IMF Advice: Queues Creep Back to Fuel Stations, FG considers N250 per Liter

Uche Mbah Following the advice of the International Monetary Fund, IMF, that Nigeria should go the whole hog and remove the subsidy on downstream oil products, government is said to be geared towards a phased increase in pump price of Premium Motor Spirit, PMS. Hours after the announcement by the IMF boss, there appeared long queues at the filling stations. The IMF had advised Federal Government to remove subsidy on Premium Motor Spirits, PMS, for enhancement of economic recovery. Speaking in Washington, the IMF boss, Christiana Lagarde, insisted that subsidy…

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Fidelity Bank Appoints Three New Executive Directors

By Uche Mbah The Board of Directors of Fidelity Bank have recently announced  the appointment of three Executive Directors who, it is expected, will steer the ship of finance to the next corporate level. In a recent meeting in Lagos, the Board approved the appointment of Gbolahan Joshua, a mergers and Acquisition Banker; Obaro Odeghe, a Consumer Service Banker, and Hassan Imam, a Risk Management Banker into Directorial positions. Joshua will act as Executive Director/Chief of Operations and Information Officer while Odeghe will oversee corporate Banking. Imam will take charge…

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Unity Bank Rebounds, Declares N643m Profit

By The Source Unity Bank appears to have escaped impairments that slowed down growth for the mid-tier bank in the last few months. Recall that the Nigerian Stock Exchange, NSE placed the Tomi Shomefun-led bank on suspension for failure to file its financial statements last November. But in what keen market analysts described as a rebound, the bank has announced N643m profit before tax for the nine months financial period ending September 30th, 2018. Notably, analysts insist that the bank has shown increased presence in the agro-business sector by providing…

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After Sealing Off Seven GTBank Branches, Innoson Eyes Their Headquarters, GTbank Calls For Negotiations

By Uche Mbah The messy face-off between Innoson Motors and GTBank has taken a bizarre turn with Innoson legal  team threatening to seal of GTBank office in Lagos to recover their N8.8 billion. Last week, the, spokesperson of the group, Connell Osigwe, said as many as seven branches of the Bank have been sealed off. He named the Branches as one in Nnewi, two in Onitsha, two in Awka and two in Enugu. “We will have to move to the head office by next week”, he was quoted as having…

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Fidelity Bank: N3b Dividends Pay Out Excites Shareholders

By Bayo Bernard Fidelity Bank Plc has proposed N3.2 billion dividend payout to shareholders ahead the Annual General Meeting, AGM coming up later this year. The development, the tier two lender said came following strong financial results it recorded for the year-ended December 31, 2018. Some shareholders of the bank who spoke with the magazine over the issue said they were happy that the bank has sustained the tradition of paying dividends despite the harsh business environment. Some banks have not paid dividends for years. While speaking on the issue…

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Wema Bank: Multi-Billion Naira Shares Scam Threatens Lender

Wema Bank

By Bayo Bernard The managing director of Wema Bank Plc. Ademola Adebise inherited a very solid bank in October 1, 2018 when he succeeded Segun Oloketuyi as the chief executive officer, CEO. As proof that the bank is solid Afrinvest, an investment firm has recommended to stockholders to ‘Hold’on to the stocks of the regional bank as much as they can. What that means, analysts say, is that Wema Bank stocks remained promising despite market volatility. According to its 2018 end of year record, the bank recorded a one-year target…

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Shareholders Approve Access/Diamond Bank Merger.

By Uche Nwosisi. Shareholders of Access and Diamond banks on Tuesday March 5, 2019 approved the merger between the two lending entities after a meeting in Lagos. The Security and Exchange Commission, SEC and the Central Bank of Nigeria, CBN had earlier approved the merger between the two entities last year. All merger process is expected to be completed by March 31 and the new entity emerged by April 1, the bank said. According to Access bank Group Managing Director, Herbert wigwe both banks are recognized as retail bankers that…

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Fidelity Bank: Teacher, Others Win N18m In GAIM Promo

FIDELITY Bank has again made good its promise of changing the lives of ordinary Nigerians by making them millionaires. Oghenewajutome Ezo, a teacher is among the latest millionaires that emerged in the ongoing Get Alert in Million Promo. The Mathematics teacher could not belief his luck when he received a whopping N3 million cash prize at the week end. He was part of the loyal customers of Fidelity Bank who received N18 million cash prizes and 18 consolation prizes during a presentation in Lagos. “I am a teacher. I teach…

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House Overrides Buhari, Governors, Passes Minimum Wage Bill

ByUche Mbah The Federal House of Representatives have passed the minimum wage bill, pegging it at N30,000. President Buhari, bowing to the wish of the governors, had forwarded N27,000 to the house of Reps and the Senate for approval. The postponement of the Senate resumption date means that the House have to wait for the senate to resume for the harmonization. The ad-hoc committee report was unanimously adopted by the house The ad hoc committee report was considered clause by clause before being passed. Ironically, the new minimum wage passed…

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Access Bank Sets Davido Against Tiwa Savage At BAFEST

By Bayo Bernard Eko Atlantic, Nigeria’s sprawling city on the ocean will next Monday witness the biggest entertainment event ever in the country with A-list sensational artist DAVIDO performing live alongside Tiwa Savage in the 2018 edition of Born in Africa Festival, BAFEST. The one day event is sponsored by the Herbert Wigwe-led Access Bank Plc, Nigeria’s top entertainment promoter. Other stage wizards like Awilo Longomba, Sho Madjozi, Olamide, Timaya, Kizz Daniel, Yemi Alade, Falz, Dbanj, Burna Boy, Flavour have been confirmed to perform. According to the organizer, the festival…

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