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Showing posts with label BUSINESS NEWS. Show all posts
Showing posts with label BUSINESS NEWS. Show all posts

Tuesday, 4 December 2018

December 04, 2018

NAIRA GAINS MARGINALLY AGAINST DOLLAR AT PARALLEL MARKET

The Naira on Tuesday strengthened against the dollar at the parallel market, reversing one week of depreciation.

At the Bureau De Change(BDC) segment, the Naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N485 and N414, respectively. Investors at the Import and Export (I &E) window bought the dollar at N364.83 with a market turnover of 24.01 million dollars. Trading at the official CBN window saw the dollar closing at N306.85. Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), told newsmen that the CBN’ special intervention at the foreign exchange market was yielding positive results.

He said this led to the reversal of the losses made in the past one week. On reports that the recent dollar scarcity was caused by mop up by politicians, Gwadabe said: ”It is neither here nor there, maybe it would have some influence, but the CBN is already handling the situation via its interventions.” NAN reports that the naira had depreciated significantly in the past one week closing at N369 to the dollar. Many experts attributed the depreciation to political manoeuvres ahead of the 2019 elections. Though the CBN had vowed to defend the naira by injecting liquidity to the market, some stakeholders are worried about the sustainability of the policy

Friday, 30 November 2018

November 30, 2018

Diamond Bank Receives CBN Approval To Operate As A National Bank


Diamond Bank Plc (“The Bank or “Diamond”), Nigeria’s fastest growing retail bank, has received the approval of the Central Bank of Nigeria (“CBN”) following its application to operate as a National Bank with immediate effect (subject to conclusion of the sale of Diamond Bank UK- DB UK Plc). With this approval the bank will cease to operate as an International Bank.
The re-licensing as a national bank supports Diamond’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and economy as a whole.
The move follows Diamond’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.

The change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10% as against 15% required for international banks. This creates room for the bank to deploy more capital for stronger growth in the quarters ahead through additional investment in technology platforms, customer acquisition and expansion of loans to the critical sectors of the economy.
Uzoma Dozie, CEO, said: “The move to a national banking license marks a continuation of our strategy to focus on Nigeria’s significant fundamental trends, including a large underbanked population and Africa’s biggest economy. By focusing and optimizing our resources towards Nigeria and the priority area of retail banking, we will be better positioned for longer term growth and greater profitability.
“The reduction in minimum capital requirement also increases our capacity to expand the quantum of business and product services we can offer consumers, as well as representing a key step in strengthening our financial position.”
This development does not affect the bank’s ability to offer services to its clients in international locations; Rather, with focus on its domestic business being priority, the bank also intends to pay down in full, the Eurobond loan of $200m at maturity in May 2019. There will be no refinancing of the loan as the intent to pay down with foreign exchange generated from its internal operations, a reflection of the solidity of its operations and funds flow in the last few years.
Top quality services to international customers will continue through its digital channels (Diamond Mobile, Internet Banking etc.) and network of correspondence banks.

About Diamond Bank Plc

Diamond Bank Plc is a leading Nigerian financial services company, which commenced operations as a private limited liability company on March 21, 1991. In May 2005, it was listed on The Nigerian Stock Exchange.
Today, Diamond Bank is the fastest growing retail bank in Nigeria with a track record of high quality banking solutions for customers. It is the lead driver of financial inclusion, providing enhanced customer experience through innovation and technology. Regarded as supporter of lifestyle trends, its mobile banking app, “Diamond Mobile”, currently has over 2 million active subscribers on its platform. Diamond Bank has over the years leveraged its underlying resilience to grow its asset base and to retain its key business relationships.
It has also played a leading role in partnering with domestic and International bodies such as Women’s World Banking, The Gates Foundation, MTN, etc. to create easy access to financial services for the unbanked.
We have cultivated excellent banking relationships with well-known international banks, allowing us to provide a range of world class banking services to suit the business needs of our clients.

