Former CBN Dep Gov warns against new foreign borrowing
A former Deputy Governor, Central Bank of Nigeria (CBN), Professor Kingsley Moghalu has warned the federal government to cease all new foreign borrowing, considering the government’s declining revenue profile.
Inflation rate: Financial experts task CBN to stabilise Forex market
Some financial experts on Thursday called on the Central Bank of Nigeria (CBN) to continue to stabilise the foreign exchange market to achieve a single digit inflation figure. They made the call in separate interviews with the News Agency of Nigeria (NAN) in Lagos while reacting to the October inflation rate figure released by the National Bureau of Statistics (NBS) on Nov. 15.
CBN registers 285 more BDCs, operators hit 3,432
The Central Bank of Nigeria (CBN) has registered an additional 285 foreign exchange dealers, bureau de change operators, in the country between January and September this year.
Agricultural development: Ajimobi seeks CBN support
Gov. Abiola Ajimobi of Oyo State has sought the support of the Central Bank of Nigeria (CBN) for the agricultural development of the state, particularly in cassava and maize production. The governor made the call on Wednesday in Ibadan during the inauguration of the State Project Monitoring Team and State Technical Advisory team of the Federal Government’s Accelerated Agricultural Development Scheme (AADS).
CBN sells dollars at N306 on official market
In a move traders said likely signalled an impending change in foreign exchange policy, the Central Bank of Nigeria (CBN) yesterday sold dollars at N306 for the second time on the official spot market after maintaining a level of around N305 per dollar on that market for two months, Thomas Reuters data showed.
CBN’s Investors and Exporter FX Window Boosts Companies’ Earnings
The Investor and Export (I&E) foreign exchange (FX) introduced by the Central Bank of Nigeria (CBN) in April has continued to enhance the performance of most listed manufacturing companies that rely on imported inputs for their operations.
Obaseki approves N500m for infrastructure projects, to access World Bank’s N2bn facility
The Edo State Government has approved N500 million as counterpart funding for the state’s SEEFOR public works programme, which will enable it access N2bn from the World Bank for infrastructural projects in the state.
Patience Jonathan asks court to unfreeze her 16 bank accountsWife of former President Goodluck Jonathan, Patience,yesterday, asked the Federal High Court in Abuja to vacate the interim forfeiture order it granted to the Economic and Financial Crimes Commission, EFCC, on May 30, to freeze her 16 separate bank accounts containing aggregate sums of $5.8 million and N3.5 billion.
FisrtBank hosts 56th Lagos Amateur Golf Open Championship
FirstBank of Nigeria Limited is hosting the 2017 Lagos Amateur Open Golf Championship, scheduled to Tee-Off on Friday, November 17, 2017 at the beautiful greenery of the Ikoyi Club 1938 Golf Course in Lagos.
ACCW: First Bank BC finishes second in Group A
Nigeria’s representatives, First Bank Basketball Club have finished second in Group A to set up a quarter final clash against Kenya Port Authority (KPA) at the FIBA Africa Champions Cup for Women in Luanda, Angola.
FinTechs not threat to banks, says Access Bank.
Access Bank has said it sees the emergence of financial technologies (FinTechs) as collaborators in the quest to deepen its product and market development and not as threat to traditional banking.
Fraud: CBN, Access Bank, others seek stakeholder collaboration
The Central Bank of Nigeria, Access Bank Plc and other stakeholders in the banking industry have called for collaboration among stakeholders in the sector to combat the spate of fraud in the sector.
Access Bank: Growth In Gross Earnings Enhanced Robust Performance In Profits
Given severe macro-economic challenges, Access Bank for the third quarter ended September 30, 2017 (Q3) recorded robust Gross Earnings that impacted positively on its Net Interest Income and profits.
Diamond Bank customer wins car in western union promo
A Diamond Bank customer, Patrick Anyatonwu, has emerged star prize winner of a brand new Hyundai Accent salon car at the just concluded ‘Western Union Back to School Promo” held in Lagos.
Letshego Mfb Wins Banking Award
Letshego Microfinance Bank, a subsidiary of Letshego Holdings Limited, has been honoured with the ‘Excellence in Microfinance Banking’ award at the New Age Banking Summit 2017, which was held in Lagos.
Keystone Bank Reaffirms Commitment To Delivers New Products, Services To Customers
Keystone Bank has reaffirmed its commitment to deliver unparalleled products and services to its customers with the recent launch of its new campaign tagged: “I Bank with Keystone Bank”.
Ecobank Group Research Reveals Three Key Emerging Trends For Africa
Digital innovation in Sub-Saharan Africa is being driven by the explosion in mobile phone usage, enabling African consumers to leapfrog existing business models and technologies.
