₦airaland Forum

UBA Board Okays Payment of Final Dividend for FY2020
https://businesspost.ng/economy/uba-board-okays-payment-of-final-dividend-for-fy2020/

Atlas Mara Denies Getting Offers to Sell Stake in Union Bank
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Ex-Governor Loses Millions of Naira Stashed in Zenith Bank, Polaris Bank
https://businesspost.ng/economy/ex-governor-loses-millions-of-naira-stashed-in-zenith-bank-polaris-bank/

Nigerian Oil Cabal Demands Cancellation of Hydrocarbon Tax
https://businesspost.ng/economy/nigerian-oil-cabal-demands-cancellation-of-hydrocarbon-tax/

House of Representatives to Pass PIB in April
https://businesspost.ng/economy/house-of-representatives-to-pass-pib-in-april/

Nollywood Actor Ernest Asuzu Slumps, Dies
https://businesspost.ng/showbiz/nollywood-actor-ernest-asuzu-slumps-dies/

Briclinks Africa to List Shares on NSE by Introduction
https://businesspost.ng/economy/briclinks-africa-to-list-shares-on-nse-by-introduction/

Champion Breweries Gains 44.4%, Japaul Loses 37.5% in Five Days
https://businesspost.ng/economy/champion-breweries-gains-44-4-japaul-loses-37-5-in-five-days/

Transcorp Hotel Rights Issue Records 99.34% Subscription Rate
https://businesspost.ng/economy/transcorp-hotel-rights-issue-records-99-34-subscription-rate/

7 Must-Visit Places in Nigeria
https://businesspost.ng/travel/7-must-visit-places-in-nigeria/

Ecobank Obtains N50bn Loan for Small Business Owners
https://businesspost.ng/banking/ecobank-obtains-n50bn-loan-for-small-business-owners/

FCMB Gives Zero-Free Loans to 15,000 Women-Owned SMEs
https://businesspost.ng/banking/fcmb-gives-zero-free-loans-to-15000-women-owned-smes/

Trove App Begins Trading of Bitcoin, Others
https://businesspost.ng/economy/trove-app-begins-trading-of-bitcoin-others/

Seplat Wins Appeal to Unseal Headquarters, Pays N7.6bn Bond
https://businesspost.ng/economy/seplat-wins-appeal-to-unseal-headquarters-pays-n7-6bn-bond/

NEC Okays May & Baker, FG’s Move to Produce COVID-19 Vaccine
https://businesspost.ng/economy/nec-okays-may-baker-fgs-move-to-produce-covid-19-vaccine/

NSE Helps Investors Recover N305m Shares, Get N17m Compensation
https://businesspost.ng/economy/nse-helps-investors-recover-n305m-shares-get-n17m-compensation/

Flour Mills Lists N29.8bn Bond on Stock Exchange
https://businesspost.ng/economy/flour-mills-lists-n29-8bn-bond-on-stock-exchange/

Lafarge Africa Board Agrees to Sell 35% Stake in CBI Ghana
https://businesspost.ng/economy/lafarge-africa-agrees-to-sell-35-stake-in-cbi-ghana/

FG’s Heavy CBN Borrowings Could Crash Economy—Fitch
https://businesspost.ng/economy/fgs-heavy-cbn-borrowings-could-crash-economy-fitch/

LIRS Stops Manual Filing of Annual Tax Returns
https://businesspost.ng/economy/lirs-stops-manual-filing-of-annual-tax-returns/

Court Injunctions and the Effect on AMCON’s Debt Recovery Duty
https://businesspost.ng/featureoped/court-injunctions-and-the-effect-on-amcons-debt-recovery-duty/

Cluelessness and the Misunderstanding of Leadership Vision
https://businesspost.ng/featureoped/cluelessness-and-the-misunderstanding-of-leadership-vision/

Access Bank Backs Initiative to Nurture, Fund African Start-ups
https://businesspost.ng/technology/access-bank-backs-initiative-to-nurture-fund-african-start-ups/

