The biggest casualties in terms of deposit loss should the Federal Government go-ahead to implement court order on funds forfeiture for Bank Verification Number (BVN) non-compliant accounts will be the first generation banks…
Nov. 3 deadline: Banks begin compilation of accounts without BVN
Oyetunji Abioye Deposit Money Banks on Friday began compilation of customers’ accounts without Bank Verification Numbers. The lists, according to bank executives, are being prepared for onward transfer to the Federal Government through the Central Bank of Nigeria.
BVN: Banks comply with court order, file information on customers
Case adjourns till Nov 16 Following the interim order of the Federal High Court in Abuja, asking 19 commercial banks to freeze their customers’ accounts without the Bank Verification Numbers (BVN), some banks yesterday complied with the order by filing information on their customers.
Considering the aggressively intensive approach which Ogun state government adopts in driving tax collection, especially the personal income tax and taxes from high networth individuals, coupled with the proposed $350 million concessionary loan from the World Bank, It is getting clearer that Ogun state may expand its 2018 budget portfolio by over 50%…
When the wife of the Central Bank of Nigeria, CBN, governor, Mrs Margaret Emefiele, and four other women alongside her driver were kidnapped on September 29 2016 along the Benin-Agbor Expressway, operatives of the Special Intelligence Response Team, IRT, led by Assistant Commissioner of Police, ACP, Abba Kyari, immediately swung into action.
The Central Bank of Nigeria, CBN has disclosed it had guaranteed a total of N259.823million to 1,447 benefiting farmers in Plateau State between 2015 and 2017 and urged farmers who are yet to key into the Agricultural Credit Guarantee Scheme Fund, ACGSF to do so and improve their input in the agricultural sub-sector.
Fraudsters fake our website, CBN warns public
The Central Bank of Nigeria (CBN) has said there is an ongoing scam where some fraudulent persons are diverting unsuspecting members of the public to a fake website purported to belong to the bank.
E-payment transactions up 33% to N74.9trn in 2016 — CBN
THE Central Bank of Nigeria, CBN, said the total value of electronic payment (e-payment) transactions in the country in 2016 rose to N74.9 trillion, up 33 percent from N56.3 trillion recorded in 2015.
SEC partners CBN, NIBBS to eliminate fraudulent investment outfits
The Securities and Exchange Commission ( SEC ) on Wednesday said that the commission was partnering with other regulatory bodies to get rid of fraudulent investment outfits in the Nigerian capital market to boost investors’ confidence.
Manufacturing expands for 7 consecutive months -CBN
The manufacturing Purchasing Managers Index (PMI) released by the Central Bank of Nigeria (CBN)stood at 55.0 index points in October 2017, indicating expansion in the manufacturing sector for the seventh consecutive month.
Naira gains over euro as CBN lifts forex market with $195m
FG raises N100bn through T-Bills The Nigerian currency, Naira, on Wednesday, appreciated by two points against the Euro, to close at 423 against 425 traded on Tuesday, while the official foreign exchange market remained liquid, as the Central Bank of Nigeria (CBN), within the week, injected total sum of $195 million to meet demand for dollar…
Forex daily turnover rises as CBN auctions N100.84bn in Treasury Bills
The foreign exchange daily turnover at the investors and exporters window on Wednesday rose to $165.83 million from $72 million recorded the previous day. This show a 130.31 percent increase. The Central Bank of Nigeria (CBN) on Wednesday auctioned N100.84 billion in Treasury Bills as traders locked in yields in anticipation of higher liquidity
NCC, CBN sign agreement on mobile money services
The Nigerian Communications Commission has signed a Memorandum of Understanding with the Central Bank of Nigeria to enable digital mobile operators incorporate Special Purpose Vehicles to offer mobile money services.
The growth in Nigeria’s financial sector has been lauded, as Citibank Nigeria has once again been commended for boosting the industry’s growth. The commendation was given to Citi by the Nigeria’s apex bank during the recently concluded Cash & Trade Seminar for Banking Industry professional hosted by Citibank Nigeria.
Investor & Exporter forex window has exceeded expectations — CBN
THE Central Bank of Nigeria, CBN, has indicated that the performance of the Investor and Exporter (I&E) foreign exchange window has exceeded the expectations it had when the window was introduced in April, 2017.
Umar Muhammed, Lafia Unity Bank on Saturday won the 2017 All Financial Institutions League after beating Security Exchange Commission 1-0 at the Lafia Stadium. The competition, which is organised annually by Central Bank of Nigeria in conjunction with the Nigeria Football Federation started with 21 teams.
The stage is now set for the semifinals of the football event in the on-going Nigeria Bankers’ Games at the Yabatech Sports Complex, Yaba, Lagos on Sunday. United Bank of Africa (UBA) will slug it out with their First Bank counterparts at 12:45pm, while Fidelity Bank will keep a date with First City Monumental Bank at 2:10pm.
