Here are the major banking news on the week ended 7th January 2018
Banks credit to corporate sector to rise in Q1 2018 – CBN
Deposit money banks’ credit to corporate sector is expected to rise in the first quarter of 2018 according to the Central Bank of Nigeria (CBN). In the credit condition survey report released by the CBN, the overall availability of credit to the corporate sector increased in fourth quarter of 2017.
Why banks avoid funding start-up businesses
Commercial banks are avoiding funding start-up businesses given the high risk associated with such transactions, Head Trade Finance and Enterprise Banking at Stanbic IBTC Bank, Babatunde Akindele, has said. Speaking during Stanbic IBTC Bank SME Capacity Building Series held in Lagos, he explained that private or angel investors should fund such enterprises and grow them…
Slowdown in Treasury Bills Issuance to Hurt Banks’ Profits
Fitch Ratings thursday stated that Nigerian banks may find it more difficult to sustain their profitability this year, given the decline in net treasury bill issuance by the federal government this year…
Banks credit to agric sector drops by N34bn – NBS
The total amount of credit granted by Deposit Money Banks to the agricultural sector declined by N34.45bn from October 2016 and September 2017, an analysis of the banking sector credit report by the National Bureau of Statistics has revealed…
Nigeria’s economic expansion persist rapidly in December — CBN
The Central Bank of Nigeria, CBN yesterday released its Purchasing Managers Index (PMI) survey for December which indicated continuous rapid expansion of economic activities during…
Total Deposits With CBN Rise To N20.6trn
The Central Bank of Nigeria (CBN) has revealed that total deposits by the federal, state governments, financial institutions, among others increased by 4.7 per cent to N20.6 trillion in November from N19.67 trillion in October 2017…
Naira strengthens at official forex market, flat at parallel segment
Following the appreciable closing rate of Naira at 306 per dollar on the last trading day in 2017, the Nigeria’s currency on Tuesday, first official…
Naira to hit 360/dollar at investors’ forex market
The naira is expected to firm slightly to 360 per dollar at the Central Bank of Nigeria’s Investors and Exporters Foreign Exchange window next week as trading picks up after the Christmas and New Year holidays.
3 Banks Account For N45.49trn Forex Turnover In 11 Months – FMDQ
FMDQ OTC Securities Exchange has revealed that three deposit money banks accounted for N45.4 trillion foreign exchange turnover transactions in 11 months. The FMDQ OTC report also revealed that between January and November 2017, 10 Banks accounted for 71.72per cent or N93.36 trillion of the overall turnover in the market.
CBN’s anchor borrowers’ scheme has improved food production’
The Regional Head, Abuja and North, First City Monument Bank, Mr. Lukman Mustapha, has said that the anchor borrowers’ scheme of the Central Bank of Nigeria has revolutionised agriculture in the country. He stated that it had increased food production and reduced importation…
CBN Anchor Borrowers Program: 225,000 Farmers To Benefit From NIRSAL’s New Field Structure
The 225,000 farmers being supported include a minimum of 5,000 farmers in 36 states and Abuja.
CBN to make Nigeria global rice giant
The Central Bank of Nigeria (CBN) said it is determined to make Nigeria one of the largest rice producer and exporter in the world, making her less dependent on petroleum money. Speaking with newsmen in Umuahia, the apex bank’s Acting Director, Corporate Communication, Issac Okoroafor, underlined the preparedness of the CBN to make the dream…
CBN Over-stretched By Forex Upwind, Inflation
The 2017 saw the Central Bank of Nigeria (CBN) battle severe foreign exchange crisis following the dwindling global oil prices and exit of Foreign Portfolio Investments (FPI). KAYODE TOKEDE writes on key policies of the apex bank that redirected the nation’s economy on the path of recovery.
Dirty naira notes flood Nigerian markets •Customers, CBN blame banks
Irked by the increasing amount of dirty, mutilated naira notes in circulation, the banking public in Lagos and its environs are blaming commercial banks and calling on the Central Bank of Nigeria (CBN) to control…
Overcoming six digital banking fears
Cybersecurity, or a lack of it, has consistently made headlines in recent times. The news that many bank customers in Nigeria are losing millions to electronic fraudsters is just the latest in a long list of digital banking security fears…
NSE All share index rises to 3 week high, boasted by banks’stocks
Driven by appreciation in the share price of some banks, the Nigerian Stock Exchange, NSE All Share Index (NSE ASI) rose to three week high, as it appreciated by 1.28 per cent to close at 38,676.12 points.
Police arrest female banker who locked maid inside Lagos apartment
The Lagos State Police Command has arrested the woman that locked her maid inside an apartment in Mafoluku area of Lagos.
My dramatic display with Ekwueme to get banking licence – Otunba Olasubomi Balogun
As the Asiwaju of the Ijebu Christians Association and the Olori Omo-Oba of Ijebuland, Otunba Michael Olasubomi Balogun, the Founder of FCMB Group, holds an annual New Year Prayer in his country home in Ijebu. This year’s prayer, held during the week, had in attendance notable Ijebu sons and daughters.