FX Transfers: WorldRemit to Expand Bank Payout Network
https://businesspost.ng/economy/fx-transfers-worldremit-to-expand-bank-payout-network/

DisCos Get N14.4bn Loan for 263,860 Prepaid Meters
https://businesspost.ng/general/discos-get-n14-4bn-loan-for-263860-prepaid-meters/

Why We Must Sell National Assets—Finance Minister
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Shares of Mutual Benefits Assurance Rise 50%
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DMO to Sell N150bn FGN Bonds Wednesday
https://businesspost.ng/economy/dmo-to-sell-n150bn-fgn-bonds-wednesday/

First Bank Loses Assets Over N182bn Debt
https://businesspost.ng/economy/first-bank-loses-assets-over-n182bn-debt/

Understanding Private Equity and Alternative Investments
https://businesspost.ng/economy/understanding-private-equity-and-alternative-investments/

Notore Chemical Industries Shuts Down Plant
https://businesspost.ng/economy/notore-chemical-industries-shuts-down-plant/

N70m Bailout Not Enough for NAHCO—MD
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First Bank Introduces Virtual Payment Card for Seamless Transactions
https://businesspost.ng/banking/first-bank-introduces-virtual-payment-card-for-seamless-transactions/

2021 Budget: Lagos Plans $137m Foreign Loan, N100bn Bond Sale
https://businesspost.ng/economy/2021-budget-lagos-plans-137m-foreign-loan-n100bn-bond-sale/

Africa Expects Large COVID-19 Vaccine Roll Out in June
https://businesspost.ng/world/africa-expects-large-covid-19-vaccine-roll-out-in-june/

Nigeria’s Inflation Jumps to 3-Year High of 15.75% in December
https://businesspost.ng/economy/nigerias-inflation-jumps-to-3-year-high-of-15-75-in-december/

Ecobank Sponsors TV Show to Raise Funds for Entrepreneurs
https://businesspost.ng/economy/ecobank-sponsors-tv-show-to-raise-funds-for-entrepreneurs/

AB InBev Cancels $165m Investment in S’Africa Over Alcohol Ban
https://businesspost.ng/economy/ab-inbev-cancels-165m-investment-in-safrica-over-alcohol-ban/

CBN Raises Treasury Bills Rates Amid Rising Investor Appetite
https://businesspost.ng/economy/cbn-raises-treasury-bills-rates-amid-rising-investor-appetite/

Stanbic IBTC Subsidiary Drops Bureaux De Change Licence
https://businesspost.ng/economy/stanbic-ibtc-subsidiary-drops-bureaux-de-change-licence/

Ardova to Acquire Enyo for Downstream Business Expansion
https://businesspost.ng/economy/ardova-to-acquire-enyo-for-downstream-business-expansion/

Calyx Securities Managing Director Wale Onigbode Dies
https://businesspost.ng/general/calyx-securities-managing-director-wale-onigbode-dies/

Nigerian Stock Exchange to X-ray 2021 Market Expectations
https://businesspost.ng/economy/nigerian-stock-exchange-to-x-ray-2021-market-expectations/

Access Bank Improves Customer Complaint Channels
https://businesspost.ng/banking/access-bank-improves-customer-complaint-channels/

CBN Issues Guidelines for QR Code Payments in Nigeria
https://businesspost.ng/economy/cbn-issues-guidelines-for-qr-code-payments-in-nigeria/

UK COVID-19 Variant in 50 Countries, S/Africa Strain in 20
https://businesspost.ng/health/uk-covid-19-variant-in-50-countries-s-africa-strain-in-20/

How to Choose Sports Gambling Sites
https://businesspost.ng/sports/how-to-choose-sports-gambling-sites/

74% Pass Maths, English as NECO Releases 2020 Results
https://businesspost.ng/education/74-pass-maths-english-as-neco-releases-2020-results/