Banks after us for their money; Abia farmers cry to CP
Ogbonnaya Ikokwu, Umuahia Following the incessant invasion of farm lands by herdsmen in Abia State, some farmers in the state have raised the alarm that commercial banks are now on their neck to repay the loans they collected to cultivate in their farms.
Sterling bank donates 600 customized uniforms to Ondo
Sterling Bank Plc, has donated 600 customized reflective uniforms to the Ondo State Waste Management Authority (OSWMA) for highway sweepers and workers working with the agency.
Sterling Bank deepens public awareness on non-interest banking
In a bid to further deepen public awareness and understanding of alternative finance or Non-Interest Banking (NIB) in Nigeria, Sterling Bank Plc, recently organised a public lecture on “Reducing Poverty & Unemployment through Non-Interest Banking.” Seasoned scholars and policy makers on various aspects of NIB according to a statement from the lender, presented papers and made valuable contributions during discussions at the public lecture, which held at the Syrian Club on Ribabu Road in Ikoyi, Lagos.
The month of October is observed as the Breast Cancer Awareness Month. Labake Fashogbon looks at the deadly scourge that has claimed the lives of many women and how Skye Bank is joining in the fight to end its spread.
Nahco Aviance appoints ex Skye bank director new MD/CEO
The Nigerian aviation handling company plc has notified the capital market stakeholders on the appointment of its new substantive managing Director and Chief Executive Officer, Mr. Idris Yakubu, former executive director Skye Bank Plc.
330 Women To Benefit From Skye Bank’s Breast Cancer Screening
To mark this year’s Breast Cancer month, Skye Bank Plc is offering free, all-expense paid to breast cancer screening for over 330 women under the aegis of its women-focused initiative, Skye Pearl.
Skye Bank takes financial literacy to 30 schools
Skye Bank CEO, Tokunbo Abiru, has unveiled the Bank’s plans to take financial literacy campaign to 30 schools in the country to mark this year’s World Savings Day. Abiru made this known while addressing pupils of Seed of Life Schools, Lebanon Ibadan, adopted by Skye Bank yesterday, stated that: “as part of planned activities to commemorate this year’s World Savings Day, we will be taking financial literacy campaign to 30 schools across the six geo-political zones in the country.”
Diamond Bank Plc has agreed to sell its operations in Benin, Togo, Cote d’Ivoire and Senegal to Manzi Finances S.A., a Cote d’Ivoire-based financial services holding company. The bank announced plans to divest its Francophone West African business to Manzi Finances S.A for €61million.
Diamond Bank Grows Profit By 71% In 9 Months
Diamond Bank Plc, on Monday, laid its Q3 2017 financial scorecard on the floor of the Nigerian Stock Exchange (NSE), displaying moderate growth in key financial parameters despite the lull trailing economic activity after the country exited recession.
In keeping with its commitment to promote qualitative education and sustainable development in Nigeria, Keystone Bank Limited, has handed over a renovated and fully equipped Sick Bay to Dodan Barracks Primary School, Obalende, Lagos to manage remote health challenges of the students.
First Bank of Nigeria Limited will be joining the rest of the world to commemorate the 2017 World Savings Day on October 31, 2017. As part of the activities lined up for the day, the Bank would be taking its Financial Literacy campaign to 30 secondary schools across the six geo-political zones of the country to teach secondary school students the importance of having a savings culture. This year’s event themed “Our Future Starts with Savings” aligns with FirstBank’s FutureFirst programme…
FBN Merchant Bank commemorates World Savings Day, encourages devt of savings culture
As part of its commitment to inspiring the future by enhancing a culture of saving among youths, FBN Merchant Bank Limited, a subsidiary of FBN Holdings Plc, educated the students of six secondary schools in specific regions in Nigeria on the importance of savings.
We are ready for FIBA Africa tourney – First Bank
First Bank Basketball Club coach Peter Ahmedu has said his side are ready for the FIBA Africa Champions Cup for Women in Luanda, Angola, from November 10 to 19. The Elephant Girls were given an automatic ticket to represent FIBA Africa Zone 3 in the competition after other clubs from the zone failed to register for the qualifiers.
Zenith Bank Plans Big for Delta Principal’s Cup
Zenith Bank has promised to make the Delta State Principal’s Cup bigger with every edition as the Season 2 of the football event for all secondary schools in the state kicks off on Wednesday in Asaba.
GTBank, 2 Others Record N38.6bn Loss On e-Banking Income
Three leading commercial Banks, Guaranty Trust Bank Plc (GTBank), United Bank for Africa Plc (UBA) and Access Bank Plc recorded a drop of N38.6 billion in Electronic Banking (E-Banking) income in nine months of 2017.
Stanbic IBTC ETF supports 20 children with prosthetic limbs
Stanbic IBTC Plc, has launched education empowerment for 20 children through the establishment of educational trust fund. The bank, a member of Standard Bank Group, through the empowerment initiative provided 20 children with limb challenges, prosthetic limbs and education trust funds under its corporate and investment initiative, ‘Together4 A Limb’.
