UBA’s $200m Lifeline Excites Oil Industry

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The fresh impetus is coming to the Nigerian petroleum industry, courtesy a $200million facility from Africa’s leading pan-African financial services group, the United Bank for Africa Plc, UBA. The bank has acted as an Initial Mandated Lead Arranger with a consortium of Nigerian commercial and international banks in a $1.5 Billion Pre-Export Finance Facility for Eagle Export Funding Limited, to enable the forward sale of crude by the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). According to a statement from the bank,…


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Sterling Bank H1 2020 Sterling Performance Marred By Credit Losses

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Sterling Bank Plc, the tier-2 bank with the unique slogan “Your one-customer bank”, a full service national commercial bank. The bank has been in existence for over 50 years (formerly NAL Bank) and has evolved from the nation’s pre-eminent investment banking institution to a fully-fledged commercial bank. The Sterling Bank results for the half-year ended June 2020 shows an interesting performance in the major top and bottom-line fundamentals as the bank maintains growth in both Interest Income and Non-Interest Income. The Financial position of the bank also grew Year-to-Date (YTD). Further…


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Unity Bank Delivers Impressive Top, Bottom-Line Performance In H1 2020.

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Unity Bank Plc, Nigeria’s Tier-2 lender and one of the nation’s banks with the regional origin and national spread, has recently released its half-year 2020 financial results to the public. The bank was able to grow both its top and bottom lines with impressive margins as seen in the financial statements released to the Nigerian Stock Exchange (NSE). Unity Bank provides Banking and other financial services to corporate and individual customers. Such services include but not limited to granting loans and advances, corporate Banking, Retail Banking, consumer and trade finance, international…


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I Don’t Care What People Will Say About Me When I Die- Obasanjo

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Nigeria’s former President Chief Olusegun Obasanjo has said he did not care what people would say about him if he died. Obasanjo had on Saturday released a sarcastic statement on the death of Senator Buruji Kashamu, saying that the former lawmaker used politics and legal means to escape justice but could not use the same to stop death. In his words: “The life and history of the departed have lessons for those of all us on this side of the veil. Senator Esho Jinadu (Buruji Kashamu) in his lifetime used the…


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JAMB Shifts Post-UTME Tests To Sept 7

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…withholds results as non-inmates sit for exams in prisons The Joint Admissions and Matriculation Board (JAMB), has shifted the post-Unified Tertiary Matriculation Examination (Post-UTME) screening for the 2020 admission processes till September 7 in universities, polytechnics and colleges of education in the country. The board said the shift in the date of the admission process from the earlier announced Aug. 21 was to accommodate candidates who would be taking part in this year’s school-based Senior School Certificate Examination (SSCE). Prof. Ishaq Oloyede, the Board Registrar, made this known on Monday,…


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FG, ASUU Set To Resume Negotiations To End Strike

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Strong indications emerged at the weekend that the federal government and the Academic Staff Union of Universities (ASUU) will soon resume negotiations to end the four-month strike by lecturers. Both sides are making moves to restart discussions that were abandoned following the disagreement over the introduction of the Integrated Payroll and Personnel and Information System (IPPIS) in the university system and subsequent stoppage of salaries of non-compliant ASUU members. ASUU has also said its alternative payment platform, University Transparency and Accountability Solution (UTAS), was ready for verification and validation by…


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COVID-19: Low Attendance, Strict Compliance Greet Church Re-Opening In Lagos

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As the Lagos State Government lifts the restriction on the religious activities, some churches within Lagos metropolis were greeted with low attendance amidst strict compliance with the COVID-19 protocols. The News Agency of Nigeria (NAN) reports that the Federal Government, had on March 15, instituted lockdown measures and banned public gatherings while religious places were sealed as a precautionary move against the spread of COVID-19. However, tougher lockdown measures were imposed in Lagos, Ogun, and Abuja have given their status as the epicenter of the COVID-19 in Nigeria which later…


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CBN To Unify Exchange Rates, Pegs Naira At 379/$

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The Central Bank of Nigeria (CBN) on Saturday officially changed the exchange rate of the naira to the dollar from N361 to N379 on its website. The apex bank had earlier expressed its decision to unify the exchange rates in the country as forex scarcity persisted. It was however yet to announce if this would be the official unified exchange rate. Meanwhile, the naira exchanged for N473 at the parallel market on Friday.  Experts have continued to clamor for a single exchange rate in the country. The President, Association…


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CBN Approved Our Stamp Duty Account – NIPOST Replies FIRS

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The Nigerian Postal Service (NIPOST) on Sunday said its stamp duty account was opened by the Central Bank of Nigeria under the Treasury Single Account in response to claims made by the Federal Inland Revenue Service (FIRS). NIPOST said its attention was drawn to a publication by FIRS alleging that the postal service agency operated an illegal stamp duty account. It said FIRS’ director of communications and liaison made the statement in a series of tweets. “We hereby state categorically that the statement is false and made to misinform and…


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US Warns Nigeria About Incoming Al-Qaeda Terrorists

Major General Dagvin Anderson
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The U.S. says Nigeria must take the lead in the war against terrorists. The United States has warned the Nigerian government about the possible entrance of the Arab jihadist group, Al-Qaeda, in the northwestern region. While speaking during a digital press briefing the commander of U.S. Special Operations Command, Africa, Major General Dagvin Anderson, warned that the terrorist group is making in-roads into Nigeria and other African countries. He said the sharing of intelligence with the Nigerian government has been vital to providing an understanding of terrorist activities in the country.…


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