Customers Jubilate as IBEDC Installs Free Prepaid Meters
https://businesspost.ng/general/customers-jubilate-as-ibedc-installs-free-prepaid-meters/

In One Week, Japaul Grows Equity Value by 56.45%
https://businesspost.ng/economy/in-one-week-japaul-grows-equity-value-by-56-45/

Subscription for Abbey Mortgage Bank Rights Issue Beginshttps://businesspost.ng/economy/subscription-for-abbey-mortgage-bank-rights-issue-begins/

Majority Shareholder Buys 474.6 million AIICO Insurance Shares
https://businesspost.ng/economy/majority-shareholder-buys-474-6-million-aiico-insurance-shares/

Meristem Plans 2021 Economic and Market Outlook Thursday
https://businesspost.ng/economy/meristem-plans-2021-economic-and-market-outlook-thursday/

NASD Investors Gain N6.06bn in First Week of 2021
https://businesspost.ng/economy/nasd-investors-gain-n6-06bn-in-first-week-of-2021/

Making Most of Sachet Model: Changing Banking, Insurance, Real Estate, Investment and Telecoms Landscape
https://businesspost.ng/featureoped/making-most-of-sachet-model-changing-banking-insurance-real-estate-investment-and-telecoms-landscape/

Reactions Trail Payment for Correction of NIN Details
https://businesspost.ng/general/reactions-trail-payment-for-correction-of-nin-details/

Market Sheds N246bn as Investors Offload Dangote Cement Stocks
https://businesspost.ng/economy/market-sheds-n246bn-as-investors-offload-dangote-cement-stocks/

IST Prohibits Chaka from Stock Trading
https://businesspost.ng/economy/ist-prohibits-chaka-from-stock-trading/

Heineken Raises Stake in Champion Breweries with N5bn
https://businesspost.ng/economy/heineken-raises-stake-in-champion-breweries-with-n5bn/

NSE Suspends Thomas Wyatt Nigeria Over Financial Results
https://businesspost.ng/economy/nse-suspends-thomas-wyatt-nigeria-over-financial-results/

Brent Nears $56 as Demand Jumps
https://businesspost.ng/economy/brent-nears-56-as-demand-jumps/

Naira Depreciates Against Dollar, Others at Parallel Market
https://businesspost.ng/economy/naira-depreciates-against-dollar-others-at-parallel-market/

Unlisted Securities Lose N7.8bn Friday
https://businesspost.ng/economy/unlisted-securities-lose-n7-8bn-friday/

N5bn Debt: Court Authorises Ecobank to Sell Obat Oil’s Asset
https://businesspost.ng/economy/n5bn-debt-court-authorises-ecobank-to-sell-obat-oils-asset/

George Etomi Chairs Nigerian Stock Exchange Claims Review Panel
https://businesspost.ng/jobs/george-etomi-chairs-nigerian-stock-exchange-claims-review-panel/

WhatsApp to Delete Accounts February 8 Over Data Sharing Agreement
https://businesspost.ng/technology/whatsapp-to-delete-accounts-february-8-over-data-sharing-agreement/

Yemisi Edun Takes Over as FCMB Acting MD/CEO
https://businesspost.ng/jobs/yemisi-edun-takes-over-as-fcmb-acting-md-ceo/

NSE Unveils CEOs of NGX Group, Nigerian Exchange, NGX Regulation
https://businesspost.ng/economy/nse-unveils-ceos-of-ngx-group-nigerian-exchange-ngx-regulation/

Neimeth to Pay Shareholders Dividends March 12
https://businesspost.ng/economy/neimeth-to-pay-shareholders-dividends-march-12/

Nigerians to Pay More for Electricity as FG Hikes Tariff Again
https://businesspost.ng/economy/nigerians-to-pay-more-for-electricity-as-fg-hikes-tariff-again/

BUA Cement Seeks Approval to List N115bn Bond
https://businesspost.ng/economy/bua-cement-seeks-approval-to-list-n115bn-bond/