Thursday, 29 November 2018

November 29, 2018

DBN Empowers 35,000 MSMEs In One Year


The Managing Direcor of Development Bank of Nigeria (DBN), Tony Okpanachi has disclosed that the financial institution has enlisted over 35,000 Micro Small and Medium Enterprises (MSMEs)/end borrowers within its first full year of operation.
Okpanachi said the figure translated to a 75 per cent increase over the 20,000 MSMEs projectionearlier announced for the year.
According to the DBN boss, the development further underscored the significant progress which the institution had made since it commenced formal lending activities in October 2017.
Okpanachi said the institution had granted loans to about 10,000 small businesses this year, accounting for half its target. The MD described the current increase in enrolment as “a vast improvement over projections.”
Nairametrics had reported that Wema Bank Plc partnered DBN to make available a credit facility of N153 million and N610 million respectively to MSMEs.
The partnership, according to Funmilayo Falola, Wema Bank’s Brands and Marketing Department, was to improve access to cheaper funds for small businesses in Nigeria.
While saying the bank prioritises support for smaller businesses, Falola added that under the new development, DBN will fund MSMEs through participating financial institutions, of which Wema Bank is one the selected institutions.

About DBN

The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.
DBN was established to provide structured and sustainable financing to small businesses.

Tuesday, 27 November 2018

November 27, 2018

Akin Alabi Shows Off Multi-million Naira Nairabet Office Building


For Nigerian youths and sports betting enthusiasts, Akin Alabi is a household name. Alabi, founder of Nairabet, Nigeria’s first online sports betting platform has also been making his mark in the country’s political space of late.
Since he announced his political ambition, Alabi has committed himself more on inspiring Nigerian youths through his success story as a focused entrepreneur.
For Alabi, uneasy lies the head that wears the crown, according to him, Nairabet is his only surviving business entity after several failed business attempts in the past.
Motivated by @OgbeniDipo, a Career and Personal Development Coach, Alabi made a Twitter thread sharing exclusive pictures of his luxurious office.
Alabi has been operating his Nairabet business in the office for over 2 years.

Akin Alabi’s foray into business

Alabi had always wanted to be his own boss and the decision to be an entrepreneur was further boosted with the discrimination against HND holders in the country.
Alabi recalled how he ventured into several failed businesses to make a living. The list of businesses includes selling of chicken on the streets of Ibadan, importing and exporting of cash crops, sports news publishing, business paper, a printing press and a travel company. It was usually just a matter of time before they hit the rocks.
After making some money from organising seminars, he travelled outside the shores of the country. Alabi later travelled to the United Kingdom to join his brother, who introduced him to sports betting. It was there that he studied the business model for placing bets on sports.
He later created an information product on how to place sports bets online from Nigeria. He made huge sales on the product and impressed by the enthusiasm shown, he birthed the idea of creating his own platform in Nigeria.
He recalled how he conducted an online survey to see how willing Nigerians were to patronise the business. Based on the positive feedback he received, he decided to embark on the online sports betting business.
According to information on the platform’s website, Nairabet started in 2009; although it is not the first sports betting platform in the country, Nairabet was the first company to come up with a fully functional website, that is an online website where you can actually deposit money, place bets and make withdrawals.

Sunday, 18 November 2018

November 18, 2018

UBER NOW HAS ANOTHER RIVAL IN THE WORLD'S MOST CONGESTED CITY


Mexico City is about to become the setting for a ride-hailing demolition derby.
Didi Chuxing, the Beijing-based behemoth that drove Uber Technologies Inc. out of China, says it will butt heads with Uber in Latin America’s biggest metropolis, starting as soon as next month. And now a Mercedes Benz-owned startup called Beat says it’s muscling in, too, with its own launch planned by March.
“We want to be ruthless,” Nikos Drandakis, the company’s 55-year-old co-founder and chief executive, said in a phone interview. “We’ve got what it takes to carve out a sizable piece of the Mexico City market.’’
Drandakis’s firm has become the go-to ride-sharing app at home in Athens and in Lima, but it’s never gone head-to-head with deep-pocketed Uber or Didi in a market that really mattered to them. Mexico City is a prize because the densely populated metropolis of 21 million has inadequate public transport and plenty of people who need supplementary work, which means willing drivers.



