Fidelity Bank begins Africa-wide acquisition after success in U’Bank of London
Nigeria’s retail banking giant and best-performing bank share lead this year, Fidelity Bank Plc, plans to expand in at least five African countries after finalizing the acquisition of the London unit of rival Union Bank of Nigeria Plc. The 35-year-old…
Ajay Banga becomes World Bank CEO effective June 2
The World Bank has announced the appointment of Ajay Banga as its next president. A statement by the bank said he was selected by executive directors of the bank for a five-year term beginning 2 June. Mr Banga brings with…
NGX’s cost saving measures pushed our net profit by 109%, says Onyema
Just as the Nigerian Exchange Group Plc (NGX Group) has announced its unaudited results for the period ended 31 March 2023, the Group Managing Director/Chief Executive Officer, Mr. Oscar Onyema has averred “that a 109% increase in net profit, achieved…
Expert contests Stanbic IBTC Bank’s report on Private Sector Rebound in April
Whereas a new study commissioned by the Stanbic IBTC Bank of Nigeria says that the private sector rebounded after March cash crunch, Dr Mike Adeola has disagreed with the report, saying “The Stanbic IBTC Report on recovery of the private…
Nigerians still divided on CBN’s denial of not phasing out new notes
Whereas many Nigerians have disagreed with the apex bank and still maintain that the bank is withdrawing all the redesigned new notes from circulation as banks no longer issue them, in a recent statement, the same apex bank claimed that…
Transcorp: How Friends intervention saved Elumelu from Otedola’s incursion
© Chukwudi Iwuchukwu At last, Femi Otedola has sold his Transcorp shares to Tony Elumelu after mutual friends intervened. The battle for the ownership of Nigeria’s biggest conglomerate between two of Nigeria’s finest business tycoons, Tony Elumelu and Femi Otedola,…
Wigwe grosses shares in Access Holdings to N29.34bn
Group Managing Director and Chief Executive Officer of Access Holdings, Herbert Wigwe, has increased his stake in the financial institution to 8.13 percent. This followed last week Thursday’s acquisition of 1.13 billion shares valued at N11.35 billion in the lender….
How ethnicity killed Udenwa’s $600m Oguta Blue Seaport scheme—IMAN
Disturbing revelation has emerged on why the strategic $600m Oguta Lake Blue Seaport scheme planned by the former Achike Udenwa administration in Imo State did not see the light of the day. National President of the Importers Association of Nigerian…
CBN’s naira redesign policy worsened the informal sector—UN Report
Fresh revelations have emerged from the recent currency abracadabra carelessly stage-managed by the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele in the name of currency redesign policy which did not only fail, but pushed the ailing economy further…
Strong growth across funded, non-funded income lines raised AccessCorp’s EPS
Access Holdings Plc (ACCESSCORP) released its Q1-23 unaudited financials after trading hours on last Thursday, April 20, 2023, revealing a double-digit EPS growth (+26.4% y/y to NGN2.06 I Q1-22: NGN1.63). The rise in the Holdco’s earnings was supported by the…