Custodian Investment CEO Joins UPDC Board as Chairman, CEO Resign
https://businesspost.ng/jobs/custodian-investment-ceo-joins-updc-board-as-chairman-ceo-resign/

Hints and Guides to Property Transactions in Nigeria
https://businesspost.ng/featureoped/hints-and-guides-to-property-transactions-in-nigeria/

United Capital Appoints Ex-CBN Director to Board
https://businesspost.ng/jobs/united-capital-appoints-ex-cbn-director-to-board/

Bank Customers Condemn Vilifying Posts About FCMB on Social Media
https://businesspost.ng/banking/bank-customers-condemn-vilifying-posts-about-fcmb-on-social-media/

Investors Raise Eyebrows FTN Cocoa, Japaul Gain Over 40% in Four Days
https://businesspost.ng/economy/investors-raise-eyebrows-as-ftn-cocoa-japaul-gain-over-40-in-four-days/

Fidelity Bank Rejigs Board for Next Phase of Growth Trajectory
https://businesspost.ng/jobs/fidelity-bank-rejigs-board-for-next-phase-of-growth-trajectory/

Offshore Investors Get CBN’s One-Year OMO Bills at 5.90%
https://businesspost.ng/economy/offshore-investors-get-cbns-one-year-omo-bills-at-5-90/

In One Week, NASD Exchange Loses N13.9bn
https://businesspost.ng/economy/in-one-week-nasd-exchange-loses-n13-9bn/

Universal Insurance Gets NAICOM Nod to Insure Poultry, Fish Farmers
https://businesspost.ng/economy/universal-insurance-gets-naicom-nod-to-insure-poultry-fish-farmers/

By Modupe Gbadeyanka

An Ibadan-based lawyer, Mr Adesile Obasa, has been dragged before Justice Omolara Adeyemi of the Oyo State High Court 12, Ibadan.

Mr Obasa was arraigned in court on Wednesday, December 16, 2020, by the Ibadan zonal office of the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency informed Justice Adeyemi that the lawyer, who claimed to be the chairman of the Young Lawyers Association, Oyo State chapter, prepared an agreement form for his clients given to some investors.

The EFCC argued that Mr Obasa did not carry out due diligence to verify the registration status of the companies he prepared the form for with the National Lottery Regulatory Commission.

The agency alleged that the firms, Batom Golden Links Service Ltd and Mekash Integrated Ventures, promoted by Mr Temitope Akintunde and Fasuhanmi Omotayo, were used to dupe unsuspecting investors.

The EFCC claimed it received a petition from one Pralarg International, alleging that Mr Akintunde along with four others sometime in 2017 approached the firm to invest in the company with an agreement to pay 50 per cent return at the end of every month, which was not met.

This brought the EFCC to the picture, which slammed the suspects with 11-count charge bordering on conspiracy, forgery, and obtaining money under false pretence.

“That you, Temitope Akintunde, Adesile Obasa, Fasunhanmi Omotayo, Batom Golden Links Service limited and Mekash Integrated Ventures Limited on or about May 2017 at Ibadan within the jurisdiction of this court with intent to defraud conspired to obtain money from several investors who invested the sum of N2.4 million for a lottery in the company Batom Golden Links Service limited and Mekash Integrated Ventures under the false pretext of paying the investors monthly returns of 50 per cent interest of money invested in the company which representations you knew to be false,” one of the charges read.

However, the suspects pleaded not guilty to the charges and the defence counsel applied orally for the defendants’ bail but prosecution counsel, Murtala Usman, opposed the application and asked for a trial date.

While ruling, Justice Adeyemi granted them bail in the sum of N2 million and two sureties in like sum, who are to provide valid means of identification which will be verified by the EFCC.