Employers must open retirement accounts for workers –Stanbic IBTC
The Executive Director, Investment, Stanbic IBTC Pension Management Limited, Mr. Oladele Sotubo, has said the law mandates all employers to open temporary Retirement Savings Accounts for their workers who fail to open such accounts. He said this during an employer/employee forum organised by Stanbic IBTC Pensions in Lagos.
FCMB Advises Youths to Imbibe Savings Culture
First City Monument Bank (FCMB) has tasked youths in Nigeria to key into the financial system by adopting savings culture and other financial management techniques that would help secure their future.
Wema Bank Pushes For Saving Culture among Students
Wema Bank Plc yesterday joined the world in celebrating the World Savings Day under the theme “Our future starts with savings”. Ademola Adebise, the Deputy Managing Director of the Bank was at Edokpolor Grammar School, Benin City, Edo State, where he encouraged students to imbibe the savings culture.
Model demands N75m from Wema Bank for alleged copyright infringement
An American-based Nigerian model, Nneoma Anosike, has sued Wema Bank plc at a Federal High Court in Lagos for alleged infringement of her intellectual property. The plaintiff, who is a 2014 brand Ambassador of Pepsi Cola Nigeria, sued through her father, Mr Frank Anosike, as lawful attorney, claiming N75 million against the bank as general damages for passing off her services.
Why we must teach kids how to save – JAIZ Bank CEO
To mark this year’s World Savings Day, the managing director/CEO Jaiz Bank Mr. Hassan Usman spoke to our correspondent on the need to develop savings culture as a nation.
Heritage Bank partners IFCOD on use of art performance for socio-economic devt
As part of its commitment to the growth and socio-economic development of Nigeria’s creative industry, Heritage Bank Plc has partnered with the organizers of the International Festival of Contemporary Dance (IFCOD) to host the second edition of One Language, a musical production of intrigue, dance and drama.
Access Bank Lagos City Marathon organisers target silver label
The General Manager of the Access Bank Lagos City Marathon, Yusuf Alli, has said that the next target of the organisers is to work hard towards getting a silver label for the event.
100,000 runners for 2018 Access Bank Lagos marathon
Over 100,000 athletes are expected to take part in the 3rd Access Bank Lagos City Marathon on February 10, 2018. General Manager of the race, Yussuff Alli, said at a press conference in Lagos on Thursday the target was to get the race an IAAF gold label in its fifth year.
Access Bank Partners GAC Motors on Vehicle Finance Scheme
Access Bank has entered into a partnership with Guangzhou Automobile Group (GAC Motors) to enable more Nigerians have access to finance for affordable vehicles. The partnership allows customers of Access Bank access finance to purchase the latest brands of GAC at discounted price with a reduced interest rate.
Access Bank Lagos City Marathon: Organisers confirm car prizes for new 10km race
The organisers of the Access Bank Lagos City Marathon has officially confirmed the introduction of 10km race during next year’s edition of the event. Two cars donated by GAC Motors have also been confirmed as the top prizes up for grabs by the winners of the Men’s and Women’s 10km races.
Fire guts Access bank in Lagos, destroys ATMs
A branch of Access Bank in Ikotun Lagos State was gutted by fire on Tuesday, destroying the Automated Teller Machines gallery on the bank premises. It was learnt that the fire sparked off around 4 pm from a faulty air conditioner at the gallery and spread to the machines.
Nigeria’s Access Bank eschews M&A in Ghana growth strategy
Nigeria’s Access Bank plans to pursue organic growth in Ghana rather than mergers or acquisitions after the central bank raised the minimum capital requirement for lenders in the West African country, its group chief executive said on Tuesday.
Ecobank Organises Workshop To Upgrade Importers, Exporters Skills
Ecobank Nigeria has organised customer forum for exporters and importers targeted at boosting trade and commerce in the country. Rotimi Morohunfola, the Country Head, Commercial Banking, Ecobank Nigeria, said the forum is one of the several avenues by the bank to support promoters and stakeholders in export and import business.
EFCC’s Famous Handler F.Shaw Joins Becomes Union Bank’s New ‘Handler’
In an interesting turn of events, ‘ex-handler’ of the EFCC twitter account Olufemi Adeyemi also known as F-Shaw announced his new job as Union Bank’s new handler. F-Shaw who upon his exit from the EFCC had announced that he’ll be focusing on his music career…
Union Bank posts N109bn 9M gross earnings
Union Bank Plc has recorded 16 per cent growth in gross earnings for the nine month ended September 30 2017. The financial statement made available to the Nigerian Stock Exchange (NSE) showed that the lender’s gross earning was up by 16 per cent to N109.5 billion from N94.8 billion in 9M 2016; fuelled mostly by 22 per cent increase in interest income.