“This is a big market and it’s a good market because mobility is such a big problem here,’’ said Fernando Páez, a transportation consultant at the World Resources Institute in Mexico’s capital.
Drandakis and three friends started the company in Athens in 2011 as a taxi-finding app during Greece’s debt crisis. At first, they had to recruit drivers by handing out leaflets on the street. But the business took off once drivers saw it actually helped them get more passengers. Now, about a third of the city’s 3.1 million people use the service, according to Drandakis.
In 2014, Drandakis expanded to Lima, where Beat started offering its service to drivers other than cabbies and became the No. 1 car-hailing app, doubling rides every year and out-competing Uber, which started in the city at just about the same time.

Last year, the company was bought by Mercedes Benz-owner Daimler AG, which paid about $45 million and left Drandakis in charge. Since then, Beat has quadrupled in size to 400 employees and rolled out in Bogota and Santiago, where it signed up more than a million users in its first year.
Now comes Mexico City, a much bigger challenge because Uber has already built a commanding lead there, and Didi is also angling to break in. (Beat actually tried the city once before, in 2014, but lack of funds forced it to withdraw.)
Armed this time with Daimler’s money, Drandakis in June sent a team of five staffers to the city to figure out how to tailor their service to the market. Moving between neighborhoods to get a feel for the whole place, they rode with Uber drivers and talked to riders to see how they could pull them away. Drandakis wouldn’t say what they found out.


But he said he hopes to recruit thousands of drivers before launching, and build an on-the-ground team of between 40 and 50 people including marketing reps and pricing specialists. The plan, he said, is to be the No. 1 ride-sharing company in the city within three years.
“We’re smaller, but we’re more agile and capable of innovating faster than our larger global competitors,” he said.
Within a few months of the Mexico City rollout, Drandakis plans to launch in Guadalajara, Monterrey and Colombia’s Medellin and Cali. By 2022, he wants to be in every major city in Latin America.

“We have the resources and capital to do it, and we have the know-how,” he said.

November 18, 2018

FARMERS WANT FG TO BAN MAIZE IMPORTATION

Alhaji Bello Abubakar, the National President of the association, made the call while addressing newsmen in Abuja on Sunday.

Alhaji Bello Abubakar, the National President of the association, made the call while addressing newsmen in Abuja on Sunday.

Abubakar was reacting to a recent publication by the National Biosafety Management Agency (NBMA) on a request by Grand Cereals Limited to import maize into the country. He said the move was `unpatriotic’ and targeted at thwarting the efforts of farmers and the government toward achieving self-sufficiency in maize production.

Abubakar was reacting to a recent publication by the National Biosafety Management Agency (NBMA) on a request by Grand Cereals Limited to import maize into the country. He said the move was `unpatriotic’ and targeted at thwarting the efforts of farmers and the government toward achieving self-sufficiency in maize production. El-rufai faults Lai Muhammed, says N3.5M not for El-Zakzaky’s feeding alone According to him, farmers produce enough and better maize to feed the country than what is being imported. “Our last year’s production was 15 million tonnes and this year, we produced 20 million tonnes of maize and the required quantity for all maize processors in Nigeria is about eight million tonnes. “Government intervention in the agricultural sector has put in place the Anchor Borrowers Programme (ABP) to encourage local production of agricultural commodities including maize. “MAAN is executing the ABP in 19 states which has empowered about 100,000 on and off farm employment. “This contribution of MAAN, if complemented by other large scale maize grain users, will create more than one million on and off farm employment in the maize value chain. “Therefore, we request that the importation of maize grain in any form is considered counter-productive to agricultural development in Nigeria and should be discouraged in its entirety,’’ he said. On armyworm devastation of maize farms, Abubakar said that the Federal Government, in collaboration with the Food and Agriculture Organisation (FAO), had put in place measures to address the disease. “Members of MAAN were trained and pesticides, fertiliser, seeds were given to them by the Federal Government and FAO to manage the pest. “ This year, there is no infestation of armyworm like last year,’’ he said. He however, appealed to companies who involved in maize importation to provide their preferred maize seedlings to local farmers to grow, to encourage production of improved varieties. Mr Rufus Ebegba, the Director General of NBMA, said the agency had received a request by Grand Cereals Limited to import maize into the country. Ebegba, however, disclosed that the permit had not been granted for the maize import. “It is true but the permit has not been granted,’’ he said. Newsmen report that MAAN was established to provide research on maize production, quality input to farmers, coordinate between farmers and the government. MAAN is made up of maize scientists and researchers, input suppliers, service providers, farmers, marketers, maize suppliers and processors. The association, which has its presence in the 36 states and FCT, has over 10 million registered farmers and members. 

