CBN repays $1.1bn worth of T-bills, overnight rates fall
The Central Bank of Nigeria (CBN) repaid a total of N340 billion ($1.1bn) worth of treasury bills on Thursday instead of rolling them over, in a move to lower government borrowing costs, traders said. They included N131.4 billion worth of treasury bills issued by the Debt Management Office (DMO), while the balance was in open market bills issued by the Central Bank.
CBN injects $210m into currency market
The Central Bank of Nigeria said on Tuesday it had injected 210 million dollars into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages. The bank said, in a statement, it had released 100 million dollars earmarked for the wholesale market, 55 million dollars for small businesses and …
Forex market gets $514m boost ahead of Yuletide
The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity.
CBN Licenses Inlaks as Super-agent for Financial Inclusion
In order to enhance financial inclusion and the cashless initiative of the Central Bank of Nigeria (CBN), the apex bank has granted an approval-in-principle to Inlaks, a financial technology company, to operate as a super-agent in the nation’s financial services system. Inlaks, a leading system integrator in Nigeria and Sub-saharan Africa will work very closely…
CBN revamps N500bn export stimulation fund
Central Bank of Nigeria CBN has announced plan to revamp the N500 billion Export Stimulation Fund for the promotion of non-oil exports in the country using the Anchor Borrowers’ Programme model. This is even as the Bank has introduced a N50 billion direct intervention funding for the Nigeria Export Import Bank (NEXIM).
Stakeholders Accuse CBN, NAICOM, Others of Violation of NHF Act
The Managing Director/Chief Executive, Federal Mortgage Bank of Nigeria (FMBN), Mr. Ahmed Musa Dangiwa, on Tuesday accused the Central Bank of Nigeria (CBN) of violating the National Housing Fund (NHF) Act by failing to remit about N1.6 trillion to the fund as at 2016…
Forex restriction on 41 items good for economy, says CBN
The Central Bank of Nigeria (CBN) has said that restriction of access to foreign exchange (forex) on the 41 items has had a positive impact on the economy. CBN Acting Director, Corporate Communications Department, Isaac Okorafor stated this on at the CBN Fair, a sensitisation programme, held at the Cultural Centre in Calabar…
Market operators seek sole licence from SEC, CBN
Capital market operators have appealed to apex regulators – the Securities and Exchange Commission and the Central Bank of Nigeria – to make possible a single dealing licence regime to boost their access to discount windows. The appeal was informed by the exclusion of the operators from the primary auction market for Treasury bills…
Ex-bankers to file fresh suit against CBN, NDIC, others over N9.8b entitlements
Barring any last minute hitch, over 10, 000 former bankers who filed a class action suit through the Registered Trustees of the Association of Ex-Staff of Non-Consolidated Banks of Nigeria at the National Industrial Court, Lagos Judicial Division have resolved to file individual suits.
Why we left AGSME fund interest rate at 5% –CBN boss, Emefiele
JUST at the weekend, the Bankers’ Committee and the Central Bank of Nigeria (CBN) bowed to the plea of some state governors to cut the interest rate charged on the CBN’s intervention fund to 5 per cent.
Addressing the media on Sunday, the CBN Governor, Godwin Emefiele, said it was meant primarily for small businesses. “What we agreed was that out of the fund, at least 50 per cent would be set aside for direct SME disbursement,” he added…
Minister urges CBN to cut agric lending rate
The Minister for Agriculture, Audu Ogbeh has called on the Central Bank of Nigeria (CBN) to reduce lending rate to agriculture as is the practice in other parts of the world. He spoke at the 2017 Annual Bankers’ Committee Retreat concluded in Lagos at the weekend. Ogbeh disclosed that the average interest rate charged
Emefiele is CBN Governor of the Decade
The Coalition of Civil Societies and Media Executives for Good Governance in Nigeria (COCMEGG) will honour the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, with the “Most Distinguished CBN Governor of the Decade”award. The award ceremony will hold on December 19, in Abuja.
CBN Urged to Recapitalise BOA, NAIC
An urgent plea has been made to the Ministry of Finance and Central Bank of Nigeria to recapitalise the Bank of Agriculture (BOA) and the Nigerian Agricultural Insurance Corporation (NAIC) to enable the two institutions effectively play their roles as catalysts for the development of agriculture in the country.
