Here are the major banking news for the week ended 27th January 2018
15 states receive a boost as CBN grants 28 new licences to microfinance banks
The financial sectors of 15 states in Nigeria received a boost in 2017 as the Central Bank of Nigeria (CBN) granted 28 new licences to microfinance banks (MfBs), a development that increased the number of microfinance banks in the country to 1,008…
CBN again injects $304.4m into forex market
The Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market to the tune of 304.4 million dollars. The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement in Abuja on Friday reiterated that the objective of the CBN…
CBN May Not Cut Rates To Keep Foreign Investors-Ebo
In spite of expressed optimism by the governor of the Central Bank of Nigeria (CBN) that the bank will begin a gradual cut in monetary policy rates by the end of the second half of the year, the Chief Executive of Afrinvest Securities Limited, Ayodeji Ebo says a rate cut will be unlikely due to the high risks associated with the economy.
CBN spends $15.9bn on forex market interventions
…As analysts see no interest rate cut HOPE MOSES-ASHIKE The Central Bank of Nigeria (CBN) has spent $15.9 billion in nine months in its weekly intervention in the foreign exchange (forex) market. This is coming as the Investors’ & Exporters’ Forex Window has recorded over $27.8 billion in turnover and brought about transparency and”. stability.
CBN Sees Rate Cut In Half Year 2018
The Central Bank of Nigeria (CBN) yesterday said that there could be an interest rate cut before July this year as inflation rate continues its decline. Godwin Emefiele, CBN Governor, who disclosed this said most cases rates are not always adjusted in January and that by the second quarter of the year, there are possibilities that the country will see some easing.
World Bank to assess Zimbabwe economic situationThe World Bank will soon send a team to Zimbabwe to conduct a needs assessment exercise in preparation for possible new funding for the country, the state-run Business Weekly reported on Friday.
Buhari appoints Edward Lametek Adamu as new CBN deputy governor
President Muhammadu Buhari has tapped Mr. Edward Lametek Adamu, a Christian from Gombe State, as the new deputy governor of the Central Bank of Nigeria (CBN) to replace Mr. Suleiman Barau who retired last month. Adamu, who was once the Director in charge of the Strategy Management Department of the CBN, is currently the Director …
Presidency, Senate standoff threatens CBN’s independence’
A standoff between the Presidency and the Senate over confirmation of new members of the Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) is threatening the apex bank’s independence and damaging fragile investor confidence in Africa’s biggest economy, Reuters reported yesterday. CBN had been due to announce its interest rate decision on January 23,
Dollar hits three-year euro low as ECB warns of forex volatility
The dollar sank to a three-year euro low Thursday after a top member of Donald Trump’s cabinet talked down the currency, while European Central Bank chief Mario Draghi warned that exchange rate volatility was as “source of uncertainty.”
FXTM plans forex training across Nigeria
Leading foreign exchange broker, FXTM, said it is on a mission to provide traders across the country with access to its world-class training seminars and workshops.
Again, CBN Injects $210m into Forex Market
The Central Bank of Nigeria (CBN) on Monday intervened in the interbank foreign exchange (forex) market with the sum of $210million to meet customers’ requests in various segments of the market. In its quest to meet the customers’ needs in the sundry segments of the market…
Special forex window, others attract N7.406tn investments to stocks
The special foreign exchange window for investors and exporters, among other macroeconomic metrics, has stimulated investments in the Nigerian stock market, almost doubling the equities’ capitalization…
U.S. commodity commission to fine UBS, Deutsche Bank, HSBC for spoofing
U. S. derivatives regulator will soon announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for so-called “spoofing” or tricking and manipulating the U.S. futures market. Official sources told the Media on Saturday that enforcement action by the Commodity Futures Trading Commission (CFTC) was the result of a multi-agency…
European Bank to support Kenyan Akiira Geothermal Project
The European Investment Bank (EIB) has indicated that it’s preparing a €155 million ($192 million) loan package for the 70MW Akiira Geothermal Project in Naivasha,…
Bank Manager Faces Trial Over Customers’ N2.3m Unpaid Loans
For granting about N2.3 million bad loans to some customers of a micro-finance bank, the manager, Kadiri Olanrewaju, was on Friday hauled up before an Ikeja Magistrates’ Court in Lagos. The accused was arraigned before Magistrate O.J. Awope on a two-count charge of disobedience to regulations and neglect to perform an act.
