AMCON Sinking Fund: 5 banks pool N68.3bn
Four Tier 1 banks and a leading Tier 2 lender contributed a total sum of N68.30 billion to the Asset Management Corporation of Nigeria (AMCON)’s Sinking Fund in 2017, New Telegraph has learnt. The lenders are Zenith, Access, Guaranty Trust Bank, UBA and…
FG Seeks $46bn Russian Exim Bank
The federal government is negotiating with Russian Exim Bank and other investors from India to raise $46 billion to fund railway modernisation across the country. The Minister of Transportation, Rotimi Amaechi, revealed yesterday that President Muhammadu Buhari…
CBN’s new rules against money laundering/terrorism
It is gratifying that the Central Bank of Nigeria (CBN) has introduced new rules to check money laundering and financing of terrorism. The new rules aimed at curbing insider crimes in the banking sector, stipulate far-reaching penalties for banks, their directors…
Zenith, UBA, 10 Others Post N215bn Net Profit In Q1
The recovery of the Nigerian economy has continued on a positive trajectory as 12 quoted banks have declared N214.5 billion net profit for the first quarter ended March 31, 2018. The banks are Zenith Bank, Guaranty Trust Bank, United Bank for Africa (UBA),…
FCMB’s ROAE remains strong on cost efficiency
First City Monument Bank (FCMB) Plc has utilized the resources of shareholders in generating higher profit as the lender continues to intensify its cost control mechanism. For the first three months through March 2018, FCMB’s return on average equity (ROAE)
AfDB Approves $1.5m For Jigawa Solar Power Programme
The Board of Directors, African Development Bank (AfDB) has approved 1.5 million dollars grant to support the implementation of Jigawa state “One Giga Watt (GW) Independent Power Producer (IPP) Solar Procurement Programme’’. In a statement on Wednesday,…
Standard Chartered Unveils New Sustainability Framework
Standard Chartered Bank has launched new sustainability framework. According to a statement, the Sustainability Philosophy sets out how the bank integrates sustainability into its organisational decision-making and how it would work with its clients,..
Reps chide CBN over failure to submit annual audit report to NASS
THE House of Representatives on Wednesday urged the Central Bank of Nigeria to comply with the provisions of Section 50(1) of the CBN Act and ensure that it transmits to the National Assembly a copy…
AfDB seeks investment from global pensions to fund $170bn infrastructure
The African Development Bank seeks investments from global pensions and commercial financiers to help fund the continent’s infrastructure gap of as much as $170 billion a year. The Abidjan-based lender is launching its Africa Investment Forum in Johannesburg.
CBN to cut interest rate before year-end – Report
The Monetary Policy Committee of the Central Bank of Nigeria is expected to cut the Monetary Policy Rate, also known as the benchmark interest rate, before the end of the year. FocusEconomics, in its latest report, FocusEconomics Consensus Forecast…
CBN injects $210M as naira appreciates to N360.64/$
The Naira yesterday appreciated by 27 kobo to N360.64 per dollar in the Investors’ and Exporters’ (I&E) window, even as the Central Bank of Nigeria (CBN) injected $210 million into the foreign exchange market.
CBN: election spending threatens naira stability
The Central Bank of Nigeria (CBN) has warned that the economy faces inflation and financial stability risks over the short-to medium-term if expected huge election spending is not checked. CBN Deputy Governor (Corporate Services) Adamu Edward Lamtek…
Access Bank EIU projects 12.56% inflation rate in April
The Economic Intelligence Group, a research arm of Access Bank, forecasts inflation rate (year-on-year) in April to sustain the downward trend started last year, easing to 12.56 percent compared to 13.34 percent in March. The National Bureau of Statistics (NBS) is…
NIRSAL to train banks on value chain financing
Agriculture desk officers of at least eleven financial Institutions will be trained by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) on value chain finance methodologies, Aliyu Abdulhameed, NIRSAL MD/CEO announced on…
World Bank team to meet Osinbajo, Adeosun over capital projects
Ten Executive Directors of the World Bank will today in Nigeria hold high-level discussions with the Vice President, Prof. Yemi Osinbajo, the Minister of Finance, Mrs. Kemi Adeosun, and some state governors on various capital and other projects of the bank in the country.
Sterling Bank To Focus On 5 Sectors In Boosting Revenue
Sterling Bank has said it will focus on five sectors of the economy in boosting revenue and profitability. The managing director/CEO of the bank, Abubakar Suleiman said this at the bank facts behind the figures yesterday on the Nigerian Stock Exchange in Lagos…
Heritage Bank, CBN in N2b agro- industry funding
Heritage Bank Plc has said it is committed to the sustenance, growth and development of Nigeria’s agricultural sector. The bank, according to its Divisional Head of Corporate Communications, Mr. Fela Ibidapo, in its determination to deliver on …
Bank stocks shed N494bn in 3 months
Investors in banks quoted on the Nigerian Stock Exchange (NSE) reported a cumulative loss of about N494 billion between February and April 2018 following sustained profit takings despite fair earnings results, improvement of micro economy and gradual stability.
GTBankMasters Cup: Igbobi College, Kings College ease to semis
Igbobi College and King’s College are through to the semifinal of the boy’s category of the GTBank Masters Cup while Ansar-ud Deen Girls High School, Itire and Queens College also sealed their passage into the last four after securing victory in the quarterfinal matches…
Investors upbeat on Sterling Bank’s future, revenue growth
With two solid and consecutive earnings results posted full year 2017 and Q1 2018 Sterling Bank Plc has continued to be the toast of investors on The Nigerian Stock Exchange (NSE). This renewed investor’s confidence has seen the bank’s stock recording
Nigeria Asks UK To Seize Assets, Bank Accounts Of Senator
The Nigerian government has asked British authorities to ban a former finance commissioner of Akwa-Ibom State, Senator Bassey Akpan, from entering the United Kingdom and any of its territories. Akpan who currently represents Akwa Ibom in the…
Trader wins N10m in Fidelity Bank promo
EKENECHUKWU Bartholomew Nnalue was Wednesday presented with the N10 million grand prize in the Fidelity Bank Get Alert in the Millions promo at a ceremony, which held at the bank’s regional office in Abuja. At At the event, which was witnessed by officials of.
World Bank Advises Nigeria To Focus On Rural Infrastructure
The World Bank has urged policymakers in Nigeria to focus on investments that reinforce clusters and economies of scale and optimise the connectivity between rural areas and the major urban markets in order to reduce unemployment and poverty rates in Africa largest.
ATM dominates transaction volume in banking sector
The National Bureau of Statistics (NBS) during the weekend released its first quarter 2018 report, which indicated that Automated Teller Machine (ATM) transactions dominated the volume of transactions in the banking sector. The report showed that 212,370,853 volume
Transparency in recruitment processes and practices in the banking industry
The recruitment process of any organisation is crucial to its overall success. This is because employees help to actualize the vision and mission of the organisation. Hence, the need for a proper and transparent recruitment process devoid of unethical practices.