Author: Marketforces Africa

First Bank of Nigeria has said that its efforts to deepen financial inclusion in Nigeria has grown its network of mobile money agents to over 22,000 agents.

BOA’s N250bn recapitalization fund to focus on small holder farmers, says MD

Dr Vivian Elumelu, a Trustee of Elumelu Foundation, on Thursday restated the foundation’s commitment to partner with the National Health Care Development Agency (NHCDA), to improve access to vaccine coverage and reduce infant mortality indices in Nigeria. Elumelu, who is also GAVI Champion for immunization in Africa, said this at a news conference in commemoration of the 2019 Africa Vaccination Week on Thursday in Abuja. The News Agency of Nigeria (NAN) reports that the 2019 Africa Vaccination Week is celebrated annually between April 22 and 28. “As a GAVI ambassador, I am advocating for vaccine for all and recognise that…

On the back of non-remittance infractions by banks, the lawmakers have initiated move to probe banks, and its regulatory arm, the Central Bank of Nigeria. As a result registered alleged failure in remittance of stamp duties collected, Stakeholders have asked the government to remove the burden the stamp duties places on banking transactions.

The Nigerian Stock Exchange All Share Index (NSE ASI) and the market capitalization increased by 0.07%, while the Year-to-Date return stood at negative 4.81%.

VFD group has announced the appointment of Adewunmi Mobolaji as the new Executive Director, Finance for the group. The statement was made known by the Chief Executive Officer, Nonso Okpala. Okpala said; “I am delighted to announce the appointment of my friend, brother and business partner Adewumi Mobolaji as an Executive Director, Finance of VFD Group. By way of introduction, Bolaji- as he is fondly call by friends and associates -was one of the founding shareholders of PremiumGreen Limited (a major investor in VFD Group) and very instrumental when both companies began over 10 years ago. He said; “during our…

Tier 1 banks pull more than 70% of market share

Economic, Financial Review for the week

Olam International, a food and agri-business operators is set to acquire full ownership of Dangote Flour Mills Plc (DFM), a flour and pasta manufacturer in Nigeria, for US$ 361 million, amid growing demand for bakery and snack foods in the country.

M&A Metrics Strengthened as Access Bank Release Q1 Result Access Bank Plc has released its first post-merger financial report for the first quarter of 2019 to the investing public. The group’s gross earnings and profit after tax (PAT) rose by 16.4% and 86% respectively to ₦160.12 billion and ₦41.15 billion in the first 2019 compared to the corresponding period in 2018. The increase in gross earnings was mainly driven by a 27% year on year increase in net interest income from ₦44.65 billion in the first quarter of financial year 2018 to ₦56.84 billion in the first quarter of 2019,…