NDIC warns of looming bank failure
The Nigeria Deposit Insurance Corporation has said another bank failure is imminent in the country on the back of weak corporate governance culture and weak internal control. The Managing Director, NDIC, Alhaji Umaru Ibrahim, stated this on Thursday at the FITC
Nigeria’s accelerating growth trajectory under threat by weak bank lending
As the Nigerian economy continues to accelerate, analysts have cautioned that weak bank lending, especially to the real sector may derail projected growth trajectory. “The main challenges for investors are on the front of liquidity. How can Nigeria increase liquidity in..
AfDB assists TCN to modernise transmission equipment – Adesina
The African Development Bank (AfDB), said on Friday in Busan, South Korea, that it was assisting the Transmission Company of Nigeria (TCN) to invest in modernisation of its transmission network to improve the energy sector of the country.
UBA Set To Celebrate Africa Day In Style
United Bank for Africa (UBA) is showcasing its unity in diversity as it joins the rest of the world today to celebrate this year’s Africa Day. The pan-African financial services institution celebrates this all-important day across all its 20 African countries of…
FCMB, others award N3.15m in grants to start-ups
First City Monument Bank Limited, in partnership with the Lagos State Employment Trust Fund and Passion Hub, has presented a total sum of N3.15m in grants to start-ups during the LSETF tech innovation support programme, tagged ‘Lagos Innovates’. The grant was
Fidelity Bank to unlock N500m funding for SMEs
Fidelity Bank Plc has concluded plan to organise a fair that is expected to provide an opportunity for operators of small and medium scale enterprises (SMEs) to meet with viable financing organisations. The bank estimated that the initiative would provide…
Stanbic IBTC Bank Introduces Bundled-Benefits Product For SMEs
Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, has introduced a new banking product that will help small and medium scale enterprises save on cost and optimise their business margins/revenues. The products, Biz-Smart Account, enables..
World Bank Urges States To Replicate Edo Development Blueprint
The World Bank has thrown its weight behind the ongoing developmental drive of the Godwin Obaseki-led administration in Edo State, urging other states in the country to replicate the model. Rachid Benmessaoud, Country Director of World Bank in Nigeria
Fidelity Bank Shareholders Okay N3.19bn Dividend For 2017
Shareholders of Fidelity Bank Plc, on Friday approved the dividend of N3.19 billion recommended by the bank for the financial year ended Dec. 31, 2017. The shareholders gave the approval at the bank’s 30th Annual General Meeting (AGM) held in Lagos…
CBN delays Basel III to focus on IFRS 9 implementation
The implementation of Basel III scheduled to take effect by the end of 2018, is likely to be delayed as the Central Bank of Nigeria (CBN) keeps its focus for now on the implementation of International Financial Reporting Standard 9 (IFRS 9), according to a…
CBN injects additional $100mn Forex to cater for pilgrims
The Central Bank of Nigeria (CBN) on Thursday injected additional $100 million into the foreign exchange market (Forex) barely 24 hours after making available $210 million on Wednesday. The bank said in a statement sent to PREMIUM TIMES that the additional…
Diamond Bank positions for growth, as retail deepens penetration
Diamond Bank Plc is strongly positioning for growth with a significant progress made in retain expansion in the 2017. Uzoma Dozie, chief executive officer of the bank said Diamond Bank made good progress in executing its technology-led retail banking strategy
Fidelity Bank guns for tier-1 ranking
AMIDST pressures in the banking sector arising from some adverse macroeconomic environment, Fidelity Bank Plc appears set to join the class of tier-1 banks. The tier-1 banks in Nigeria include United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust..
Provide more funds for SMEs, UNIDO urges banks
The United Nations Industrial Development Organisation on Thursday called on Deposit Money Banks in the country to provide more funding support to Micro, Small and Medium Enterprises sector of the economy. The Representative to ECOWAS and Regional Director..
Unity Bank supports mentoring of young professionals
Unity Bank Plc has said it supported the Young Professionals Breakfast Roundtable to push the frontiers of mentorship as a prerequisite for business and career success among youths in the country. Speaking at the 2018 edition of the programme in Lagos,
Union Bank disbands t’tennis, hockey teams as athletes groan
A first generation bank, Union Bank of Nigeria, has decided to disband its table tennis and hockey clubs even at a time when government is calling for private sponsorship in the sector. The bank had before now traded off its football club off due to the recession…