NAN

Saturday, 10 November 2018

November 10, 2018

BEWARE OF POISONED BEANS, CONSUMER COUNCIL WARNS NIGERIANS



The Consumer Protection Council (CPC) on Friday advised consumers to extensively parboil their beans before consumption and to make sufficient enquiries before engaging in purchases. Mr Babatunde Irukera, CPC’s Director-General, in a statement, gave the advice on the heels of information that had gone viral on social media on the reported use of sniper to preserve beans by retailers.



He said in addition to the cooking method and making enough enquiries before purchase, consumers should sufficiently wash their food items before cooking. He said: “In any and every case, thoroughly washing food items before consumption or preparation for consumption is a generally accepted method of protecting and promoting safety. “CPC has recently confirmed by credible information that retailers, mostly in the open market are using a pesticide to preserve beans. “The use of 2,2-dichlorovinyl dimethyl phosphate (DDVP) compound, otherwise marketed and known as “Sniper” to preserve beans, and more particularly to eliminate or protect from weevils.”

Irukera explained that sniper, by its chemical composition and nature, was potentially injurious when human beings are “unduly exposed by inhalation, absorption, direct skin contact or ingestion.” He emphasised that the risk of injury on account of consumption of beans exposed to, or treated with Sniper was also existential, even though, an unintended consequence. According to Irukera, though cooking significantly reduced risk of exposure from pesticides, the best possible caution was to avoid subjecting food items to pesticides because it is not in accordance with prevailing food safety regulations. He said the Council was already collaborating with other relevant regulators to address the situation.



Monday, 5 November 2018

November 05, 2018

CBN RESETS STRUCTURES, PROCESSES FOR MOBILE BANKING

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele



Business Editor
Against the backdrop of several complaints emanating from the banking public over services delivery and security in Nigeria’s nascent mobile banking environment, the Central Bank of Nigeria, CBN, is set to further improve the system.

The apex bank has also indicated that its consumer protection department is inundated with petitions and complaints mainly from the mobile banking activities.
Vanguard MoneyDigest inquest into the nature of the complaints shows that most of them relate to loss of money due to either malfunctioned platforms or outright fraud.
At the Vanguard Economic Forum Series, recently, CBN’s Director of Banking and Payment System Department, indicated that the apex bank is aware of the challenges in the mobile money services and is set to address the problems as they have already emerged while putting structures and procedures in place to forestall other forms of services failures in the banks that undermine customers’ satisfaction and security of their money.
He stated: ‘‘The CBN is currently reviewing the structure and processes of mobile money to make us becoming more responsive to the emerging new financial services landscape.
‘‘We are positioning our people to respond effectively to the emerging risk while also observing the payment system security and risk management to effectively ensure that the banking system is alert to the challenge of the more inclusive financial services sector.’’
Fatokun also noted that Nigerian banks are aggressive in the application of financial technology, Fintech, in delivery of services, and are globally competitive in this area.
According to him, ‘‘Not only has Nigerian banks embraced technology; we are also deploying what I will call a high level of anti-fraud mechanism by the banks. Ask our friends all over the world, in how many jurisdictions do you actually receive alerts on volume of transactions? Very few; then how many jurisdictions have your transaction declined because it is not in pattern with your behaviour? Not many.
‘‘My position is that when it comes to embracing ICT (Information and Communication Technology) by Nigerian banks, we are in the fore front and not at the back.’’
But he acknowledged that in addition to the weak lines in banks that have prompted the huge number of complaints, illiteracy also accounts for the problems in the mobile money services.
This, he said, may have resulted in a high rate of exclusion in the financial sector at a time the apex bank is already pressed for time in delivering the financial inclusion target of 80 percent by 2020.
He stated: “However, the big challenge is the issue of education across financial sector. For the high rate of exclusion, we need the tools in certain areas.
‘‘There is need to provide all types of consumers, whether they are first account owners or not, the services.
‘‘However, there is the need to have raised some advocacies to challenge financial illiteracy. Failure to do that, this challenge will continue to exist’’.
Earlier in a forum organized by Bank Customers Association of Nigeria, BCAN, in Lagos, the Acting Director Consumer Protection Department of the CBN, Mr. T.Y Ahmed, representing Governor of the CBN, Godwin Emefiele, said following the last global financial crisis, the relationship between consumers and their service providers is being continuously scrutinized as one of the contributory factors to the crisis was inadequate consumer knowledge and protection.
He explained: ‘‘The crisis demonstrated that the cause of financial system stability is best served when consumers are knowledgeable about their obligations and rights.
‘‘In this regard, many jurisdictions have reconfigured their regulatory architecture to reflect the compelling need for improving customer awareness.


