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By Patrick Ochoga A Professor of Law at the Ambrose Alli University, Ekpoma, Edo State, Professor Jim Akhere, has stated that bitcoin as an encrypted virtual currency is a revolutionary and disruptive concept of currency that is bound to hold sway in Modern Global economic order. He argued  that “ the normal currency which depends on central government planning and control is subject to instability, economic volatility and it is used for transaction settlements during which process it can easily be debased adding that “paper money ultimately reverts to its original intrinsic value which is zero“ This position was contained in a paper presentation made available to LEADERSHIP by Professor Jim Akhere, on Cryptocurrency under the aegis of DBI & Spindlar Cyberlaw Centre. He pointed out that the advantages in the use of Cryptocurrency- it's  scam free nature, instantaneous settlements,  lower fees, accessibility to everyone and absence of identity theft, are irresistible qualities in the...
BY BAYO AMODU AND KAYODE TOKEDE Given severe macro economy challenges, United Bank for Africa Plc (UBA) for half year ended June 30, 2017 (H1) recorded impressive increase in gross earnings that impacted on its net interest income and probability. The prudent management of these financial parameters impacted on financial institution profitability in the period under review, reaffirming the pan-African bank as one of the most profitable and well managed financial institution in Africa. The lender joined other banks to release audited half year results to the Nigerian Stock Exchange (NSE) with impressive performance in key indices in following up to the first quarter results that was released early in the year. Growth in profitability further reflects the earnings capacity of the Group and its capability to progressively deliver superior returns to shareholders. The growth in profitability impacted positively on shareholders return as management paid interim dividend of N0.20 per share. With the tight liquidity...
By Bukola Idowu, Lagos - The oil and gas sector continued to account for the largest potions of the banking industry credit, clinching N3.35 trillion of the N15.71 trillion credit to private sector by banks in the country in the second quarter of the year. This is 22.46 per cent of the total banking industry credit to the private sector, a little higher than 22.34 per cent which it accounted for in the first three months of the year. Credit to the manufacturing sector was however much higher than as the sector accounted for 14.11 per cent of the credit to private sector by banks in the second quarter compared to 13.39 per cent share which it held in the first three months of the year. According to the National Bureau of Statistics, Nigerian banks credit to the manufacturing sector had risen to N2.22 trillion as at June 30, 2017. The NBS...
By Kayode Tokede, Lagos - The Ecobank Group has upgraded its Mobile App that will offer Xpress Cash service. The Xpress Cash service allows customers access cash from Ecobank Automated Teller Machine (ATMs) using e-Tokens generated from their Mobile App. The Xpress Cash e-Token gives the customer total control over theirs funds to make convenient withdrawal by self or send to 3rd parties via SMS, email or social media. Released to the iOS Store and Playstore in August 2017, the Ecobank Mobile App 3.1 incorporates several exciting and innovative features which enables non-Ecobank customers activate the Mobile app with their debit cards and conduct seamless transactions as well as make digital payments at merchant locations with Masterpass and mVisa on the App. Commenting on this new development, Ecobank Nigeria Executive Director, Consumer Banking, Mrs. Carol Oyedeji said “with these exciting and innovative features on the Ecobank Mobile app, customers will continue to enjoy...
With the growing macroeconomic headwinds, companies operating in the country are faced with an unattractive return for shareholders and the public at large. Undeniably, companies’ operations suffered setbacks but some companies’ effective business strategies have enhanced corporate responsibility and sustainability. KAYODE TOKEDE captures the impact of FBN Holdings sustainable interventions on stakeholders and its outlook for the future.  Since its creation 123 years ago, 1894 to be precise, FirstBank has retained its number one position as the strongest financial institution in the country and this has transited into a strong Holdings Company. The FBNHoldings emerged from the erstwhile FirstBank Group in 2012 to effectively diversify and leverage the synergy of the group’s financial services businesses, and actively provide a full range financial services to customers, FBN Holdings’ success story can be attributed to the corporate responsibility and sustainability which are deeply rooted across the communities where it does business. The financial...
By MARY TITUS, Abuja with agency report - Some bank customers in the South-East have urged the Central Bank of Nigeria (CBN) to compel commercial banks to urgently address challenges facing transactions with ATMs at weekends and national public holidays The customers made the appeal in separate interviews with the News Agency of Nigeria (NAN) on Monday while expressing frustration, anger and anxiety due to the poor performance of the ATMs in banks during the long Eid-el-kabir holidays. In Abakaliki, there were long queues at many ATM points during the holidays due to network failures and cash shortages. NAN reports that customers were seen shuttling from one bank to another in efforts to make withdrawals. But bank officials attached to the ATMs declined to make comments. Customers have questioned the CBN for encouraging the banking public to use electronic payment system when they could not fix the problems associated with the e-banking. “Nigerian banks should upgrade...
 By OLUSHOLA BELLO, Lagos Based on its positive performance for the first nine months of the year, the Banking stocks listed on the Nigerian Stock Exchange (NSE) has recorded a market capitalisation growth of N6.305 trillion. From the data gotten from NSE, this shows a growth of 191.63 per cent from a market capitalisation of N2.162 trillion achieved in the beginning of the year 2017. Also, the 15 listed Banking stocks contributed 51.61 per cent to the whole NSE market capitalization of N12.217 trillion recorded at the end of trading on September 29, 2017. Under the period review, the banking sector of the NSE outperformed others, including the benchmark, NSE All-Share Index, rising by 60.46 per cent. An analysis of the individual stock showed that Stanbic and UBA are clear leaders, with 165.46 per cent and 123.60 per cent, respectively. Access Bank recorded a nine-month gain of 79.81 per cent, Fidelity Bank appreciated by...
BY MARK ITSIBOR, Abuja It was a day of giving back to its customers at the weekend when Nigeria’s leading Microfinance Bank (MFB); Fortis thrilled some of its customers in a week-long event to mark the 10th anniversary of the bank in Abuja. At an award presentation ceremony to its outstanding customers in various categories last Friday, the Chief Executive Officer and Managing Director of Fortis Mr. Tiko Okoye said the bank customers and staff form integral part of the institution for success and growth. “If we must grow, we have to grow our customers because it is the aggregate growth of the customers that is the growth of the bank. And so, we were very concerned about growing our customers first. We need to grow our traders because when they grow, we grow,” Okoye said. The bank customers were given different household items including power generating set, electronic washing machine, electric fan...
By BUKOLA IDOWU and OLUSHOLA BELLO, Lagos - UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has announced the call for entries for the 2017 edition of its annual UBA Foundation National Essay Competition in Nigeria. The essay competition which is put together for senior secondary school students is organized as part of UBA Foundation’s Education initiative to promote a reading culture and encourage healthy and intellectual competition amongst secondary school students in Nigeria and across Africa. Chief executive officer of UBA Foundation, Mrs. Bola Atta, who announced the call for entries said the essay competition provides an opportunity for students to win prizes in the form of educational grants to help them realise their goals in life. “We are well aware that if you help get one child educated, you help support an entire family as that child will eventually positively impact his/her community. The...
By BUKOLA BELLO, Lagos As schools resume for another academic session, First Bank of Nigeria Limited, says it has set aside a N15 billion facility to be disbursed to private schools though its array of products designed to enable them acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school. The bank in a statement at the weekend said it remains committed to supporting schools with their business requirements to enhance preparations for the school year. FirstBank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan against Salary (PLAS) and Salary Overdraft (SODA) which enhances Parents/Guardians’ capacity to pay their wards’ school fees. The FirstEdu loan is targeted at private Nursery, Secondary and A-Levels schools. The product offers opportunity for private schools to access flexible funding...