Headlines

Military may place bounty on monarch, others declared wanted

The Nigerian military has disclosed that it may place a bounty on suspects connected to the killing of 17 soldiers in the Okuama community of Delta State. This is as the military intensified efforts to apprehend the eight persons declared wanted by the Defence Headquarters over their suspected roles in the killing. The military released a list of the wanted persons on Thursday at a briefing in Abuja. On March 14, 2024, the officers and soldiers of the 181 Amphibious Battalion were ambushed and killed by some irate youths during a peacekeeping mission in the Okuama community. Okuama and Okoloba communities have been embroiled in a lingering land dispute since 2023. The 17 military personnel, including four ...
United Capital Achieves 71% Growth in Revenue
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United Capital Achieves 71% Growth in Revenue

In the year 2023, United Capital has seen a remarkable increase in gross revenue by 71% to N45.90bn.  The firm's audited financial results for 2023, submitted to the Nigerian Exchange Limited, revealed a significant surge in revenue, primarily attributed to a 63% rise in net trading income and an astonishing 865% increase in other income compared to the previous year. Profit before tax for the financial service firm escalated by 28% to N17.30bn, while post-tax profits rose by 18% to N11.42bn. Total assets experienced a 55% growth, reaching N931.95bn from N601.92bn in 2022, largely driven by an 80% increase in investment securities. A dividend of N10.8bn was declared by the firm as shareholders' funds surged by 175% to N90.71bn, up from N32.99bn the previous year...
Chief Executive Officer of NIDF Steps Down After Leading for Nine Years
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Chief Executive Officer of NIDF Steps Down After Leading for Nine Years

Announcement has been made regarding the resignation of Mr. Anshul Rai, the co-founder and longstanding CEO of Nigeria Infrastructure Debt Fund, which is Africa’s premier listed infrastructure investment trust managed by Chapel Hill Denham. In an official notification submitted to the Nigerian Exchange Limited, it was disclosed that Rai will officially step down from his position on June 30, 2024. Despite this, he will remain an integral part of NIDF by serving on the Investment Committee. Having played a key role in establishing NIDF nearly ten years ago, Rai assumed the position of CEO back in December 2015. NIDF made history by becoming the first infrastructure investment trust to be publicly listed on the Nigerian Exchange last October, subsequent to its listing on ...
The $500m Digital Sukuk Partnership between The Alternative Bank & TK Tech Africa
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The $500m Digital Sukuk Partnership between The Alternative Bank & TK Tech Africa

A collaboration has been established between The Alternative Bank and TK Tech Africa for their $500m Digital Sukuk project. In a statement released by the bank on Wednesday, it was revealed that the partnership is leading the way in utilizing blockchain technology for the issuance, trading, and settlement of Sukuk bonds, promoting ethical and Sharia-compliant investments within the nation. Gbenga Awe, the Group Head of Structured Trade & Commodities Finance at The Alternative Bank, highlighted the bank's position as a frontrunner in banking technology, leveraging its digital advancements and expertise in the financial services industry. He expressed the bank's goal of generating wealth by creating digital products for individuals interested in commodities an...
Urgent Action Needed on State Police by States
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Urgent Action Needed on State Police by States

Efficient policing in Nigeria remains a distant dream as the National Economic Council revealed that only 16 out of the 36 states have submitted proposals for the establishment of state police. The delay by more than half of the states is unnecessary considering the current security challenges in the country. The process is now deferred to the April NEC meeting, further postponing the implementation of decentralized policing. Swift action is imperative to address this prolonged issue. During the February NEC gathering, states expressed their support for state police, a sentiment echoed by President Bola Tinubu. Despite this, it is disappointing that 20 states are yet to fully commit to the initiative. Nigeria's security situation demands immediate attention t...
Collaboration between Edo and LAPO on N300m MSME Loan
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Collaboration between Edo and LAPO on N300m MSME Loan

A strategic partnership has been formed between the Edo State Government and LAPO Microfinance Bank to provide N300m in loans to Micro, Small, and Medium Enterprises scattered across the 18 Local Government Areas within the state. In representation of the state, Osarodion Ogie, the Secretary to the Edo State Government, underlined the pivotal role of microfinance initiatives in fostering economic growth and stability during the signing of the Memorandum of Understanding (MoU). Rather than a grant, Ogie emphasized the revolving nature of the loan, stressing the importance for beneficiaries to utilize the funds prudently and ensure timely repayment. Expressing gratitude for the opportunity presented by the Edo State Government, Gloria Bako, the Executive Director ...
The Launch of UAC Academy
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The Launch of UAC Academy

UAC of Nigeria Plc has introduced a new training program known as the UAC Academy. According to a statement released by the company, the academy aims to empower both current and aspiring line managers within UAC of Nigeria. The inaugural session, which took place from Monday, March 18 to Thursday, March 21, 2024, included engaging and interactive sessions led by experienced trainers and industry experts. During his welcome speech, the Group Managing Director of UACN, Fola Aiyesimoju, emphasized the importance of this initiative. He stated, “The UAC Academy’s Management and Leadership Series brings together talented leaders from across the group for a collaborative learning experience, paving the way for UAC to become a beacon of excellence.  “The program covere...
Discussion with Google on Data Privacy
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Discussion with Google on Data Privacy

Google West Africa recently hosted a roundtable where top companies from Nigeria engaged in conversations regarding the transition to privacy-focused marketing in light of the phase-out of third-party cookies. The forum saw participation from leaders of FairMoney, Konga, Mondelez, Stanbic IBTC, and Zenith Bank, showcasing a shared dedication to reshaping consumer interaction in the digital era. During the roundtable, the focus was on the importance of adjusting marketing approaches to prioritize privacy in order to establish consumer trust, which is crucial in a society that increasingly values privacy. This shift necessitates businesses to innovate while upholding transparency and regard for consumer data privacy, transforming potential limitations into ...
Call for Gender Equality by Ogun State
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Call for Gender Equality by Ogun State

Efforts must be united to eliminate all forms of gender biases, as advocated by Ogun State. At a recent event commemorating International Women’s Day in Abeokuta, the Deputy Governor of the state, Noimot Salako-Oyedele, emphasized the importance of addressing the prevalent gender stereotypes, biases, and discriminations. She highlighted the significance of celebrating exceptional women who are breaking barriers through innovation, excellence, and service delivery in a world filled with gender biases. The administration led by Dapo Abiodun was lauded for its commitment to creating a supportive environment that encourages women's involvement in evidence-based policies and various empowerment initiatives. Fur...
Central Bank of Nigeria Increases Capital Base Requirements for Banks
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Central Bank of Nigeria Increases Capital Base Requirements for Banks

The need to enhance the capital base of Deposit Money Banks for better efficiency has been reiterated, leading to the Central Bank of Nigeria announcing revised guidelines on its bank recapitalization policy in the country just 48 hours later. A statement signed by the Acting Director of Corporate Communications, Sidi Ali, in Abuja on Thursday disclosed the new guidelines. Commercial banks with international authorization have been directed by the apex bank to increase their capital base to N500bn, while national banks must meet N200bn. Additionally, commercial banks with national licenses must reach a N200bn threshold, and those with regional authorization are required to achieve a N50bn capital floor. No...