1.5% Nigerians owe banks N5trn – AMCON
About 1.5 per cent of the Nigeria population are said to owe banks the sum of N5trn. The Managing Director and Chief Executive Officer of the Assets Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, and a judge of the Federal High Court, Justice Mohammed Idris, said this in Abuja on Saturday.
Nigerian banking sector records transactions worth N19.33 trillion in Q3 – NBS
The National Bureau of Statistics (NBS) says 213.69 million transactions valued at N19.33 trillion were recorded in the third quarter as data on Electronic Payment Channels in the banking sector.
The NBS said this in a report on “Selected Banking Sector Data: Sectorial Breakdown of Credit, e-Payment Channels, Deposits and Domestic Credit Breakdown and Staff Strength’’ posted on the bureau’s website.
FADAMA: World Bank urges state govts. to pay counterpart funds for more benefits
The World Bank has called on states benefitting from the FADAMA programme to pay their own counterpart funds to enable them to benefit maximally from the programme. Dr Adetunji Oredipe, World Bank Task Team Leader for the FADAMA III Programme, made the called on Friday in Abuja during the concluding meeting of the FADAMA supervision…
Bank of Agriculture Disburses Over N1bn to Kogi
The Managing Director and Chief Executive of Bank of Agriculture, Mallam Kabir Muhammed Adamu has said over N1.4 billion had been disbursed in Kogi State since the inception of the bank in the state.
Tax: Nasarawa seals branches of 2 defaulter banks
The Nasarawa State Internal Revenue Service (NSIRS) says it has sealed branches of two old generation banks in Nasarawa State for defaulting in their tax remittances to the state…
BDCs should access dollars from I&E Forex Window
The establishment of Investors’ & Exporters’ Forex Window by the Central Bank of Nigeria (CBN) in April has stabilised the naira and the economy. The Bureaux de Change (BDCs), which have been supporting the CBN’s development agenda, believe they should be able to access dollars from the window as seen in the International Money Transfer…
Access Bank Secures $250m Facility to Finance MSMEs
Access Bank Plc disclosed at the weekend that it has so far secured at least $250 million from multilateral agencies for financing as low interest funds to the Micro, Small and Medium Enterprises (MSMEs) sub-sector of the Nigerian economy.
Access Bank/Lagos Marathon: No more room for elite athletes
A record number of elite athletes have registered to run at the 2018 Access Bank/Lagos City Marathon billed for February 10. It was gathered from organising officials that more than enough elite athletes have been listed for the race and those still wishing to participate will have to wait till another year.
Court orders arrest of Access Bank MD for ‘flouting’ order on accounts
A High Court of the Federal Capital Territory ( FCT ), in Bwari, Abuja, on Thursday issued a bench warrant for the arrest of the Managing Director and Chief Executive Officer of Access Bank Plc, Herbert Wigwe and two others. Also named in the arrest warrant were senior official of the bank, Mrs. Neka Adogu…
Access Bank Debunks Reports On ICPC Court Case
Access Bank Plc has debunked reports in some sections of the media that the bank and some of its senior officials are being prosecuted by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over their alleged refusal to lift a Post-No-Debit (PND) order on the accounts belonging to two companies…
Access Bank wins CBN’s inaugural Nigerian sustainable Banking awards.
ACCESS Bank PLC has received top honours at the inaugural Nigeria Sustainable Banking Awards convened by the Central Bank of Nigeria (CBN) in recognition of its outstanding success and leadership in Nigeria’s sustainable development. Access Bank emerged the winner across all four categories during the award presentation which took place in Lagos on December 9…
Access Bank produces first home owner in Family Fortune Promo
The on-ongoing promotional campaign by Access Bank Plc tagged, ‘Family Fortune’ promo has produced the first winner of a family home. In a statement, the bank said the family of Celestine Ikwuka Obinabor, currently a tenant and resident of Oka Afa in Ejigbo area of Lagos, won one of the 3 four-bedroom terrace houses located in highbrow Lekki area of Lagos in the first Mega selection of the Promo held at the Bank’s Head Office in Lagos…
Access Bank to Empower 30,000 Students in New CSR Initiative
Access Bank Plc through its Project LEAD, a new corporate social responsibility (CSR) initiative has concluded plan to empower 30,000 secondary school students across six geo-political zones in Nigeria.