‘‘In Nigeria, the Central Bank of Nigeria created a Consumer Protection Department in 2012, to among other functions, educate customers of their rights and responsibilities’’.
But at the backdrop of the apex bank’s containment measures, Ahmed has also seen some major challenges in achieving the desired objectives.
These challenges may have reflected in the nature of complaints streaming into the consumer protection department of the apex bank, which he indicated, are mainly arising from digital banking services.
He stated: ‘‘The Nigerian banking industry has over the years grown in terms of capitalization, customer base and diverse products and services including digital financial services.
‘‘The level of consumer awareness and sophistication in the industry, however, leaves a lot to be desired as demonstrated by findings of many studies as well as the nature of complaints received at the CBN from customers of banks’’.
For the CBN, according to him, ‘‘the vision is consumers that feel confident and secure to participate in the financial system; financial institutions that demonstrate responsible business conduct in their dealings with customers; and regulatory authorities that proactively engage customers, operators and other stakeholders for the good of the financial system’’.
For Professor Segun Ajibola, Dean Caleb University, and immediate past President of the Chartered Institute of Bankers of Nigeria, CIBN, the difficulties in the mobile banking space is inevitable given the state of Nigeria’s financial and bank knowledge as well as the quality of manpower.
He also said the problem differs amongst banks with some more responsive to the problem than others.
He stated: In digitalized banking, PoS, ATMs, etc, things can go wrong. Yes things do go wrong. We are in the system. But there are some banks now they have introduced maybe the next revolution. Immediately a transaction goes wrong either PoS, the ATM or whatever, there is an active reversal. There are some banks and there are some banks where you will spend two three days or even weeks.
‘’At least I had experience to share. I was in one supermarket and there was a failed transaction. I have to look for cash and pay and as I was leaving the premises, the two alerts (debit) sounded and I called the bank. They said I should write and if I am lucky within two weeks it would be resolved. I said I will come and scatter your branch if I wait for the next two hours and I don’t get my money back. I got my money.
‘‘At times it is the key problem of our stage of development, the efficiency at which banks serve the customers; some of these things are not rocket science. If a bank put in place a system that will ensure active reversal of failed transaction, why can’t other banks do it?
‘‘These are some of the issues people raise with the Body of Banks’ Chief Executive Officers in CIBN that we should find a way of serving the customers better.
‘‘Some of these things have played out at times, as somebody said, one bank can play against the other because of competition for your money, and they will give you excuses so that they still enjoy your float. So these are some of the aberrations in a banker customer relationship.’’
Also speaking Yvonne Isichei, FCIB, former Executive Director, Keystone Bank and Council member of the CIBN, said to uphold the right of the customer the banks must inform the customers enough about the products and services that they offer to minimize the role of ignorance in the services failures.
According to her, abhorring key examples that comes to mind is in the area of electronic banking.
She stated: ‘‘There are a lot of issues around it. You have to ask questions from the banks and some of these issues are confirmed.
‘‘So we must know what we are letting ourselves into as customers and make sure that the contract and what you do is right with what the product is about.
‘’It is important that you ask questions. They may throw a lot at you but you want to be sure that you are getting what you need. You have to protect your own instruments, your own password, your checkbooks and your phone when you go into the banking contract. Personal safety of the assets that is what comes in here.
‘‘You have to report also what you consider a suspected fraud or errors or something you suspect that is going wrong and update your personal information. We all make mistakes.
‘‘It is never a problem until a day there is a problem then we realize that we didn’t do what we should do.
‘‘As we go forward we will notice that from the time mobile banking started we have more of the complaints going in that direction.
‘‘We have a lot of complaints in the area of mobile banking, ATM card text errors and account management issues as well as PoS. These are the major issues.
‘‘The whole idea is for us to have less complaints and people to be more satisfied’’.
However, despite the difficulties in the mobile banking services, President of BCAN, Dr. Uju Ogubunka, believe it is a welcome development in the Nigerian banking environment. But he advised that the apex bank should include it in its financial inclusion strategy document in other to achieve the desired objectives.
Speaking to Vanguard MoneyDigest on the issue, Ogubunka who was the immediate past Chief Executive of the CIBN, stated: ‘‘Since the Central Bank of Nigeria (CBN) launched the National Financial Inclusion Strategy in October 2012, that is, six years ago, some progress has reportedly been made towards achievement of some of the objectives of the programme.
‘‘However, it is doubtful whether all the objectives will be achieved come the target date, 2020 (two years from now).
‘‘The economic difficulties the country is going through have negatively impacted on citizens’ income. Thus, their capacity to want or seek to be included in the formal financial system is unlikely to be a priority to the majority of the unincluded.
‘‘Against this reality, it can easily be imagined that the financial inclusion project is faced with serious challenges.
‘‘But assuming the challenges are addressed, CBN and other identified major stakeholders in the strategy document will need to review the enablers of financial inclusion to accommodate Information Communication Technology (ICT)’’.
Vanguard 

