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Sterling Bank Stops Transfer Fees On Online Transactions

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7 days ago

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Sterling Bank has announced the removal of transfer fees on all local online transactions.

The move was confirmed by the bank on Tuesday in a press release.

The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.

The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.

The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.

The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.

“We believe access to your own money shouldn’t come with a penalty.

“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.

Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.

Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.

He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.

Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.

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Business

Stock market rebounds with N101bn gain

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18 hours ago

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April 9, 2025

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Nigerian Exchange Ltd. (NGX) rebounded on Tuesday, reversing several days of bearish trends, with a gain of N101 billion.

The NGX market capitalisation rose by N101 billion or 0.15 per cent, closing at N65.589 trillion, up from N65.488 trillion on Monday.

Similarly, the All-Share Index (ASI) increased by 159.88 points or 0.15 per cent, closing at 104,376.75, compared to 104,216.87 in the previous session.

However, the market breadth closed negative, with 43 losers and 16 gainers.

On the losers’ chart, Union Homes Real Estate Investment Trust fell by 9.95 per cent, closing at N46.15. Nigerian Aviation Handling Company dropped 9.94 per cent to N62.95 per share.

NEM Insurance declined by 9.92 per cent, closing at N11.80, while Lasaco Insurance lost 9.86 per cent, closing at N1.92 per share.

Royal Exchange also fell by 9.78 per cent, closing at 83k per share.

On the gainers’ chart, Secure Electronic Technology rose by 8.89 per cent, closing at N0.49. Abbey Mortgage Bank gained 8.35 per cent, closing at N5.58 per share.

Sterling Bank increased by 6.85 per cent, closing at N5.15, while VFD Group grew by 5.26 per cent, closing at N66.00 per share.

Mutual Benefit Assurance also gained 4.55 per cent, closing at 92k.

A total of 460.57 million shares worth N10.105 billion were traded across 14,528 transactions.

This compares to 444.11 million shares valued at N11.148 billion traded across 15,690 transactions earlier.

Access Corporation led the activity chart with 56.49 million shares worth N1.185 billion.

Guaranty Trust Holding Company followed with 51.56 million shares worth N3.430 billion. Fidelity Bank traded 24.067 million shares valued at N431 million.

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First City Monument Bank exchanged 23.35 million shares valued at N208 million, while United Capital transacted 23.305 million shares worth N319.86 million. (NAN)

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ECOWAS Bank approves €230m to strengthen infrastructure in West Africa

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18 hours ago

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April 9, 2025

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The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a total of €230 million and $10 million to finance projects aimed at stimulating development and boosting economic activities in West Africa.

A statement by the bank on Tuesday said the financing package was granted during the 91st irdinary meeting of the Board, held under the chairmanship, Dr George Donkor, President and Chairman of the Board of Directors of EBID.

The statement said the facilities would be put towards the following projects:

“A $50 million line of credit to Sterling Bank Ltd. in the Federal Republic of Nigeria to support Small Medium Enterprises operating in various sectors, including health, education, agriculture, renewable energy, and transport.

“A EUR 10 million facility to Bénin Cashew SA to co-finance the construction of five cashew nut processing units and a cashew balsam production unit in the Glo Djigbe industrial zone in the Republic of Benin.

“This project is estimated to cover 50 per cent of national cashew production needs while creating 1,666 permanent and daily jobs within the framework of Benin’s Strategic Plan for the Development of the Agricultural Sector.

“A $180 million line of credit to Mota-Engil Nigeria to co-finance the Kano-Maradi standard gauge rail project, linking northern Nigeria to Niger.

“This strategic project will strengthen regional integration, facilitate cross-border trade, and create over 100,000 jobs during the construction phase and 20,000 permanent jobs once operational,” it said.

According to it, the newly approved commitments are aligned with the United Nations Sustainable Development Goals (SDGs), in particular, SDG 9 – Industry, innovation and infrastructure, and SDG 13 – Climate Action.

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It added that the commitment also aligned with EBID’s strategy to develop priority sectors.

“With this investment, EBID’s total commitments in the sub-region amount to $4.5 billion,” the statement said. (NAN)

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New NNPCL Boss Urged To Absorb Hyson Staff Over Labour Law Fears

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1 day ago

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April 8, 2025

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The Global Information Team (GIT) has urged the newly appointed management of the Nigerian National Petroleum Company Limited (NNPCL), led by Ojulari, to honour a prior commitment to absorb 12 staff members from the now-defunct Hyson Nigeria Limited, warning that failure to do so violates international labour standards.

The appeal, spearheaded by GIT’s head of investigation, Anabel Crown, follows the dissolution of all trading joint ventures by the NNPCL board in late 2023, which saw Hyson Nigeria Limited officially wound up on 31 December of that year.

The move was part of a broader consolidation effort to bring all trading operations under a wholly owned NNPCL entity.

At the time, assurances were made that the 12 Hyson employees would face no job losses and would be seamlessly transferred to NNPC Retail Limited—a promise that has yet to materialise.

Under the tenure of former Group Chief Executive Officer (GCEO) Mele Kyari, who was recently removed by President Asiwaju Ahmed Bola Tinubu, the transition stalled, leaving the workers in limbo.

The GIT now calls on Ojulari’s administration to revisit the matter urgently, either by absorbing the staff into NNPCL or offering them substantial severance packages akin to those provided by the Central Bank of Nigeria to its relieved employees.

“This prolonged uncertainty is not just a breach of trust—it’s a violation of international labour law,” Crown told Elanza News.

“Keeping workers promised employment in suspense amounts to deceit and deception, with devastating consequences for their livelihoods and families.”

The situation has been compounded by alleged mismanagement during the transition.

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Sources within GIT allege that the former managing director of Hyson Nigeria Limited deliberately withheld a crucial letter that would have facilitated the staff’s absorption into NNPC Retail Limited.

“This was an act of selfishness, with no regard for the wellbeing of these workers or their families,” Crown said, pointing to the rigorous interviews the staff underwent, with results submitted to the NNPC Retail board—then chaired by Kyari—for approval that never came.

The affected workers, described as “fathers and children” by GIT, have faced severe hardship, deprivation, and even starvation as the matter remains unresolved.

“These are people who went through a thorough recruitment process and were deemed successful, yet they’ve been left to suffer,” Crown added.

In a direct appeal, GIT has called on President Tinubu, who serves as the substantive Petroleum Minister overseeing NNPCL, to intervene. “As the father of the nation and a true democrat, we urge Mr President to wade into this matter.

These workers deserve sympathy and swift action—absorbing them without delay is not just a matter of humanity, but a defence of their rights and privileges,” the GIT statement read.

The controversy comes amid broader scrutiny of NNPCL’s operations following Kyari’s exit and Ojulari’s appointment, with stakeholders watching closely to see if the new leadership will prioritise transparency and accountability.

For now, the fate of the 12 Hyson workers hangs in the balance, their plight a stark reminder of the human cost of bureaucratic delays.

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