Access Bank names ED for North
Access Bank has appointed Ms Hadiza Ambursa as its executive director, commercial banking, north. Until her appointment, she was general manager and group head, commercial bank, north and non-executive director in Access Bank (Gambia) Limited. Ambursa, according to a statement from the lender, is a thorough bred banking professional with outstanding record of achievements…
GTBank named best Nigerian, African bank in CSR
Foremost African financial institution; Guaranty Trust Bank plc reaffirmed its position as a leading global brand with its recent recognition as the “Best Bank in Nigeria” and the “Best Bank for CSR in Africa.” The Bank’s Managing Director and Chief Executive Office, Segun Agbaje, also won the award for the CEO of the Year, which he won in 2013, thus becoming the first ever repeat winner in the history of the awards EMEA Finance is a leading bimonthly global industry publication that reports on the major financial events and happenings…
Winners emerge at GTBank Super Cup 2017
Ijaiye Housing Estate Grammar School, Ojokoro and Isale Eko Grammar School, Lagos Island yesterday emerged champion of champions for the season in the boys and girls’ categories respectively of this year’s Guaranty Trust Bank Plc (GTBank) Super Cup played at the Agege Stadium…
Heritage Bank, Generation Next partner to prepare students for leadership
Heritage Bank Limited has partnered with Generation Next, a-non-governmental organisation, to prepare over 1, 500 secondary school students for leadership roles.
Winner Emerges in Heritage Bank’s Sponsored ‘Next Titan’
A 22-year-old fledgling entrepreneur, Mr. Iyeh Kennedy has emerged winner of Season 4 of the Next Titan, Nigeria’s entrepreneurial reality TV show sponsored by Heritage Bank Plc, as headline sponsor. Kennedy is the MD of Blue Leaf Herbs and Spices which is into 100 percent organic cultivation, production and packaging of spices…
Heritage Bank, US, NCMM Back Positioning Creative Industry as alternative to crude oil
Heritage Bank Plc is fast stimulating economic diversification through support for the Nigerian creative industry towards sustainable, persistent growth as alternative to crude oil. The MD/CEO of the bank, Ifie Sekibo wednesday stated this at the Exhibition Gallery of National Museum Benin by the National Commission for Museums and Monuments (NCMM)…
Ecobank commended for rehabilitating 61-year old pediatric Centre
The Lagos State government has commended Ecobank Nigeria for renovating and furnishing the main building at the Agbala Pediatric Centre in Ikorodu as part of the bank’s corporate social responsibility effort directed at women and children.
Ecobank Nigeria launches Xpress Account
Ecobank Nigeria on Monday unveiled Ecobank Xpress Account, describing it as a flagship digital product that would take banking to the grass roots. The Ecobank Xpress Account is a digital account that is mobile based.
Ecobank hires chief risk officer
Ecobank Nigeria has appointed Mr. Adebiyi Olagbami as its executive director and the Chief Risk Officer. A statement statement by the Managing Director of the bank, Mr Charles Kie, said he has 25 years banking experience with over 21 years in risk management…
How Coronation Merchant Bank stepped into the limelight
The recent ‘Merchant Bank of the Year’ award to Coronation Merchant Bank (CMB) is a testimony of how professionalism has earned it the award. Rather than glamourising their achievements on the pages of newspapers, radio and television, Coronation Merchant Bank has consistently built on what would make them excel in the market place silently without looking back.
NFF/Zenith Bank Future Eagles Tourney: S’ West, N’ Central through to U-13 final
The stage is set for the final of the Nigeria Football Federation and Zenith Bank Future Eagles tournament currently taking place in Kano. In the semifinal matches played on Friday, South West U-13 team defeated North West U-13 team 2-1 while the North Central U-13 team recorded a 2-1 victory against South South U-13. The final is scheduled to take place at the Kano Pillars Stadium, Sabon Gari, Kano, on December 16 (today).
Zenith Bank, UBA, 5 Others Pay N499bn On Income Tax Expenses
A total of seven Systematic Importance Banks (SIBs) of the Central Bank of Nigeria (CBN) have paid N499 billion on income tax expenses between 2011 and 2016, information gathered by LEADERSHIP has revealed. Financial institutions under the category of SIB include…
CIBN Endorses Union Bank Academy
The Chartered Institute of Bankers of Nigeria, CIBN, has given full accreditation status to Union Bank Learning Academy after confirming its compliance to regulatory standards and best practices. By this, the Academy can now operate in a full capacity to boost its human capacity development efforts.
