FirstBank appoints Gbenga Shobo as new MD/CEO as Adeduntan retires

FirstBank appoints Gbenga Shobo new MD/CEO

First Bank appoints Gbenga Shobo   The board of directors of First Bank of Nigeria has approved the appointment of Gbenga Shobo as the new Managing Director/Chief Executive Officer (CEO), effective from today, Wednesday.   Prior to his promotion, Shobo was the bank’s Deputy Director and he succeeds with Adesola Adeduntan who will be leaving the bank in compliance with the bank’s term limits for CEOs after leading the affairs of the bank since 2016.   Meanwhile, Abdullahi Ibrahim has been appointed as the new Deputy Managing Director, while Mr…

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Great Nigeria Insurance paid N501.6m claim in Q1

Great Nigeria Insurance paid N501.6m claim in Q1

Great Nigeria Insurance paid N501.6m claim in Q1     Great Nigeria Insurance Plc (GNI) has revealed that it paid out the sum of N501.6 million claims to insurers in the first quarter of 2021. This disclosure was given by Oyinkansola Sobande, the company’s spokesperson and corporate communications and brand manager in a statement on the total claims so far paid by the company this year. Sobande pointed out that downturn in the economy caused the insurer to record such alarming claim experience. According to her, “every insured wants to…

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Google’s Eko for Show to showcase creative genius to the world

Eko for Show

Google’s Eko for Show to showcase creative genius to the world     Google Arts & Culture has announced the launch of Eko for Show, an initiative to showcase and celebrate Lagos, one of the world’s most vibrant cities for youth, creativity and technology. Profiling over 100 creatives across the spectrum of music, art, photography, fashion, musicals, literature and food, the online exhibition will shine a light on the city’s thriving creative communities and aims to inspire the next generation of creatives. In partnership with seven of Lagos’s top cultural…

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NGX trains stockbrokers beyond equity asset class

NGX rebrands market indices

NGX trains stockbrokers beyond equity asset class     Nigerian Exchange (NGX) Limited has kicked off its first Automated Trading System (ATS) Certificate Training for stockbrokers in 2021 with a focus on capacity building beyond equities. This makes the second cohort under this new remote framework since 2020, consisting 78 registered participants who will undergo training from 28 April to 19 May 2021, according to a press statement on Wednesday. In line with NGX’s commitment to enhance the knowledge of capital market players across multiple asset classes, the ATS Certification Training…

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G7 leaders ink agreement over global tech regulation

G7 leaders Global tech regulation

G7 leaders ink agreement over global tech regulation     Top leaders from G7 nations today signed an agreement over proposed new tech laws aimed at curbing the power of Big Tech and improving safety on online platforms. Politicians from the UK, Canada, France, Germany, Italy, Japan, the US and the EU signed a declaration outlining a series of shared principles on how to tighten tech rules. The joint declaration was signed at a virtual meeting hosted by digital secretary Oliver Dowden ahead of the G7 summit in June. “As…

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Gemini crypto exchange partners Mastercard to roll out crypto reward credit cards

Gemini crypto exchange partners Mastercard to roll out crypto reward credit cards

Gemini crypto exchange partners Mastercard to roll out crypto reward credit cards     Gemini, a cryptocurrency exchange has announced a partnership with Mastercard, a global payment merchant to roll out crypto rewards credit cards which they disclosed will be offered this summer. Gemini made the announcement in a blog post where it revealed that the partnership with Mastercard network will allow the credit card users earn up to 3 per cent back in bitcoin or other cryptocurrencies on the dollars spent. Since it was first introduced in early 2021,…

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Ecobank Group posts N40.3bn profits in Q1

Massive appetite as Ecobank $350m Eurobond receives 360% global oversubscription

Ecobank Group posts N40.3bn profits in Q1   It was a great start with renewed energy for Ecobank Transnational Incorporated (ETI) in 2021 as the financial institution delivered positive numbers at the end of the first quarter. The Bank reported that its profit before tax rose by 22 per cent to N40.3 billionn in the first quarter of 2021. Ecobank disclosed this in a statement on its unaudited results for the period ended March 31, 2021, titled ‘Ecobank Group declares superlative Q1 result; PBT up 22 per cent to N40.3…

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The strange yield curve

The strange yield curve

The Strange Yield Curve   By Coronation Research   Since the beginning of the year fixed income yields have been rising. Yet the movement in rates has been unequal across durations. Long-term bond rates have risen sharply and so too have 1-year T-bill rates at auction. But short-term T-bill rates have stayed low. FX Last week the exchange rate in the Investors and Exporters Window (I&E Window) strengthened by 0.24% to close at N410.00/US$1. In the parallel, or street market, the Naira weakened by 0.62% to close at N485.00/US$1. The gap…

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Okonjo-Iweala to deliver address at NIM’s 60th-year celebration

Okonjo-Iweala

Okonjo-Iweala to deliver address at NIM’s 60th-year celebration     Nigeria’s former Minister for Finance and the current Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, will be the guest speaker at the forthcoming Nigerian Institute of Management’s (NIM) 60th anniversary celebration. According to a statement issued by the Registrar/Chief Executive of the Institute, Tony Fadaka, the Diamond Jubilee will have two major events, the anniversary lecture and luncheon. He said the 60th anniversary lecture themed ‘Celebrating 60 years of management excellence: Poised for more’, would be delivered by…

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Lagos to award N844bn fourth Mainland Bridge contract December

fourth Mainland Bridge

Lagos to award N844bn fourth Mainland Bridge contract December     The Lagos State Government (LASG) is completing modalities for the award of contract for the Fourth Mainland Bridge. The government gave an assurance on Tuesday that by December, the reserved and preferred bidders would be known, the News Agency of Nigeria reports. Governor Babajide Sanwo-Olu’s Special Adviser on Works and Infrastructure, Mrs Aramide Adeyoye, made the disclosure during a ninisterial press briefing to mark the second anniversary of the Sanwo-Olu administration. Adeyoye said that the government was transparent to…

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