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Showing posts with the label BUSINESS NEWS

Hello! Union Bank wants to break the Youth market

By Niyi Tabiti Back in the days, Union Bank pay off "Big, Strong,Reliable" was very exciting to the ears.The adverts was shown regularly on television with the logo of a horse.Union bank was always on the top five best banks in Nigeria.    However, Gistmaster findings show that Union bank management forgot to consolidate on the achievement of the

Here is what Stanbic IBTC told Gistmaster about the Financial Council Issue

After publishing the news of Financial council suspension of IBTC directors,Gistmaster got a message from the bank stating their own side of the story. Our attention has been drawn to the media statements by the Financial Reporting Council of Nigeria (FRCN) in which several inaccurate and unseemly allegations were made against Stanbic IBTC Holdings PLC (“Stanbic IBTC”). Although the matter is in court, we are

Stanbic IBTC Directors suspended by Financial Council over Irregularities in Financial Statements

The Financial Reporting Council of Nigeria has suspended the Chairman of Stanbic IBTC Bank Plc, Atedo Peterside; its Managing Director, Sola David-Borha; and two staff of KPMG, Arthur Oginga and Dr. Daru Owei, over accounting irregularities and improper disclosures in Stanbic IBTC’s 2013 and 2014 financial statements. The FRC in a statement on Monday, said Peterside, David-Borha and the KPMG staff remain suspended until the conclusion of investigation into the

Is Jumia losing Nigeria market to Konga?

  Jumia just sacked about 300 staff and that is really no good news to many people who have been following the trend in e-commerce business in Nigeria. Rocket Internet the major investor behind Jumia have not issued a statement on the future of it business in Nigeria.   But Gistmaster gathered that Jumia's office in Zambia is shut and out of business.Felicia Omari-Ochelle, writing for Venture Africa noted that despite the huge investor fund,Jumia is yet to declare profit in Nigeria.    If Jumia sacks 30 per cent of it workforce in Nigeria. What does that mean? Do i hear you say Konga, it major competitor led by Sim Shagaya is winning? Well, Konga carried out it own mass sack in the past.

First Bank announces Adeduntan as Onasanya's successor,Awosika takes over as Chairman

Adeduntan FBN Holdings Plc,  the leading and most diversified financial services group in Nigeria,  today announced major changes to its leadership team, effective  January 1 2016 . Mr. Bello Maccido, pioneer Group CEO, FBN Holdings, is leaving his position to become pioneer Chairman of the newly-licenced FBN Merchant Bank Ltd, while Mr. UK Eke (MFR), currently

Top 3 Start-ups revolutionizing Job search in Nigeria

Thousands of Nigerians flock the internet on a daily basis in search of jobs as gaining employment has been quite chore. Despite the explosion of apps, websites and other tools for job applicants seeking to optimize their hunt for employment in Nigeria, many are still unable to


Marek Zmyslowski, the co-founder and managing director of, Africa's largest hotel booking portal has provided seed capital as initial investments in Nigeria's first  online retailer of audio books. Marek who is also bringing his extensive experience of over 8 years in the cyber market place will

Fidelity Bank MD, Nnamdi Okonkwo, Restates Commitment to Excellent Customer Experience

Managing Director/Chief Executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo has said that the Bank will continue to reward loyal customers to show appreciation for their patronage of the bank’s products. This, Nnamdi Okonkwo said, is to encourage the banking public to benefit from the bank’s numerous products and in line with the Bank’s mission to make financial services easy and accessible Mr. Okonkwo made the statement at the weekend while reacting to the N52m the Bank gave to over 100 customers in the on-going Fidelity Loyalty Savings Scheme. Specifically, Nnamdi Okonkwo said that the Bank is committed in its drive towards excellent service delivery and

Tony Elumelu Foundation and Oppenheimer family launch Book on Africans Investing in Africa

CAPE TOWN – Two of Africa’s most prominent foundations – the Nigeria-based Tony Elumelu Foundation and the Oppenheimer family’s Brenthurst Foundation of South Africa – launched an important new book titled “Africans Investing in Africa” on the sidelines of the World Economic Forum Africa meeting in Cape Town. The 338-page book covers a range of important topics critical to Africa’s development. It provides a unique perspective of how Africans are leading the way through intra-African trade and investment, documenting how, where and why Africans invest across the continent.  The book also identifies the economic, political and social experiences that hinder or stimulate