Nigerian Stock Exchange Admits Union Bank 51.3m New Shares
The Nigerian Stock Exchange (NSE) has admitted an additional volume of 51.3 million ordinary shares of 50 kobo each of Union Bank of Nigeria Plc on the daily official list of the Exchange.
FirstBank Customers Win N100,000 In The Verve Reactivate And Win promo!!!
If you haven’t used your FirstBank Verve Card in the last six months, now is a great time to transact with it and stand a chance to win N100,000 in the weekly draws for the Verve Reactivate and Win Promo! On Wednesday December 13th 2017…
FirstBank partners to host Fiesta of Flavours
First Bank of Nigeria Limited has partnered with Eventful Limited to drive Nigeria’s Food Economy through its sponsorship of the third edition of the Fiesta of Flavours, a world class food and beverage fair scheduled for December 16 and 17, 2017 at the Harbour Point in Victoria-Island, Lagos.
FirstBank drives convenience, financial inclusion with Firstmonie agents …activation kicks off in Lagos, Ogun states
…activation kicks off in Lagos, Ogun states First Bank of Nigeria Limited has continued to demonstrate its commitment to providing the best financial solutions to its customers and driving financial inclusion among the under-banked and unbanked populace. The Bank launched Agent banking services, on the refreshed Firstmonie brand, to provide customers access to banking services …
As FirstGem marks first year: We’ll not stop until every Nigerian girl-child finds her voice and pocket, says Awosika, Chairman FirstBank
It was a colorful and spectacular sight! Beautiful Nigerian women gathered from different diverse backgrounds for the FirstGEM First Anniversary Celebrations. More than the spectacular display of diverse colorful fashionable attires was the extraordinary array of businesses and ideas which these women represent…
FBN, Fidelity Bank, Zenith Bank top equities’ traded
FBN Holdings Plc, Fidelity Bank Plc and Zenith International Bank Plc (measured by volume) accounted for 958.742 million shares worth N11.355bn in 6,765 deals to emerge as the top three equities at the end of last week’s trading on the floor of the Nigerian Stock Exchange…
Fidelity Bank Gives Out N19m in Promo
Fidelity Bank Plc has rewarded more of itscustomers with cash and gifts items in the second monthly draw of ‘Get Alert in Millions Promo’ reloaded. The draw which held in Lagos yesterday, was witnessed by representatives from the NigerianLottery Commission, the Lagos Lottery Board and the Consumer Protection Council, to ensure its transparency…
Fidelity Bank tasks entrepreneurs on corporate governance
The Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, has advised young entrepreneurs to adhere to corporate governance principles, proper book-keeping among other best practices for their businesses to survive. Okonkwo stated this at the 2017 Africa’s Young Entrepreneurs conference titled: “Networking with the Giants,” held in Lagos, recently…
Diamond Bank, NYSC unveil portal for graduate employment
Diamond Bank Plc and the National Youth Service Corps have introduced a curriculum vitae web repository and job portal as part of efforts to enhance employment for corps members.
Wema Bank partners Petrolex on $300m tank farm
Wema Bank has acted as a financial partner to Petrolex, an indigenous oil and gas company, for the development of its $300 million Ibefun tank farm, the largest in sub-Saharan Africa. The tank farm, located in Ibefun, Ogun State, holds a 300 million litres storage capacity and can turnover 600 million litres of petroleum products in one month…
Lagos gives Skye Bank, Dangote, others security awards
Skye Bank Plc and six other companies have been commended and awarded platinum prize for committing huge resources in support of securing lives and property in Lagos State. The six other companies are: Zenith Bank Plc; First Bank Plc; United Bank for Africa; Access Bank Plc; Dangote Group and MTN Foundation.
Sterling Bank empowers women for national development
TheOne-Woman proposition by Sterling Bank Plc designed to cater to the unique needs of women has sponsored a seminar on Women Empowerment and National Development for the Women Group of the Lagos Chamber of Commerce and Industry (LCCI). Speaking at the opening ceremony, General Manager, Corporate Banking, Sterling Bank, Mrs. Mojisola Bakare, said theOne-Woman proposition offers value-added financial offerings to meet business and personal needs of women in Nigeria.