Amidst the unfolding Ukraine crisis, the African Export-Import Bank (Afreximbank) sealed a significant trade finance agreement worth $150 million with United Bank for Africa (UBA) PLC. This strategic pact falls under the Ukraine Crisis Adjustment Trade Financing Programme for Africa, aiming to bolster businesses in Nigeria amidst the crisis fallout. The agreement, formalised at the Read More…
Banking
Credit Suisse thrown $54 billion lifeline to avoid global bank crisis
After its shares fell, Credit Suisse said it would borrow up to $54 billion from Switzerland’s central bank to boost liquidity and investor confidence. The bank’s announcement in the middle of the night in Zurich boosted Credit Suisse shares 24% and helped reverse some of the stock market losses caused by investor fears of global Read More…
US taking “material action” to stop SVB fallout-sources
Nigerian startups affected US regulators were reportedly considering “material action” on Sunday to safeguard Silicon Valley Bank (SVB) deposits and minimise any broader financial ramifications from its abrupt demise, according to sources with knowledge of the matter. The fall of startup-focused lender SVB Financial Group on Friday was studied by Biden administration officials over the Read More…
Seyi Oyefeso becomes FirstBank Executive Director
Mr. Oluseyi Oyefeso has been appointed as the Executive Director of Retail Banking, South by First Bank of Nigeria Ltd. His appointment, which became effective on March 2, 2023, was said to be subject to Central Bank of Nigeria (CBN) approval in a statement released on Monday in Lagos. Previous to his appointment, Oyefeso held Read More…
Insurance buff urges Nigerians to adopt insurance-backed savings plans
Nigerians have been urged to adopt insurance-backed savings programmes by Ms. Alero Ladipo, Executive Head, Marketing and Customer Experience, Old Mutual Nigeria. In a statement released on Monday in Lagos, Ladipo stated that this was crucial in light of the current global socio-economic volatility, uncertainties, complexity, and ambiguities (VUCA). She said that in the face Read More…
LAPO Wins Microfinance Bank of 2022 at BAFI Awards
The “Microfinance Bank of the Year” for 2022 has been awarded to LAPO Microfinance Bank Limited (LAPO MfB), a prestigious microfinance organisation in Nigeria. LAPO MfB received the award at the 10th Businessday Banks and Other Financial Institutions (BAFI) Awards ceremony, which was recently held in Lagos. Oluremi Akande, Head of Communications and Branding, said Read More…
President Buhari backs CBN’s redesign of naira notes
According to President Muhammadu Buhari, the CBN has his backing as it introduces new designs and replaces high-value notes. Malam Garba Shehu, the president’s media aide, claimed in Abuja on Sunday that Buhari made his opinion clear while participating in a Hausa radio programme that will be broadcast on Wednesday. Dr. Zainab Ahmed, the minister Read More…
Redesign of Naira to boost value – Emefiele
The CBN Governor, Mr. Godwin Emefiele, said that the planned redesign of the Naira might make the currency worth more. Emefiele revealed this while announcing that the apex bank intended to start issuing the newly designed N200, N500, and N1,000 denominations on December 15. Even though he said it wasn’t the main reason why the Read More…
First Bank will fund energy infrastructure projects
First Bank of Nigeria (PLC), according to Mrs. Oluwatoyin Aina, Head of Energy, Downstream, and International Oil Trading, has supported a number of energy-related projects and will continue to do so. On Wednesday, Aina made this statement during the Oil Trading and Logistics (OTL), Africa Downstream Week that was taking place in Lagos. She said Read More…
CBN sells Polaris Bank to Strategic Capital Investment
The sale of Polaris Bank to a new core investor, Strategic Capital Investment Ltd. (SCIL), has been made public by the Central Bank of Nigeria (CBN). A statement signed by Mr. Osita Nwanisobi, Director, Corporate Communications, and posted on the CBN website on Thursday said that the sale was completed after SPA signed a Share Read More…