Here are the major banking news for week ended 17th February, 2018
Today 17th February, 2018
Bank customer beats bank officials in Akure
A customer of the First Bank Plc on Friday caused a stir at the Alagbaka branch of the bank, disrupting banking activities and destroying equipment worth millions of naira.
UK Declares Christ Embassy Bankrupt
According to the agency that regulates charity organisations, Christ Embassy church in the United Kingdom is in debt and has been declared insolvent by the Charity Commission. The church owned by popular Nigerian pastor, Chris Oyakhilome, was flagged on the Charity Commission website as ‘charity insolvent’.
India Asks Interpol To Help Arrest Jewellers Linked To Bank Fraud
Indian investigators on Friday contacted Interpol for help in arresting two jewellery tycoons being investigated in connection with a 1.8-billion-dollar scandal at a leading Indian bank. The move came a day after authorities raided homes and offices of Nirav Modi and his business associate Mehul Choksi and reportedly seized over 800 million dollars in diamonds,..
Friday 16th February, 2018
Armed robber shot in foiled bank raid
French police shot and injured a robber who held up a bank just off the Champs-Elysees in Paris on Friday. The foiled robbery took place at a BNP bank branch, 400 metres (1,300 feet) from the Arc de Triomphe monument, one of the city’s biggest tourist attractions which commemorates the country’s military victories and war…
World Bank approves $486m loan to upgrade Nigeria’s electricity transmission
The World Bank on Friday approved an International Development Association (IDA) Credit of 486 million dollars for the rehabilitation and upgrading of electricity transmission substations and lines.
ICYMI: We can’t provide information on Buhari’s UK treatment –Emefiele, CBN
The Central Bank of Nigeria and its Governor, Godwin Emefiele, have opposed a suit requesting them to provide information on the money spent on President Muhammadu Buhari’s treatment in London, United Kingdom. The CBN and Emefiele argued that it was not within their immediate responsibilities to provide such information on the treatment.
Retirees call on CBN to review pension
The Central Bank of Nigeria (CBN) Pensioners’ Welfare Association has called on the bank’s governor to review its members’ pensions in accordance with an agreement entered into in 2017.
How CBN leveraged technology to eliminate ghost farmers
Farmers’ biometric taken The Central Bank of Nigeria (CBN) has introduced technology to guide input distribution to farmers, in order to enhance input distribution and elimination of ghost farmers, so as to improve operational of the Anchor Borrower’s Programme (ABP).
CBN Proposes 2-year Jail Term For Erring Forex Dealers
The Central Bank of Nigeria (CBN) has proposed a two -year jail term for authorised foreign exchange dealers that failed to make remittances to it in line with laws regulating the foreign exchange market. The proposal was contained in a memorandum presented to the House of Representatives’ Committee on Banking and Currency,…
Photo News: Heritage Bank MD visits Buratai over father’s death
The visit took place on Thursday
Stanbic IBTC renovates LUTH’s Accident and Emergency Unit
Accident and Emergency (A/E) Unit of the Lagos University Teaching (LUTH), Idi Araba, has been renovated. It was done by the Stanbic IBTC bank. At its commissioning, Stanbic IBTC Chief Executive Officer, Dr Demola Shogunle thanked the management for giving the bank the opportunity to be part of the development going on in the hospital
Thursday 15th February, 2018
CBN tightens rules on dividend payment by banks
The Central Bank of Nigeria (CBN) has tightened its rules in regard to the payment of dividend by banks and Discount Houses. In a letter to banks dated January 31st 2018 but posted on its website yesterday, the regulator said the move was aimed at facilitating, “sufficient and adequate capital build up for banks…
CBN raises N176b in treasury bills on lower yields
The Central Bank of Nigeria (CBN) has raised N176 billion ($576 million) worth of treasury bills at an auction held yesterday, traders said. The apex bank offered N6 billion of three-month paper, N30 billion of six-month bills and N140 billion of one-year notes.
Ex-CBN chief canvasses N500bn national venture capital fund
A former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, has called for the creation of a N500bn Venture Capital Fund to support entrepreneurship so as to boost the Nigerian economy.
Anchor Borrowers’ scheme: CBN disburses N55bn to farmers
In the last two years of the implementation of the Anchor Borrowers’ Programme, a total of N55bn has been disbursed by the Central Bank of Nigeria to over 250,000 farmers under the scheme.
CBN, others launch mortgage law for informal sector
The Central Bank of Nigeria, in conjunction with the Mortgage Banking Association of Nigeria, the Nigeria Mortgage Refinance Company, Federal Mortgage Bank of Nigeria and the Nigeria Deposit Insurance Corporation, on Wednesday launched the uniform mortgage underwriting standards for the informal sector.
Nigeria’s foreign reserves now $42.8 billion — CBN
The Central Bank of Nigeria, CBN, said on Wednesday in Abuja that the country’s foreign reserves has risen to about $42.8 billion.
The spokesman of the bank, Isaac Okoroafor, said the country’s economy has continued to make significant progress, with inflation figures coming down while the foreign reserves are going up. The balance in the reserves stood at $40.56 billion in January and $34.53 billion in December 2017.
