Here are the major banking news for week ended 24th February, 2018
Today 24th February 2018
FirstBank Announces Sponsorship Of 2018 Social Media Week Lagos
First Bank of Nigeria Ltd. on Saturday announced its sponsorship of the 2018 Social Media Week (SMW) Lagos slated for Feb. 26 to March 1, to facilitate technology advancement in Africa. In a statement in Lagos, the bank’s Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, said that FirstBank would be sponsoring the event for the third time.
Afreximbank Appoints Nigerian Head of Global Communication
The African Export-Import Bank (Afreximbank) has announced the appointment of two staff members to directorship positions to head its Communications and Events Management Department and Treasury and Markets Department respectively.
When UBA Foundation took CSR to Usmanu Danfodiyo University
It was Philip Kotler, American marketing author, consultant, and professor, who once said, “A good company offers excellent products and services. A great company also offers excellent products and services but also strives to make the world a better place.” In the same vein, Courtney Pratt, former chief executive officer of Toronto Hydro, said…
Banks unwilling to give industrialists loans – MAN
The Chairman, Manufacturers Association, Kwara and Kogi states branch, Alhaji Kamorudeen Yusuf, has said that many banks in the country have not demonstrated enough commitment to financing industrialisation. He stated that though loans were said to be available in banks, they were only available on paper and not in reality for industrialists.
CBN, RMAFC kick oppose creation of Assets Management Agency
The Central Bank of Nigeria (CBN) and the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), have opposed the plan to establish a new agency to manage assets seized from corruption and other criminal -related cases.
Adamawa rice farmers to benefit from RIFAN/CBN pilot project
About 600 rice farmers in Adamawa are to benefit from the dry season rice production programme under a special pilot project of Central Bank of Nigeria (CBN).
Emefiele: CBN Has Disbursed N55bn to 250,000 Farmers Under Anchor Borrowers’ Programme
Intervenes in Forex Market with Fresh $321.4m By Obinna Chima The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday put the total amount of money disbursed under the Anchor Borrower’s Programme (ABP) in partnership with the state government and private sector group since the commencement of the programme…
Bauchi secures N8bn CBN loan facility for agriculture
IN its determination to boost agriculture and make food available, Bauchi State government has secured a N8billion loan facility from the Central Bank of Nigeria (CBN). According to the Commissioner of Agriculture, Yakubu Kirfi…
25,000 additional jobs coming as CBN inaugurates egg powder factory in Ondo
About 25,000 new jobs are expected to be created, while Nigeria will earn up to $1 billion annually, in addition to increased incomes for poultry farmers, following the inauguration of a new Egg Powder Plant in Emure-Ile, in Ondo State, Saturday.
Ikeja Electric, UBA, E-Top Empower Lagos Communities
The Ikeja Electric Plc, (IE), has partnered with United Bank for Africa, (UBA) and E-top, a foremost Payment Terminal Service Provider, (PTSP), to launch an initiative aimed at empowering communities within its network through the creation of entrepreneurial opportunities. The initiative, which aims to empower members of Community Development Associations, (CDC/CDAs)…
Traders optimistic of Naira stability across forex market
Foreign exchange traders in the country are optimistic that the local currency, Naira, will remain stable across the official forex markets and its segments.
Friday 23th February 2018
Financial Inclusion scorecard for Nigeria’s Tier – One Banks
Nigeria’s five Tier-One or big banks (First Bank, Guaranty Trust Bank or GTB, Zenith Bank, United Bank for Africa or UBA and Access Bank) cumulatively hold about 60 percent of the industry’s assets and as such are a major catalyst for financial inclusion (FI) in Nigeria.
Banker allegedly forges customer’s signature, steals N1.6m
A 43-year-old banker, Emmanuel Isah, who allegedly forged a customer’s signature and pilfered his N1.6m, on Friday appeared before a Wuse Zone 2 Magistrates’ Court in the Federal Capital Territory. Isah is facing two counts of forgery and theft.
Predictable characteristics of the unbanked and under-banked Nigerians
Nigeria’s unbanked and population remains quite high. A report, in March 2016, by Ericsson titled “Financial services for everyone” showed that a whopping 47 percent of Nigeria’s population is not in the banking system at all.
Police arrest university graduate involved in Zenith Bank robbery
The Imo State Police Command has arrested a member of the four-man robbery gang that attacked a customer at Zenith Bank in Owerri, killing two policemen. The suspect, Chinomso Onwuegbuchulam, popularly known as Ogolo, was arrested at his hideout at Close 7 Mgbuakara, Eleparanwan in Rivers.
