Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

Fidelity Bank Splashes N13m on Loyal Customers in GAIM Promo

Published

on

Kindly share this post

Fidelity Bank Plc., yesterday splashed 12 of its loyal customers with N13 million at the fifth draw of Get Alerts in Millions (GAIM) season three.

The promotion was designed to enrich customers and encourage a savings culture.

Mr Nnamdi Okonkwo, the bank’s Managing Director, said at the fifth draw in Lagos that the reason for the initiative was to drive financial inclusion, thereby reaching out to unbanked Nigerians.

Okonkwo, represented by Mrs Chinwe Iloghalu, Regional Bank Head, Victoria Island, said that the promo was to promote savings culture and to reward customers’ loyalty.

He said that it was one of the ways to encourage the flow of money into the banking sector by getting people to bring their money into the bank and also appreciate the bank’s customers.

Okonkwo said that the initiative was in line with the Central Bank of Nigeria’s directives for financial inclusion, noting that about 60 per cent of Nigerians were still unbanked.

“We are also using this medium to appreciate our customers because there is no institution that will thrive without a customer base.

“We love our customers and we are giving back to them to show them that they are special and they mean a lot to us,” he said.

The managing director said that the bank would continue to attract more customers through various digital transformation channels.

He, however, called on customers to continue to save with the bank for their future endeavours.

“Savings will transform your life and people must learn to keep something for the rainy day,” Okonkwo said.

Also speaking, the Promo Manager, Mrs Janet Nnabuko, said that the promo was for both old and new customers and consists of monthly draws and bi-monthly draws.

“To be eligible participate in the monthly draws, you should have an existing savings account and top it up with N10,000 every month and for the bi-monthly draws, you have to maintain a minimum of N50,000 every month to participate”.

11 customers of the bank won one million naira each, while one customer won the star prize of two million naira.

Some other customers were rewarded with consolidation prizes, comprising generators, refrigerators and television sets.

Some of the cash prize winners were Ms Chinyere Chima, Mr Chukwudi Obi, Mr Roberts Oronne and Mr Ale Samuel who won one million each, while Mr Ifeanyi Chiedozie won the star prize of two million naira.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

GTCO to Become First Nigerian Bank to List on London Stock Exchange

Published

on

Kindly share this post

By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.

GTCO to Become First Nigerian Bank to List on London Stock Exchange

As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.

This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.

The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.

On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.

It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.

In place of the GDRs, the group will list all its ordinary shares directly.

aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.

The shares will also begin trading on the LSE’s main market for listed securities.

According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.

Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.

This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.

As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.

 


Kindly share this post
Continue Reading

E-Financial

NAICOM Issues New Licenses to SanlamAllianz Life, General Insurance

Published

on

Kindly share this post

The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.

Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.

The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.

This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.


Kindly share this post
Continue Reading

E-Financial

World Bank Approves Extra $65m for Nigeria’s SPESSE

Published

on

Kindly share this post

World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.

World Bank Approves Extra $65m for Nigeria’s SPESSE

The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.

The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.

The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.

This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.

The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.

Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.

This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.

In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.

Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.

These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.

Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.

In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.


Kindly share this post
Continue Reading

Trending