Day: November 29, 2023

Bank Recapitalisation: Tinubu Backs CBN, Investors Inject N110bn In UBA, Others

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By NewsBits Presidency on Tuesday expressed support for the banking sector consolidation initiative of the Central Bank of Nigeria, saying it would help the country to grow the economy to a new height. This came barely five days after the CBN said it would ask banks to raise new capital. According to the Presidency, it has become important to consider the capital adequacy of Nigerian banks in light of the projected $1tn economy in eight years. Representing President Bola Tinubu at the 40th Anniversary Celebration of The Guardian Newspapers in…

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Union Bank, BFREE Forge Strategic Partnership To Revitalize Loan Portfolios

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Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have signed a Memorandum of Understanding (MOU). This agreement signifies a joint commitment to addressing economic challenges and revitalising distressed loan portfolios in Nigeria. This MOU was formalised during the German-Nigerian Business Forum in Berlin on November 21, 2023. Under the terms of the MOU, BFREE, in conjunction with its international financing partners, will explore the acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million. The key focus will be refinancing non-performing…

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Japa: Five LUTH Wards Shut, 150 Beds Empty

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The House of Representatives Committee on Health has revealed that not less than five wards with about 150 beds, have been closed down at the Lagos University Teaching Hospital, Idi-Araba due to a shortage of health workers. The chairman of the committee, Dr. Amos Magaji explained that the five wards had to be shut because there were no health workers to operate them despite the large number of patients received at the institutions on a daily basis. While lamenting that the institution was under threat as a result of brain…

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Adebayo Alli, Is The New Managing Director Guinness Nigeria

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The board of directors of Guinness Nigeria has announced the appointment of a Nigerian, Adebayo Alli, as the new Managing Director, following the resignation of John Musunga. In a corporate notice filed with the Nigerian Exchange Limited on Tuesday, Guinness Nigeria said that the board at its meeting on Monday considered and approved Musunga’s resignation as MD with effect from December 31, 2023. The investor’s notice indicated that Musunga, who became Guinness MD on November 1, 2022, has been moved to another role within Diageo Africa. “The Board considered and…

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