Access Bank Wins Euromoney Award
Access Bank Plc has emerged winner of the best ‘Commercial Banking Capabilities’ award by Euromoney, a leading global financial publication. The prestigious award was presented to the bank’s Group Managing Director/CEO, Mr. Herbert Wigwe, at the Euromoney Private Banking Awards 2018, which held at the Landmark in Marylebone, London on Thursday.
CBN to conduct financial check on 9mobile buyer
The Central Bank of Nigeria is to carry out a financial check of the winner of the 9mobile auction while the Nigerian Communications Commission will focus on the buyer’s ability to provide quality service, the Executive Vice-Chairman, NCC, Umar Danbatta, has said. “These are all measures we’re putting in place…
CBN ready to support anyone willing to invest in Agriculture – Emefiele
The Central Bank of Nigeria (CBN) on Friday, expressed readiness to support anyone willing to invest in agriculture across the country.
CBN boosts Retail SMIS with $321.4m
Central Bank of Nigeria (CBN) on Friday again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $321.4 million. Figures obtained from the Bank, indicate that the amount released was for requests in agricultural, airlines, petroleum products and raw materials and machinery sectors.
Climate Change: World Bank pushes for smart technologies
The World Bank is to support Nigeria and other members of the Economic Community of West African States (ECOWAS) on the uptake of climate-smart technologies. The bank has introduced a new initiative, West Africa Agricultural Transformation Programme (WAATP), which it will solely fund to this effect. The funding will run into millions of dollars.
Stanbic IBTC marks Lagos Social Media Week
Stanbic IBTC will be joining other thought leaders, innovators business practitioners, entrepreneurs, and pop culture luminaries from Nigeria and around the world to commemorate the 2018 Social Media Week (SMW Lagos). This year’s event, holding from February 26 to March 2, is themed “Closer,” and seeks to explore the intensifying conflict between communality and individualism…
Investors are “more relaxed” about Nigeria – Standard Chartered
A flurry of improved economic indicators is helping Africa’s largest economy warm its way back to foreign investors, according to Steve Brice, the chief investment strategist at Standard Chartered, who says he is dealing with fewer questions about Nigeria compared to some 18 months ago.
FirstBank hits Kaduna Trade Fair with innovative products, services
In line with its tradition of partnering and supporting initiatives created to promote economic growth in the country, First Bank of Nigeria Limited has announced its participation at the 2018 Kaduna Trade fair. The event which is scheduled to hold between February 23 –through March 4, 2018 is organised by the Kaduna Chamber of Commerce…
CSR: Fidelity Bank donates sanitary facilities to Ondo
Fidelity Bank Plc has donated three fully equipped sanitary facilities to the Ondo State Government. The facilities constructed by Fidelity Bank Plc at Aquinas College, Democracy Park and Arakale Motor Park, all in the Akure metropolis, according to a statement from the lender, will enable the host communities maintain better sanitary conditions…
Thursday 22ud February 2018
Banks Must Settle Customers’ Complaints Within 2 Weeks – CBN
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to settle customers’ complaints on issues of overcharge, unauthorised deductions and other matters within two weeks. Mr Tajudeen Ahmed, the CBN Head of Complaints Management Division, said this in an interview with the News Agency of Nigeria on Thursday in Abuja.
Lawmakers show satisfaction over CBN’s N9.5bn ASCON intervention projects
Nigerian Lawmakers have demonstrated satisfaction over the intervention projects worth N9.5 billion at the Administrative Staff College of Nigeria (ASCON), Topo, Badagry, by the Central Bank of Nigeria (CBN). The project is one of the several intervention projects across sectors of the economy undertaken by the Apex bank.
Heritage Bank Partners Next Generation To Empower Nigerian Youths
Heritage Bank has partnered Next Generation to educate and empower not fewer than 300 primary and secondary school pupils, in a bid to make them emotionally intelligent to take financial decisions in the future. Ajiri Efeturi, Team Lead, Customer Insight and Business Support of the bank disclosed this at a seminar organised by Next Generation…
GTBank Owes Me N21bn – INNOSON
THE chairman and chief exeutive officer (CEO) of Innoson Group, manufacturers of INNOSON brand of vehicles, Chief Innocent Chukwuma, has claimed that the Guarantee Trust Bank (GTB) is currently indebted to him to the tune of N21 billion. Chief Chukwuma who spoke to a delegation from LEADERSHIP Group,
Fidelity Bank’s partnership with Beloxxi shows strength
The partnership between Fidelity Bank plc and Beloxxi, Industries, one of the largest biscuit makers in Nigeria, has recorded huge success with the recent expansion of the firm. “I can say we are partners with Beloxxi. We’ve been supporting Beloxxi when they needed it most”, Nnamdi Okonkwo…
FCMB mobile banking boosts customers’ experience
ONE of the leading financial services provider, First City Monument Bank (FCMB) Limited, has again enhanced the level of service delivery and experience for its customers by introducing a mobile banking solution through the use of a dedicated code, *329#. The offering is anchored on the Unstructured Supplementary Service Data (USSD) technology platform.
