Telecoms giant MTN has shut all its stores and service centres across Nigeria following subscriber outrage over blocked lines due to a mismatch in their National Identification Number (NIN) and SIM registration. In a viral video on social media, a mob is seen destroying a barricade fence outside the MTN office in the FESTAC Town…
By Ayomide Otitoju Access Bank has announced the disbursement of N740 billion through its digital loan platform, QuickBucks, over the past seven years, enhancing lending for Nigerian consumers. In a statement released on Monday, the bank highlighted that customers can utilize the QuickBucks platform for various purposes, including business loans, vehicle financing, and school fee…
By Ayonide Otitoju Zenith Bank Plc has finalized plans to raise about N290 billion in fresh capital, surpassing the N230 billion requirement to meet the new recapitalization mandate of the Central Bank of Nigeria (CBN). In a statement released on Monday, the bank announced the capital raise during the rights issue/public offer signing ceremony in…
By Ayomide Otitoju The MTN Foundation has announced an escalation in its efforts to combat substance abuse among Nigerian youth through its Anti-Substance Abuse Programme (ASAP), launched in 2019. This initiative is a response to alarming statistics indicating that approximately 40% of Nigerians aged 18-35 are struggling with drug addiction. ASAP aims to raise awareness…
In a recent development, oil marketers in Nigeria have declared that no dealer will purchase Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery and sell it at the current pump prices, except the Nigerian National Petroleum Company Limited (NNPC). The President of Dangote Industries Limited, Alhaji Aliko Dangote, announced that…
By Ayomide Otitoju The Federal Executive Council (FEC) has instructed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to the Dangote Refinery and other local refineries in naira instead of US dollars. This directive was announced by Federal Inland Revenue Service (FIRS) chairman Zack Adedeji following a FEC meeting chaired by President…
Lagos, Nigeria – LH Telecommunication Limited has successfully acquired a majority stake in Emerging Markets Telecommunication Services Limited, the parent company of 9mobile. The acquisition, approved by the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, paves the way for a new board to take control of the struggling telecom operator. The…
Lagos, Nigeria – Wema Bank has unveiled a new payment gateway designed specifically for Micro, Small, and Medium Enterprises (MSMEs) in the country. The platform, named ALATPay, offers a secure, end-to-end shopping experience for customers and instant settlement for merchants, all via a unique ALATPay link. The announcement was made recently in Lagos. According to…
By Ayomide Otitoju International rating agency Fitch Ratings has revised its Long-Term Issuer Default Ratings (IDRs) for both FBN Holdings and its banking subsidiary, FirstBank, from stable to positive. This change reflects the recent revision of Nigeria’s outlook from stable to positive, affirming the IDR at ‘B-’. In a commentary published on its website on…
