finance
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Featured
N200,000 fraud: Court sentences POS operator to 3 months jail term
An Ota Magistrates’ Court in Ogun sentenced one Waheed Salako, 46, to three months imprisonment for obtaining N200,000 under false pretences. The convict, a POS operator, whose address was not provided, had earlier pleaded not guilty to the two counts of obtaining money under false pretences and stealing. Delivering her judgment, the magistrate, Mrs. O.O. Fadairo, however, granted the convict…
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Featured
Saxo Bank reports 35% growth: Strong performance highlights H1 2024 results
During 2024, the Saxo Bank Group rolled out a new competitive pricing structure that lowers costs for clients as well as improvements to the client experience, leading to a record number of clients and client assets, with over 1.2 million end clients and USD 122 billion in client assets as of 30 June 2024. Volatility across financial markets has been…
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Business
Milken Institute Scales Up Engagement with Africa through New Business Council
The new program represents Milken Institute’s regional engagement strategy focused on paving the way for stronger, more comprehensive partnerships across the African continent. The Milken Institute today announced the launch of the Africa Leaders Business Council. The newly established council brings together a group of thought leaders, entrepreneurs, investors and experts across business, technology, finance and investment, sustainability, and innovation…
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economy
Centre appoints Abdu as pioneer finance professor at Kaduna varsity
The Centre for Public Service Productivity and Development (CeProd) has appointed Maryam Abdu, a member of its Governing Council, as the pioneer Professor of Finance at the Kaduna State University. Dr Chris Egbu, the Director-General, of the centre said this in a statement on Friday in Abuja. “This historic promotion recognises Abdu’s exceptional dedication, scholarly contributions, and profound impact in…
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Africa
Global Partnerships and Sustainable Financing Top Agenda at IsDB Group 2023 Annual Meetings in Jeddah
Jeddah, Saudi Arabia — Policymakers and business leaders from around the world are deliberating over how to tackle obstacles to sustainable development during the Islamic Development Bank (IsDB) Group’s Annual Meetings underway in Jeddah, Kingdom of Saudi Arabia. Held under the theme, “Partnerships to Fend off Crises,” the 48th edition of the annual meetings has brought together high-ranking government officials…
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Featured
Credo wins ‘BAFI Awards’, promises to foster FinTech growth
Credo, a Fintech company, has assured to keep fostering the growth of financial technology in Nigeria and Africa in general. According to the News Agency of Nigeria (NAN),Adebunmi Wellington, founder of Credo, gave the assurance in a statement on Friday in Lagos. “We are on a mission to ensure every person in Africa can pay digitally, understand their financial power,…
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Africa
UN-convened Net-Zero Asset Owner Alliance to Convene High-level Forum on the Potential of Blended Finance
GENEVA — Don’t miss this special online event by the UN-convened Net-Zero Asset Owner Alliance and United Nations Environment Programme Finance Initiative (UNEP FI), featuring Dr. Mahmoud Mohieldin, UN Climate Champion, Dr. Jörg Kukies, German Chancellery and Dr. Andrea Hauser, KfW. Register for Scaling Blended Finance for Climate Solution Investment in Emerging Markets (5 Oct 2022 at 16.00 CEST) here. Ahead of…
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Middle East
Saudi Fund for Development Inaugurates and Lays a Foundation Stone for Two Vital Projects in Sri Lanka
Sri Jayawardenepura Kotte, Sri Lanka: The Saudi Fund for Development represented by the CEO Mr. Sultan Abdulrahman Al-Marshad, inaugurated the completion of the development of Peradeniya-Badulla-Chenkaladi Road Project in the Democratic Socialist Republic of Sri Lanka, with a loan worth US$ 60 million. Benefiting three million people in the surrounding areas, the project will strengthen the country’s transport infrastructure, reduce traffic-related…
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NEWS
Africa can tap into new sources of finance – IMF
The International Monetary Fund (IMF) says Africa could tap into new sources of finance with radical transparency. Managing Director, IMF, Ms Kristalina Georgieva made the remark during a High Level Knowledge Event of the virtual 2021 Annual Meetings of the African Development Bank (AfDB) on Wednesday. Georgieva said that the pandemic was an opportunity for transformative reforms to improve public…
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Africa
Africa Finance Corporation’s Total Assets Grow by 20% to US$7.36 Billion in 2020
AFC’s audited financial statements for 2020 calendar year show strong and continued growth, with total assets reaching US $7.36 billion on Dec. 31, compared with US$ 6.12 billion a year earlier. Amidst the tough economic climate, asset growth was largely driven by the robust pipeline of infrastructure opportunities, maturing project development initiatives and repeat business from clients seeking to capitalize…
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Agriculture
CBN prohibits finance for importation of maize
The Central Bank of Nigeria (CBN) has directed all authorised dealers to discontinue the processing of Form M for the importation of maize with immediate effect. The CBN made this known in a circular signed by Dr Ozoemena Nnaji, the Director of Trade and Exchange Department of the apex bank in Abuja. Form M is a mandatory statutory document to…
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Finance
UK ‘maps out’ further recovery plans
British finance minister Rishi Sunak will announce on Wednesday his next moves to prevent a wave of job cuts from snowballing into a full-blown unemployment crisis in the world’s sixth biggest economy. He is already on course to take state borrowing to World War Two levels as he subsidises 9 million jobs – equivalent to more than a third of…
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Finance
Kuwait disburses $780 million to 700 citizens
The finance ministry approved the disbursal this week following a June 1 request from the manpower authority, which said the payments were “to preserve the national employment gains in the private sector and enhance job security for this segment”. Kuwait’s finances have been squeezed by the twin shock of the coronavirus pandemic and low oil prices. Despite its vast wealth,…
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Features
COVID-19 and the global harvest of bankruptcies
Jubal Kanayo takes a global look at the speed at which the novel Corona Virus is laying waste to corporations, firms and economies and attempts to look at the situation back home and where this leaves us. No one can deny that the Corona Virus, popularly called COVID-19, has laid waste to a number of businesses and economies on a…
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NEWS
Mexico extend housing, finance support to cushion effects of COVID-19
Mexico’s finance ministry on Monday announced the extension of several financial sector and housing measures aimed at supporting people and companies hurt by the economic fallout of the coronavirus pandemic. In March, Finance Minister Arturo Herrera said Mexican banks would offer clients deals to defer interest payments and principal on loans. He added that the bank regulator, the CNBV, would…
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NEWS
NPA tackles congestion at Lagos Port Complex
Nigerian Ports Authority (NPA) on Friday revealed that measures have been put in place to tackle congestion at the Lagos Port Complex. The General Manager, Corporate and Strategic Communications of NPA, Mr Adams Jatto disclosed this in a statement made available to newsmen in Lagos. According to him, in response to the recent increase in the waiting time of vessel…
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Finance
Sequel to our alert of 15 January 2020 on the Finance Act 2019
The Minister of Finance (the Minister) today, 16 January 2020, announced the effective date for implementation of the new VAT rate of 7.5% to be 1 February 2020. The Minister made this disclosure during the inauguration of the new board of Federal Inland Revenue Service.
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