Thursday, 25 October 2018

October 25, 2018

UPDATED: WHY DIAMOND BANK CHAIRMAN, THREE OTHER DIRECTORS RESIGN

The chairman and three non-executive directors of Diamond Bank have resigned from their positions.


This was confirmed by the bank in a letter dated October 24 and sent to the Nigerian Stock Exchange.
In the letter titled “RESIGNATION OF CHAIRMAN AND NON-EXECUTIVE DIRECTORS,” the bank notified “the Nigerian Stock Exchange (NSE) and the public that the following Non-Executive Directors have resigned from the Board of Diamond Bank Plc with immediate effect.
1. Mr. Oluseyi Bickersteth
2. Mr. Rotimi Oyekanmi
3. Mrs. Juliet Anammah
4. Mrs. Aisha Oyebode
“The directors are resigning for varied personal reasons, which will include focusing on their priorities. Diamond Bank will update the market with any further developments in due course,” the letter signed by Uzoma Uja, it’s company secretary, stated.
Mr Bickersteth was recently appointed the bank’s chairman
We gathered that the resignation of the officials followed a protracted dispute involving a major investor, Carlyle Group (NASDAQ CG), over the composition of the board of the bank.
The group had in August 2014 invested $147 million in Diamond Bank when the bank made a $305 million rights issue.
Announcing the investment November that year, the bank said the rights issue was to improve its Tier 1 capital, strengthen its balance sheet and support its continued growth plans.
It said the proceeds would be used for the development of its “IT infrastructure, working capital support and the expansion and refurbishment of its branches.”

Also commenting at the time, Genevieve Sangudi, Managing Director and Head of West Africa for the Carlyle Sub-Saharan Africa Fund, said the group was “very pleased to join the Diamond Bank Group as an investor.
“We are fully in support of the bank’s strategic goal to become one of the most successful Tier 1 banks in Nigeria and West Africa, and we look forward to supporting the Bank towards achieving this objective.”
Welcoming the investor, Uzoma Dozie, the Group Managing Director/Chief Executive Officer (Designate) of Diamond Bank, said: “We are confident that Carlyle’s support will be fruitful and benefit all stakeholders. They bring global expertise in financial services and banking, having invested $4 billion globally in over 25 financial services companies, along with 
long-standing experience in emerging markets.
“Diamond Bank also stands to benefit from Carlyle’s extensive network of financial services specialists as we continue to strengthen our market position, expand our commercial and retail offerings and further enhance our operations. We are delighted to have Carlyle as a significant shareholder of the Bank.”