The judge further said the sureties must have evidence of landed property in Ibadan and submit their International passport with the court, while the matter was adjourned till February 15, 2021, for the commencement of trial.

https://businesspost.ng/general/efcc-arraigns-lawyer-over-preparation-of-agreement-for-clients/

Morgan Capital Online Trading Platform Down
https://businesspost.ng/economy/morgan-capital-online-trading-platform-down/

Access Bank Assures Customers of Availability of Dollars
https://businesspost.ng/banking/access-bank-assures-customers-of-availability-of-dollars/

Heritage Bank Provides N5bn Funding Package for Entertainers, Others
https://businesspost.ng/showbiz/heritage-bank-provides-n5bn-funding-package-for-entertainers-others/

Nigeria’s External Reserves Deplete to $34.9bn
https://businesspost.ng/economy/nigerias-external-reserves-deplete-to-34-9bn/

Nigeria’s Inflation Jumps 14.89% in November
https://businesspost.ng/economy/nigerias-inflation-jumps-14-89-in-november/

World Bank Finally Grants Nigeria $1.5bn Loan
https://businesspost.ng/economy/world-bank-finally-grants-nigeria-1-5bn-loan/

Nigeria Records $1.5bn Capital Inflow in Q3 2020
https://businesspost.ng/economy/nigeria-records-1-46bn-capital-inflow-in-q3-2020/

In Three Months, Nigeria’s Agric Export Drops 22.6%, Import Rises 21.13%
https://businesspost.ng/economy/in-three-months-nigerias-agric-export-drops-22-6-import-rises-21-13/

Smart Ports: Key to Maritime Development in Nigeria
https://businesspost.ng/featureoped/smart-ports-key-to-maritime-development-in-nigeria/

Leadway Assurance Shines at 2020 Great Place to Work Awards
https://businesspost.ng/brands-products/leadway-assurance-shines-at-2020-great-place-to-work-awards/

NSE Blacklists Stockbroker for Unauthorized Sales of Clients’ Shares
https://businesspost.ng/economy/nse-blacklists-stockbroker-for-unauthorized-sales-of-clients-shares/

Jaiz Bank, UBA, Zenith Bank Witness Massive Trades in One Week
https://businesspost.ng/economy/jaiz-bank-uba-zenith-bank-witness-heavy-trades-in-one-week/

Japaul Gets New Trading Symbol on Stock Exchange
https://businesspost.ng/economy/japaul-gets-new-trading-symbol-on-stock-exchange/

Experts to Help Investors Understand Stock Market Investing Tuesday
https://businesspost.ng/economy/experts-to-help-investors-understand-stock-market-investing-tuesday/

FBNQuest in Good Financial Condition—Rating Firm
https://businesspost.ng/banking/fbnquest-in-good-financial-condition-rating-firm/

Nova Merchant Bank Ratings on Watchlist Over ‘Instability in Management’
https://businesspost.ng/banking/nova-merchant-bank-ratings-on-watchlist-over-instability-in-management/

SERAP Gives Buhari 14 Days to Explain Use of N116m for Pens, Others by Petrol Ministry
https://businesspost.ng/general/serap-gives-buhari-14-days-to-explain-use-of-n116m-for-pens-others-by-petrol-ministry/

By Dipo Olowookere

The Chairman of the House of Representatives Committee on Diaspora, Mrs Tolulope Akande-Sadipe, is not happy that some Nigerians have to run to unsafe countries like Mali, Oman, Lebanon and others in the search for green pastures.

The lawmaker, who represents Oluyole Federal Constituency in Oyo State at the National Assembly, blamed this on the current situation of things in the country.

Nigeria is the largest economy in Africa but the country is regarded as the poverty capital of the world despite having huge mineral and human resources.

Its citizens are spread across the world in search of a better life even in harsh places, while some of those at home are praying for a day things would be better for them.

On Tuesday, Mrs Akande-Sadipe reunited an indigene of Oyo State repatriated from Oman to Nigeria with her family after she was maltreated by her employers.

