Financial Services
Stanbic IBTC Holdings Plc establishes its wholly-owned life insurance subsidiary
Stanbic IBTC Holdings Plc has announced the establishment of its wholly-owned life insurance subsidiary.
Stanbic IBTC Holdings Plc (“Stanbic IBTC” or “the Company”) announced that it has obtained all required Regulatory Approvals, in a bid to complement and diversify its range of product offerings.
This includes a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary to be referred to as Stanbic IBTC Insurance Limited (“SIIL”).
The notification was revealed today through a press release, signed by the Bank’s Secretary, Chidi Okezie, and sent to the Nigerian Stock Exchange market today.
What you should know
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with major business focus on three pillars – Corporate and Investment Banking, Personal and Business Banking, and Wealth Management.
Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.
The largest shareholder of the Group is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding.
Why this matters
The recent corporate action by the bank is aimed towards diversifying the service offerings by the bank and advancing its frontiers as A leading end-to-end financial solutions provider in Nigeria.
In lieu of this, Stanbic IBTC Insurance Limited aims to provide insurance for financially included individuals and become the preferred insurer in the Life Insurance Business.
Financial Services
CBN freezes 194 bank accounts of Bureaux De Change firm, others
This was disclosed by the apex bank, as it published the three court orders on its website.
The Central Bank of Nigeria (CBN) has received orders from the Federal High Court, Abuja, to freeze 194 bank accounts owned by Bureaux de Change firms and other organisation to conduct investigations into suspicious activities.
This was disclosed by the apex bank, as it published the three court orders on its website.
The document, which was signed by the Presiding Judge, A.R. Mohammed, empowered the CBN to direct the banks to freeze all the bank accounts for a period of 45 days only, pending the outcome of the investigation.
READ: CBN freezes 11 bank accounts of companies, individual
It stated, “The order may be extended upon good reasons shown. Any person aggrieved by this order could apply to the court to have the order set aside, discharged or have the order reviewed for good reasons without waiting for the 45 days to lapse.”
Some of the firms affected are Seasons Bureau De Change Limited, Sethwealth Ventures Limited, Sani Polo Global Investment Limited, Romvic Ventures Limited and Blue Beam Capital Limited among others.
READ: Why Nigerian Crypto community is angry with CBN
See the court orders:
Sethwealth Ventures
What you should know
- The CBN on Wednesday had got an order to freeze 11 bank accounts to enable it to conduct investigations into suspicious activities, according to Nairametrics.
- The order follows an exparte motion, dated March 12 and filed on March 16, seeking the mandatory order of the court to direct First City Monument Bank (FCMB) Limited to freeze all transactions on the listed accounts and all other bank accounts of the defendants for 180 days pending the outcome of investigation and inquiry currently being conducted by the CBN.
Business News
This decade will be bullish for Nigeria’s tech space – DLM Capital Group
DLM Capital Group has announced its plans to expand into Nigeria’s million-dollar fintech sector.
Leading developmental investment bank, DLM Capital Group has announced its plans to expand into Nigeria’s million-dollar fintech sector, following its acquisition of Links Microfinance Bank.
The license will give DLM Capital Group the mandate to operate small-scale banking services in Nigeria. This will also allow the launch of its star digital lending brand, Sofri, in the second quarter of this year. The acquisition, combined with the bank’s many fintech efforts already underway, will position it to deliver even more value for corporates and consumers.
DLM Capital Group’s acquisition of Links MFB represents both an entry into new businesses and complementary enhancements to the institution’s existing subsidiaries.
READ: Debt Service: Projects that we finance must generate revenue – DMO
First, this prospect opens new market opportunities for the bank on the African continent.
Second, the acquisition will enable the institution to exit its ‘legacy bank’ visibility and work more closely with the fintech community to build a ‘challenger bank’ brand that proffers innovative technological solutions for the Nigerian market.
What they are saying
The Corporate Communications Manager at DLM Capital Group, Chinwendu Ohakpougwu stated:
“We are particularly excited about our acquisition of Links MFB and how it enhances the growth trajectory of our business. This highly strategic acquisition represents another significant milestone for us on our journey as a resilient and well-capitalized financial institution with advanced scale and capacity to deliver sustainable and best-in-class financial services within the Nigerian market.
We are confident that this decade will be bullish for Nigeria’s tech space and are ready to work with the fintech community in strengthening the solutions necessary to meet consumer needs.”
READ: Which of these contender groups will produce Nigeria’s biggest bank?
What you should know
DLM Capital Group prides itself as a foremost developmental investment bank in Africa and functions as a sole arranger to more than 80% of structured finance transactions in Nigeria, with 100% of all securitization transactions in the market currently.
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