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Business News

CBN finally confirms licensing three new banks in Nigeria

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Godwin Emefiele, CBN Governor,

The Central Bank of Nigeria (CBN) has finally confirmed the licensing of three new banks. This is revealed in the information obtained from the website of the apex bank.

According to the section of CBN’s website containing the list of Deposit Money Banks (DMBs) and financial holding companies operating as of July 23rd, 2019, Titan Trust Bank Limited and Globus Bank Limited have been added.

The list also indicates that the regulator has issued a Non-Interest Banking license with regional authorisation to TAJ Bank Limited. With the latest information, the commercial banks operating in the country are now 23, from the initial 21. Also, non-interest banks are now two.

Further Details: With the latest development, the number of commercial banks with national authorization now stands at 11. Note that Banks with national authorisation are banks with a capital base of N25billion and are allowed to operate in all states of the federation but barred from having offshore operations. 

  • while the number of commercial banks with regional authorization (having a capital base of N10 billion and restricted to operate within a geographical scope of a minimum of five and a maximum of 10 contiguous states) now stands at three.
  • Also, with the licensing of TAJ Bank Limited as a non-interest bank with regional authorisation means there are now two non-interest banks operating in the country.
  • Recall, that Jaiz Bank is the non-interest rate bank to be licensed by the CBN with the license to operate in all states of the federation (national authorisation). 

Earlier Development: Nairametric had revealed in April, that the CBN has issued licenses to five (5) new banks. According to the report on the supposed newly banks, only two of the identities of the new banks were revealed and they are Titan Trust Bank and Globus Bank.

  • A former CBN Deputy Governor was reported to be the Chairman Titan Trust Bank
  • Globus Bank reportedly has Elias Eboigbe  Igbinakenzua as one of its promoters. 
  • Analysts have questioned the need for the issuance of fresh banking licenses when the Asset Management Company of Nigeria (AMCON) holds key stakes in two national banks in the country.

[READ: Snippets of the 5 newly licensed banks emerge]

The Newly licensed Banks: According to sources, Globus bank limited obtained its regional banking license in 2019 and begun operations on May 2, 2019.

  • The executive director of Globus Bank Limited is Elias Igbinakenzua. Igbinakenzua has had stints as an Executive Director of Zenith Bank and Access Bank respectively.
  • Titan trust bank was established in 2018 but officially obtained its license in April 2019 as a national bank and started operations. The Executive director is Adaeze Udensi. The bank’s operations include SME banking, Digital banking and Commercial banking

More Banks on the way? The latest announcement made by the Central Bank suggests more banks may soon be licensed by the CBN.

Just as the apex bank has revealed the plan to recapitalise the Nigerian Banks again, the big take away is that the CBN may be planning to issue one or two more licenses so as not to drastically reduce the number of banks in the country.

[READ FURTHER: CBN is set to recapitalise Nigerian banks again]

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Corporate Press Releases

Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences

Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.

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Dupe Olusola

Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.

The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.

For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.

With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.

Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.

 

Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.

Binance

www.transcorphotels.com

Aura by Transcorp

Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.

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Corporate Press Releases

DISCLAIMER: Ex-Cavendish MD distances self from alleged statement on OML 110

Alhaji Ibrahim Mai Deribe, a former MD of Cavendish Petroleum Limited, has dissociated himself from an alleged statement on OML 110.

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PUBLIC DISCLAIMER

My attention has been drawn to a statement with respect to OML110 and published online. This libelous statement purportedly originated from Cavendish Petroleum Limited and was allegedly authored by me whilst also falsely claiming that I, Alhaji Ibrahim Mai Deribe signed in the capacity of Managing Director.

I, Alhaji Ibrahim Mai Deribe, wish to state the following:

  • i. I have not authored any such statement in any capacity – personal or otherwise. I have also not caused another to write on my behalf neither have I had any just or probable cause to author such false, misleading and malicious statements with respect to the revoked OML110.
  • ii. I had also ceased to be the Managing Director of Cavendish Petroleum for a long time so to attribute a statement from me in that capacity or otherwise should be seen for what it is – a disdainful, calculated attempt by unscrupulous agents to mislead, malign and impugn on my integrity and that of others so mentioned for whatever sinister reasons.
  • iii. I completely dissociate myself from the false statement attributed to me and subsequent malicious report published on some faceless online sites without any proof to back it up whatsoever. The statement is highly libelous in its entirety.
  • iv. As far as I am aware, these malicious statements and report are not reflective of my opinion, thoughts or the true state of things based on the facts available.
  • v. Further, to the best of my knowledge, neither Cavendish Petroleum or anyone associated with the company has authorized or caused the publication of the said false statements.

I therefore wish to inform the public and other stakeholders that the purported statement is malicious against the persons mentioned, false, misleading and did not originate from me in any capacity. I fully dissociate myself from the purported, false and malicious report and urge the unsuspecting public and all stakeholders to disregard the statement in its entirety as I will not hesitate to pursue all legal means to prevent and protect my name and reputation from any further misuse and/or misrepresentation – in any capacity.

 

SIGNED:

_____________________________

Alhaji Ibrahim Mai Deribe

Former Managing Director, Cavendish Petroleum

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