Business

***Says Bank Issued False Statement Tayo Olanipekun Milost Global Inc. said it ended talks to provide $1 billion to Unity Bank Plc, following threats it received from Nigeria that the investment company will be forced out of the country if the deal continues, Bloomberg has reported. The private-equity firm also told the media outlet on Monday that Unity Bank issued …

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Sergei Mavrodi, founder of the Mavrodi Mondial Movement (MMM) ponzi scheme, is dead. Mavrodi, 62, was reported to have died of a heart attack at a hospital in Moscow, capital city of Russia, on Monday. A passer-by at Polikarpov street was said to have called an ambulance after Mavrodi complained of weakness and pains in his chest on Sunday evening. …

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The United Bank for Africa (UBA) Plc has launched the second edition of its Campus Ambassador Programme with the induction of 30 new brand ambassadors. The UBA Campus Ambassador Programme is an initiative to identify young emerging leaders among students of tertiary institutions and give them a unique and highly rewarding learning experience. The 30 successful candidates were selected from …

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As part of efforts to support the Central Bank of Nigeria’s Financial Literacy Day, which marks the Global Money Week, Heritage Bank Plc empowered 5, 544 (pupils and teachers) in 11 secondary schools across the country. The CBN’s Financial Literacy Day is a globally celebrated event to promote savings, drive Financial Inclusion, invariably gain a higher standard of life and …

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A report by the World Bank has disclosed that the financial deficit that Nigeria’s electricity market has recorded between 2015 and 2016 when the country’s electricity regulator – the Nigerian Electricity Regulatory Commission (NERC) failed to allow the market to charge cost-reflective tariff was $1.4 billion. It also stated that on the average, the country’s electricity market recorded $1 billion …

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Heads of States, public decision-makers, bankers, capital investors as well as African and international corporate leaders are today gathered at the Africa CEO Forum in Abidjan, Cote d’Ivoire, to discuss and take lessons from the success stories of the African private sector as well as dialogue and propose strategic solutions regarding the development of African enterprise and markets. Nigerian representatives including …

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United Bank for Africa (UBA) Plc has announced its audited results for the financial year ended December 31, 2017, showing significant growth in the contribution and market share from its pan-African subsidiaries, among other positive trends in its financial performance. A statement from UBA at the weekend showed that the pan-African financial institution’s gross earnings grew substantially to N462 billion, …

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Ecobank Nigeria’s Managing Director, Mr Charles Kie says early adoption of financial principles is the panacea to success. He has therefore advised students and youths to imbibe financial principles at an early stage of their life as this will help them manage their resources effectively in the future. The Managing Director was speaking during a lecture session with students at …

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An Ikorodu Customary Court in Lagos on Friday dissolved a 30-year marriage between a civil servant, Virginia Ugwuja, and her husband, Emmanuel, a retired Police officer, over irreconcilable differences. The 49-year-old petitioner told the court that her estranged husband, who is a pastor, accused her of being possessed by an evil spirit. “Since he heard from the church that I …

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The Federal High Court in Lagos has restrained the Lagos State Government from enforcing the provisions of its new Hotel Occupancy and Restaurant (Fiscalisation) Regulations 2017. The law introduced a five per cent consumption tax in addition to a five per cent Value Added Tax on every purchase or service rendered by hotels, restaurants, fast food outlets, event centres, bars …

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