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Rocket Internet set to list Jumia shares on NYSE

There are strong indications that Rocket Internet, owner of e-commerce platform Jumia is set to list the platform on the New York Stock Exchange. Although details of the volume of Jumia shares that Rocket Internet wants to float on the stock market has not been released, Reports by Reuters revealed that…

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GIC to provide €3.5 million finance for agriculture

Green Innovation Centre (GIC), a German Development agency has revealed its plans to support agricultural financing project in Nigeria with €3.5 million. This was made known by Project Coordinator, GIC, Caroline Trimborn. The project is a development initiative of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. Speaking at the Agricultural Production and Processing…

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C&I Leasing Plc begins JV with Sifax Marine

C&I Leasing Plc has announced the acquisition of two brand new 2018 ‘ASD 2913 Tugboats’ named ‘MV Chidiebube’ and ‘MV Folashade’. Though, the company didn’t announce the cost of the new Tugboats but made known that the purchases were with SIFAX Marine Limited under the SIFAX C&I Marine Limited joint venture…

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Wema Bank confirms Ademola Adebise as MD

Wema Bank Plc has confirmed the appointment of Ademola Adebise as its Managing Director. The bank has also appointed Moruf Oseni as Deputy Managing Director (DMD). Adebise was appointed Acting Managing Director effective in July 2018 following the retirement of  Segun Oloketuyi, the immediate past Managing Director. Oloketuyi retired, having…

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Report ranks GTBank among 12 global companies in developing markets

A report by the Economic Intelligence Unit has ranked Tier-1 Bank, Guaranty Trust Bank (GTBank) among top 12 global companies to watch out for in developing markets. The 23-page report released by the world leader in global business intelligence titled “Going global: 12 companies to watch in developing markets,” examined six…

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Workers’ September salaries could be delayed because of strike

Barely twenty-four hours after the Nigerian Labour Congress (NLC), yesterday, embarked on a 7-day warning strike, the Accountant-General of the Federation, Mr Ahmed Idris, has made known the negative implication this could have. In a statement issued yesterday in Abuja by Mr Idris, he explained that the strike has also affected…

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Abia State set to establish SME microfinance bank

To support small-scale businesses in Abia State, the State Government has disclosed plans to establish a Small and Medium Enterprise (SME) microfinance bank. This was disclosed by the state’s Commissioner for SMEs, Gabriel Igboko. While announcing that the bank will commence operation in October, Igboko said the bank was one of the…

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What You Should Know About i-invest, the First Treasury Bills App In West Africa

In recent times, Nairametrics has received a whole lot of emails pertaining to Sterling Bank’s I-invest app. Lots of people want to know if it is legit, dependable and can be truly trusted to carry out their treasury bills investments and transactions. After carrying out investigations and trying it out…

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World Bank partners Nigeria for solid mineral exploration

A World Bank consultant, Vitor Carrieia has said that the global financial agency has concluded a $123.5 million deal with the Federal Government of Nigeria. The deal, Carrieia said is for the exploration of industrial minerals in Nigeria. According to Nairametrics, Carrieia made the disclosure while unveiling the Industrial Minerals Roadmap, a document…

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Federal, States, LGs got ₦741.843 billion allocation in August

The Federation Account Allocation Committee (FAAC), yesterday, met in Abuja to disburse ₦741.843 billion among tiers of government from revenue generated in August. According to Nairametrics, the meeting is a monthly tradition of the committee to discuss revenue generated, the basis of distribution among other issues that border on its…

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MasterCard ranks Lagos as top destination on the continent

The 2018 MasterCard Global Destination Cities Index has offered an important analysis of travel to and within major cities around the globe. The Sub Saharan index released by Mastercard shows that Lagos, Dakar, Kampala, Nairobi and Accra as top cities on the continent. While global top cities Bangkok, London and Paris,…

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FEC approves $64 million for Escravos power supply

According to Nairametrics, The Minister of State for Petroleum Resources, Ibe Kachikwu has disclosed that the Federal Executive Council has approved the sum of $64 million for power supply to communities around Escravos area in Delta State. Kachikwu made this disclosure after the FEC meeting chaired by Vice President Yemi Osinbajo at…

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CBN hammer may fall on these finance houses

In a released made available to the public, the Central Bank of Nigeria (CBN) has made known its intention to revoke the operating licences of 182 financial institutions operating in the country. CBN announced this barely a week after its revoke Skye Bank’s operating license. According to Nairametrics, The 182 financial…

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Anti-graft heat turns on banks

In a renewed battle against corruption, the Central Bank of Kenya (CBK) has issued a stern warning that it would sanction any banks handling proceeds of graft. The Central Bank of Kenya (CBK) Governor Patrick Njoroge said on Thursday that the banks will face stiff sanctions. He was addressing bankers at…

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Dangote Refinery’s first Jetty ship BBC Naples arrives Lagos

Dangote Oil Refinery has received its first ever ship call, “BBC Naples” berthed at the new jetty located at the Lekki Free Trade Zone, Lagos. The new ship is expected to deliver essential equipment for ongoing construction work at the Dangote Refinery. BBC Naples is a 132 metres long, 9,755…

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Minimum Wage: Labour unions to begin nationwide strike

Leaders of Nigeria Labour Congress (NLC), Trade Union Congress of Nigeria (TUC), and United Labour Congress of Nigeria (ULC) have reportedly agreed to commence a nationwide strike on Thursday, September 27, 2018. The planned nationwide action, according to reports, is to compel the President Muhammadu Buhari-led administration to increase workers…

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Rating agency Moody’s reacts to Skye Bank license revocation

Global rating agency, Moody’s has welcomed the decision by the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Company (NDIC) to revoke the operating licence of Skye Bank as well as the creation of Polaris Bank Limited. Moody’s Vice President and Banking Analyst, Akintunde Majekodunmi, explained in a…

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Shareholders may battle CBN over Skye Bank

The Central Bank of Nigeria (CBN) may have a battle on its hands following the revocation of Skye Bank’s operating licence on Friday. In a press release, issued Friday, the apex bank hinged its decision on the inability of shareholders to recapitalise the bank. “The result of our examinations and…

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CBN might finally reconsider fine slammed on Stanbic IBTC Bank Plc

Embattled Stanbic IBTC Bank Plc might finally get some relief because the Central Bank of Nigeria (CBN) has hinted at its willingness to review and possibly revoke the regulatory fine of ₦1.8 billion earlier imposed on the entity. This latest development is contained in a statement issued yesterday, September 24th, to the Nigerian…

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How Jim Ovia chose the name and logo of Zenith Bank

Billionaire Banker and Founder Zenith Bank Plc, Mr. Jim Ovia has revealed how he chose the name and logo of his Bank, Zenith Bank Plc. In his Auto-biography, Africa Arise and Shine, which was launched in Lagos over the week, the Agbor-born Billionaire Banker went down memory lane on the…

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