The victim, Ms Adunni Nafisat Oseni, a member of her constituency, was denied the opportunity to return home by her employers, until her office intervened and brought back home through the Murtala Mohammed International Airport (MMIA), Lagos.

On the return of Ms Oseni to Nigeria, after willingly submitting herself to be repatriated, Mrs Akande-Sadipe decried the inhumane treatment being melted on Nigerians in some Arab countries and the unfortunate situation they subject them to.

According to her, “The ugly situation in the country led Nigerians to these unsafe countries in search for greener pastures.

“However, they became victims and targets of attack in those countries Nigeria has no bilateral relationship with. This made them come back home most times with nothing.”

She said, “As it stands today, we have over 20,000 Nigerian girls living in tents in Mali, an African country, over 40,000 girls in Lebanon.”

The lawmaker also condemned the alleged lackadaisical attitude of the Ministry of Labour in the issue, saying “The Ministry needs to take charge of its responsibilities and functions in ensuring they check if Nigeria has bilateral relationships with some of the countries Nigerians are being trafficked to.”

She noted that some of the agents who traffic girls to Arab countries and neighbouring African countries have no license from the Ministry of Labour, asking for certain actions to nip this ugly act in the bud.

Mrs Tolulope Akande-Sadipe assured Nigerians that the returnee was properly screened by security agencies and health institutions to ascertain her status before being released into the society.

She also expressed the commitment of the ninth assembly to fighting against human trafficking offenders in the nation by enacting stricter laws.

“We have a responsive 9th assembly under Speaker Femi Gbajabiamila which is putting in place right laws that would guide against these incessant occurrences,” Mrs Akande-Sadipe said.

She commended the National Agency for Prohibition of Trafficking in Persons (NAPTIP) for its good work and synergy with relevant agencies and called for more funding for the agency, which is saddled with the responsibility to fight human trafficking in the country.

The congresswoman also appealed to the relevant agencies working together with the Nigeria Police Force to press charges against traffickers, saying this will deter others.

Speaking on the delay of 35 Nigerians at the Ghanaian border, she said the proper arm of the executive has picked up the responsibility.

Mrs Akande-Sadipe also called for further collaboration among all relevant government in rehabilitating the girls, who she noted left the country for socio-economic reasons.

Recalling her ordeal in Oman, Ms Oseni called on girls and young people not to rush out of the country in search of greener pastures without proper scrutiny of the agent involved.

https://businesspost.ng/general/why-nigerians-run-to-unsafe-countries-for-greener-pastures-akande-sadipe/

After 15 Months, Reps Reject Appointment of Ndukwe, Others to MTN Nigeria Board
https://businesspost.ng/economy/after-15-months-reps-reject-appointment-of-ndukwe-others-to-mtn-nigeria-board/

FCMB Borrows N30bn for Short-Term Funding Needs
https://businesspost.ng/economy/fcmb-borrows-n30bn-for-short-term-funding-needs/

Naira Extends Gains on Dollar at Black Market, Now N476/$1
https://businesspost.ng/economy/naira-extends-gains-on-dollar-at-black-market-now-n476-1/

Brent Hits $50 on Demand, Vaccine Optimism
https://businesspost.ng/economy/brent-hits-50-on-demand-vaccine-optimism/

NSE Lifts Trading Suspension on Niger Insurance Shares
https://businesspost.ng/economy/nse-lifts-trading-suspension-on-niger-insurance-shares/

Details of How to Purchase/Subscribe FGN Savings Bond
https://businesspost.ng/economy/details-of-how-to-purchase-subscribe-fgn-savings-bond/

CBN Raises One-Bill Bill Rate to 3.20%, Cuts 3-Month Bill to 0.01%
https://businesspost.ng/economy/cbn-raises-one-bill-bill-rate-to-3-20-cuts-3-month-bill-to-0-01/

Bad Roads in Apapa Chasing Away Investors—Reps
https://businesspost.ng/economy/bad-roads-in-apapa-chasing-away-investors-reps/