How bank’s ATM analyst connived with fraudsters to steal over N20m from customers’ accounts
THE operatives of the Federal Special Anti Robbery Squad (FSARS) have arrested a staff member of a new generation bank, Christian Amechi, who allegedly helped fraudsters to steal millions of naira from customers account using a string of impersonators. Amechi, who until his arrest, was serving at the ATM customers service unit, of the bank..
Court Jails Microfinance Bank Official 7 years for N8.75m FraudJustice Dije Aboki of the Kano State High Court on January 25, 2018 convicted and sentenced one Alhaji Munir Sagagi, Chiarman of the Nigerian Association of Small Scale Industries, Kano Chapter, to seven years imprisonment without option of fine. Trouble started when he was arrested by the operatives of Economic and Financial Crimes Commission, EFCC…
Sterling Bank partners 9mobile, Solo Phone
In order to ensure that more Nigerians enjoy the benefits of a digital eco-system that is mobile centric, Sterling Bank has partnered with Telecommunications giants…
Jaiz Bank is enjoying a fresh wave of confidence from investors
Amid a volatile and unpredictable environment, Jaiz Bank Nigeria Plc is enjoying a rising wave of confidence among investors as share price has been in an upward trajectory since the start of the year. Nigeria’s leading non interest bank has broken after becoming the first Islamic bank to make a profit three years after it…
Jaiz Bank: Riding Profitability Trajectory Amidst Macro Turbulence
When Jaiz Bank commenced operations in 2012, not many people gave it a chance. It was one controversy or the other and amidst all these, it was able to weather the storm and broke even within the first three years of its operations. Since then, it never looked back.
Skye Bank’s reward promo train moves to Beninas
Another moment of excitement is around the corner for more Skye Bank customers to reach for the Sky and achieve their dreams, as the bank’s ‘Reach for the Skye Millionaire’ reward promo train moves to Benin, Edo State.
Stanbic IBTC target youths to deepen entrepreneurial skill
Stanbic IBTC, a member of Standard Bank Group, has said it plans to deepen financial and entrepreneurial knowledge among Nigeria’s younger generations through a Youth Leadership Series.
Firstbank Upgrades Internet Banking Services
Lagos – First Bank of Nigeria Limited (FirstBank) announced that it has upgraded its Internet Banking Solution, FirstOnline. According to the bank, the upgrades include improved features to promote and safeguard the electronic banking experience of customers’ vis-à-vis payment efficiency, versatility and productivity in their business transaction.
FirstBank Partners MoneyGram on Money Transfer
FirstBank of Nigeria Limited yesterday announced that sending money abroad through the bank just got more economical with MoneyGram ‘Naija Send,’ with charges now as low as N1,500. The bank explained that it was committed to ensuring ease, convenience and affordability for its customer…
FirstBank Showcases ‘Personal Loan Against Salary’
FirstBank of Nigeria Limited has announced that it is creating opportunities for salary accounts holders to unlock the wealth in their accounts through its Personal Loan Against Salary (PLAS) banking product. The bank stressed that salary accounts can do more than just receive monthly pay as they have inherent wealth that can be unlocked to unlocked to help customers achieve dreams to make them fulfilled.
What is changing at First Bank?
The share price of First Bank has tripled over the last few months, a development that led me to wonder whether this reflected fundamental assessments of the value of the stock by knowledgeable investors or mere movements in the share price based on emotional, ephemeral or shallow market sentiments.
First Bank BC begins final screening today
First Bank Basketball Club will begin their last screening exercise today with 23 players as the management hopes to sign 17 players for the new season. Already, 10 players from last season’s team have been invited for the screening exercise, which begins today at the sports hall of the National Stadium, Lagos.
