Moody’s predicts brighter days ahead for Nigerian banks
The GLOBAL rating agency, Moody’s Investors Service has projected a brighter future for the Nigerian banking industry, citing rising oil prices and a more liberal foreign exchange policy of the Central Bank of Nigeria. In a report published last week, the agency stated,
Currency swap deal with China’ll support naira — Ecobank
The $2.5bn bilateral currency swap deal between Nigeria and China is likely to reduce further the strong demand for the United States dollar and support the naira, analysts at Ecobank Capital have said. The Central Bank of Nigeria early this month signed the deal…
Q1 2018: StanChart, Access Bank, Ecobank Others Import N1.8bn Capital Into Nigeria.
In the first quarter of 2018, banking remained the leading sector for foreign capital Inflow which attracted the most considerable amount of capital investment. During the first quarter, $1.18 billion overseas investment flowed to the banking sector, which account
Unity Bank rewards winners in UniFiers Project
Unity Bank Plc has rewarded three youths through its UNiFi product, the bank’s new Youth and Digital Banking initiative. The bank said the recipients – referred to as Unifiers – demonstrated innovativeness and distinguished themselves during an online competition.
Wema Bank shareholders kick against AMCON charges
SHAREHOLDERS of Wema Bank Plc have kicked against the 0.5 percent contribution made by deposit money banks to the Asset Management Corporation of Nigeria, AMCON, from their total assets and the plan to extend the lifespan of the bad debts of the bank…
DBN enlists Sterling, Fidelity Banks, 7 others for credit line
Nigeria’s newest Development Finance Institution, the Development Bank of Nigeria( DBN), has enlisted nine Deposit Money Banks ( DMBs) to access its credit lines. Another batch has been penciled for a second phase billed to commence between now…
Rights Issue, new customers propel Union Bank’s 2017 full-year profit to N25bn
Union Bank of Nigeria (UBN) Plc, one of the nation’s oldest and reliable deposit money banks, announced its audited financial statements for the year ended 2017, as many of its financial ratios showed significant progress was made in the year that just ended. Gross…
N6.7bn suit slammed on Union bank over alleged negligence, breach of contract
A multinational Oil company, Petrocam Trading Nigeria Limited, has slammed N6.75 suit on Union bank of Nigeria Plc over an alleged negligence and breach of contract. In a statement of claim filed before a Lagos High Court on behalf of Petrocam company by…
Forex, T-bills, other markets turnover hit N40trn in Q1
As Naira gains at investors FX window …Foreign reserves steady at $47.865bn Total transaction turnover in the Nigeria’s Foreign Exchange (Forex) market, Foreign Exchange Derivatives;
CIBN calls for passage of Electronic Transactions Bill, others
The Chartered Institute of Bankers of Nigeria (CIBN) has called on the Nigerian Senate to speed up passage of the Electronic Transactions and other Bills that will help in achieving the goal of making Nigeria’s financial
GTBank Masters Cup (Season 7): Semi finalists emerge
Ansar Ud-Deen Girls High School Itire and Queens College Yaba have qualified for the semi final of the 2018 GTB Masters Cup football competition. Also qualified for the last four are Ansar Ud-Deen College Isolo and Atlantic Hall, Epe. In the boys category,…
CBN releases N1 billion SMEs fund to Niger Govt.
The Central Bank of Nigeria (CBN), has released N1billion naira Micro Small and Medium Enterprises Development Fund (MSMEDF) to Niger government. Alhaji Mudi Muhammad, Niger Commissioner for Commerce and Investment, who disclosed this at a press briefing
CBN and inflation management
INFLATION is dangerous and cancerous, and it is something every central bank and responsible government should worry about and strive to manage and keep within reasonable and acceptable limits for the benefit of the economy and standard of living…
CBN sustains liquidity mop up as N330bn inflow hits interbank
THE aggressive liquidity mop up operations conducted by the Central Bank of Nigeria (CBN) last week is expected to persist this week as inflow of N330 billion boost interbank money market liquidity. In a bid to tackle excess liquidity in the interbank money market
Risk-sharing: DBN Gets CBN’s Approval, Partners W’Bank on Credit Guarantees
FG, NSIA, AfDB EIB now bank’s owners Ndubuisi Francis in Abuja The Central Bank of Nigeria (CBN) has extended its regulatory approval to the Development Bank of Nigeria (DBN) to enable the development finance institution (DFI) put in place a risk-sharing…
CBN, NSC Introduce Disbursement Account For Shipping Agencies
The Central Bank of Nigeria (CBN) and the Nigerian Shippers’ Council (NSC) are currently collaborating to compel all shipping agencies to open Disbursement Accounts (DAs) from where they will carry out operational costs for their multinational principals overseas…
Nigeria’s growth excites World Bank
The World Bank Group is excited with the growth of Nigeria and expressed satisfaction with the performance of the economy. The commendation was contained in a statement by the bank on Monday, after the conclusion of a visit to Nigeria by 10 Executive Director..
