Author: Citynews

Customers of the liquidated Heritage Bank gathered at the bank’s headquarters in Lagos on Wednesday, to seek clarification on the beginning of their deposit payments. A visit by a News Agency of Nigeria correspondent revealed that security personnel stationed at the bank’s entrance prevented customers from entering the premises. Addressing the customers through the gate, an official informed them that payments had begun for savings account holders and wouldcontinue until Friday. “You don’t need to take any action. NDIC staff are already processing payments. Your money will be transferred to your other account linked with your BVN,” the official assured…

L – R: Stanley Amuchie, Executive Director, Chief Operations & Information Officer, Fidelity Bank Plc; Oladele Sotubo, MD/CEO Stanbic Capital; Dr Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc; Mustafa Chike-Obi Chairman, Fidelity Bank Plc; Ezinwa Unuigboje, Company Secretary, Fidelity Bank Plc; and Jubril Enakele, Chief Executive, Iron Global Markets Limited at the signing ceremony of the Fidelity Bank Public Offer and Rights Issue at the Bank’s head office in Lagos recently. Fidelity Bank Plc (“Fidelity Bank” or the “Bank”) has concluded all necessary arrangements to raise a total of up to ₦127,100,000,000.00 (One Hundred Twenty-Seven Billion, One Hundred Million Naira) by…

Adron Homes team consisting of Senior executives and the Chairman and Group Managing Director; Aare Adetola Emmanuel-King has paid a courtesy business visit to the Palace of the Awujale of Ijebuland over the week. This significant visit, underscored the profound respect accorded to His Imperial Majesty, Oba Sikiru Adetona Ogbagba II, the revered Awujale of Ijebuland, who recently celebrated his momentous 90th birthday. Characterized by an atmosphere of reverence and admiration,Adron Chairman gave a touching address where he expressed deep gratitude to Kabiyesi, extolling his virtues as a father figure to all ijebu sons and daughters across the world. Aare…

…Charges Fubara to help state recover stolen funds, community lands Coalition of Civil Society Organisations has declared support for the move by Governor Sim Fubara of Rivers State to probe the immediate past administration in the state. The CSOs in a statement by its convener, Comrade Declan Ihekaire, said probing the administration of Nyesom Wike will enable the state to recover stolen funds to support the governor’s developmental projects. Ihekaire said: “We are in full support of Governor Fubara probing and investigating the immediate past administration in the state. “Even though the Governor was past of the administration but probing…

Former Chelsea and Tottenham coach Antonio Conte was hired by Napoli on Wednesday as the deposed Serie A champions try to bounce back from their disastrous league title defence. “Welcome Antonio,” the club’s president and owner Aurelio De Laurentiis wrote on X, formerly Twitter, accompanied by a photograph of Conte signing his contract. Conte, who has also coached Juventus and Inter Milan, has signed a three-year deal which according to Italian media is worth eight million euros ($8.7 million) per season. He is the fifth Napoli coach of the last year in a chaotic period for the club which in…

In a dramatic and controversial move that has sent ripples through the financial sector, Yemi Cardoso, the newly appointed Governor of the Central Bank of Nigeria (CBN), recently revoked the operating licence of Heritage Bank. This decision, ostensibly aimed at restoring stability and integrity to Nigeria’s banking system, in the view of the apex bank, has sparked widespread concern and anxiety among depositors, employees, and stakeholders. While regulatory oversight is crucial for a healthy financial ecosystem, the manner in which this decision was executed raises serious questions about the preparedness and foresight of the CBN under Cardoso’s leadership. The Context…

The Agboyi Ketu Local Council Development Area (LCDA) has recently launched an initiative to empower residents in the community by providing financial support to business owners. The Chairman of Agboyi Ketu, Mayor Dele Oshinowo, has taken the lead in this initiative by empowering 400 residents with N50,000 each, totaling N20 million in financial assistance. The aim of this initiative is to support small business owners in boosting their businesses and improving the local economy. By providing financial assistance to residents, the Agboyi Ketu LCDA aims to create a conducive environment for entrepreneurship and economic growth within the community. In response…

President Bola Tinubu has directed the Minister of Finance, Wale Edun, to present the cost implications for a new minimum wage within two days. Tinubu gave the order at a meeting with the government negotiation team led by the Secretary to Government of the Federation, George Akume, at the presidential villa in Abuja. The Minister of Information and National Orientation, Mohammed Idris, disclosed this in an interview with correspondents after the closed-door meeting on Tuesday. Idris said the President had a meeting with the representatives of the Federal Government in the negotiation with the labour on the minimum wage. He…

For many years, Mouka has steadfastly committed to corporate social responsibility, as evidenced by its five CSR pillars: “Comfort for Children, Health Programs, Skills for Life, Disaster Relief, and Community Support.” Under the ‘Skills for Life’ pillar, Mouka has consistently invested in scholarship and entrepreneurship programs, demonstrating its long-term dedication to empowering Nigerians to contribute to the nation’s economy. As far back as 2019, Mouka began partnering with Herconomy (previously called AGS Tribe), Nigeria’s first Fintech company for women, dedicated to empowering female entrepreneurs and professionals through financial services, capacity building, community, and opportunities. Mouka teamed up with Herconomy to…

AIICO Insurance Plc, a prominent non-banking financial services provider in Nigeria, finds itself entangled in 34 legal disputes while experiencing a significant increase in directors’ compensations and allowances, soaring by 38.54% between March 2023 and March 2024. According to the insurer’s first-quarter financial report for 2024, the company remains undeterred by the legal challenges, asserting that they pose no substantial threat to its operations. Despite facing claims totaling approximately N2.33 billion, AIICO remains confident in its legal stance, as outlined in its financial statement submitted to the Nigerian Exchange Group. The company highlighted ongoing legal battles with entities such as…