Category: Business

The CBN has started the registration of “Other Financial Institutions’’ (OFIs) on its Credit Risk Management System (CRIMS) to improve credit risk management. “Other Financial Institutions’’ are Development Finance Institutions (DFIs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Finance Companies (FCs) CBN’s Director, Financial Policy and Regulation Department, Kevin Amugo, stated in a circular on Tuesday that with the successful implementation of CRIMS in commercial banks, it was time to accommodate Other Financial Institutions. He stated that the system was designed to improve credit risks in commercial, merchant and…

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First Bank of Nigeria Ltd., is sensitising indivduals and businesses with useful information on protection to avoid cyber attack in today’s digital age. The Chief Executive Officer, First Bank Group, Dr Adesola Adeduntan who said this in a statement in Lagos on Tuesday added that it had become necessary for individuals and businesses to be informed on how to be well protected to avoid cyber attack. He noted that the world as a global village was associated with not just benefits but also risks of cyber attack. “Today’s world, largely…

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The Department of Petroleum Resources (DPR) has denied revoking 32 refinery licenses issued to private companies in Nigeria. Head, Public Affairs, DPR, Mr Paul Osu, made the clarification in a statement on Tuesday in Lagos. “We wish to clarify that DPR did not revoke any refinery licence. “Refinery licenses, like our other regulatory instruments have validity periods for investors to attain certain milestones. “This implies that after the validity period for the particular milestone, the licence becomes inactive until the company reapplies for revalidation to migrate to another milestone. “This…

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Arik Air said on Sunday it had donated sundry items to Old People’s homes, Orphanages and Internally Displaced Persons (IDPs) camps across the country. Its Public Relations and Communications Manager, Mr Adebanji Ola, in a statement in Lagos, said that the gesture was part of the airline’s Corporate Social Responsibility (CSR). ”The items donated included rice, beans, noodles, spaghetti, beverages, detergents and bed sheets, the statement said. It listed the beneficiaries to include Holy Family Home for the Elderly, Regina Mundi Catholic Church, Mushin, Lagos, and the Amazing Grace Foundation…

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Dangote Sugar Refinery PLC (DSR) is aware of an online publication claiming that Dangote Sugar Refinery PLC is engaging in price-fixing and is not honestly engaged in any Backward Integration Programme as claimed. DSR wishes to vehemently refute the allegations and assertions in their entirety as the false allegations are geared at tarnishing the good name and brand of Dangote Sugar Refinery Plc and Dangote Industries Limited. DSR does not engage in artificial price manipulation of its products, either during the Holy month of Ramadan or at any other time.…

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The Nigerian Stock Exchange (NSE) says Mr Oscar Onyema has completed his tenure as its Chief Executive Officer (CEO) after a 10-year period. In a statement on Tuesday in Lagos, NSE Head of Corporate Communications, Mr Olumide Orojimi, said that a closing gong ceremony was held on April 1 to honour Onyema. Also, Otunba Abimbola Ogunbanjo, Chairman, Nigerian Exchange Group (NGX Group) Plc, said that the closing gong was in commemoration of Onyema’s exemplary leadership. Following the successful demutualisation of the Exchange, Onyema would transition into the Group Chief Executive…

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Governor Udom Emmanuel of Akwa Ibom  State has said that Ibom Air, the state-owned Airline, will extend its flight operations to the Gambia and other West African countries. Speaking when the Gambian High Commissioner to Nigeria, Mr Mohamadou Musa Njie, paid him a courtesy visit at Government House, Uyo, Emmanuel thanked High Commissioner and the President of Gambia for indicating interest in bilateral relations with Akwa Ibom State in the area of Commerce, industry and aviation development. “We are actually planning a regional flight with Ibom Air, so we hope by…

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United Bank for Africa Plc has carved a niche for itself and continues to stand out as the leading Pan-African financial institution, consistent in introducing numerous first rate innovative products with customer satisfaction in mind.  To this end, the bank has invested significantly in cutting edge technology in a bid to boost its overall services to customers. The development is a further demonstration of the bank’s unalloyed commitment to ensuring premium services as well as reaffirming its dominance across Africa. In a bid to reinforce its commitment to first-rate experience,…

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The Shell Petroleum Development Company (SPDC) has confirmed oil spill from its facility at Agbura-Otuokpoti area of Yenagoa, the state capital. The comapny’s Media Relations Manager, Bamidele Odugbesan, confirmed the incident in Yenagoa on Friday saying that the company got a report of the spill on March 31. “At about 8.30am on March 31, a community surveillance vendor reported a leak on the company’s Joint Venture pipeline at Nun River in Bayelsa. “Following the development, the facility was shut down and full isolation established at 09.45am. “The SPDC Oil Spill…

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Polaris Bank savings customers are gearing up for the grand finale of the ongoing nationwide ‘  Save & Win’ promo, which is scheduled to hold in April 2021. At the end of the ‘Save & Win’ Millionaire promo, a total of N26,000,000 would have been won by 188 Polaris Bank customers nationwide. The promo has so far recorded two draws in February and March with the Grande-finale scheduled for April 2021. The grand finale draw will see Six millionaires emerge from the six geo-political zones of Nigeria and 60 other…

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