World Bank unveils fresh N2.7 trillion investment strategy in Nigeria for 2019
Days after 10 of its executive directors departed Nigeria after a three-day visit, the World Bank on Monday announced a fresh $8.8 billion (about N2.69 trillion) investment strategy in the country in the 2019 fiscal year. The investments under the World Bank’s Nigeria…
Wema Bank assures shareholders on sustainable growth through innovations
SHAREHOLDERS of Wema Bank Plc have been assured of sustainable growth through innovations that would engender returns for investment. Managing Director and Chief Executive Officer of the Bank, Mr Segun Oloketuyi, shared the management’s optimism
Zimbabwe Bans Banks From Processing Payments For Cryptocurrencies
Reserve Bank of Zimbabwe says it has stopped local banks from trading or processing payments linked to cryptocurrencies like bitcoin. The apex bank Governor, John Mangudya, said on Monday in Harare that the central bank had not licenced anyone…
Traders in FCT say bank charges, poor network hindering POS usage
SOME traders in the Federal Capital Territory (FCT), say bank charges and the poor network is responsible for their inability to use Point of Sale (POS) in transacting their businesses. The News Agency of Nigeria (NAN) reports that POS is any location where…
The spreadsheet…Fidelity Bank tackles economic headwinds
First quarter (Q1) 2018 results for Fidelity bank, according to analysts, has been far from investors dreams but it has also not been a bad run, as the bank’s net interest income (a measure of progress in its core lending business) rose by a modest 2.5 percent…
Coalition Alerts On World Bank’s ‘Invasion’ Of Nigeria
Lagos – “No to privatisation of Nigeria” and “no to water privatisation” were the summary of the singsong of Our Water Our Right coalition at a forum, weekend, to drive home its aversion to the privatisation of water infrastructure anywhere in Nigeria.
Sterling Bank Targets N10bn in Consumer Loan Initiative
As part of efforts to increase the number of its consumer loans, Sterling Bank Plc has launched a new consumer loan initiative known as ‘Specta.’ Speaking recently at a media briefing in Lagos, the Head, Value Chain Banking, Sterling Banking, Benedicta Sadoh,…
Diamond Bank Boss Optimistic Despite N9bn Loss
MARKET NEWS Diamond Bank Plc has recorded a loss of N9.011 billion for the year ended December 31, 2017, compared with a profit after tax of N3.498 billion in 2016. But the chief executive of the bank, Uzoma Dozie has expressed optimism, saying that with the…
CBN goes tough on banks over money laundering
The Central Bank of Nigeria (CBN) and the Office of the Attorney General of the Federation (OAGF) have approved new administrative sanctions regime against banks and their staff who fail to comply with anti-money laundering and terrorist financing regulations…
Edo, model for devt financing —World Bank
WORLD Bank Executive Director for Angola, Nigeria and South Africa sub-groups, Ms Bongi Kunene, said weekend, that with the successes recorded in executing major infrastructural and social development projects in Edo State,…
Jaiz Bank declares N894m in 2017spectively
Jaiz Bank Plc recorded N894 million profit in 2017 operations. Managing Director/CEO, Jaiz Bank, Hassan Usman said this at the company’s Annual General Meeting (AGM) last weekend in Abuja. He said the bank’s Profit Before Tax increased by 161 per cent…
Heritage Bank, CBN, ICC brainstorm on global trade operation systems
Heritage Bank Plc, Nigeria’s most innovative banking service provider, has hosted the May 2018 edition of the banking technique and practice meeting of the International Chamber of Commerce (ICC) Nigeria. The meeting held at the bank’s Victoria Island Office…
Diamond Bank’s Q12018 PAT drops by 82% to N785m
Diamond Bank Plc has recorded a profit after tax of N784.957 million for the first quarter ended March 31, 2018 as against N4.288 billion posted in 2017, representing a drop of 81.71 per cent. The first quarter earnings report, which was released alongside the…
First Bank Introduces Contactless Mastercard
First Bank of Nigeria Limited has announced the introduction of the Contactless Naira Master Card to its array of debit cards to promote convenience, ease of transactions and the security of funds. The FirstBank Contactless Naira Master Card enables quick pin-less.
