First Bank Chairman, Awosika mentors Edo youths on entrepreneurship
Chairman, First Bank of Nigeria, Mrs. Ibukun Awosika, has charged youths in Edo State to take advantage of funding opportunities, especially low-interest credit facilities, to grow their businesses and contribute to the development drive of the state government.
FCMB targets improved earnings amid economic, regulatory challenges
FCMB Group Plc says it remains poised to deliver better earnings to shareholders and other stakeholders of the bank despite the prevailing macroeconomic and regulatory challenges. The bank assured that it was on a stronger pedestal and will…
AfDB: 650m Africans Live without Electricity
The African Development Bank (AfDB) on Wednesday said that no fewer than 650 million Africans currently live without electricity. According to the News Agency of Nigeria (NAN), the AfDB Director, Communication and Media Relations, Dr. Victor Oladokun, disclosed…
Goldman Sachs to pay $110m to resolve forex probes
Goldman Sachs Group Inc. has agreed to pay about $110 million to resolve allegations that its foreign exchange traders improperly shared information about client orders on an electronic chat room, putting clients at a disadvantage. According to Bloomberg, the firm..
CBN meets FX demand at wholesale, SMEs segments with $210m
Foreign exchange demand at the wholesale, Small and Medium Scale Enterprises (SMEs) and the invisible segments was met as the Central Bank of Nigeria (CBN) on Wednesday injected a total of $210 million into the market. Consequently the naira/dollar…
Ex-CBN chief, Moghalu, Durotoye, others call for citizens’ participation in nation-building
A former Deputy Governor of the Central Bank of Nigeria, Mr Kingsley Moghalu, yesterday urged Nigerians to be actively involved in the process of nation-building to have a better country. Moghalu made the call while speaking at the 11th edition of “The Platform “in…
Manufacturing sector of economy, expanding-CBN
Central Bank of Nigeria, CBN has reported that the Manufacturing, Purchasing Managers’ Index PMI in the month of April stood at 56.9 index points, indicating expansion in the manufacturing sector for the thirteenth consecutive month. This was part of the…
CBN tackles security concerns on USSD banking
The regulatory framework on Unstructured Supplementary Service Data (USSD) banking unveiled by the Central Bank of Nigeria (CBN) last week is part of efforts by the apex bank to address growing security concerns over transactions on this channel.
Arik Air: Reps summon bank chiefs over alleged diversion of N2trn intervention fund
The Adhoc Committee investigating the Central Bank of Nigeria (CBN) Intervention Fund on Wednesday summoned the former Managing Director of Arik Air, Johnson Ikedi Arumeme and bank chiefs to clarify issues on the alleged diversion of over N2 trillion…
Contravention: 4 Banks Pay N493.27m Penalties In 2 Years
Four commercial banks paid fines totaling N493.27 million in two years for contravening the Banks and Other Financial Institutions Act (BOFIA), thereby depleting the shareholders funds of the banks. The affected banks are: United Bank for Africa…
Five major factors in Erin Energy bankruptcy
The bankruptcy of Houston based Erin Energy is not the only straw that broke the camel’s back but also the beginning of more legal woes for the company formerly known as Camac Energy, as it is on the verge of losing its only cash-generating asset, a Nigerian oilfield.
Kaduna govt., Sterling Bank unfold N5bn mortgage scheme
The Kaduna State Government and Sterling Bank have agreed to jointly fund a N5bn mortgage scheme to facilitate home ownership in the state. The fund will provide mortgages at single-digit interest rate. Umma Aboki, Special Adviser on Economic Matters
Nigeria’s Fidelity Bank may issue local debt to boost lending
Nigeria’s Fidelity Bank is considering issuing a commercial paper to boost lending depending on the yield and pricing it can fetch, a senior executive said on Wednesday. Analysts expect the central bank this year to adopt a more dovish stance on interest rates
Jaiz Bank Unveils Strategy To Transform, Attain Vision
Jaiz Bank, a non-interest (Islamic) financial institution, has introduced a five-year strategic plan to transform the bank and attain its set mission and vision. Mr Hassan Usman, the Chief Executive Officer of the bank, said this in a statement in Abuja on…
See List Of Banks Whose CEOs, Chairmen May Be Removed Soon
If indications coming from the Central Bank of Nigeria are anything to go by, the Chairmen and Chief Executive Officers (CEOs) of some banks in the country may soon be sanctioned or even removed by the apex bank. This is following their alleged flouting of…
Shippers’ Council partners NEXIM Bank on national carrier
Nigerian Shippers’ Council, NSC, said it is collaborating with the Nigerian Export-Import Bank for the provision of a special fund in the 60 percent holding for Nigerians in the planned national carrier. It would be recalled that Nigeria and Singapore had last year…
Nigeria’s GDP growth is over two per cent, says World Bank
The World Bank has said that since Nigeria emerged from recession, its Gross Domestic Product (GDP) growth in 2018 is expected to be a little over two per cent, and largely oil sector driven. According to its bi-annual economic update released yesterday in Abuja,
Nigeria’s unemployment, poverty rates increased in 2017 – World Bank
Nigeria’s unemployment and underemployment rates increased in 2017, the World Bank has said. A statement issued by the World Bank in Abuja on Monday night showed that this was indicated in its report, ‘Nigeria Bi-annual Economic Update’.
Shareholders divided over CBN’s plan to sack bank chiefs
Capital market shareholders have expressed divergent views on the recent decision by the Central Bank of Nigeria (CBN) to sack CEOs and chairmen of banks that fail to publish their banks’ yearly account, 12 months after the financial year ends.
Big banks’ deposits rise to N19.8trn in 3 months
Despite Nigeria’s sluggish economy, business continues to be good for top lenders in the country as New Telegraph’s analysis of industry’s first quarter results show that five out of seven of them boosted their customer deposits in the period under review.
Convicted man robs same bank twice
A man in the US state of Ohio is accused of robbing a bank one day after being released from prison for robbing the very same bank two years earlier, US prosecutors said Wednesday. Markiko Sonnie Lewis allegedly robbed the small bank branch in the…