An insider said the dispute that led to Wednesday’s resignations centred on the insistence of the founder of the bank, Paschal Dozie, to have his son on the board.
It was, however, not clear whether this referred to Uzoma Dozie who had been the GMD/CEO of the bank since 2014.
The Carlyle Group, on its website describes itself as “a global alternative asset manager with $203 billion of assets 

under management across 129 funds and 141 fund of funds vehicles as of September 30, 2014.
“The group has expertise in various industries, including financial services and employs 1,700 people in 40 offices across six continents.
“Launched in 2011,The Carlyle Sub-Saharan Africa Fund and its affiliates by 2014 had invested almost $300 million across a variety of industries, including logistics, mining services, retail and financial services in countries, including Nigeria, Mozambique, Zambia, Tanzania, the Democratic Republic of the Congo and Southern Africa.

It was not clear at the time of this report how Wednesday’s development would affect the relationship between the bank and Carlyle Group.

Premium Times: 

Friday, 12 October 2018

October 12, 2018

NAIRA STABLE AT N360 TO DOLLAR AT PARALLEL MARKET

At the Bureau De Change (BDC),  the naira was sold at N360 to the dollar, while its rates against the Pound Sterling and the Euro were N478 and N417, respectively. At the investors’ window,  the naira closed at N364.12 against the dollar where a market turnover of 295.08 million dollars was achieved.

The naira closed at N306.45 to the dollar at the official CBN window. Traders said that the market had remained active as political activities had begun gradually across the country.

Saturday, 22 September 2018

September 22, 2018

10 THINGS TO KNOW ABOUT SKYE BANK TAKEOVER

The Central Bank of Nigeria (CBN) yesterday  announced the takeover of Skye Bank by a bridge bank bank, Polaris. 
These are 10 things to know about the entire process and future expectations:
1. Skye bank’s operating licence has been withdrawn
The Central Bank of Nigeria has withdrawn the licence of the bank, effective Friday.
2. CBN, NDIC have established bridge bank – Polaris
The CBN, in consultation with the Nigerian Deposit Insurance Corporation (NDIC), has established a bridge bank that will survive the bank known as Polaris. A bridge bank is a bank authorised to hold the asset and liabilities of another bank, specifically an insolvent bank.
3. Polaris takes over Skye Bank
Effective Monday, all asset and liabilities of Skye Bank have been taken over by the new bridge bank, Polaris.
4. What happened to Skye Bank?
On the 4th of July 2016, the CBN took a regulatory action on Skye Bank Nigeria PLC, leading to the resignation of the Chairman, all Non-Executive Directors on the Board as well as the Managing Director, Deputy Managing Director, and the two longest-serving Executive Directors on the Management Team.
5. Why ‘regulatory action’?
The focus of CBN’s regulatory action then was to save depositors’ funds and to ensure that the bank continued as a going concern, being a systemically important bank. Part of the apex bank’s intention was also to stem the imminent job losses to staff if a liquidation option had been adopted.
6. What happened afterwards?
Although CBN said the bank had improved after the ‘regulatory action’, the result of its forensic audit of the bank revealed that Skye Bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN. The shareholders of the bank have been unable to recapitalise it.

Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.
8. What happens to depositor’s money?
By the arrangement, the CBN said all depositors’ deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.
9. New bank, new name
By Monday, customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank.
10. What about management and staff of Skye bank?
According to the CBN, given the good performance of the board and management, the CBN shall retain them. In addition, all employees of Skye Bank shall be absorbed by Polaris Bank under a new contract unless any employee decides to opt out.
September 22, 2018

DON'T PANIC, YOUR MONEY IS INTACT — CBN ASSURES ALL EX-SKYE BANK CUSTOMERS

The Central Bank of Nigeria has asked all customers of former Skye Bank now Polaris bank, not to fret or panic as their money in the bank is safe. This evening, the apex bank revoked the license of the former Skye bank.
The CBN governor, Godwin Emefiele said the decision had been reached following the inability of the owners of former Skye bank to shore up the capital of the distressed bank which had earlier received a N350 billion intervention in July 2016.
He announced that the Cental bank had injected N786 billion into the bank to return it to soundness and profitability. In a statement released this evening, the apex bank says the former Skye Bank which would now be known as Polaris bank will continue banking activities all branches of the former Skye Bank on Monday September 24th.