Foreign Investors Devise New Strategy to Exit Nigerian Capital Market
https://businesspost.ng/economy/foreign-investors-devise-new-strategy-to-exit-nigerian-capital-market/

All You Need to Know About Trading in Currency Market
https://businesspost.ng/economy/all-you-need-to-know-about-trading-in-currency-market/

United Capital Introduces Ethical Investment for N10,000
https://businesspost.ng/economy/united-capital-introduces-ethical-investment-for-n10000/

Elegbe Advises Young Stockbrokers to Build Trust With Investors
https://businesspost.ng/economy/elegbe-urges-young-stockbrokers-to-build-trust-with-investors/

Reps to Suspend NAICOM’s Recapitalisation Plan for Insurance Firms
https://businesspost.ng/economy/reps-to-suspend-naicoms-recapitalisation-plan-for-insurance-firms/

Nigerian Senate Discusses Bill to Punish Loan Defaulters
https://businesspost.ng/banking/nigerian-senate-discusses-bill-to-punish-loan-defaulters/

What Are the Uses for a Vulnerability Scanner?
https://businesspost.ng/technology/what-are-the-uses-for-a-vulnerability-scanner/

AIICO Gets Shareholders’ Nod to Increase Share Capital by N2bn
https://businesspost.ng/economy/aiico-gets-shareholders-nod-to-increase-share-capital-by-n2bn/

NCC Threatens to Seize Licence of Operator Registering New SIM Cards
https://businesspost.ng/technology/ncc-threatens-to-seize-licence-of-operator-registering-new-sim-cards/

Oyo Tasks 100 FST Teachers on Dedication to Duties
https://businesspost.ng/education/oyo-tasks-100-fst-teachers-on-dedication-to-duties/

Fidelity Bank Lures Investors With 7.5% for N75bn 10-Year Bond
https://businesspost.ng/economy/fidelity-bank-lures-investors-with-7-5-for-n75bn-10-year-bond/

Buhari Confirms Reopening of Nigeria’s Land Borders Soon
https://businesspost.ng/economy/buhari-confirms-reopening-of-nigerias-land-borders-soon/

6 Best Forex Trading Brokers in Nigeria
https://businesspost.ng/economy/6-best-forex-trading-brokers-in-nigeria/

206 Million People Now Live in Nigeria—NPC
https://businesspost.ng/general/206-million-people-now-live-in-nigeria-npc/

Nigeria to Sell Savings Bonds at December Auction for 1.32%
https://businesspost.ng/economy/nigeria-to-sell-savings-bonds-at-december-auction-for-1-32/

Circular Economy in Nigeria: Rethinking the Road to Economic Diversification
https://businesspost.ng/featureoped/circular-economy-in-nigeria-rethinking-the-road-to-economic-diversification/

Nigeria Records N8.4trn Foreign Trades in Q3 2020
https://businesspost.ng/economy/nigeria-records-n8-4trn-foreign-trades-in-q3-2020/

Insecurity and Nigeria’s Circle of Chaos
https://businesspost.ng/featureoped/insecurity-and-nigerias-circle-of-chaos/

Access Bank Backs Roundtable for African Fintech Innovators
https://businesspost.ng/technology/access-bank-backs-roundtable-for-african-fintech-innovators/

OPEC+ to Hold Next Policy Setting Meeting January 4
https://businesspost.ng/economy/opec-to-hold-next-policy-setting-meeting-january-4/

By Dipo Olowookere

One of the foremost financial institutions in Nigeria, United Bank for Africa (UBA) Plc, raked N5.5 billion as funds transfer fee in the first nine months of 2020.

This information was revealed in the financial statements of the company released to the Nigerian Stock Exchange (NSE) on Friday.

In a brief analysis by Business Post, the amount generated by the lender in the period under review was lower than the corresponding period of 2019, which stood at N6.6 billion.