5 Gang Members That Rob Bank Customers Arrested In Lagos
A 5 man gang of robbers that have been robbing bank customers in northern states as the customers leave the bank have been arrested by police. According to the police, their modus operandi was to follow customers, confronting them later and relieving them of their valuables and money…
Dangote workers eye investment in microfinance bank, others
Dangote Group Staff Multipurpose Cooperative Society Limited has announced that it is considering investment in real estate and microfinance bank and plans to make available credit facility for entrepreneurs who are its members. The President, DANCOOPS, Mr. Afolabi Kamoru, stated this at the group’s 10th Annual General Meeting in Lagos…
FBNQuest: CBN’s FX measures propel Dec. PMI to 68.7
Against the background of widespread predictions that Nigeria’s economy will continue to improve this year, FBNQuest yesterday announced that its manufacturing Purchasing Managers’ Index (PMI) rose to 68.7 in December 2017 from 60.1 in the previous month. In a report obtained by New Telegraph, the firm said the major reason for the increase was: “The Central Bank of Nigeria’s (CBN) use of multiple foreign exchange window, which has transformed liquidity,” adding: “Manufacturers, or indeed any users of fx, now have reliable access to fx…
CBN rewards FirstBank’s fight against e-fraud
FirstBank has won two of the three awards in the keenly-contested Nigerian Electronic Fraud Forum (NeFF) Annual Dinner and Awards Night held at the Federal Palace Hotel, Lagos. FirstBank FraudDesk emerged as the “Best FraudDesk” and the “most Cooperative FraudDesk” in the Industry. These are recognition of the bank’s efforts in combating e-fraud…
FirstBank drives financial inclusion with Firstmonie
First Bank of Nigeria Limited has continued to demonstrate its commitment to providing the best financial solutions to its customers and driving financial inclusion among the under-banked and unbanked populace. The bank launched agent banking services, on the refreshed Firstmonie brand, to provide customers access to banking services in areas where they live and work.
FirstBank convenes youth mentoring session with Ibukun Awosika
First Bank of Nigeria Limited has announced it is convening a Youth Mentoring Session, themed: “Building a Financially Literate Tribe.” The event, which will be hosted by Mrs. Ibukun Awosika chairman of Firstbank Nigeria Limited…
First Bank BC screens for new players
First Bank Basketball Club will hold a screening exercise for new players from Wednesday to Sunday at the Warriors Basketball Court, Ilupeju. Assistant coach of the team, Chris Okoh stated that the club would take care of the 16 players that have been invited…
Zenith Bank appoints 3 directors
Zenith Bank Plc has appointed Dr. Temitope Fasoranti and Mr. Dennis Olisa as executive directors. Also, the board of directors of the bank has approved the appointment of Mustafa Bello as an independent non-executive director, according to a statement from the lender. It said that the appointments were consistent with the bank’s tradition and succession strategy of grooming leaders from within.
GTBank Urges Customers to Set Financial Goals in 2018
Guaranty Trust Bank Plc (GTBank) has listed five financial goals its customers and followers must “focus on and stick with” in the New Year. The bank which posted this on its Twitter handle, stressed that the New Year gives “us a chance to begin afresh which means this is the perfect time to get your…
Bringing fresh perspective to Union Bank’s new phase of growth
As Union Bank embarks on new phase of growth, it is hopeful that its new directors will bring fresh perspectives to its board deliberations that will result to achieving its growth plans.
Union Bank launches UnionCares campaign
Union Bank of Nigeria Plc has deployed its UnionCares campaign, an initiative aimed at donating over 8,500 care bags containing staple food items to underprivileged persons across the country over the festive season. According to a statement by the lender, the move underscores the bank’s commitment to actively supporting the communities within which it operates…
Access Bank staff, 2 others sent to prison for stealing from customers’ accounts
A staff of Trade Fair Branch of Access Bank Plc, Lagos, Michael Ovuche, 30, has been arrested and arraigned before a Lagos Magistrate Court for allegedly conniving with two others to rob members of the public of their phones and SIM cards at Boundary Market, Ajegunle and using the sim cards to hacked into the victims account to withdraw money from their accounts.
Access Bank to empower 30,000 students with project L.E.A.D
ACCESS Bank has introduced a values and entrepreneurial scheme called Project L.E.A.D designed to empower 30,000 secondary school students across the country.
Cardless banking, hope for remote communities – Diamond Bank MD, Dozie
Using cardless technology to reach remote communities in Nigeria should be a key priority for Nigeria’s banks owing to the vast business opportunities in the country, the Chief Executive Officer, Diamond Bank Plc, Uzoma Dozie, says in this interview.
Women empowerment: Heritage Bank Partners Folio Group on 60th anniversary of Miss Nigeria
HERITAGE Bank Plc has partnered with Folio Media Group, publishers of the Daily Times to organise the 60th anniversary of Miss Nigeria and the 2017 edition of the beauty pageant. Miss Ehiguese Mildred Peace, representing Adamawa State emerged as the new Miss Nigeria at the grand finale of the beauty pageant…
FCMB Customer Wins Car in Jumia Black Friday Promo
A customer of First City Monument Bank (FCMB), Mr. Clinton Nnajiaku, has emerged winner of a brand new Ford Figo car after he shopped and entered the Jumia Black Friday festival lottery. He also enjoyed the 10 per cent discount offered to FCMB customers who shopped during the course of the Black Friday sale…
Promo: FCMB Empowers 2,576 Customers
First City Monument Bank (FCMB) Limited, through its reward scheme tagged ‘FCMB Millionaire Promo Season 4’, rewarded and empowered a total of 2,576 of its customers within the eight months the promo ran…