The Central Bank of Nigeria (CBN) has revoked the banking license of Heritage Bank Plc with immediate effect due to the bank’s failure to improve its financial performance, which posed a threat to financial stability. This decision was announced by Sidi Ali, Acting Director of Corporate Communication Department, on Monday. The CBN’s statement highlighted that despite various supervisory measures, Heritage Bank’s management has been unable to halt its financial decline, leaving no reasonable prospects for recovery. As a result, the CBN has acted to protect the financial system and maintain public confidence. “The Nigerian financial system remains on a solid…
Author: Elvis Eromosele
Premier Retail Property Partners LLP, developers of a top-notch state-of-the-art retail and entertainment complex, commissioned Koka Junction Mall along the popular and ever-busy Asaba-Onitsha expressway on June 1, 2024. This event marks a significant milestone in the commercial and social landscape of Asaba, the Delta State capital. Koka Junction Mall is set to revolutionize the shopping experience in Asaba and its environs with its modern design and extensive range of retail options. The mall houses international and local brands, providing a diverse array of fashion, electronics, home goods, and more. Additionally, the mall boasts a variety of dining options, from quick-service eateries to upscale restaurants, catering…
Investors in Fidelity Bank Plc have earned more than 507 per cent in capital gains over the past five years, ranking above all other major return benchmarks in the Nigerian stock market and the entire banking sector. Trading reports at the Nigerian stock market for the five years between May 31, 2019 and May 31, 2024, showed that Fidelity Bank outperformed all key indices in the stock market. Fidelity Bank’s share price rose by 507.14 per cent over the period, representing an average annual capital gain of 101.43 per cent. These returns underscore Fidelity Bank’s immense value as a stock…
Kimberley Clark, an American multinational personal care corporation has announced its plans to exit Nigeria after almost 15 years of operations. This was revealed in a statement by the company on Friday. “Kimberly-Clark today announces it has made the difficult decision to exit its business in Nigeria after almost 15 years, due to recently refocused company strategic priorities globally as well as economic developments in the country, ” the statement said. It said the company will close its manufacturing facility and commercial office in Lagos and no longer manufacture, market, or sell its Huggies® and Kotex® products in the country.…
Lagos State has taken a major step towards turning tonnes of solid waste generated in the metropolis to usable energy. Governor Babajide Sanwo-Olu, on Monday, formalised a partnership with a Dutch firm, Harvest Waste Consortium, for the construction of a high-efficiency Waste-to-Energy plant on Epe landfill, which will utilise advanced technology to generate clean energy from municipal solid waste, commercial and industrial waste. The innovative waste management solution is expected to take some 40,000 homes off the national electricity grid, as the technology would enhance energy security and diversification, generating between 60 and 75 megawatts of baseload electricity annually. The…
By Elvis Eromosele The Central Bank of Nigeria (CBN) recently mandated that all Point of Sales (PoS) operators complete their registration with the Corporate Affairs Corporation (CAC) by July 7, 2024. This directive aims to formalize the operations of PoS businesses across the country, boosting regulatory compliance and promoting financial inclusion. However, for many PoS operators, this new requirement poses significant challenges, both financially and logistically. As micro-businesses, already grappling with economic uncertainties, the stringent deadline could threaten their survival and, by extension, the broader goal of financial inclusion in Nigeria. PoS operators have become crucial players in Nigeria’s financial landscape, particularly in rural and underserved urban areas.…
The Federal Government has promised accelerated completion of the 378.3 megawatts Egbema Power Plant in Imo State, as it revealed that is 70 per cent completed. Adebayo Adelabu, Minister of Power, gave the assurance at the weekend during an inspection visit to the power plant, commending Hope Uzodinma, Governor of Imo, for his dedication to collaborating with the Niger Delta Power Holding Company to complete the power projects in the state. Accompanied by Chiedu Ugbo, Managing Director, NDPHC, the minister praised President Bola Tinubu for signing the 2023 Electricity Act, which allows states to participate in the electricity sector. Adelabu…
David Umahi, Minister of Works, has disclosed that 750 houses that are on the path of the Lagos-Calabal Coast Highway have been marked for demolition. He revealed this during a meeting with stakeholders in Lagos on Thursday. He said, “If we go by the new alignment, 490 houses would be demolished, also following the gazette alignment, 750 houses would be demolished. Meet Samuel Odugbesan who lost his arms working with an electricity company “There is no change of alignment; we are following the gazetted alignment. There would, however, be realignment at Okun Ajah area of the state by 25 kilometres…
Nigeria took a significant step towards expanding access to electricity in underserved areas by signing Memoranda of Understanding (MOUs) that aim to unlock 500 megawatts (MW) of renewable energy, according to findings by BusinessDay. This initiative targets rural communities, which have historically lagged behind urban centres in terms of electrification. The MOUs were signed between the Nigerian government, represented by the Rural Electrification Agency (REA), and various private sector partners. Abba Aliyu, managing director/chief executive officer of REA on Thursday signed a 250MW agreement with EM-One, a renewable energy company, at the Eko Hotels, Lagos. “We are excited to work…
Shareholders of Africa’s Global Bank, United Bank for Africa (UBA) Plc, have praised the board, management and staff of the Bank on the impressive performance recorded over the past years and especially in 2023, culminating in the payout of N78.7bn as final dividend for the 2023 financial year. The shareholders took turns to express their delight during the bank’s 62nd Annual General Meeting which was held at the Congress Hall of Transcorp Hotels in Abuja on Friday. The shareholders overwhelmingly approved the Board of Director’s proposal to raise additional capital through the issuance of securities comprising ordinary shares, preference shares,…