Wednesday 21st February 2018
FirstBank launches its virtual community for women
Barely two months after First Bank of Nigeria Limited celebrated the one year anniversary of FirstGem, its life style offering for women, the Bank has announced the launch of a website specifically designed to build a virtual community of like-minded women in order to encourage interactions among them…
US-based P.E firm Milost said eyeing Unity Bank
Milost Global, a New York based private equity firm is in Nigeria to close the acquisition of tier-two lender Unity bank plc, two sources familiar with the matter confirmed to BusinessDay. If a deal goes through for Unity, it would be the third investment made by Milost in 2018 alone…
Tuesday 20th February 2018
CBN Intervenes in Forex Market with Fresh $210m
The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange (forex) market. In its quest to meet customers’ needs in the various segments of the market, the CBN offered $100 million to authorised dealers in the wholesale segment of the market.
World Bank Starts 5-year $611m Education Project In Nigeria
A total of 611 million dollars will be committed by the World Bank to a new education project in Nigeria tagged: Better Education Service Delivery for All (BESDFA) which kicked off last month, the bank’s senior education specialist, Dr Tunde Adekola, has said.
Designate tax evasion as corrupt practices, Adeosun tells World Bank, IMF
Minister of Finance, Mrs. Kemi Adeosun, has admonished the Organisation for Economic Cooperation and Development (OECD), World Bank Group, International Monetary Fund (IMF) and the United Nations (UN) to label tax malpractices by multinational corporations in Nigeria and other developing countries as ‘foreign corrupt practices’.
Access Bank, GTBank, UBA, Zenith, two others meet CBN dividend payout rule
The Central Bank of Nigeria (CBN) circular on dividend payout by commercial banks and discount houses has been analysed based on the performances and balance sheet positions of all lenders …
Ambode flags off e- tax payment campaign at GTbank
Lagos State Governor, Akinwunmi Ambode, has flagged off the electronic tax payment campaign of the state which will allow residents and citizens of Lagos State to pay their taxes directly to the coffers of the State Government. The flag-off campaign was kicked off at the Guaranty Trust Bank, Opebi branch, Lagos on Monday…
Monday 19th February 2018
Reforms in mining sector, others result in Nigeria’s improved world bank’s ease of doing business ―FG
THE Minister of Mines and Steel Development, Dr Kayode Fayemi, on Monday, said the remarkable improvement in Nigeria’s ranking in the World Bank’s Ease of Doing Business rating, was a result of various reforms by the present administration, including reforms in the mineral and mining sector.
ARM Research places ‘Buy’ rating on FirstBank stock
Leading investment firm, ARM Securities Limited, has placed “Buy” ratings on First Bank Holdings Nigeria (FBNH) Plc, describing the lender as very attractive with the potential of improving asset quality. The investment house says the lender looks increasingly attractive, strengthened by above par core banking metrics and resilient in Net Interest Margin (NIM)…
First Bank: Analysts recommend strong buy as investors’ bandwagon push in opposite direction
AT the backdrop of a heart-warming projections by a reputable institutional analyst, investors’ bear bandwagon appeared too strong on the stock of First Bank of Nigeria Holdings Plc (FBNH).
Sunday 18th February 2018
World Bank to support Nigeria’s power recovery with $2.6bn
The World Bank Group has expressed its willingness to assist the Federal Government’s Power Sector Recovery Programme with $2.6bn. According to the Federal Ministry of Power, Works and Housing, the financial intervention from the bank for the PSRP would help to fully fund historical and future deficits in the power sector.
Tambuwal Commends Jaíz Bank
Jaiz Bank has done much to create a unique identity and boost ethical operations in the banking sector in the country, Sokoto State Governor, Aminu Waziri Tambuwal has said. He spoke when the Managing Director of Jaiz Bank, Hassan Usman, paid a visit to him in Sokoto.