Jumia, Africa’s leading e-commerce platform and Mastercard, a leader in global payments, and a technology company is set to promote social distancing to stop the spread of coronavirus in Nigeria by rewarding their customers. According to reports, only consumers who purchase essential products using their Mastercard on the Jumia platform will receive up to a … Read more
Uber Technologies Inc on Monday announced it is cutting a quarter of its global workforce and trimming investment to survive the financial hit to its business from the COVID-19 pandemic. The San Francisco-based company is laying off about 3,000 people and stopping some investments unrelated to its core ride-share and delivery businesses, according to chief … Read more
Nigerian Banks are adjusting their operations and introducing measures for customers to access the banking halls as the lockdown directives ease. While some have been sending lists of branches that will open during the week, other banks say use of face masks has become a mandatory requirement for every customer coming to the banking hall. … Read more
Madif Engineering Services Limited has petitioned Nigeria’s commercial bank Polaris Bank Limited for Misappropriation Of Funds Polaris Bank Limited is currently alleged to be involved in a reported financial mess bordering on reputational issues. This follows the decision of one of the bank’s customers , Madif Engineering Services Limited to petition the Federal Competition and … Read more
Central Bank of Nigeria (CBN) is set to fund Nigerian made COVID-19 vaccines. The Governor of CBN, Mr Godwin Emefiele via Twitter handle of the apex bank approved a fresh grant for research institutions and biotechnology firms to develop locally made COVID-19 Vaccine. Emefiele who disclosed this at the unveiling of the THISDAY Dome Testing, … Read more
China on Tuesday released a list of 79 items from the United States that will be exempted from trade war tariffs, a day after the US ruled out renegotiating their earlier trade deal. The list of goods posted online by the Customs Tariff Commission of the State Council, includes medical disinfectant, rare-earth metal ores, and … Read more
United Bank for Africa, UBA employees at the treasury unit in head office have tested positive to Coronavirus. Kennedy Uzoka, the Group Managing Director and CEO of pan-African banking group, UBA Plc. said in a statement obtained by Ekohotblog that the case is being handled by the Nigeria Centre for Disease Control, NCDC. See caputed … Read more
Despite Brent-crude futures rallying in recent weeks, Nigeria is facing a fast-looming future without reliance on fiscal revenue from its massive oil wealth, Bloomberg reports. Amid the economic fallout from the COVID-19 pandemic, which has brought to a halt economic activity and travel, demand for crude has been crippled, resulting in a dramatic oversupply. Accordingly, … Read more
National leader of the All Progressives Congress, Bola Tinubu, has waded into the interest rates policy of the Central Bank of Nigeria (CBN). Tinubu said the current financial system in Nigeria opposes growth as the interest rates affect domestic investment, the private sector, and job creation. Tinubu warned that to attract investment borrowing that will … Read more
Banks in Lagos generally opened for business on Monday but with many of them not ensuring that their customers kept to the physical distancing rule set by the authorities. Ekohotblog recalls that the Lagos State Government while giving guidelines for the residents of the state to adhere to during the gradual easing of the lockdown … Read more
The Central Bank of Nigeria (CBN) has ordered all banks to stop retrench any workers. According to a statement signed by CBN’s Director, Corporate Communications, Isaac Okorafor, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time). “in order to help minimize and mitigate the negative impact of … Read more
A former Aviation Minister, Femi Fani-Kayode, has condemned the Group Managing Director of Access Bank, Herbert Wigwe, for sacking some his workers. Recall Access Bank had announced plans to sack its workers and shutdown over 300 branches as a result of the Coronavirus outbreak and lockdown. Herbert Wigwe had said that apart from the mass … Read more
Report reaching Ekohotblog says that Access Bank Plc is set to close more than 300 of its branches nationwide in a bid cut down running costs as a result of the pandemic outbreak coronavirus otherwise called COVID-19. This online news platform understands that the move comes in the wake of a statement made by the … Read more
Leading African financial institution, United Bank for Africa Plc (UBA) held its Annual General Meeting virtually by proxy on Wednesday, April 29, 2020 – a first in UBA’s seventy-one-year history. The meeting, which had in attendance shareholders, management and staff members, together with representatives of relevant regulatory bodies, was held using an Online Meetings Platform, … Read more
Tiff Macklem, Dean of the University of Toronto’s Business School, was appointed the governor of the Bank of Canada on Friday. At a press conference in Ottawa, Canadian Finance Minister, Bill Morneau, announced Macklem’s appointment. He said Macklem brings a deep knowledge of and expertise in financial markets and will serve the central bank well. … Read more
IgbereTV reports that Dangote Group has informed its staff members that the lockdown break given by the government is now a part of the company annual leave. A memo to that effect which was captured by IgbereTV reads, “This is to advise all staff that the lockdown period will be regarded as part of Leave … Read more
Access Bank PLC is planning to sack some workers, slash salaries to remain operational as lockdown occasioned by coronavirus has drastically affected its income. According to a video seen by Ekohotblog, the Chief Executive Officer, Herbert Wigwe said Access Bank no longer need many tellers, security personnel and cleaners, as it currently has – which … Read more
The Central Bank of Nigeria (CBN) has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay school fees and SMEs wishing to make essential imports needed to revamp economic activities across the country. This comes following President Muhammadu Buhari’s announcement easing restriction lockdown from May 4th. In … Read more
The Central Bank of Nigeria (CBN) on Tuesday lifted the suspension placed on cheque instruments in the Nigerian clearing system. This was contained in a circular to banks and Nigeria Interbank Settlement System (NIBSS) issued on Tuesday and signed by CBN Director, Banking Services Department, Sam Okojere. Okojere in the circular which was titled, Temporary … Read more
Equity markets on Monday experienced an increase as governments across the world started to ease coronavirus lockdown measures, but oil prices tumbled as a supply glut overwhelmed output cuts. US markets followed Asia and Europe higher after virus figures from some of the worst-hit countries provided hope that the peak of the crisis may have … Read more