First Bank Partners Verve International, Creates New Millionaires In Firstbank Verve Card Promo

Nigeria’s premier and leading financial inclusion services provider – Verve International, Africa’s leading payment technology and card business, has launched its third National Consumer promo designed to reward users of FirstBank verve card with exciting gifts and cash prizes to appreciate their patronage and use of the card to carry-out their electronic banking transactions. It is a partnership with First Bank, a leading Deposit Money Bank (DMB) in Nigeria. The ongoing 2-month promo will end on October 30, 2022, as 20 customers (10 customers per month) with the highest transaction…

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Nigeria’s Fuel Subsidies Crossed $1 Billion In August As It Supplied More Petrol

The cost of Nigeria’s fuel subsidies rose to N525.714 billion naira ($1.22 billion) in the month of August, bringing the total spent this year to 2.568 trillion naira, according to figures submitted to the government by the Nigeria National Petroleum Corporation (NNPC). The skyrocketing costs of keeping petrol prices low in Africa’s most populous nation are straining the budget and draining revenue from the Nigerian National Petroleum Corp (NNPC). In April, Nigeria’s parliament approved a 4-trillion-naira petrol subsidy for this year after the government in January reversed a pledge to…

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FIRS’s Executive Chairman Insists The Agency’s Mandate Is To Collect Taxes

By NewsBits The Federal Inland Revenue Service (FIRS) has explained that the mandate of the FIRS is to collect taxes that are due to the federation and the federal government of Nigeria and not to grant tax waivers to any taxpayer in the country. Muhammad Nami, the Executive Chairman of the Service, had to provide this swift clarification in response to news making the rounds that companies like Dangote, Sinotruck Limited, Lafarge, Honeywell, among others, were granted tax waiver on pioneer status between 2019 and 2021, by the FIRS and…

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Rescue Sickle Cell Patients: Heritage Bank Partners Gail Sickle Initiative

As part of its resolve to support the health sector, which is key part of its Corporate Social Responsibility (CSR) initiative, Heritage Bank Plc has announced that the bank will join forces with Gail Sickle Initiative to rescue people living with sickle cell anaemia in the country. The partnership with Gail Sickle Initiative, which is a non-profit organisation, according to Osepiribo Ben-Willie, an Executive Director with the bank comes as its back-to-school project support, is to ameliorate the burden of sickle cell persons in Nigeria and to ensure that all…

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Nigeria’s Debt Stock Expands Further To N42.8trillion In June Vs N41.6 In March

According to the Debt Management Office (DMO) latest reports, Nigeria’s total debt stock stood at N42.84 trillion or $103.31 billion at the end of the second quarter of 2022, up from N41.60 trillion or $100.07 billion in the first quarter of this year. A statement posted on its website, the debt office said the amount represents the Domestic and External Debt Stocks of the Federal Government of Nigeria (FGN), the thirty-six (36) State Governments and the Federal Capital Territory (FCT). The DMO stated that total External Debt Stock was $40.06…

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CSR Project: Dangote Sugar Commits Billions To Schemes In Adamawa, Nasarawa

The Dangote Sugar Refinery Plc has announced that its has scaled up its social intervention programmes around host communities in Adamawa and Nasarawa States where the Backward Integration projects are located.   Dangote is investing hugely in raw sugar production as part of the Federal Government Sugar Master Plan. This is coming on the back of $500m that has so far been injected into the project in Nasarawa.   National Sugar Development Council (NSDC) has developed a road map for the realization of self-sufficiency in the sugar sector within a short time.…

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Warning: Rising Global Recession Risk Looming – World Bank

AS central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023, the World Bank has warned. The World Bank said in a new study that central banks around the world have been raising interest rates this year with a degree of synchronicity not seen over the past five decades, a trend that is likely to continue. Yet the currently expected trajectory of interest rate increases, and other policy actions may not be sufficient to bring global…

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Expansion Project: Barclays Bank Expands To Nigeria, South Africa, Others

By Editor United Kingdom based multinational bank Barclays Plc has announced that it is expanding private banking services in Africa as they bank plans to target the continent’s $2 trillion high net worth market. The Chief Executive Officer (CEO) of Barclays Private Bank, Jean-Christophe Gerard, said the company hired nine bankers from Credit Suisse Group AG, based in Dubai, London, and Zurich, after agreeing to a deal to handle clients referred by the Swiss giant. “Barclays franchise in Africa is experiencing an accelerated build-out across south, west and east Africa,”…

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Caroline Kende-Robb Is AfDB’s New Director Of Strategy, Operational Policies

AfDB President Mr Akinwumi Adesina Ms. Caroline Kende-Robb has been appointed as African Development Bank (AfDB) Director of Strategy and Operational Policies Department of the bank. Ms. Kende-Robb, a British national, brings over 30 years of leadership and management experience in development and humanitarian sectors, coupled with deep knowledge and practical experience in achieving organizational effectiveness and results through strategic planning, effective financial management and nurturing high performing teams. Her new appointment takes effect from 16th October. Prior to her appointment, she was senior adviser to the African Center for…

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Heritage Bank Appoints Acting Managing Director, Others

Dr. Ifie Sekibo, outgoing Managing Director of Heritage Bank (right), and the acting MD of the bank Mr Akinola George-Taylor As part of its repositioning strategy, Heritage Bank Plc has announced the appointment of Akinola George-Taylor as its acting Managing Director. He will take over from Dr. Ifie Sekibo who served his 10 years tenure at the bank. Following the receipt of the approval of the Board of Directors of Heritage Bank and the Central Bank of Nigeria, the Bank said it is poised for its next phase of transformation…

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