Category Archives: Finance

Sterling Bank launches world first digital commodity market

Sterling Bank Plc yesterday set Nigeria on the global record with the launch of the world’s first fully digital, end-to-end blockchain-based commodity trading and financing platform.

Developed in partnership with Binkabi and AFEX Commodities Exchange, the platform is expected to decentralise agricultural commodity trading in Nigeria and all emerging economies, helping to reduce intermediation in trade while distributing profit more widely across the value chain.

Speaking at a press briefing yesterday in Lagos, Chief Executive Officer, Sterling Bank Plc, Abubakar Suleiman, said Nigeria loses about half of its agricultural products yearly to post harvest processes noting that by introducing and establishing a viable and efficient agricultural commodities exchange platform, the bank is taking the lead to tackle agricultural challenges.

Stanbic IBTC opens Africa-China Banking Centre

Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, yesterday commissioned an Africa-China Banking Centre (ACBC) in Lagos.

The launch of the Africa – China Banking Centre was performed by the Industrial and Commercial Bank of China (ICBC) Africa CEO, Lubin Wang; Commercial Consul, Chinese Embassy in Lagos, Liu Jun Sheng; and top management executives of Stanbic IBTC. The opening of the Centre is another significant step towards improving ease of doing business between Nigeria and China, coming after the signing of the bilateral currency swap agreement between the two countries earlier in the year.

Man sentenced for stealing a microfinance bank N935,000

An Ota Magistrates’ Court in Ogun on Wednesday sentenced a 29-year-old man, Dotun Akande, to one year in prison for N935.000 belonging to Orisun Microfinance Bank.
In a ruling, Senior Magistrate G. E. Akan, however gave the convict an option to pay N20,000 fine.
Akande, who lives at No. 28 Ayantunde St., Iyana-Iyesi, Ota, had pleaded guilty to stealing.
Earlier, Mr Chudu Gbesi, the prosecutor, had told the court that the accused committed the offence sometimes between May and August, 2016.
He said the accused, who was the staff of the Microfinance Bank, collected N935, 000 from customers and refused to remit the money to his employer.
The prosecutor said that the convict converted the money to his personal use.
Gbesi said that the offence contravened Section 390(9) of the Criminal Code, Laws of Ogun, 2006.

Pretty Lady Arrested After ‘Good’ Man Transferred N5m To Her – Must Read

A police detective Ogbonnaya Nwota, has revealed that a beautiful lady simply identified as Amaka, is currently in police custody after she was involved in a fraud case of N5 million.

The money was paid into her account by a ‘good man’ (who’s interested in her) from Facebook who later rewarded her with N100,000.

Beyond Mobile Money -the FinTech future for Africa

By Pieter Zylstra, Regional Director, Digital Transformation, MEA, at Orange Business Services.

Africa is leveraging mobile and digital technologies in its own ways to bring financial services to people in some of the most isolated and undeveloped places on earth.
Africa is a great testing ground for new banking services: the region’s relatively low penetration levels for traditional financial services married to high proliferation of mobile phones has not only helped to create the largest mobile money market, but also drives FinTech innovation and disruptive digital banking solutions.

Jeff Bezos Becomes $8.9 Billion Richer As Amazon Stocks Surge Following Midterm Elections

Jeff Bezos looks like the biggest winner to emerge from a post-election rally that swept markets on Wednesday.

Shares of Amazon shot up nearly 7%, adding $8.9 billion to Bezos’ fortune in a matter of a day. The Amazon founder and CEO is now worth $144.7 billion, according to Forbes Real Time Rankings. He remains the richest man in the world by far, followed by Bill Gates ($97.1 billion) and Warren Buffett ($90.9 billion).

Aliko Dangote Set To Shatter Forbes Billionaire

Aliko Dangote, president of Dangote Group, has predicted a profitable future for his multi-billion Naira Empire.

The excited billionaire said his conglomerate’s revenue base will hit $30 billion by 2020 — a feat he would have considered impossible 10 years ago.

NSE, stockbrokers eulogise Alile at ‘ closing gong

It was a deluge of eulogies, as capital market operators led by the Nigerian Stock Exchange (NSE), Tuesday, organised a ‘Bell ring’ in honour of a former Director-General of the Exchange, late Apostle, Hayford Alile.

The ceremony, which had in attendance, family member of the deceased, past and present presidents of NSE, Doyens of stockbrokers, and other market stakeholders provided an opportunity for a wider audience from corporate Nigeria to pay their last respect to a man highly reputed for his integrity in the boardroom and financial market.