N127bn Fidelity bank capital raise oversubscribed – CEO
The Managing Director/Chief Executive Officer of Fidelity Bank, Dr Nneka Onyeali-Ikpe, has said that the bank was able to meet and surpass its target from the just concluded combined offer. This was disclosed in an email, which was signed by…
First Bank sacks over 100 employees after ₦40bn fraud
First Bank sacked over 100 employees in July 2024, four months after discovering that Tijani Muiz Adeyinka, a manager on the operations team, allegedly diverted ₦40 billion over two years. In details first reported by TechCabal, Adeyinka, who is still…
CBN to create new office to manage dormant account funds
The Central Bank of Nigeria (CBN) has disclosed that it will create a dedicated office to manage dormant accounts and unclaimed balances. This is according to the CBN’s recently issued document, “FAQs – Guidelines on Dormant Account and Unclaimed Balances…
Oando denies Malta blending plant ownership claims
Oando PLC has denied allegations on social and digital media that it owns a blending plant in Malta. The energy company also denied importing dirty fuel into Nigeria through a Maltese company, Raz Hansir Oil Terminal Limited. A statement by…
LCCI: Naira to Appreciate Towards N1000 per Dollar
The Lagos Chamber of Commerce and Industry (LCCI) has projected that the Naira would appreciate to N1,000 per Dollar. This was disclosed by the President of LCCI, Mr. Gabriel Idahosa, when he addressed news men on the state of the…
Petroleum minister hosts crucial meeting with Dangote, NNPC, others
Nigeria’s Minister for State, Petroleum Resources (Oil), Heineken Lokpobiri, on Monday convened a high-level meeting with top executives from Dangote Group, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian…
Access Holdings: Success in acquisition, struggle with shareholder value
In 2002, when a young Aig-Imoukhuede and Herbert Wigwe bought into Access Bank, their mission was clear: to take the bank from position 80 out of 90 to one of the top ten banks in Nigeria within five years. They…
BII Commits $50m To Access Bank To Support Businesses In Nigeria
British International Investment (BII), the UK’s development finance institution and impact investor, has announced a $50 million commitment to Access Bank as part of a $295 million loan package arranged by FMO. The funding will strengthen Access Bank’s capital base…
Agusto & Co. forecasts an impressive average growth rate of 32.4% over the next two years
The Nigerian asset management industry (“the Industry”) has defied a tough macroeconomic climate to achieve impressive growth. Over the past five years (2019-2023), its Assets Under Management (AuM) have risen significantly, achieving a compound annual growth rate (CAGR) of 21.9%,…
Adaora Umeoji highlights Zenith Bank’s robust financial metrics
Zenith Bank Plc, Nigeria’s leading financial institution, held its Capital Markets Day last week to showcase the bank’s inherent values as it embarks on its recapitalisation journey. The event, which brought together key market players, focused on the bank’s growth…