Category: Business

The planned sale of Lafarge Cement Plc to a Chinese company, has been halted by the Nigerian Senate. The lawmakers directed the Bureau of Public Procurement (BPP) to stop the sales, citing national security and economic sovereignty concerns. Lafarge Cement, a key player in Nigeria’s construction and industrial sectors, is located in Ewekoro Local Council of Ogun State. The Senate’s intervention aims to ensure that the divestment process safeguards national interests. During plenary, Sen Shuaib Salisu (Ogun Central) raised a motion highlighting the strategic importance of Lafarge Cement to the…

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Tier-one lender, Fidelity Bank Plc, has once again highlighted the importance of promoting non-oil exports as it recently hosted the 18th edition of its dedicated capacity development training tagged Export Management Programme (EMP 18). The programme, which was held recently in Lagos provided a platform for entrepreneurs interested in exploring global trade opportunities to scale and acquire relevant expertise. Hosted in partnership with the Lagos Business School (LBS), the 5-day intensive program focused on equipping entrepreneurs with the skills and knowledge needed to explore international market opportunities and strengthen their…

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Union Bank, Nigeria’s leading financial institution, recently rewarded 452 UnionKorrect account holders with over N21 million during draws held at its Douglas Road Branch in Owerri, Imo State. During the recent draw monitored and supervised by relevant regulatory bodies, 100 customers were awarded N25,000 each, 40 customers N50,000 each, and one customer won the grand prize of N500,000 in the UnionKorrect Regular category. In the UnionKorrect Exclusive category, 75 customers won N100,000 each, 10 customers won N500,000 each, and one customer won the grand prize of N1 million. The bank…

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The Institute of Chartered Accountants of Nigeria (ICAN) recently paid a courtesy visit to Stallion Plaza, Union Bank of Nigeria’s Head Office. This visit marks a significant step in fostering a stronger relationship between the two esteemed institutions. During the visit, ICAN and Union Bank representatives engaged in fruitful discussions to explore potential areas of collaboration and member’s growth within the Bank. The Union Bank team was led by the Chief Financial Officer, Mr. Oluwagbenga Adeoye FCA, and other notable UBN representatives, including Dr. Abigail Duopama-Obomanu, Chief Compliance Officer, Mr.…

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Dangote Petroleum Refinery said that in a bid to alleviate the financial burden on the Nigerian populace, it has announced a reduction of N65 in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N890 to N825 per litre, effective from 27th February 2025. With this new arrangement, buyers in Lagos would purchase fuel at N860 per litre at MRS outlets. The price adjustment, according to Dangote was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also…

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Central Bank of Nigeria (CBN) has directed bank directors with non-performing insider-related loans to step down immediately. The apex bank gave the directive on Monday in a circular signed by Acting Director of Banking Supervision, Adetona Adedeji. Insider loans are loans granted by a bank or financial institution to its own executives, directors, employees, major shareholders, or other related parties. CBN explained that the move is to strengthen corporate governance and risk management within the banking sector. The statement issued by the CBN reads in part: “Directors with non-performing insider-related…

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Fidelity Bank Plc, a leading financial institution, has once again demonstrated its unwavering commitment to enhancing its host communities’ lifestyles. Through its dedicated education Corporate Social Responsibility (CSR) pillar, the bank recently undertook significant projects aimed at promoting quality education delivery across the country. In Benin-City, Edo State, Fidelity Bank recently renovated the library at Emotan College, Wire Road. This initiative, which was executed under the auspices of the Fidelity Helping Hands Program (FHHP), was championed by the Phoenix Inductee Class of Fidelity Bank. The FHHP allows Fidelity Bank staff…

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Justice A.O. Adeyemi of the Lagos State High Court Family/Probate Court in Ikeja, has dismissed the application filed by Christian Chukwuka Wigwe and Pastor Shyngle Wigwe, asking for the appointment of interim administrators in the estate of the late former Group Managing Director and CEO of Access Bank, Herbert Wigwe. In a ruling delivered on February 6, 2025, the court resolved all issues raised by the applicants and deemed their claims unsustainable. The applicants, Christian Wigwe and Pastor Shyngle Wigwe, had in an action allegedly orchestrated by Emeka Wigwe,  filed…

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