First Bank GMD,Onasanya bows out

The group managing director of First Bank Plc, Mr. Bisi Onasanya retires after many years of meritorious service. A statement by Folake Ani-Mumuney, FBN Holdings Global Head of Marketing and Corporate Communications, confirmed the latest news. Onasanya is reputed as the architect of modern day First Bank.  Mr. Bisi Onasanya is set to retire at a high point of his career as Group Managing Director/Chief Executive Officer, First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc and Nigeria’s most valuable banking brand, at the successful completion of his tenure.      His retirement takes effect at the end of the current Financial Year on December 31 2015. Mr. Onasanya is retiring on the

Peak Celebrates 60 Years of Nourishing Nigeria with Quality Dairy Nutrition

     Dolapo Otegbayi, Marketing Manager, FrieslandCampina WAMCO Nigeria Plc; Tarang Gupta, Marketing Director, FrieslandCampina WAMCO Nigeria Plc; Nwankwo Kanu, Nigeria’s Ex-International; Rahul Colaco, Managing Director, FrieslandCampina WAMCO Nigeria Plc and Wilco Van Dijken, Sales Director, Modern Trade, FrieslandCampina WAMCO Nigeria Plc at the Peak 60th Anniversary Celebration Event held at Eko Hotel on Saturday, May 23, 2015. A milestone is here for Peak, as it celebrates its 60 years anniversary! FrieslandCampina makers of Nigeria’s favorite dairy brand - Peak Milk - celebrates its sixty years anniversary. Since its presence in the Nigerian market, Peak milk has been delivering consistent quality dairy nutrition to its teeming loyal consumers residing in East, West, North and South of Nigeria. "Over the last 60 years, Peak has continued to be strong throughout the several changes in the market," said Rahul Colaco, Managing Director of Friesland Campina. &qu

Tony Elumelu rallies support for African private sector in Oxford,Paris and New York

Chairman of Heirs Holdings Tony O. Elumelu and Oxford University Dean Peter Tufano at the historic Oxford Union, where Mr. Elumelu delivered a speech on Africapitalism as a Catalyst for Africa's Development at the weekend Oxford, United Kingdom.  African businessman and philanthropist Tony Elumelu has called on business leaders to make decisions that will increase economic and social wealth, and promote development in the communities and nations in which they operate. Mr. Elumelu, the Chairman of Heirs Holdings and the Founder of the Tony Elumelu Foundation, stated this in a closing keynote speech titled, “Africapitalism as a Catalyst for Development in Africa”  delivered


L – R: MD/CEO Unity Bank Plc, Mr. Henry J. Semenitari; Mr. Ade Bajomo, ED, Market Operations & Technology, NSE presenting the gong to the Chairman of the  Board of Directors, Unity Bank Plc., Mr. Thomas Etuh at the presentation of the Facts Behind the Figures by the Bank at the Exchange, recently. L : Managing Director/CEO Unity Bank Plc, Mr. Henry J. Semenitari; Executive Director, Market Operations & Technology, Nigeria Stock Exchange, Mr Ade Bajomo; Chairman,  Unity Bank Plc Mr. Thomas Etuh and Executive Director, Unity Bank Plc, Mrs Aisha Abraham at the presentation of the Facts Behind the Figures by the Bank at the Exchange, recently. L – R: Mr. Haruna Jalo Waziri, Executive Director, Business Development, NSE; Mr. Ade Bajomo, Executive Director,Market Operations & Technology, NSE; Mr. Thomas Etuh and the Managing Director/CEO Unity Bank Plc, Mr. Henry J. Semenitari at the presentation of the Facts Behind the Figures by the Bank at the Exchan


1) Confirm that the bank's website address is the correct one.Scammers have produced fake websites that look like the original just to hoodwink people into submitting their authentic details 2)Do not disclose your Internet Banking User Name or Password to anyone, even when the person claims to be an official of the bank.     3)Please download FREE online protection software from Trusteer available within Internet banking to prevent fraudulent access to your account.      4)Do not give your Card details out on the phone or in response to any e-mail communication that you did not initiate.      5)Be on the look-out for unusual devices on an ATM as these could be used in reading your card details to fraudulently clone your Card.      6) Keep your Card in a secure place just as you would your cash.      7) Never keep your Card and PIN in the same location.      8) To enable your bank provide you with important information on your account, please update your contact detai


  The Aloko of Iloko Ijesha, Oba Oladele Olashore is dead. Olashore was a former Managing Director of First Bank Plc before he was appointed Secretary of Finance (An equivalent of Minister of Finance during the time of General Abdulsalam Abubakar as Head of State. Olashore also founded the well known Olashore International School in his home town of Iloko-Ijesha. Oba Olashore also established Lead Merchant Bank and Lead Capital.   Olashore would be remembered for his major contributions to his home town,investing his liquid cash and managerial experience towards the upliftment of the town.The traditional ruler died at the age of 77.


