available to us, posited that in the ever-evolving landscape of professional expertise, the conventional belief that longevity equates to mastery is being challenged. As a prominent figure in fostering cross-border collaborations and talent development initiatives, Odonwodo, who doubles as people manager at TeleSoftas Nigeria and founder of Workflow Consult, stands as a bea...
SANWO-OLU SALUTES LAGOSIANS ON CALM AT SUNDAY MARKETS

SANWO-OLU SALUTES LAGOSIANS ON CALM AT SUNDAY MARKETS

News
Lagos State Governor Babajide Sanwo-Olu has noted the smooth conduct today at the Ounjè Eko Sunday markets. For the second Sunday, residents trooped out to buy various items at 25% less than the usual market prices. Many praised the government for the initiative, which they suggested should go on.  Mr. Sanwo-Olu received reports of calmness and orderliness at the markets despite the huge turnout of residents.  He said, “It is all about assuring Lagosians that our administration will continue to stand by them. We will continue to find and deploy creative ways of easing their burden.” Governor Sanwo-Olu praised the Special Dispensation Advisory Committee on Social Interventions (SPEDAC), an eleven-man, non-partisan body set up to advise the government on vari...