Brand & Business

MTN Online Subscription Falls Over NIN-SIM Compliance

— MTN digital ad (file) By St. Johnson Adegboyega  Internet subscriptions of the largest telecom operator in the country, MTN Nigeria has dropped in January due to efforts to comply with the Nigerian Communications Commission’s (NCC) mandate to link all SIM cards with a National Identity Number (NIN). MTN saw over 2.8 million subscribers drop from its internet business leaving 67.8 million subscribers in January from 70.6… []

Nigerian 3-year-old Fintech, Thepeer Shuts Down

— ThePeer founders, Chike Ononye and Michael Okoh By St. Johnson Adegboyega  Thepeer, a Nigeria-based API startup that raised a $2.1 million seed round in June 2022, has shuttered its business and will return its remaining capital to investors after failing to scale, the company said in a statement on Monday. The three-year-old startup said it closed shop after realising its exceptional technology alone wasn’t sufficient. “Our unique service… []

Banks are in good stead to meet CBN’s recapitalisation target – ACAMB

The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) logo By St. Johnson Adegboyega The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has assured the banking public that banks in the country have the wherewithal to meet the Central Bank of Nigeria (CBN) recent directives on recapilitalisation of the sector. The Association in a statement signed and released by its… []

Zenith Bank Emerges Nigeria’s Best Bank For The Fourth Year In At Global Finance Awards 2024

–Outgoing Group Managing Director/Chief Executive of Zenith Bank, Dr. Ebenezer Onyeagwu receiving the award  By St. Johnson Adegboyega  Zenith Bank Plc has emerged as the Best Bank in Nigeria in the Global Finance Best Banks Awards 2024, winning the award for the fourth time since 2019. The Bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its… []

How CBN New Capital Requirement May Affect Citibank, Standard Chartered, Other Nigerian Banks

– City Bank, Standard Chartered Banks By Muyiwa Akinola  The recent announcement from the Central Bank of Nigeria (CBN) indicating a new round of bank recapitalization has significant implications for foreign-owned banks operating in Nigeria, including US-owned Citibank and UK-owned Standard Chartered Bank. The CBN announced an increase in the capital base for commercial banks with international authorization to N500 billion and national banks to N200 billion…. []

Former UBA GMD, Kennedy Uzoka Picks New Appointment With Africa Prudential Plc

– Kennedy Uzoka  By St. Johnson Adegboyega  The Board of Africa Prudential Plc has announced the appointment of former Group Managing Director and CEO of United Bank for Africa (UBA), Mr. Kennedy Uzoka as an Independent Non-Executive Director of the Board. The appointment of Mr. Kennedy follows the retirement of Mr. Emmanuel Nnorom as a Non–Executive Director of the Company which takes effect from the… []

Copyright Infringement: NCC drags MTN, CEO, Karl Toriola, Others To Court

— MTN, NCC logos By Adeola Idris  The Nigerian Copyright Commission (NCC), has filed charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement. The charge with Number FHC/ABJ/CR/111/2024 filed in the Federal High Court, Abuja Division was obtained by the News Agency of Nigeria (NAN) on Monday. The four other defendants in the case are Karl Toriola, the Chief Executive Officer of MTN… []

Access Holdings Announces US$1.5bn Capital Raising Programme

— Access Holdings PLC (file) By Adeola Idris  — Targets N365bn by way of a Rights Issue as subset of Programme Access Holdings Plc, one of Africa’s leading financial groups, has unveiled plans to establish a Capital Raising Programme of up to US$1,500,000,000.00 (One Billion, Five Hundred Million United States Dollars) or its equivalent (‘the Programme’). The Programme aims to enhance the Group’s financial strength… []

CBN Revokes Cellulant’s Mobile Money Licence As Company Fails To Continue Operations

By Adeola Idris  The Central Bank of Nigeria (CBN) has revoked the mobile money licence of Cellulant Nigeria, a subsidiary of one of Africa’s oldest fintech companies Cellulant Corporation, according to a letter addressed to the company. The revocation took effect on December 6, 2023. Cellulant is therefore leaving the consumer-facing mobile money market to focus on providing payment services to businesses. The company told… []

Access Holdings Plc Reports Strong FY2023 Financial Performance, Grows PBT by 335%, Earnings to N2.59 Trillion

— Access Holdings (file photo) By St. Johnson Adegboyega  Access Holdings Plc (“The Group”) has announced its audited Consolidated and Separate Financial Statements for the year ended December 31, 2023. In the year under review, the Group recorded a robust growth in its Profits Before Tax, posting a healthy N729 billion, representing 335% year-on-year (YoY) increase from 2022. Access Holdings’ Gross Earnings also surged by… []

