Business Archives - Page 7 of 24

Jan

28

2025

Banking irregularity: Access Bank accused of granting N1b loan without collateral

Business, Metro, NewsAccess Bank, Business, Metro

More facts have emerged about how Access Bank granted an N1 billion loan to DDSS International Company Limited, using a property belonging to MOB Integrated Services as collateral without the owner's consent. According to details of the loan obtained by investigators, the property, owned by MOB Integrated Services, was first used to guarantee a loan of N193,139,200 to Balmoral International Limited on May 21, 2013. The credit facilities, referenced AOB/BB/VO/AD/031/05/2013, also included an N120 million term loan and an N20 million import duty facility. The term of the loan was 180 days from the date of disbursement at 20 percent…

Jan

28

2025

By Amos Oge Kalu

Court orders arrest of Access Bank MD, others over alleged property theft, belonging to Obanikoro’s family

Business, Economy, MetroAccess Bank, Business, Court, Economy

A Lagos State High Court judge, Justice Ibironke Harrison, has ordered the arrest of Access Bank's Group Chief Executive, Bolaji Agbede, Managing Director, Roosevelt Ogbonna, and Company Secretary, Robert Imowo, over an allegation of property theft belonging to Obanikoro's son. This is contained in a bench warrant issued by Court No. 18 of the High Court of Lagos State with suit No. LD/24884c/24 with Lagos State Government as Complainant and Bolaji Agree and others as Respondents. The Judge made the order when the defendants, including Balmoral International Limited, DDSS International Company Limited, and Adejare Adegbenro, accused of conspiracy, obtaining by…

Oct

04

2024

By Amos Oge Kalu

CBN Unveils New Foreign Exchange Code to Stabilize Naira

Business, Economy, NewsBusiness, CBN, Economy, Naira

The Central Bank of Nigeria (CBN) has introduced a fresh Foreign Exchange Code to guide participants in the country's FX market, aiming to stabilize the Naira. This move is part of efforts to regulate Nigeria's financial system and supervise the foreign exchange market in line with global best practices. The new FX Code is built around six core principles: Ethics: Promoting transparency and accountability Governance: Ensuring effective oversight and management Execution: Facilitating efficient and timely transactions Risk Management and Compliance: Minimizing risks and ensuring adherence to regulations Information Sharing: Encouraging open communication among market participants Confirmation and Settlement Processes: Streamlining…

Sep

14

2024

By Amos Oge Kalu

Gov. Alex Otti Urges Traders To Relocate To Abia State, Assures Them Of Adequate Security, Business Friendly Atmosphere

Abia State, Business, Economy, MetroAbia State, Alex Otti, Business, Economy, Metro

Governor Alex Chioma Otti OFR has assured leaders and traders of Alaba International Markets, Oyinbo, Ladipo, and United Market Leaders and Traders Association of Nigeria of adequate security measures, a business-friendly atmosphere, and a conducive environment to invest and do business in Abia State. Through his Special Adviser on Trade, Commerce, and Industry, Chief Nwaka Inem, Governor Otti expressed his administration's readiness to create physical infrastructural development and facilities that will serve as a one-stop business hub for investors and traders. https://youtu.be/CqbjrbWDyEQ?si=yEE1qoPXkIG0kYR0 Chief Inem emphasized the state government's commitment to providing a conducive environment for businesses, highlighting initiatives such as…

Sep

07

2024

By Amos Oge Kalu

Beyond the barrel: The tourism imperative (1) – By abiodun KOMOLAFE

Business, Column, Economy, Lifestyle, Metro, News, OpinionAbiodun KOMOLAFE, Business, Economy, Nigeria, Opinion

Nigeria is at the moment in a precarious position, teetering like a heavy toddler due to the instability of its monocrop economy. The country’s heavy dependence on crude (not even refined) petroleum exports exposes a cumulative effect of defective political economies and the complacency of the ruling elite “who have been trained as to how not to think”. It also reminds one of the stage-like observations of Robert Nester Marley, that “in the midst of water, the fool goes thirsty”. Nigeria's reliance on oil can be diversified, but the elite's mindset stands in the way. A notable example is Mexico's…