Category: Money and Stocks

Nigeria’s labour union Threatens War over Banks, Power charges hike

ADEOLA YUSUF

  The Nigeria Labour Congress (NLC) has threatened a war over attempt by either public or private enterprises in the Africa’s biggest crude oil exporter to hike user access and service charges under the guise of economic downturn occasioned by the COVID-19 pandemic. President of NLC, Comrade Ayuba Wabba, who, in a statement made available to Platforms Africa, vowed that all labour unions would resist the move, noted that Nigerians were already passing through a chain of very hard times, said they were entitled to fair, equitable and just utility…

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Nigeria’s Wema Bank shuts regional, branch offices as 54 staff, customers contract COVID-19

ADEOLA YUSUF

About 54 staff and a few customers of Wema Bank in Lagos, Nigeria’s commercial nerve centre, have been sent to the Lagos State isolation centres for the treatment and management of Coronavirus Disease. A Lagos-based online medium, The Eagle Online, which reported this quoting impeccable sources, noted that this followed the outbreak of the virus at a Lagos State office of the bank, which serves as both regional and branch offices. The affected office, The Eagle Online gathered, was the bank’s office at Oba Akran Avenue in Ikeja, which serves…

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COVID-19: FirstBank staff tests positive, 24 others quarantine 54 days after losing manager in Kano

ADEOLA YUSUF

FirstBank has redeployed a full team of fresh staff to a branch in Lagos after the facility was disinfected due to confirmation that a member of the old team was tested positive  for COVID-19 while other were put on compulsory isolation.   The COVID-19 scare rocking the First Bank of Nigeria Limited degenerated on Tuesday as the financial institution announced that one of its staff at a branch in Marina, Lagos, Nigeria, has tested positive for the dreaded infection . This came barely 54 days after the bank mourned a…

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Nigeria’s apex bank, CBN, slashes benchmark interest rate to 12.5%

ADEOLA YUSUF

  The monetary policy committee of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate to 12.5% from 13.5%. Godwin Emefiele, governor of the apex bank, announced the committee’s decision on Thursday at the end of the committee’s meeting. Emefiele said the committee was of the opinion that tightening would be “inappropriate” given the economic disruptions caused by the COVID-19 pandemic. Cash reserve ratio (CRR) was retained at 27.5% and liquidity ratio at 30%.

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Dangote, GTBank, MTN rank top in Africa 100 most admired Brands’ list

ADEOLA YUSUF

  Taofeeqor bint Abdul-Walid Nairobi, KENYA Dangote, GTBank and MTN have been ranked top on the list of Africa’s 100 best brands as announced in the 10th anniversary rankings of Brand Africa 100. Africa’s Best Brands is a pre-eminent survey and ranking of the Top 100 most admired brands in Africa. The rankings, according to information made available to Platforms Africa by African Media Agency, AMA, were announced in a novel global virtual event that incorporated the market openings of Kenya, South Africa and Nigeria. The rankings will be published in the June by…

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