Here are the major banking news for the week ended 3rd February 2018
22% of Nigerians suffer from chronic depression – World Bank
A new study by the World Bank has revealed that 22 per cent of Nigerians, on average, are chronically depressed. The study looked at the first nationally representative estimates of chronic depression in Nigeria to shed light on how it may be linked to economic outcomes,…
Why we support Nigeria’s domestic revenue drive — World Bank
The World Bank says it supports efforts of the Federal Government to raise domestic revenue, in order to close existing financing gaps towards achieving Sustainble Development Goals, SDGs, and infrastructure across the country.
N30m World Bank pledge: Kaduna’s most populated school gets 500 chairs
Most populated primary school in Kaduna State, LEA Rigasa with 22,240 pupils, has received 500 chairs, 50 mats and other facilities to ease teaching and learning. Director of Schools in the state’s Ministry of Education, Science and Technology, Malam Dahuru Anchau, made this known in an interview with journalists in Kaduna,…
World Bank To Help Africa Expand Financial Inclusion
The World Bank’s private sector arm on Wednesday said it would assist Africa to expand financial inclusion through leveraging on technology. Lesley Denyes, the Programme Manager of the Financial Institutions Group Africa at the International Finance Corporation (IFC), said during the Second Annual Learning Event for the AgriFin Accelerate Program (AFA).
Nigeria, foreign countries share data on overseas bank accounts, property owned by Nigerians
The Federal Government of Nigeria and some foreign countries, including the United Kingdom government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on oversea assets held by Nigerians.
Rural development: World Bank restates importance of National Identity
Mr Rachid Benmessaoud, Country Director, Nigeria, World Bank, said on Wednesday that digital national identification would yield tremendous benefit for the vulnerable people and rural development. He said this at the “All Stakeholder Workshop on Strategic Road Map for Digital Identity Ecosystem in Nigeria,”
World Bank support for Nigeria, others hit $14b
The World Bank Nigeria Country Director, Mr. Rachid Benmessaoud, said on Tuesday that the World Bank Group’s support to fragile states, including Nigeria through its International Development Association (IDA) has doubled to more than $14 billion. Benmessaoud said this in Abuja at a conference with the theme: “Ideas forAction Africa” hosted by the bank,…
Banks’ lending rate to manufacturers rises to 23%
Banks’ average lending rate to manufacturers rose to 22.65 percent in the first half (H1) of 2017 from 21.4 percent charged in the corresponding half of 2016, a survey carried out by the Manufacturers Association of Nigeria (MAN) shows. This represents a 1.25 percentage point increase over the period.
Naira relapses against dollar at official forex market
Drops points over pound at parallel segment …As I&E FX window records $321.21m After trading at N305.70 against the US Dollar for three consecutive days…
CBN injects fresh $210m into forex market
The Central Bank of Nigeria (CBN) yesterday said it had injected a fresh $210 million into the interbank foreign exchange market as part of its continuing efforts to boost liquidity and alleviate dollar shortages. Coming barely 48 hours after the apex bank pumped $304.4million into the interbank foreign exchange market.
Forex Market Sees $2.36bn Inflow As Naira Expected To Firm
A total of $2.356 billion dollars flowed into the Nigerian foreign exchange market last week through the Investors’ and Exporters’ window as well as the two interventions of the Central Bank of Nigeria (CBN) as the value of the naira is expected to inch upward this week.
Forex market intervention: ‘CBN spends $15.9b’
The Central Bank of Nigeria (CBN) has spent $15.9 billion in nine months in its weekly intervention in the foreign exchange (forex) market, Managing Director, Afrinvest Securities, Ayodeji Ebo, has said. He spoke at the Finance Correspondents Association of Nigeria (FICAN) Economic Outlook with the theme: Nigeria economy and financial market outlook.