Fidelity Bank Rewards More Customers
Nume Ekeghe In its continuous bid to increase savings culture as well as enhance financial inclusion, Fidelity bank yesterday rewarded 13 customers with N15 million and other 18 consolation prizes. The winners emerged in the first draw of the bank’s “Get Alert in Millions Promo Reloaded.
Fidelity Bank expresses support for economic diversification plan
The Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, says the lender is committed to Nigeria’s economic diversification plan, which is expected to enhance recovery and growth.
Fidelity Bank Assures Customers of Quality Service Delivery
Fidelity Bank Plc has reassured its customers of enhanced quality service delivery. The bank chief executive, Mr. Nnamdi Okonkwo, stated this in a speech delivered at the just concluded 2017 Lagos International Trade Fair.
Moody’s Investors report downgrades GTBank, Union, UBA, five other Nigerian banks
Moody’s Investors Service (Moody’s) has downgraded to B2 from B1 the long-term local currency deposit and issuer ratings of four Nigerian banks. It also downgraded the long-term local and foreign currency issuer ratings of another development bank.
My Take on the GTBank Fashion Weekend
ELEVATING TO THE NEXT LEVEL Again this year, I attended the GTBank Fashion Weekend. It was a place to be and be seen in Lagos, especially as Nigeria has a dearth of places you can go to with your family to have a relaxing time.
Sterling Bank Partners Lagos to Finance SMEs, Artisans
Sterling Bank Plc is partnering the Lagos State Ministry of Wealth Creation and Employment to finance Small and Medium Scale Enterprises (SMEs) and artisans in the state.
Sterling Bank boosts Plateau Street cleaning with 600 jackets
Sterling Bank Plc yesterday donated 600 customised reflective uniforms to the Plateau State Environmental Protection & Sanitation Agency (PEPSA) for distribution among its highway sweepers and workers in Jos.
Oyinlola praises Sterling Bank over Kwara Open
Nigeria Golf Federation president Olagunsoye Oyinlola has praised Sterling Bank Plc for its contribution to sports development in the country. Oyinlola, who spoke at the closing ceremony of the 5th Kwara State Golf Open in Ilorin on Sunday, said Sterling Bank’s sponsorship of golf had helped the growth of the sport in the country.
Sterling Bank Finances Medium Income Housing in Lagos
Sterling Bank is providing financial partnership to a residential housing project being developed by the Lagos State Government in collaboration with a private developer. Bennett Oghifo reports The housing project, known as Sterling Court Development, is a Pubic Private Partnership development with Lagos State Government under Agboyi-Ketu Local Council Development Area.
FCMB Promotes 537 Staff
The FCMB Group Plc monday announced that it recently promoted 537 staff. The financial institution explained that the promotion exercise was part of the Group’s tradition of rewarding and motivating employees for higher productivity.
Agriculture Business: Distinctive Approach Of FCMB At Economic Recovery
Few banks are committed to the agriculture value chain in alignment with the Federal Government’s current policy focus of diversifying the economy and re-positioning the agriculture sector to play a lead role in economic development.
Stanbic IBTC Outlines Sustainability Framework
Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has reeled out a three-pronged framework that underscores its approach to sustainability and support to its clientele, employees and the society at large.
Stanbic IBTC reports 87% growth in Q3 PAT
Stanbic IBTC Holdings Plc has posted a profit after tax of N37.672 billion for the third quarter ended September 30, 2017, which represents a growth of 86.9 percent in comparison to N20.152 billion recorded in 2016. The bank also posted a 77.7 per cent increase in profit before tax to N45.650 billion against the figure of N25.688 billion reported in the corresponding period of 2016.
Stanbic IBTC restates commitment to SMEs growth
Stanbic IBTC has restated its commitment to providing right support, solutions and capacity development to the Small and Medium-scale Enterprises. The Head, Enterprise Banking, Stanbic IBTC, Mr. Babatunde Akindele, said the lender had realised that the SMEs remained the lifeblood of the economy providing employment opportunities and contributing to economic growth.
Today’s customers demand faster services without compromising quality — CEO, Stanbic IBTC
Most organisations interpret and implement CSI as best suits their overriding corporate goals. However, to borrow a leaf from the United Nations Industrial Development Organisation (UNIDO), we at Stanbic IBTC see CSI as a management concept whereby we integrate social and environmental concerns into our business operations and interactions with our stakeholders.
TSA: $21.3m trapped in Heritage Bank, NPA tells Reps
Abuja About $21.3m of Federal Government’s funds held for the Nigerian Ports Authority by Heritage Bank had been trapped in the vault of the lender since 2016, the NPA told the House of Representatives in Abuja on Wednesday.
NIRSAL Partners Union Bank on N10bn Agric Financing Scheme
In a bid to catalyse a major funding arrangement for the nation’s agricultural sector, the Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) and Union Bank Plc, has launched a N10 billion agribusiness financing scheme. The scheme would see NIRSAL derisk lending to the agricultural sector in a major move to leapfrog the sector.