Category: Business News
-
Fidelity Bank targets Tier 1 by 2025 – Onyeali-Ikpe
The Managing Director of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, said that the top priority during her tenure would be to ensure the bank’s emergence as a Tier 1 financial institution by 2025. Onyeali-Ikpe disclosed this on the sidelines of the bank’s 33rd Annual General Meeting (AGM) in Lagos on Friday. She said that the…
-
First Bank reinstates ‘ousted’ CEO after CBN’s intervention
First Bank of Nigeria Limited (FBN) on Friday confirmed that Dr Adesola Adeduntan had resumed as the Chief Executive Officer in line with the directives of the Central Bank of Nigeria (CBN). TheNewsGuru.com, TNG reports that First Bank has been in the news since Wednesday after its purported removal of Dr. Adeduntan and subsequent appointment…
-
Shareholders task CBN on insider-related credit policies
Shareholders of First Bank of Nigeria Ltd. have tasked the Central Bank of Nigeria (CBN) on policies that would guard against insider-related borrowings by bank directors in the industry. They disclosed this in an interview on Friday in Lagos, while reacting to the apex bank’s action on FirstBank. Dr Farouk Umar, President, Association for the…
-
United Capital announces 67% growth in profit after tax for first quarter
United Capital Plc (“United Capital” or “The Group”), Nigeria’s leading investment bank and a foremost Pan-African financial and investment services group, announced its Unaudited Financial Statements for the period ended March 31, 2021 on April 28th, 2021, showing a Revenue of N3.12Billion, and Profit Before Tax of N1.97 Billion while delivering an Earnings Per Share…
-
Airtel Africa appoints Segun Ogunsanya as MD/CEO
Airtel Africa has appointed Segun Ogunsanya as its Managing Director/Chief Executive Officer (CEO). TheNewsGuru.com, TNG reports that the development follows the retirement of Raghunath Mandava as the company’s MD and CEO. TNG reports that Ogunsanya is currently the MD/CEO of Airtel Nigeria. “Segun has more than 25 years business management experience in banking, consumer goods,…
-
First Bank risks sanctions over ‘unjust’ removal, appointment of new MD/CEO without ‘CBN approval’
The board of First Bank Nigeria Limited may face sanctions from the Central Bank of Nigeria (CBN) over its removal of Dr. Adesola Adeduntan as Managing Director/Chief Executive Officer and subsequent appointment of Mr. Gbenga Shobo as replacement on Wednesday. TheNewsGuru.com, TNG reports that the apex bank in a letter after the news broke of…
-
Nigeria, six others top gas flaring countries for nine consecutive years – World Bank
The World Bank says Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria remain the top seven gas flaring countries for nine years running. The bank said this on Wednesday in Washington D. C. in its gas flaring satellite data for 2020, compiled by World Bank’s Global Gas Flaring Reduction Partnership (GGFR). It added…
-
European Commission fines three banks €28.5m for breaking the bloc’s antitrust rules
The European Commission has fined three banks, a total of 28.5 million euros (34.4 million dollars) for breaking the bloc’s antitrust rules. The affected banks include Merrill Lynch of the U.S., France’s Credit Agricole, and Switzerland’s Credit Suisse. Deutsche Bank was not fined because it revealed the existence of the bond-trading cartel, the EU executive…
-
Debtors in fresh trouble as Senate passes AMCON amendment bill
The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill. This followed the adoption of the report of Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on Wednesday. Presenting the report, Sen. Uba Sani, Chairman of the Committee, said the committee engaged stakeholders including AMCON, Ministries of Finance, Budget…
-
JUST IN: First Bank appoints new MD/CEO as Adeduntan retires
The Board of Directors of First Bank of Nigeria Limited has approved the appointment of Mr. Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO), effective today (Wednesday). Until the appointment, Shobo was the bank’s Deputy Managing Director. Shobo succeeds Mr. Adesola Adeduntan, who will be leaving the financial institution in accordance with its term…