Business

Details have emerged about how Abdul Samad Rabiu, founder of BUA Group allegedly defrauded Nigeria of a whopping N1.3 billion using a fictitious company, BUA Rice Limited account domiciled in Sterling Bank Plc. This report chronicles how Abdul Samad Rabiu used his BUA Rice Limited which was non-existent at the …

The Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWON), has suspended its planned indefinite strike to allow for dialogue with the government. This is contained in a statement by Jossy Olawale, Chairman, Media and Publicity Committee of the union, on Wednesday in Lagos. Olawale said that the meeting was …

P+ Measurement Services, a leading Media Intelligence Consultancy, is thrilled to announce the upcoming 23rd edition of #EvaluatePR. This highly anticipated event, held quarterly, will be conducted virtually on June 23rd, 2023, from 12:00 to 1:30 pm (West African Time), providing an inclusive platform for PR professionals to engage in …

Stanbic IBTC Holdings PLC, a leading end-to-end financial institution in Nigeria, has received a significant affirmation of its creditworthiness as Fitch Ratings reaffirms its National Long-Term Ratings at ‘AAA(nga)’ with a Stable Outlook. The rating also extends to its subsidiary, Stanbic IBTC Bank PLC, highlighting its strong support from its ultimate parent, Standard Bank …

In December 2015, the share price of First Bank of Nigeria Limited was trading around N4.8 band. About seven years later, precisely last December, the value held tightly to N15, growing by over threefold amid general asset and economic doldrums. The steep rise in the valuation of the financial institution …

  A seeming boardroom crisis that may rock troubled Heritage Bank to its foundation is currently brewing in the bank. Competent sources within the bank told THE WITNESS that the imbroglio involves the current managing director and chief executive of the bank, Mr. Akinola George-Taylor and some board members. Less …

The shareholders of TrustBanc Holdings Limited have approved the injection of N1.5bn capital into its microfinance bank subsidiary, just as the parent company’s rating has been upgraded by DataPro from A to A+ with a stable outlook. According to a statement issued on Monday, the shareholders’ approval aims to further …

Aminu Umar-Sadiq, CEO of NSIA. The Nigeria Sovereign Investment Authority has commenced the second phase of its highly anticipated NSIA Prize for Innovation (NPI) programme, selecting the top 25 semi-finalists to participate in a rigorous three-week accelerator programme. This initiative aims to support and empower promising start-ups. The NSIA opened …

  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has written to the military high command, alleging illegal lifting of petroleum product by Exxon Mobil at Bonny River Terminal in Rivers State. The letter, signed by the Authority’s Chief Executive, Mr Farouk Ahmed, and addressed to the Chief of …

Global Bank Limited, one of the new entrants into the Nigerian banking sector, led by Peter Amangbo as chairman and Elias Igbinakenzua as its chief executive officer, is in the news for the wrong reason. The bank has filed an application before a Lagos high court seeking an order for …