The funds transfer fee is the amount a bank charges its customers for transferring money from one account to another and in Nigeria, many users of financial services have complained bitterly about the high costs of such transactions, especially as the Central Bank of Nigeria (CBN) is discouraging the use of cash and preaching financial inclusion.

In the first nine months of this year, according to the results of UBA, it generated N6.9 billion from account maintenance, higher than N6.0 billion in the same period of last year, while the electronic banking income raked in N27.9 billion, higher than N26.7 billion in nine months of last year.

These and others left the fees and commission income of the bank in the period at N85.0 billion, lower than N86.5 billion in 2019, while the fees and commission expense rose to N28.8 billion from N23.2 billion.

According to the results, UBA closed September 30, 2020, with an interest income of N317.1 billion as against N297.9 billion recorded a year ago and the increment was largely due to the N137.5 billion generated from term loans to corporate organisations and investment in bonds. However, the interest expense reduced to N131.1 billion from N139.0 billion in 2019.

UBA stated that its profit before tax went down this year to N90.4 billion from N98.2 billion, while the profit after tax also fell to N77.1 billion from N81.6 billion and this can be attributed to the rise in the total operating expenses incurred by the bank in the period under review; N192.7 billion versus N161.6 billion a year ago.

On its balance sheet, there was a significant improvement as the total assets increased to N7.1 trillion year-to-date from N5.6 trillion, while the total liabilities went up to N6.4 trillion from N5.0 trillion, with deposits from customers at N5.2 trillion versus the N3.8 trillion in December 2019.

https://businesspost.ng/banking/uba-rakes-n5-5bn-from-funds-transfer-fee-in-nine-months/

Stockbrokers Block Investors from Trading Over KYC Update
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Outrage as Nigeria Seeks $1.2bn Loan from Brazil
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Banks, Insurance Firms Prefer ThisDay, Business Day for Adverts—Survey
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Standard Bank for 3rd China International Import Expo
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NSE Fixes New Date for 5th Market Data Workshop
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Fidelity Bank 9-month Earnings Drop 3.8% as Profit Jumps 6.8%
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UAC Nigeria’s Strategy to Invest for Growth Yields Results in Q3
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By Dipo Olowookere

Less than 72 hours after it was attacked by some hoodlums, Lagos-based television station, Television Continental (TVC), is back on air.

On Wednesday morning, the broadcast media platform was attacked by some thugs who believed that the company is owned by a chieftain of the ruling All Progressives Congress (APC), Mr Bola Ahmed Tinubu.

The attack followed the shooting of some unarmed #EndSARS protesters at the Lekki Toll Gate on Tuesday night by people believed to be soldiers from the Nigerian Army.

Some youths in the country had been protesting against police brutality and on Tuesday, Governor Babajide Sanwo-Olu announced a 24-hour curfew from 4pm as a result of pockets of violence in the state.

After calls from various groups, he shifted the commencement of the movement restriction to 9pm but by about 7pm, security operatives in army uniform opened fire on protesters at the Lekki Toll Plaza.

This action by the security officials triggered violence across the state and several properties belonging to the government and some private individuals were destroyed.

TVC Communications was not spared because it was speculated that Mr Tinubu was aware of the Lekki carnage because he was not happy that his alleged source of income at the toll gate was being threatened.

The Nation newspaper, which has been linked to him in the past, was also burnt by the hoodlums.

On Wednesday morning, during the popular morning show on TVC, Your View, anchored by Mrs Morayo Afolabi-Brown, one of the co-anchors, Mrs Tope Mark-Odigie, was heard saying that some hoodlums were on the station’s premises.

The programme did not end before TVC went off air as the station was set on fire.

Business Post gathered that the station resumed broadcast on Saturday morning, though regular programming was yet to fully resume.

As at press time, the station was airing promos of its various programmes and from what we gathered, regular programming will return very soon especially from its Abuja studios.

https://businesspost.ng/general/tvc-back-on-air-after-attack-by-hoodlums/