Innoson vs GTB: Is EFCC GTBank’s company or a federal government agency?
GTBank total indebtedness to Innoson as at today arising from judgment debts is over N20Billion.
Ever since 2012, GTB has been using the reins of EFCC machinery to destroy Innoson’s businesses and reputation in an issue EFCC should stand as an unbiased umpire. EFCC choose to take sides with GTB PLC for reasons best known to it.
Access Bank Lagos marathon: Lagos sports officials receive training
In line with Governor Akinwumni Ambode’s vision of making marathons and road races a culture in Lagos, the General Manager of the Access Bank Lagos City marathon, Yusuf Alli yesterday began the training of 30 Sports Officers from the Lagos State Sports Commission.
Media firm slams N200mn suit against Access Bank over unlawful account freeze
An Abuja based media firm, Image Merchants Promotion Limited and its promoter, Mallam Yushau Shuaib have slammed a N200mn suit against Access Bank Plc over an alleged unlawful freezing of their four different accounts with the bank in the past two years. The bank was dragged before a High Court of the Federal Capital Territory…
How Fidelity Bank Staff Absconded with N250m Depositor’s Money
Full scale investigation into the N250million fraud rocking the Allen Avenue, Ikeja branch of Fidelity Bank Plc has commenced, with a view to ascertaining whether any other staff member was involved in the theft of about N250million belonging to a customer of the bank.
Fidelity Bank to entrepreneurs: Embrace business opportunities
The Managing Director, Fidelity Bank Plc has called on entrepreneurs in Nigeria to take advantage of emerging opportunities and grow their businesses. He said this at the Business Entrepreneurship Empowerment and Professionalism (BEEP) conference organised by Fidelity Bank in conjunction with Flame Consulting Limited in Lagos.
Nigerian Stock Exchange: Fidelity Bank, A.G Leventis lead N187bn losses
Heavy sell-offs in the shares of 43 companies led by Fidelity Bank Plc, A.G Leventis, Linkage Assurance, Transcorp Plc and FBN Holdings Plc, today resulted in N187 billion losses in investors’ wealth.
Oil marketers allegedly use forged purchase from Fidelity Bank
TWO oil marketers, the duo of Ejere Chris and Edoma Omagha have been re-arraigned before an Ikeja High Court sitting in Lagos for allegedly defrauding Fidelity Bank of N7.3 billion.
Diamond Bank’s Sponsorship Boosts WARIF Educational School
A group, Women at Risk International Foundation (WARIF) has officially announced the expansion of the WARIF Educational School Programme (WESP) through the recent partnership with Diamond Bank. According to the Founder of WARIF, Dr. Kemi DaSilva Ibru, the bank’s vibrant Corporate Social Responsibility (CSR) department would collaborate with the WARIF Educational School Programm…
Union Bank Emerges Fastest Growing Retail Bank
Union Bank has been named ‘The Fastest Growing Retail Bank, Nigeria’ in the 2017 edition of the International Finance Magazine (IFM) Awards. The award was presented at the IFM Award ceremony which took place this January in Dubai, United Arab Emirates. The IFM Award is a leading international award that celebrates excellence…
TSA: No hidden govt funds in our custody – Keystone Bank
Keystone Bank Limited has denied having in its custody any illegally hidden money belonging to the Federal Government of Nigeria or any of its agencies.
We Finance Radisson Blue Hotel To Boost Hospitality Industry – FCMB Boss
The Managing Director of First City Monument Bank (FCMB), Mr. Adam Nuru has said the decision of the Bank to finance the construction of the new 155-room Radisson Blu Hotel located at Ikeja GRA Lagos, was in line with its commitment to support initiatives that would promote and add value to Nigeria’s hospitality indust…
SunTrust Bank gets chairman
The Board of SunTrust Bank Nigeria Limited has appointed Mr. Jibril J. Aku as its chairman. He succeeded Chief Charles Onyema Ugboko, who retired from the board after attaining the retirement age in compliance with the bank’s articles of association, according to a statement from the lender. Aku has over 34 years banking experience with 24 years spent in senior management levels.