Nigeria is doing a futile battle against financial exclusion. Millions have refused to own bank accounts even as the World Bank and the Central Bank of Nigeria (CBN) have established an indubitable link between poverty and financial exclusion. It has been confirmed that people who have no access to financial services are prone to abject poverty. They cannot raise something Read More
In partnership with EnterpriseNGR, Lagos State recently inaugurated the Lagos International Financial Centre (LIFC) Council to bolster Lagos’ standing as a global financial centre. The LIFC Council thereafter took its “Invest Lagos” strategy, and “Open for Business” message to the Lord Mayor’s Show, inviting the world to witness the vast opportunities Lagos State has to offer foreign investors. The pioneering Read More
The Commissioner for Insurance Sunday Thomas Monday said no economy can attain financial stability without insurance. He said this while presenting a paper entitled; ‘Rethinking Insurance as a Critical Economic Growth Strategy’ at the Lagos Chamber of Commerce and Industry (LCCI) Insurance Group 2023 Insurance Stakeholders’ Consultative Forum in Lagos, stating that insurance is the bedrock that manages the risks Read More
The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has directed its members to withdraw services on Tuesday, 5th September, and Wednesday, 6th September in compliance with the warning strike of the Nigeria Labour Congres (NLC). This was disclosed in a letter to all Zonal Council and Domestic Committee organs of the Union on Saturday. Dated September 2nd Read More
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has released its audited financial results for the first half of 2023, showcasing a remarkable surge in profitability and key financial metrics. In the first half of 2023, Stanbic IBTC recorded Profit Before Tax (PBT) of N82.99 billion, up 108 per cent from the PBT recorded in the same period Read More
GCR Ratings, one of Africa’s foremost rating agencies, has revised Leadway Assurance Company Limited’s financial stability rating to AA+(NG) from AA(NG) in their June 2023 report. The upgraded rating reflects Leadway Assurance’s consistent and superior capacity to meet its financial commitments and obligations, affirming the robust creditworthiness of the insurer. The upgrade also indicates the insurers’ stable and consistently growing Read More
At a workshop organised in Ibadan for media practitioners, the EFCC tasked the pen pushers to help in the fight against corruption. BAYO AGBOOLA reports. Not too long ago, the Economic and Financial Crimes Commission (EFCC) Ibadan Zonal Office moved a step further in the crusade against corruption in the country with a workshop on effective financial crimes reporting for Read More
The Securities and Exchange Commission has said that it’s financial statements have been duly audited over the years restating it’s commitment to high corporate governance standards. According to a statement signed by the Management of the Commission, “the attention of the Securities and Exchange Commission (the Commission), the apex regulator of the Nigerian capital market has been drawn to some Read More
Payment is an important driver of commerce and socio-economic development. The evolution of payment is today revolutionizing society. Across the African continent, technology intertwines with tradition forging a path toward financial inclusion. As digital payment infrastructure expands, businesses flourish and communities thrive. The once-insurmountable challenges of accessing financial services are being overcome, opening doors of opportunity for individuals and enterprises Read More
Development Bank of Nigeria (DBN) Plc said it has provided financial support to participating financial institutions in micro small and medium Enterprise ( MSMEs) financing in Nigeria to a tune of N631 billion in the last five years as of December 2023. Managing Director/Chief Executive Officer Development Bank of Nigeria Plc, Tony Okpanachi who disclosed this in Lagos while interacting Read More
Advans Nigeria, an international microfinance bank, in the pursuit of financial inclusion, has achieved remarkable success in empowering businesses and individuals across Nigeria. With its commitment to business impact and opportunity, Advans La Fayette Microfinance Bank has revolutionized the financial landscape, providing access to essential and affordable financial products and services that cater to its clients’ diverse needs. In a Read More
For the fourth consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance ‘Financial Services’ Africa 2023 by the Ethical Boardroom. The award, which was published in the Spring 2023 edition of The Ethical Boardroom magazine, is in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of Read More
The Chief Executive Officer (CEO) of Financial Derivatives Company (FDC) Limited, Bismarck Rewane, has warned that the global financial stress is far from over. In the current edition of the FDC bimonthly publication, the FDC Think-Tank analyzes these issues and their implications for the economy. Rewane said, “full-blown or not, there’s clearly a financial crisis lurking around, waiting to strike. Read More
In an avowed drive to further deepen the capital market and attract more young people to the market, the need to embrace fintech has again been emphasised. This was stated by the Director General Securities and Exchange Commission, Mr. Lamido Yuguda during the Supernews Nigeria Fintech Conference held in Lagos Thursday. Yuguda who was represented by Director Registration, Exchanges, market Read More
Fidelity Bank has reported gross earnings of N337.1 billion for the financial year ended December 31, 2022, The amount which represents a growth of 34.4 per cent against N250.776 billion reported the previous year was driven by 45.2 per cent growth in interest and similar income to N295.6 billion The increase in interest income, according to the bank, was led Read More
The Director General of the Security and Exchange Commission (SEC) Mr. Lamido Yuguda has revealed that the commission will apply zero tolerance to money laundering, terrorism, and proliferation financing violations. SEC Boss who disclosed this recently, disclosed that for the safety and security of the capital market, and to address the deficiencies in Nigeria’s Mutual Evaluation Report (MER), the Commission Read More
Nigeria has been appointed as Deputy Chair for Finance Ministers Working Group for Commonwealth Call for Reform of the Global Financial Architecture. The appointment was made during the inaugural Commonwealth Finance Ministers High-Level Working Group meeting on the margins of the 2023 World Bank Group and the International Monetary Fund (IMF) Spring Meetings, held in Washington DC on April 14, Read More
The cash scarcity that has negatively affected economic activities in the country and the imperative of financial discipline in the day-to-day activities of people became the subject-matter of discourse. According to the Lagos Chamber Chamber of Commerce and Industry (LCCI) has warned of the dire consequences of persistent naira scarcity and structural rigidities on the Nigerian economy. According to the Read More
Contrary to speculations that the Central Bank of Nigeria (CBN) has burnt the old naira notes it withdrew from the system, Bismarck Rewane, Chief Executive Officer (CEO) of Financial Derivatives Company (FDC) Limited said, “total cash in circulation could increase by 20 per cent if all old notes are returned back to the economy. Rewane who made this known in Read More
The International Monetary Fund (IMF) in a blog post has said that Cyber attackers continue to target the financial sector. What will happen when an attack takes down a bank or other critical platform, locking users out of their accounts? DAVID AGBA reports. Migration to online process With businesses and organisations migrating their operations online, it’s no surprise that cyber Read More
The Director General, National Directorate of Employment (NDE), Malam Abubakar Nuhu Fikpo, has called on the directorate’s business trainees to be wise in their financial investment. Malam Fikpo said NDE’s Enterprise and Financial Counselling Clinic (NDE-efcc), scheme is aimed at guiding business persons towards solid business management. Represented by Plateau state NDE coordinator, Mrs. Asabe Lassa, Malam Fikpo made the Read More
The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agencythat looks into financial crimes like money laundering and advanced fee fraud (419 scam). It was founded in 2003 and is the main agency in Nigeria fighting financial crimes. Nigeria and her citizens are struggling with many issues, most of which are caused by them. Many people in Read More
The nation’s equity market Monday opened on a positive note, appreciating by N228 billion despite the crisis of cash crunch in the financial system. Market capitalisation of listed equities appreciated by 0.78 per cent to N29.538 trillion from N29.310 trillion reported the previous day. The NGX All Share Index also increased by 419.89 basis points to 54224.35 points from 53804.46 Read More
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