“We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September 2018, to ensure customers to transact their businesses seamlessly.”CBN says

Friday, 7 September 2018

September 07, 2018

STANBIC IBTC SURRENDERS VENTURE CAPITAL LICENSE

Stanbic IBTC Ventures Limited (SIVL), a subsidiary of Stanbic IBTC Holdings Plc, on Friday said it has surrendered its Venture Capital Licence to the Nigerian authorities.


The group, which made this known in a disclosure sent to the Nigerian Stock Exchange (NSE), said it had applied to the Securities and Exchange Commission (SEC).
“This is to inform The Nigerian Stock Exchange that Stanbic IBTC Ventures Limited (“SIVL”), a subsidiary of Stanbic IBTC Holdings PLC has applied to the Securities and Exchange Commission (the “Commission”) to surrender its licence as a Venture Capital Manager,” the group said Friday in a disclosure signed by Chidi Okezie, the company’s secretary.
It however said that the surrender is entirely voluntary and the commission has granted a “No Objection” to SIVL’s application.
“We also would like to state that SIVL does not have any Venture Capital obligations with any of its clients and the surrender of its licence would not impact negatively on the Stanbic IBTC Group as SIVL will still continue to operate as a going concern,” it added.
The banking subsidiary of the group is one of the four banks fined by the Nigerian authorities last week.
The banks’ accounts were debited to the tune of over N5 billion, details emerged Thursday. The unit, Stanbic IBTC Nigeria, was fined N1.88 billion.

The deductions were made after the CBN imposed fines on the banks for helping South African telecoms firm, MTN, illegally repatriate money from Nigeria.
The other banks are Standard Chartered Bank (N2.47 billion), Citibank Nigeria (N1.265 billion) and Diamond Bank Plc (N250 million).
Stanbic IBTC confirmed in a disclosure notice sent to the Nigerian Stock Exchange that it had been debited. It added, however, that the debit would not impact on its capacity to handle clients’ requests or clients’ ability to continue to carry out viable business transactions with either the bank or any member of the Stanbic IBTC Group.

“Our business transactions will 
continue to be handled
professionally 
and in a manner that is 
 aligned with 
Nigeria’s 
laws and regulatory guidelines,” 
it stated.


Wednesday, 5 September 2018

September 05, 2018

SAMSUNG: WHY GALAXY NOTE 9 WILL BREAK BARRIERS IN NIGERIAN MARKET

Mobile phone and home appliances maker, Samsung, has introduced its newest flagship Smartphone, the Galaxy Note9 to the Nigerian market.


Unveiling of the product happened weekend at its Experience Centre in Ikeja City Mall.
The Note9, according to Samsung, came with a lot of appealing modifications and will break barriers in the Nigerian mobile market.
Managing Director, Samsung Electronics West Africa, Mr. Jingak Chung, said the Note9 has raised the bar for smartphones considerably, exceeding all expectations to ensure customers, especially, Nigerians, experience amazing levels of performance and power they will not be able to do without.
He said: “The Galaxy Note9 is a revolutionary smartphone that delivers the ultimate in performance; a new S Pen with connectivity for the first time ever; and Samsung’s most intelligent camera yet. These are just some of the features that will allow users to do so much more. An all day, longer lasting battery, users can now talk, message, play games and watch movies for as long as they desire,” Jingak said.
Speaking on the functionality of the phone, Director, Information Technology & Mobile (IM), Samsung Electronics West Africa, Mr. Olumide Ojo,  explained that a lot of thoughts had gone into the creation of the Note9.
“The S Pen is just one of the ways we have modified our consumer’s user experience. From a classic portable and functional design, to a sleek multifaceted power tool, the pen-like device now features a Bluetooth chip that allows the pen function aside of its natural form. With the S Pen, consumers can change slides during presentations, activate their cameras or skip songs on their playlists,” Ojo added.
Samsung says the Galaxy Note9 builds on Samsung’s industry-leading camera technologies with new capabilities that use intelligence to identify elements of a photo, such as scenes and subjects and adapt accordingly.
Among other features, the device is also said to have the capability of detecting flaws in images to ensure users capture those precious moments exactly how they intended.