Keith Richards MD Promisidor Contract staff working with Promasidor in Nigeria yesterday protested what they described as delay in payment of their salaries.   As a result of the protest, the management of Promasidor invited policemen to forestall a break down of law and order, which might lead to damages of the company properties.    Gistmaster gathered that two companies hire contract staff who work mostly in the production department for promasidor.One is known as Global Manpower while the other is called Sustainability.   Those employed by Global Manpower have been paid their May salaries on the 23 May but those employed through Sustainability are yet to be paid. Sources hinted that the recent development is giving room to suspicions about politics in Promasidor, especially between the management of Sustainability and Global Manpower in a bid to out do one another in the business of staff sourcing.Sustainability is allegedly owned by


Is it the latest fashion or the new national flag? These were some of the questions on the lips of curious Lagosians yesterday, who woke up to the sight of optical Smartphone readable codes better known as barcodes in different areas of the metropolis. The imposing signs appeared everywhere, from shopping malls to school buildings, from billboards to T-shirts, everyone appeared to be rocking a barcode! The barcodes had a mysteriously simple message written below; ‘Scan me for a new attitude’. According to eyewitnesses who scanned the barcode, they were confronted with yet another mysterious message in neon green. It read, ‘DON’T BLEND IN: BE UNIQUE, FIND OUT HOW ON 05: 04: 12’. Feelers reaching us say that this mysterious new message is coming from telecoms giant Etisalat who are planning to unveil yet another innovative package for Nigerians on April 5. The company remains mum about the issue, but there is clearly a lot of buzz at their numerous offices and headquarters situated


Ori Adeyemo, a forensic accountant  and Managing Consultant of Forensic Consulting said the problem of Nigerian banking industry is Malam Sanusi Lamido Sanusi the Governor of Central Bank. Can we meet you and how long have you been in your profession? My name is Ori Adeyemo, I have been into Forensic Accounting Consultancy since 1997, but I got into it full time and professionally in 2006.  I am aware that the financial institution in Nigeria is full of fraud. Even the Capital market, Insurance and other institutions are laced with fraud. But what really catches my fancy is the banking industry and that’s what affects most Nigerians and there’s nobody or an individual that at one point or the other has not go to do with the banking industry. It’s basically the people that made me focus more on the banking industry and more especially when we have a country with a depressed economy like Nigeria.   Apart from the common Nigerians, what propels you in the profession? I am aware some


Kolawole Oyeyemi-GM consumer services MTN Lynda Saint Nwafor-Chief Technical officer TV Presenter, Aisha Falode Tony Udenze It was to a cheering crowd that Kolawole Oyeyemi, GM Consumer Marketing; MTN Nigeria launched his new book, “Wealth without Theft” at the Grand Ballroom, Eko Hotel and Suites in Victoria Island, Lagos. Guests included top bosses from the telecommunications, advertising, marketing and PR industries. Starting out with a lush cocktail session, guests were treated to an impressive recitation by the poet, Sage and a performance by popular saxophonist; Sax Dude. There was also a surprise documentary on the celebrant made by friends and family. After the book was launched, it was reviewed by Mr. Lolu Akinwunmi (Chairman, APCON and Prima Garnet) and later, different guests said a few words about the author and made private donations to the book. Notable faces at the Saturday, February 18 event include, Mr. Felix Omoikhoje Ohiwerei (Chairman, ARM Funds) who


By Niyi Tabiti Several branches of Intercontinental Bank that have been tagged 'not performing' has been shut down by Access Bank, the new owners of the bank just as over one thousand staff of the same bank  lost their jobs. Gistmaster gathered some of the braches of Intercontinental Bank shut down by Access Bank includes the one at Ikeja, Ibafo and Akute.Austin Edoja, the