BUSINESS 

TAJBank opens National Assembly branch

TAJBANK, Nigeria’s second non-interest financial institution has opened its third office in less than two months of operations at the National Assembly in Abuja. The launch was attended by the Clerk of the House of Representatives, Mohammed Ataba Sani-Omololu, the bank’s Chairman, Alhaji Tanko Isiaku Gwamna, directors, and staff members. Gwamna said:  “We are delighted to be here, beyond  that this is a laudable achievement, we are driven by the need to discover and maximise opportunities to deliver the superior benefits of Non-Interest Banking as well as avail our esteemed…

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BUSINESS 

Union Bank sells UK subsidiary

UNION Bank of Nigeria (UBN) Plc has entered a share sale and purchase agreement to divest its 100 per cent equity stake in its United Kingdom (UK) subsidiary, Union Bank UK (UBUK) Plc. In a regulatory filing yesterday at the Nigerian Stock Exchange (NSE), the board of Union Bank stated that the sale was in line with the bank’s strategy to  streamline its business operations to focus on growth opportunities in Nigeria. According to the bank, following a competitive bid process, MBU BidCo Limited (MBU), an acquisition vehicle owned by…

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BUSINESS 

UBA, Zenith Bank’s boards approve final dividend

THE boards of directors of two of Nigeria’s five largest banks- Zenith Bank International Plc and United Bank for Africa (UBA) Plc – have approved payment of final dividends to shareholders of the banks, sustaining a tradition of paying dividends twice a year. The boards of the banks also approved the financial statements for the year ended December 31, 2019, raising prospects that the results may be released within the next five weeks ahead of the regulatory deadline of March 30, this year. The board of Zenith Bank, which met…

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BUSINESS 

Zenith Bank provides free digital training for SMEs

Zenith Bank Plc has reaffirmed its commitment to support local Small and Medium Scale Enterprises (SMEs) with the introduction of the ‘Zenith Bank SME Digital Workshop’. The programme provides free digital training for business owners. The initiative, which is being organised in partnership with social media giant Facebook, will provide free training on how SMEs can use digital platforms such as Facebook, Instagram and WhatsApp to grow their businesses. Commenting on the initiative, the Group Managing Director/Chief Executive, Ebenezer Onyeagwu, said the SME ecosystem is an important component of the…

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BUSINESS 

Despite border closure, smuggling thrives

Nigeria’s land borders were partially closed on August 20, last year, following the Federal Government’s determination to end rice importation, boost local production and reduce smuggling of arms and ammunition, as well as hard drugs and other prohibited items. Despite that the Federal Government is yet to reopen the country’s land borders, investigation reveals that foreign rice and other contraband commodities still flood Lagos and Ogun states’markets. Speaking with reporters on the plan by the Federal Government to reopen the country’s land borders by the end of the month, a member…

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BUSINESS 

Air bag woos force automakers to recall six million vehicles

TWO different air bag glitches have forced Toyota and Honda to recall over six million vehicles worldwide, and both problems present different dangers to motorists. The Toyota recall affects about 3.4 million vehicles globally and is being done because the air bags may not inflate in a crash. The cars have air bag control computers made by ZF-TRW that are vulnerable to electrical interference and may not signal the bags to inflate. The problem could affect as many as 12.3 million vehicles in the U.S. made by six companies. It’s…

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BUSINESS 

Banks cut lending rate to woo more borrowers

BANKS are cutting lending rates to woo more borrowers, The Nation has learnt. The measure is to raise profitability and to meet the 65 per cent Loan to Deposit Ratio (LDR) target set by the Central Bank of Nigeria (CBN). They are relying more on lending to grow their profits as yields from government securities – Treasury Bills and Bonds – drop. Besides, the apex bank has slashed non-interest income (commission and fees) seen as major revenue channels for banks. Analysts at Afrinvest West Africa, an investment and research firm,…

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BUSINESS 

Getting Eastern ports ready for cargo

The Nigerian Ports Authority (NPA) may well deserve a pat  on the back for its proactive measure to reduce head-on the congestion of vessels and cargoes at the Lagos Ports Complex. The General Manager, Corporate and Strategic Communications of NPA, Mr. Adams Jatto, said the NPA, shipping firms and terminal operators agreed to decongest the Lagos Pilotage District, to reduce the waiting time of vessels at the Lagos Port Complex Apapa. He said as from yesterday, “vessels, which have waited to berth at any terminal within the Lagos Pilotage District…

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BUSINESS 

ISPS Code: APMT pledges safety, efficiency

APM Terminals, Apapa Managing Director Mr. Martin Jacobs has said the terminal operates a truck safety programme that ensures that designated protected areas are provided for drivers outside their truck cabs, as well as safety instructions specific to the facility’s layout and traffic flow. This is in addition to meeting international security requirements outlined by the ISPS Code and APM Terminals’global safety requirements. Jacobs spoke on the heels of the terminal operator’s emergence as the Most Compliant International Ships and Ports Facility Security Code (ISPS Code) Onshore Facility in Nigeria…

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BUSINESS 

Enhancing airports emergency procedures

CoronaVirus is dealing a deadly blow on global air travel. Since January 7, 2020 when the first case of the deadly virus broke out in the Central City of Wuhan, Hubei Province in China, its devastating effects have been felt in Japan, Thailand, South Korea and the United States with many people already killed and over 300 reportedly infected. Besides the harvests of death already recorded as effects of Corona Virus, the pandemic is creating huge distortions in global air travel as airlines have started canceling flights to some parts…

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