Business

One of the foremost commercial banks, the First City Monument Bank has announced the commencement of season 8 of its annual retail campaign, Millionaire Promo. The promo, which rewards new and existing customers with exciting prizes, has gone fully digital. The FCMB Millionaire Promo Season 8, which commenced in April, will end in September and is available to customers via ...

Bank accounts not linked to Bank Verification Number (BVN) have reached 73.8 million, data from the Nigeria Interbank Settlement System (NIBSS) has shown. Of the 128.4 million bank accounts in the country, 54.52 million accounts are linked to BVN as at May 1, this year, according to data from NIBSS. This was an improvement from 47.54 million BVN-linked accounts position ...

Access Bank Plc, Fidelity Bank Plc and Abbey Mortgage Bank are some of the financial institutions working with Park101, a luxury water front property in Ibeju-Lekki axis, Lagos on structured funding for property buyers. Speaking during Park101 Real Estate conference in Lagos, Group Chief Operating Officer, Park101, Kayode Adegoye, said the financial institutions will be supporting prospective property buyers to ...

The activities of Ponzi Scheme operators have been on the increase in Nigeria, especially in the last decade. Nigerians will not forget in a hurry, Mavrodi Mundial Movement (MMM) which is perhaps the most popular Ponzi scheme ever introduced into Nigeria. When the scheme finally crashed in 2016-2017, the CBN revealed that N12 billion was lost by investors. Since MMM, ...

The Managing Director of Financial Institution Training Centre, (FITC), Mrs. Chizor Malize, has advised deposit banks and financial technology firms (fintechs) to learn from their previous mistakes in driving financial inclusion in the country. Delivering her keynote at the third edition of Industry Summit/Awards formerly known as Industry evening summit with “Financial inclusion, digital payment and the challenges of banking ...

The Federal Government is targeting $2billion cash from the concession of the Badagry Deep Seaport and the Floating Dry Dock for NIMASA. The Infrastructure Concession Regulatory Commission (ICRC) has issued two Full Business Case Certificates of Compliance for the two new infrastructure projects. The FBCs were presented to the Minister of Transportation, Rotimi Amaechi. Acting Director-General of the ICRC, Mr ...

Airtel Nigeria has been granted a full super-agent licence by the Central Bank of Nigeria (CBN). This is coming six months after the telecoms firm announced that it had secured the licence-in-principle. In a statement entitled: “Nigeria Super-Agent Full Licence Approval” signed by Simon O’Hara, the Company Secretary means Airtel has a full super-agent licence to operate as an agency ...

A business group known as Univasa has launched Verify and Pay, an innovative digital payment system to reshape the Lagos yellow taxi transport system in Nigeria and ease the payment system. The platform was launched recently at the Lagos State Taxi Driver and Cab Operators Association, (LSTDCOA) Oshodi, Lagos. The event was graced by the President of LSTDCOA, Mr. Otunba ...

The Nigerian Breweries Plc recorded some milestones despite the harsh economic environment. The company grew profit by over 72 per cent to N12.7 billion and hopes to pay shareholders a total dividend of N12.92 billion for the financial year ended December 31, 2021. This represents N1.60 per ordinary share of 50 kobo each. The total dividend consisted of an interim ...

TotalEnergies has harped on the need to encourage women entrepreneurship for the development of the nation’s economy. The company which stressed this during the winners of its third edition of the Startupper Year Challenge ceremony in Lagos realised the fact that women were missing in a lot of spaces. It was learnt that the initiative was designed to support young ...