MTN To Sell Equity As Telecel Takes Over Its Operations In Two West African Countries

– MTN ad board  By Bunmi Onakan  MTN Group is exiting two markets in West Africa and Central Africa (WECA), revealing in its recent 2023 report that it agreed in December to sell its equity interests in Guinea-Bissau and Guinea-Conakry to Telecel following a sale and purchase agreement in December 2023. Subject to regulatory approval, the acquisition allows MTN to focus on its robust regional markets, such… []

Coronation Group, Access Holdings Plc, Safaricom and M-PESA Africa Partner to Explore Remittances

  By Adeola Idris  A transformative collaboration aimed at broadening access to remittances across Africa has been forged among Coronation Group, Access Holdings Plc, Safaricom Plc and M-PESA Africa (the parties) as the parties come together in a strategic alliance dedicated to propelling financial inclusion and nurturing economic prosperity for millions across the continent. The parties aim to explore solutions that will provide a remittance… []

Meta To Open Up Monetisation To Nigerian Creators As It Steps Up Africa Play

– Meta logo By St. Johnson Adegboyega  Meta Platforms will allow content creators in Nigeria to make money through ads and other features, in a move it hopes will keep the country’s top content creators on its platforms. Those options and features are expected to be ready before June 2024, said Nick Clegg,  the company’s President of Global Affairs. Content creators in America, Australia, Canada… []

Report Shows That Only Seven Nigerian Banks Can Meet CBN Recapitalisation Requirements

– CBN Governor,  Yemi Cardoso By St. Johnson Adegboyega  No fewer than 17 out of the existing 24 Deposit Money Banks may be unable to meet the Central Bank of Nigeria’s capital requirement if it is increased from its current N25bn, according to a report by Ernst and Young. The new report, titled “Navigating the Horizon: Charting the Course for Banks amid Plans for Recapitalisation”,… []

Adefemi Komiyo Speaks About Fekomi Bitters As Product Enters Nigerian Market, Gets NAFDAC Approval

  – Fekomi Bitters on display  By St. Johnson Adegboyega  Fekomi Bitters, regarded as herbal remedy for waist pain, pile and revitalisation of men and women’s libido, has been launched into the Nigerian market. This is even as the herbal product has received official approval from the National Agency for Food and Drug Administration and Control (NAFDAC), ensuring its safety and efficacy for consumers seeking… []

How N50bn Monthly Diesel Costs Is Threatening Nigeria’s Telecommunication Industry

– Telecommunication Masts By Adeola Idris  Rising diesel prices are threatening Nigeria’s communication backbone, with telecommunication operators’ spending on the fuel rising to N50.28 billion in February. This was a 50.20 percent increase from the N33.48 billion (at N836.91/litre) they spent in the same period of 2023 and a 9.02 percent increase from the N46.12 billion (at N1,153.01/litre) spent in January. Diesel prices have been soaring since… []

A Celebration of Authentic Flavours, GTCO Announces 2024 Food and Drinks Festival 

By St. Johnson Adegboyega  The countdown has begun to the 7th edition of the most anticipated culinary festival in Africa and Guaranty Trust Holding Company Plc (GTCO) is excited to announce dates for the 2024 GTCO Food and Drink Festival, set to take place from Friday, April 26th to Sunday, April 28th, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos. The GTCO… []

External Reserve Hits $34.11bn As CBN Clears All FX Backlog

– CBN governor,  Yemi Cardoso By St. Johnson Adegboyega The Central Bank of Nigeria (CBN), on Wednesday, announced it has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. The apex bank said the development fulfills a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy. This was made known in statement on Wednesday… []

WhatsApp Adds Extra Bandwidth, Status Video Limit And Other Updates

– WhatsApp logo  By Bunmi Onakan WhatsApp has recently added extra bandwidth for expression with a long-awaited update: the ability to share videos up to one minute long on your status. Previously restricted to 30 seconds, this new feature allows you to express yourself more fully and share more comprehensive moments from your life. Read further to see how to get this particular WhatsApp update… []

Access Bank PLC and KCB Group PLC Sign Binding Offer on Acquisition of National Bank of Kenya (NBK)

– Access Bank building  By St. Johnson Adegboyega  Access Bank PLC and KCB Group PLC (“KCB”) have today signed a binding agreement to acquire 100 percent shareholding in National Bank of Kenya Limited (“NBK”) from KCB. The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank… []