Brand & Business

Fidelity Bank Distributes Food Packs to Families in Keffi

— Fidelity Bank Logo By Adeola Idris  Leading financial institution -Fidelity Bank PLC -has distributed food packs to women, widows, children, and the vulnerable in Keffi, Nasarawa State as part of its Corporate Social Responsibility (CSR) activities. Addressing newsmen in Keffi, Nasarawa state during the distribution event tagged, “Fidelity Food Bank Initiative”, which was carried out in partnership with ABBASID Charity Foundation, the Divisional Head,… []

Analysts Place “buy” On Fidelity Bank

— Nneka Onyeali-Ikpe, Managing Director, Fidelity Bank Plc By Adeola Idris  Highly-rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with potential to generate high returns for investors. Independent investment research reports by many market pundits reviewed at the weekend showed that Fidelity Bank was assigned “buy” ticker, a recommendation to investors to consider the potential attractive returns of the… []

Zenith Bank’s Landmark N125.59bn Dividend Payout Excites Shareholders

— Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR (Centre) flanked by the Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu (Left) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji, OON (Right) during the 33rd Annual General Meeting (AGM) of the bank held at The Civic Centre, Victoria Island, Lagos. Shareholders of Zenith Bank Plc, at the 33rd Annual General Meeting (AGM) held at the Civic… []

AltBank Walks Against Hunger and Advocates for Education.

– Alternative Bank logo By Bunmi Onakan The Alternative Bank Limited (AltBank) has announced a strategic collaboration with FoodBank and Sterling One Foundation to raise approximately N20 million in support of hunger alleviation and educational initiatives. This initiative aligns with the theme of the African Union Summit 2024, “Educate and Skill Africa for the 21st Century.” Hassan Yusuf, the Managing Director of The Alternative Bank,… []

Mastercard Partners With Mono To Boost Nigerian Startup In Direct Bank Payment

— Mastercard logo (File) By St. Johnson Adegboyega  Mastercard, the second-largest payment network in the world, has partnered with Mono, a Nigerian YC-backed open banking startup, to enable payments directly into bank accounts without cards or USSD codes. For Mono, this partnership is another leap forward in its race to profitability. “In 2023, we moved from negative to positive gross profit, and we want to be profitable… []

Maltina Shares Happiness with Special Iftar Soiree for Ramadan

– Muslim faithfuls at the event  By Bunmi Onakan  In line with its ‘Show Kindness, Share Happiness’ Ramadan campaign, Maltina, Nigeria’s leading malt drink brand, has again demonstrated its commitment to sharing happiness with consumers. The brand hosted a select group of Muslim faithfuls to a special Maltina Iftar soiree on 31 March 2024. The Iftar soiree embodied the true spirit of Ramadan, encouraging a… []

Transcorp Group Demonstrates Robust Growth in FY 2023; Revenue Increases By 47.3%, PBT by 93.5%

— Transcorp Corporation Plc logo Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate, announces its financial results for the year ended December 31, 2023. The Group achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning. —  Dr. (Mrs) Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp In its audited results, Transcorp reported significant year-on-year growth, with… []

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… []