Buhari Sends Edward Adamu’s Name for Senate Confirmation as CBN Dep Governor
President Muhammadu Buhari has forwarded the name of the Director, Human Resources of the Central Bank of Nigeria (CBN), Edward Lametek Adamu, to the Senate for confirmation as Deputy Governor of the bank, confirming THISDAY’s exclusive story last week on his appointment. Adamu, if cleared and confirmed by the Senate, will replace Sulaiman Barau…
Expansion of economic activities persisted in January — CBN
THE Central Bank of Ni-geria (CBN) yesterday released the Purchasing Managers Index (PMI) report for January which showed that expansion of economic activities persisted for the ninth consecutive month.
Updated: CBN lures investors with higher yields on N450bn treasury bills’ auction
The Central Bank of Nigeria (CBN) on Thursday offered a total of N450 billion in treasury bills for short and long term tenors, while investors rush for the longer term treasury bills with higher yields. Activities in the treasury bills market recently, reveals that investors are opting for higher yielding on the one-year debt.
Updated: MPC hangs in balance as Senate reaffirms it will not confirm CBN nominees
It appears the meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) may stay on hold for longer than anticipated as the Senate insisted on Thursday that it will not to confirm CBN nominees until President Buhari removes Ibrahim Magu as Acting Chairman of the Economic and Financial Crimes Commission.
NOVA Merchant Bank boss eyes new opportunities
A newly licensed merchant bank, NOVA Merchant Bank Limited, has formally opened for operation with determination to support its clients tapping into new opportunities, through new thinking and effective usage of technology,
FirstBank ATMs – More than a Cash Machine
First Bank of Nigeria Limited, Nigeria’s most valuable bank brand has again validated its leadership position with the efficiency and creativity of the Bank’s Automated Teller Machines (ATMs) as it presently accounts for 37 percent of bills payment services on ATMs in Nigeria’s banking industry.
FirstBank commits to trade, finance devt in West Africa
First Bank of Nigeria Limited and its subsidiary, FBN Bank UK Limited are sponsoring the GTR West Africa Trade & Finance Conference 2018 as part of the Group’s resolve to lead the development of Trade and Finance in the West African region.
Awards Show Our Commitment to Quality Service Delivery, Says FirstBank
First Bank of Nigeria Limited has disclosed that it received an avalanche of awards in recognition of its activities and interventions in various sectors in the financial services industry. The awards, the bank explained in a statement, epitomise its sustained relevance to its customers and the nation at large for 124 years.
First Bank BC begins training for new season
Nineteen players will report for training tomorrow as First Bank Basketball Club begins preparation for the new a season at the sports hall of the National Stadium, Lagos. After two phases of screening, 10 players were selected and unveiled last Friday.
Fitch upgrades Access Bank’s National Rating to ‘A+
Fitch Ratings, a leading global rating agency in its latest report, has upgraded Access Bank’s National Long-Term Rating to ‘A+ from ‘A. At the same time, Fitch affirmed the Bank’s Long-Term Issuer Default Rating (IDR) at ‘B’.
2018 PH Polo tournament review: Access Bank Cup highlights 2018 PH international polo fiesta
The finals 2018 Port-Harcourt International Polo Tournament sponsored by Access Bank Plc will remain fresh in the minds of participants as the annual competition held at the foremost Port-Harcourt Polo Club produced five big winners in the major cups categories.
Access Bank Creates Special Loan Facility For Indigent UNN Students
Mr Herbert Wigwe, Group Managing Director of Access bank PLC says the bank has created a special loan grant for indigent students of the University of Nigeria, Nsukka (UNN). The GMD also approved initial deposit of zero naira as against N2,000 for students of the university to open account with the bank.
Access Bank, Western Union reward customer with car
An Access Bank Plc’s customer, Tope Olaoluwa Johnson, has emerged one of the winners in the Western Union year-end promotional campaign. The customer won a Hyundai Accent car, in the final draw of a campaign that was initiated by Western Union, one of the global payment services providers in the country.
