Standard Chartered Bank has announced new business targets for supporting its clients as they transition to a low carbon economy as part of its Sustainability Aspirations. By the end of 2024, the Bank commits to: Providing $40 billion of project financing services for infrastructure that promotes sustainable development Providing $35 billion of project financing services,
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February 23, 2020
Standard Chartered Bank Commits $75bn Towards SDGs
- By : Business Journal
- Banking
- 0 Comments
February 23, 2020
Swiss Re Misses $1.3bn Expected Profit in 2019
Reinsurer, Swiss Re reported weekend a smaller-than-expected profit in 2019 due to claims for a series of man-made and natural disasters, as well as expenses for its U.S. casualty business, sending its shares lower. Net profit in the year rose 73 percent to $727 million, up from $421 million in 2018, but analysts had expected
- By : Business Journal
- Insurance
- 0 Comments
February 23, 2020
‘Coronavirus May Impact Insurance Business’
Ping An Insurance Group Co of China Limited, China’s largest insurer by market value, said over the weekend that the coronavirus crisis may have an impact on its business. Ping An’s comments on the virus were included in its annual results, where the company reported a 39% increase in annual net profit on the strength of its
- By : Business Journal
- Insurance
- 0 Comments
February 23, 2020
Carbon Unveils $100,000 Fund for Startups in Nigeria, Others
Carbon has set up a $100,000 Pan-African fund to address the lack of funding and support holding back budding tech entrepreneurs on the continent. Carbon’s Disrupt fund, the first of its kind by an African fintech startup, will invest up to $10,000 per startup (for 5 percent equity) and give access to Carbon’s API,
- By : Business Journal
- IT & Telecom
- 0 Comments
February 23, 2020
NDIC Liquidates 425 Financial Institutions
As at December 31, 2019, the Nigeria Deposit Insurance Corporation (NDIC) has liquidated a total of 425 financial institutions in Nigeria. Mr. John Abiodun, an Assistant Director in NDIC listed the financial institutions as 51 Deposit Money Banks (DMBs), 325 Micro-Finance Banks (MFBs) and 51 Primary Mortgage Banks (PMBs). He listed challenges facing NDIC in
- By : Business Journal
- Banking
- 0 Comments
February 23, 2020
Interswitch Partners American Express to Broaden Acceptance of Amex Cards in Nigeria
(L-R) Akeem Lawal, DCEO, Payment Processing, Interswitch; Vivi Galani, VP & GM, Business Development GNS EMEA; Mitchell Elegbe, GMD and Founder, Interswitch Group; Jonathan Curtis, Director, Business Development East & West Africa at the launch of Interswitch and AMEX partnership in Lagos recently. Interswitch Limited, a leading technology-driven company focused on the digitisation
- By : Business Journal
- IT & Telecom
- 0 Comments
February 18, 2020
‘Recapitalisation will Strengthen Banks in Nigeria’
The International Monetary Fund (IMF) says recapitalisation will strengthen the resilience and capacity of banks in Nigeria, especially in view of systemic vulnerabilities in the banking sector. After its recent mission to Nigeria, the IMF team issued the following statement: “Banking system vulnerabilities should continue to be addressed. The mission welcomed recent efforts to
- By : Business Journal
- Banking
- 0 Comments
February 18, 2020
IMF: ‘Nigeria Growth Forecast is 2% in 2020, Outlook Challenging’
The International Monetary Fund (IMF) says its growth forecast for 2020 for Nigeria was revised down to two (2) percent to ‘reflect the impact of lower international oil prices.’ It also says that ‘Inflation is expected to pick up, while deteriorating terms of trade and capital outflows will weaken the country’s external position.’ A
- By : Business Journal
- Economy
- 0 Comments
February 18, 2020
Stanbic IBTC Partners Afreximbank on N300bn Domestic Bond
Stanbic IBTC Capital Limited, a subsidiary of the Stanbic IBTC Holdings PLC, has established a ₦300 billion Domestic Bond Programme for the African Export-Import Bank (Afreximbank). The signing ceremony which held in Lagos marked the official kick-off of the initiative. Afreximbank, a multi-product partner of Stanbic IBTC and the Standard Bank Group, is
- By : Business Journal
- Banking
- 0 Comments
February 18, 2020
AIG to Invest $1.3bn by 2023 on Technology, Services
American International Group (AIG) says it will invest $1.3 billion over the next three years in its massive AIG 200 initiative to revamp and improve technology infrastructure and services. AIG President and COO, Peter Zaffino said work on the identified “10 core operational programs” would kick-start this year. Zaffino said: “We have been carefully
- By : Business Journal
- Insurance
- 0 Comments
February 18, 2020
Law Union, WAPIC Losses Drag Insurance Index Down by 0.8%
A report by Afrinvest Research says sustained losses yesterday by Law Union & Rock Insurance Plc (-9.6%) and WAPIC Insurance Plc (-9.1%) dragged the Insurance Index lower by 0.8% at the Nigerian Stock Exchange (NSE). Consequently, both Law Union and WAPIC led the bearish run at the market. Afrinvest says it expects the bearish
- By : Business Journal
- Insurance
- 0 Comments
February 17, 2020
AIICO Holds Board Meeting on February 20, 2020
Babatunde Fajemirokun Managing Director/CEO AIICO Insurance Plc AIICO Insurance Plc will hold its Board Meeting on February 20, 2020 to review and approve the company’s financials for the year ended December 31, 2019 and also consider the payment of dividend to shareholders. The notice was contained in a statement to the Nigerian Stock Exchange
- By : Business Journal
- Insurance
- 0 Comments
February 17, 2020
NIGERIA Set to Host 47th AIO Conference 2020
Tope Smart Chairman Nigerian Insurers Association The Federal Republic of Nigeria is set to host the 47th African Insurance Organisation (AIO) in Lagos, from 31st May to 03rd June, 2020. The Conference would be organised by the Nigerian Insurers Association (NIA), under the Chairmanship of Mr. Tope Smart, who is also the Group Managing Director/Chief Executive Officer of
- By : Business Journal
- Insurance
- 0 Comments
February 17, 2020
Verve Launches ‘Live the Good Life Campaign’
Verve, the largest domestic card scheme in Africa, recently launched a new campaign themed “Live the good life”. The campaign reiterates the essence of the brand, affirming its versatility and the brand’s ability to enable cardholders to live the good life they so desire. The campaign, anchored on the brand’s Television Commercials (TVCs) uses
- By : Business Journal
- IT & Telecom
- 0 Comments
February 17, 2020
Verve Launches ‘Live the Good Life Campaign’
Verve, the largest domestic card scheme in Africa, recently launched a new campaign themed “Live the good life”. The campaign reiterates the essence of the brand, affirming its versatility and the brand’s ability to enable cardholders to live the good life they so desire. The campaign, anchored on the brand’s Television Commercials (TVCs) uses
- By : Business Journal
- IT & Telecom
- 0 Comments
