An additional $64.44 million out of the trapped funds belonging to airlines was paid yesterday by the Central Bank of Nigeria (CBN). The apex bank said the payment was the final settlement of the verified foreign exchange (forex) owed to all foreign airlines operating in the country. Yesterday’s payment brought the disbursements to the airlines to $136.73 million as verified …

In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Limited – a key indigenous player in the oil and gas industry – recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) carrier. Named ‘Alfred Temile 10’, the vessel was part-financed by leading …

The arrival of Nigeria’s largest ethical bank, The Alternative Bank has been endorsed by the Emir of Kano, Alhaji Aminu Ado Bayero, as the bank opens its first stand-alone branch in the ancient city. During the inauguration of The Alternative Bank’s newest branch, the Emir describing the development as a transformative force that would significantly impact individuals and businesses in …

Following the CBN’s directive on strengthening Know Your Customer (KYC) procedures for Tier 1 accounts, fintech company, PalmPay, is encouraging users who have not yet complied with the requirements to do so promptly. Since the introduction of the directive last December, PalmPay has launched a new onboarding flow on its App, which mandates all Tier 1 users to validate their …

Members of the Association of Corporate and Marketing Communication Professionals in Nigerian Banks (ACAMB) have elected a new Executive Committee to pilot the affairs of the association in the next two years. The election was the major highlight of the Annual General Meeting (AGM), which held in Lagos on Wednesday, to reflect on the accomplishments of the past year and …

The Extractive Industries Transparency Initiative (EITI), a global transparency body, on Tuesday, charged the Nigerian National Petroleum Company Limited (NNPCL) to provide further details on its 20 per cent equity in the Dangote Petroleum Refinery. It gave the charge during a visit of the EITI delegation to Nigeria, stressing that NNPCL had yet to clarify its equity interest in the …

The naira yesterday depreciated to N1,355 per dollar in the parallel market from N1,350 per dollar on Monday. However, the naira appreciated to N878.61 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N878.61 per dollar from N925.34 per dollar on Monday, indicating N46.73 appreciation for the …

Stanbic IBTC Holdings, a member of the Standard Bank Group, announced the recognition of several of its subsidiaries across nine categories at the prestigious 2023 International Finance Awards. The globally esteemed program acknowledged excellence in financial services, and spotlighted outstanding organizations in Africa, the Middle East, Asia, and Europe. Chief Executive of Stanbic IBTC Holdings, Dr Demola Sogunle emphasised the enduring legacy of Stanbic IBTC Group as a …

Stanbic IBTC Holdings, a leading end-to-end financial services provider in Nigeria and a member of Standard Bank Group, recently achieved significant milestones in bolstering its corporate governance practices through strategic appointments to the boards of its subsidiaries. The move, marked by the receipt of requisite regulatory approvals, reflected the institution’s commitment to maintaining robust oversight and delivering top-notch financial services …

Seventy customers have emerged winners of cash prizes in the December draw of Stanbic IBTC Bank’s Reward4Saving Promo, a reward scheme for savings account holders of the bank, introduced to encourage a savings culture. Customers who save at least N10,000 in their savings account for at least thirty days, qualify for the draw. During the draw, Head of Middle Markets …