Nigerian Stock Exchange: Aiico Insurance, Unity Bank lead N327bn gains
Activities in the Nigerian Stock Exchange, NSE, closed upbeat this week following sustained interest in the shares of some mid- cap stocks, particularly the banking stocks. Breakdown of the week’s transaction showed that 49 emerged gainers higher than 30 of the previous week led by Aiico Insurance Plc, Unity Bank Plc…
Sterling Bank appoints CRO, CCEO
The management of Sterling Bank has appointed Dayo Orimoloye and Moronfolu Fasinro as Chief Risk Officer (CRO) and Chief Client Engagement Officer (CCEO)respectively. A statement by the bank said Orimoloye has over 22 years of senior management experience with leading financial institutions in Africa, North America and Europe.
Sterling Bank partners 9mobile, Solo Phone
Sterling Bank Plc has partnered 9Mobile and Solo Phones to introduce a contract smartphone pre-bundled with mobile plans to new and existing customers of the bank. The lender said the development would enable more Nigerian to enjoy the benefits of a digital eco-system that is mobile centric.
Diamond Bank splashes N433m on customers
As part of efforts to reward loyal customers for trusting Diamond bank to serve them, the retail banking giant has set aside a whopping N433 million as the total prize money to be won in its Diamondxtra Season 10 reward scheme which kicked off Tuesday in Nigeria.
Bank spends N5b on promo
Diamond Bank Plc has disclosed that it has expended N5 billion on its DiamondXtra savings account promo in the last 10 years, as part of its efforts to support financial inclusion in the country.
Stanbic IBTC Imaan Fund Donates To Charities
Stanbic IBTC Asset Management Limited continues to invest in building local communities and enriching lives. Recently, it donated the non-permissible income of its Shariah compliant mutual fund – the Stanbic IBTC Imaan Fund, to a registered charity, in line with the principles of Shariah.
Investors express confidence in Stanbic IBTC Holdings’ management
Investors are betting on the ability or capacity of the management of Stanbic IBTC Holding Plc to use their assets in generating more profit or returns. This is because Stanbic IBTC Holdings has the strongest price-to-book ratio, which measures the stock price against the value of assets minus liabilities.
Stanbic IBTC gives success tips to youths
Giving up to its theme, Against The Odds, the maiden edition of the Stanbic IBTC Youth Leadership Series provided a platform where three exceptional Nigerians spoke on the imperative of resilience, hard work and perseverance to achieve individual, corporate and national goals.
MSMEs in Nigeria doubled in 2yrs –Fidelity Bank MD
THE number of Micro, Small and Medium Enterprises (MSMEs) operating in Nigeria doubled over two years between 2011 and 2013, from 17.9 million to 39 million.
Fidelity Bank gets new certifications
Fidelity Bank Plc yesterday recorded another achievement with Business Continuity Management System (BCMS) and ISMS certifications to improve resilience capabilities and risk management. The Managing Director, Mr Nnamdi Okonkwo speaking at the award ceremony in Lagos, said that BCMS demonstrated its commitment to mitigate risk caused by human or natural disasters.
Fidelity Bank Partners Group on Capacity Building for Entrepreneurs
As part of its vision of supporting entrepreneurs, Fidelity Bank Plc recently went into a partnership with Flame Academy and Consulting Limited for the training of young entrepreneurs from different areas of business. Over 300 young entrepreneurs took part in the maiden edition of Business Entrepreneurship Empowerment and Professionalism (BEEP) conference…
Wema Bank’s MD Says Investing In Art Works A Worthwhile Future Investment
Mr Segun Oloketuyi, the Managing Director (MD), Wema Bank PLC, has advised Nigerians to embrace and appreciate works of art by investing in them. Oloketuyi gave the advice at the inauguration of De Arts Place Arts Gallery at Lekki, Lagos State. He said any investment in art works was worth it as it would serve as a means of investment and savings since art works always appreciate in market value over time.
Union Bank, others showcase solutions at 2018 edition of Techpoint Build
Union Bank, Nokia and Farmcrowdy showcase innovative solutions at the 2018 edition of Techpoint Build , gathering which unveiled best innovative technologies. Over 1000 investors,…