Category: Banking/Finance

Banking and Finance

Wema Bank: Multi-Billion Naira Shares Scam Threatens Lender

The Source
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.

Bayo Bernard

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

Bayo Bernard

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

Uche Mbah

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

Bayo Bernard

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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Fidelity Bank Leads In Good Business

Bayo Bernard

By Bayo   Bernard Leading Tier Two lender, Fidelity Bank  Plc. appears to have delivered more in putting smiles on the faces of those on the low end of the society than any bank in its category in the last one year. It remains unclear whether this has impacted on the huge profit made by the bank within this period despite serious economic challenges facing the country. The shareholders are, therefore happy and customers are smiling because the Nnamdi Okonkwo led bank has kept its unwavering word of delivering innovative services,…

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Diamond Bank: Customers In Desperate Cash Withdrawals

The Source

Bank to Close Branches The managing Director of Diamond Bank, Uzoma Dozie will be remembered for bequeathing to the new generation bank one    of the best virtual banking operations in Nigeria. Some customers in its Awolowo, Ikoyi branch, told the magazine last week that Diamond Bank internet banking is second to none. Indeed, this is the only good news from the bank, coming on the heels of last week’s decision by Diamond Bank’s management to shut down its UK operations. The development has fueled speculation that all is not yet…

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Exclusive: Government May Further Devalue the Naira

Uche Mbah

By Uche Mbah There are palpable fears from economic intelligence quarters that the Federal Government may be forced to devalue the Naira once Again if the current global trends in global oil output persist. Those that this Magazine talked to last week are unanimous that if the current trend of oil boom continues, its sustainability is questionable unless there is a drastic act on the part of any of the world powers. American President Trump has been a bull in the China shop both locally and internationally, and may trigger…

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Nigeria Customs Moving Operations To The ECOWAS Building At Seme-Krake Joint Border Post

Steve Ubana

By Stephen Ubanna The Nigeria Customs Service,  NCS,  Seme Command, Administrative machinery is gradually being moved to the multi-million dollar  Economic Community  of West African States, ECOWAS, building at Seme-Krake Joint Border  post. As a prelude to the movement  of  Mohammed Uba Garba,  the Comptroller of the Command and other  key  Departments of the Command to the ECOWAS, building, the Magazine learnt that the Import , Export , Economic and Trade Liberalization  Scheme, ETLS  and the Baggage Seats have already relocated  to the new office site to join their Beninois…

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FCMB, WSBI Partnership Targets Two Million Farmers

The Source

First City Monument Bank FCMB, Nigeria’s top agro-business promoter has entered into partnership with World Savings and Retail Banking Institute (WSBI) to lift at least two million Nigerian farmers out of poverty. The Adam Nuru-led bank said the partnership will outline framework to deepen agency banking, financial inclusion and savings culture in the informal and agribusiness sectors. WSBI, according to the bank will provide technical oversight supervision on regular basis to ensure the success of the agreement. FCMB on its part will roll out an integrated savings account known as…

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