Zenith Bank Plc, Nigeria’s leading financial institution has reaffirmed its commitment to support local Small and Medium Scale Enterprises (SMEs) with the introduction of the ‘Zenith Bank SME Digital Workshop’ to provide free digital training for business owners. The initiative, which is being organized in partnership with social media giant Facebook, will provide free training … Read more
The Organisation of Petroleum Exporting Countries (OPEC) is eyeing extensions of its oil production cuts until the end of 2020, but talks are still in early stages, Russian news agency TASS reported, citing an OPEC source. The source said that OPEC is set to meet in March, but might meet in June as well to … Read more
Swiss food giant Nestlé on Monday bulked up its medical nutrition business by buying Allergan’s Zenpep, a product for people whose pancreases do not provide enough enzymes to properly digest fats, proteins and sugars. Financial terms of the transaction were not disclosed. Zenpep had sales of $237 million in 2018, Reuters reports. READ ALSO: https://ekohotblog2.com/2020/01/18/firstedu-loan-first-bank-enhances-educational-sector-with-n10bn/ … Read more
Ford will pay at least $30 million in a proposed settlement over a class-action lawsuit related to failing transmissions in its Fiesta and Focus vehicles. The lawsuit represents nearly 2 million owners and former owners of the cars, which had bad dual-clutch transmissions, the Detroit Free Press reported, citing court documents. READ ALSO: https://ekohotblog2.com/2020/01/25/fire-razes-amu-timber-market-in-mushin-destroys-properties-worth-millions-of-naira/ … Read more
Nigeria’s apex bank, Central Bank of Nigeria, CBN, has increased the Cash Reserves Ratio, CRR, of banks from 22.5 per cent to 27.5 per cent. The alteration was done by the Monetary Policy Committee of the CBN. The Cash Reserve Ratio is the share of a bank’s total deposit that is mandated by the CBN … Read more
The African Development Bank (AfDB) moves to invest $600 million for the development of renewable energy in Africa. The President of AfDB, Akinwumi Adesina, disclosed this during his keynote speech at the UK-Africa Investment Summit. The investment into the renewable energy market had been encouraged by the opportunities, which Adesina says are available in Sub-Saharan … Read more
President Muhammadu Buhari alongside Governor Babajide Sanwo-Olu, Governor Abiodun Ikpeazu, others are currently at the ongoing inaugural UK-Africa Investment Summit, London. Photos below;
GTBank a multinational financial institution is currently having network issues and customers have taken their frustration to social media, wondering what the problem is. Some users have complained of difficulty in receiving cash, opening the Gtb app, checking their account balance, make transfers and so on. Ekohotblog captured some Twitter reactions, see below: https://twitter.com/oyinbra/status/1219248944133394432?s=19 Mobile … Read more
Hundreds of mismanaged infrastructure projects have stalled in Kenya and it will cost around $10 billion to revive them, the IMF said in a report whose findings point to a growing power struggle at the heart of government. Amid mounting public anger over ballooning state debt and a series of graft scandals, President Uhuru Kenyatta … Read more
Access Bank, Nigeria’s top lender by assets has finally acquired Kenya’s Transnational Bank, the Kenyan central bank said on Friday. The deal is the latest in the East African nation’s banking sector, where a cap on lending rates, tougher supervision by the central bank and an over-proliferation of lenders has sparked a consolidation round in … Read more
Kenya is in advanced talks with the World Bank for “a fairly priced” loan of up to 100 billion shillings ($991.57 million), nearly half of its required external funding this fiscal year, a senior Treasury official said on Friday. The East African nation wants to cut debt from overseas capital markets, after a borrowing binge … Read more
Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited, has announced that within the last year, it has supported educational institutions in the country with loans in the sum of over 10 billion naira. Ekohotblog understands that the Bank’s support is carried out through its FirstEdu product, an educational solution created to … Read more
![NBS, Nigeria’s inflation rate, [JUST IN] Again, Nigeria’s Inflation Rate Rises To 17.33%](https://ekohotblog2.com/wp-content/uploads/2020/01/Inflation.jpg)
The National Bureau of Statistics (NBS) says Consumer Price Index, (CPI) which measures the inflation rate, increased by 11.98 percent year-on-year in December 2019. Ekohotblog understands that the NBS made this known in its CPI and Inflation Report of December 2019 released on Friday. NBS said the CPI report for December recorded an inflation rise … Read more
Google parent company Alphabet has done something that very few U.S. companies have done: a $ 1 trillion valuation on the U.S. stock market (via the Wall Street Journal). Ekohotblog understands that Alphabet oversees all of Google’s related properties, including DeepMind, Verily, Wyze, and more. The new assessment marks a good start for the new … Read more
The federal government of Nigeria has said the commencement of the implementation of the new Value Added Tax (VAT), 7.5 percent, is to take effect from February 1, 2020, after all the necessary administrative procedures have been completed, especially the Gazette of the recently signed 2019 Finance Act by the Federal Ministry of Justice. This … Read more
Cross River state government on Thursday signed a Memorandum of Understanding (MoU) with the Central Bank of Nigeria (CBN) and Rice Farmers Association of Nigeria (RIFAN) for the supply of multi- billion Naira rice seeds to farmers in Nigeria. The state Commissioner for Agriculture, Okon Nyong Owuna signed for the state while CBN representative, Tony … Read more
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has emerged the Best Foreign Exchange Provider in Nigeria at the Global Finance World’s Best Foreign Exchange Provider Awards. The event held at RSA House in London recently. Ekohotblog understands Stanbic IBTC Bank PLC won the award having performed excellently in the following areas: … Read more
Access Bank has just created a subsidiary in Cameroon. With an initial capital of about XAF14.5 billion, the new subsidiary’s headquarters will be in Douala, Cameroon’s economic capital. The administrative board of this subsidiary is constituted of seven members with only one Cameroonian, the legal notice published for the creation indicates. These members are Patience … Read more
Nissan is “in no way” planning to end its partnership with Renault, the Japanese auto giant insisted on Tuesday after a report suggested a divorce was possible in the wake of the Carlos Ghosn scandal. Britain’s Financial Times, citing “several people with knowledge of the matter”, said on Monday that senior executives at the scandal-hit … Read more
The Nigerian Bottling Company has announced the appointment of Matthieu Seguin as the company’s Managing Director effective. Ekohotblog reports that Seguin succeeds George Polymenakos who was appointed in August 2016. Although until his appointment, Seguin was the General Manager for Coca-Cola HBC Ireland and Northern Ireland for almost four years. According to NBC statement signed … Read more