Banking new today
NDIC Pays N11.50bn to Depositors of Failed Banks, Recovers N28bn Debt
The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, Tuesday said a total of N11.50 billion had been paid to depositors, creditors, shareholders and other stakeholders of closed financial institutions
Banks need to build trust in e-payment’
Managing Director of Diamond Bank Plc, Mr. Uzoma Dozie, has described trust as a key factor in the acceptability of any electronic banking solution. He spoke during a panel session at the 2018 Annual National Conference of the Finance Correspondents…
Higher non-interest income boosts Tier 2 banks’ 1H earnings
With analysts’ forecasting that the harsh business environment will take a greater toll on them than their Tier 1 counterparts, Tier 2 deposit money banks (DMBs) in the country seem to have focused on generating more non-interest income in order to stay…
CBN, AMCON spend N3.83 trillion rescuing sick banks since 2009
The Central Bank of Nigeria (CBN) and the Asset Management Corporation of Nigeria (AMCON) has spent as much as N3.83 trillion since 2009 rescuing sick banks, BusinessDay analysis has shown. The big bank bailout started in 2009 when the CBN…
FirstBank participates in Africa Investment Summit
As part of its financial inclusion and thought leadership drive, First Bank of Nigeria Limited participated in the Africa Investment Summit convened by Guardian Newspapers, Financial Times of London, NEPAD Business Group, Africa Business…
Fidelity Bank Improves Growth Trajectory
In a period when financial institutions recorded marginal growth, Fidelity Bank Plc posted impressive performance for the half year ended June 30, 2018, writes Goddy Egene When Fidelity Bank Plc announced a delay in filing its results for half year- ended
Small banks part ways with big lenders as risk appetite opens divide
An economy fraught with political risks and weak growth hasn’t deterred small banks from lending to businesses that big banks will not touch with a ten foot pole. Data compiled by BusinessDay show that while big banks largely cut back on loans and…
Adewale retires as Union Bank CFO
After six years as an Executive Director and Chief Financial Officer (CFO) of Union Bank of Nigeria (Union Bank), Mrs. Oyinkan Adewale has retired from the bank. Mrs. Adewale whose retirement took effect from September 25, 2018 has been succeeded by Mr…
Wema Bank appoints new company secretary
Wema Bank Plc has announced the appointment of Johnson Lebile as its new Company Secretary/legal Adviser, following the redeployment of his predecessor, Oluwole Ajimisinmi, to head the Lagos Business Group after 9 years in charge, the bank said in…
Alleged Forgery: Whiteplains distance self from First Bank tripartite legal mortgage agreement
The Proprietor of Whiteplains British School Abuja, Dr Francis Nwufoh has distanced himself from a purported tripartite legal mortgage agreement on a N690,368,000million loan obtained by the school in 2014 from First Bank plc…
World Bank Group Boosts Renewable Energy With $1bn
The global energy landscape is undergoing a major transformation as the World Bank, has embarked on $1bn programme, aims to help fast-track investments in battery storage. The battery storage of the project, according to the World Bank allows for wind
World Bank supports Philippines typhoon victims with $496m
The World Bank has released 496.25 million dollars to support the Philippine government’s efforts to hasten recovery, rehabilitation, and reconstruction in areas battered by Typhoon Mangkhut in September, the bank said on Tuesday….
Turkey orders arrest of 417 suspects in illegal bank deals of $419m
Prosecutors in Turkey ordered the detention of 417 suspects in a money-laundering investigation into the transfer of about 2.5 billion lira ($419 million) worth of foreign currency to bank accounts abroad, broadcaster CNN Turk said on Tuesday. The vast…
Gully Erosion: World Bank promises speedy intervention
The World Bank has visited the Alex Ekwueme gully erosion site which is threatening Federal High Courts, Awka and other properties in the Awka Central Business District area, promising speeding intervention….
World Bank withholds grant for Tanzania over restrictions on statistics
The World Bank on Tuesday confirmed it was withholding 50 million dollars of grant for Tanzania because the bank was deeply concerned about restrictions that the government has placed on freedom of speech concerning statistics…