World Bank partners Osun state to empower MSMEs
The Osun State Agency for Community and Social Development Project has partnered the World Bank Group to commit over N2bn to social developmental projects..
World Bank earmarks over N19m projects in Enugu communities
SUCCOUR came to the Obodo Akpu and Aka Anwu Communities in Awgu Local Government Area of Enugu State yesterday following the doling out of the first tranche of over N2million naira cheque each from the..
NSE: Zenith Bank, WAPIC, others lead losers
Equities trading on the floor of the Nigerian Stock Exchange (NSE) ended in red on Friday as the All Share Index slipped by 0.33 per cent to close at 42,898.90 points from 43,041.54 points recorded in the previous session.
(Photos): Diamond Bank Rewards Man Who Returned N30k Wrongly Dispensed By ATM
An Abuja-based man, Mr. Alkali Askira Adamu, has been rewarded by Diamond Bank after he returned N30,000 wrongly dispensed to him by the bank’s Automated Teller Machine (ATM) in Wuse, Abuja. A regional manager of the bank and some of his staff paid a visit to Adamu in his office where he was presented with a cake and some cash…
Access Bank partners Taraba on housing
The Managing Director of Access Bank, Mr. Herbert Wigwe, has said the bank will collaborate with the Taraba State government in the provision of housing, infrastructure and poverty alleviation. Wigwe made this known during his visit earlier in the week to Governor Darius Ishaku in Jalingo, the state capital.
Sterling Bank appoints Emefienim executive director
Sterling Bank Plc has appointed Mr. Emmanuel Emefienim as executive director for Institutional Banking. His appointment has been approved by the Central Bank of Nigeria with immediate effect. According to a statement by the lender, Emefienim has over 25 years experience in the Nigerian banking industry, having worked in various middle and senior management roles..
Tier 1 banks to drive dividend pay-out – Stanbic IBTC
The big banks otherwise known as Tier one lenders are to drive dividend pay-outs as they continue to enjoy consistent earnings growth amid a tough and volatile economic environment, according analysts at Stanbic IBTC Holdings.
Wednesday 14th February, 2018
CBN amends rules for capital raising, dividend payout ratio
As the financial markets await the release of 2017 full-year results of Deposit Money Banks (DBMs), the Central Bank of Nigeria (CBN) on Wednesday amended the rules on internal capital generation and dividend payout ratio. The new rule which takes immediate effect…
Food sufficiency: CBN partners RIFAN to empower 12.2m farmers
Hopes of Nigeria attaining food sufficiency in the nearest future brightened, on Wednesday, as the Central Bank of Nigeria (CBN) has partnered with Rice Farmers Association of Nigeria (RIFAN) to empower 12.2 million farmers under the fully digitalised second phase of the Anchor Borrowers Programme (ABP).
Excess charges: Enugu House of Assembly slams banks, tasks CBN
Members of the the Enugu State House of Assembly, Tuesday, slammed commercial banks over what they called unwarranted charges being imposed on customers.
Agribusiness: Nigeria Has Better Regulatory Framework For Fertilizers – World Bank
A World Bank assessment report has ranked Nigeria among countries that have met the international standard in the area of regulatory frameworks for finance, fertilizers, machinery in agribusiness. The Programme Manager of World Bank Group, Farbod Youssefi, disclosed the report during a one-day workshop for the Enabling Business of Agriculture…
Herdsmen attacks have displaced five million farmers – FCMB
First City Monument Bank (FCMB) has raised the alarm to the near acute foot shortages in the country over persistent herdsmen attacks that have displaced…
Preventing gender violence: Diamond Bank partners WARIF
As part of efforts in preventing gender violence in the country, Diamond Bank Plc, has partnered Women at Risk International Foundation’s (WARIF) initiative to prevent…
Fidelity Bank splashes N18m on 12 customers in Valentine’s Day draw
Fidelity Bank Plc on Wednesday splashed N18 million to 12 customers in the fourth draw of its “Get Alert in Million Reloaded” promo to mark Valentine’s Day.
Access Bank: inflation to dip to 15.06%
January inflation rate (year-on-year) will dip lower to 15.05per cent, compared to the 15.37 per cent recorded in December last year, the Economic Intelligence Group of Access Bank has said This would mark the 12th consecutive month of moderation from a peak of 18.72 per cent attained in January 2017,
Tuesday 13th February, 2018
Fixed income, forex turnover hit N11.7trn in January
Total transaction turnover in the Fixed Income and Currencies (FIC) markets for the month of January, 2018 amounted to N11.71trillion, representing a 1.28 per cent decrease or N0.15trn from the value recorded in December, 2017.
Businesses spend N116bn on oil palm importation despite forex restriction – Senate
The Senate has disclosed that businesses imported 450,000 metric tons of palm oil at a total cost of N116.3 billion into the country in 2017. This is despite the crop being among the 41 items restricted from accessing foreign exchange by the Central Bank of Nigeria…
World Bank earmarks $611m to tackle Nigeria’s out-of-school children
THE World Bank has approved the sum of 611 million dollars to support Nigeria in addressing the menace of out-of-school children, which recent statistics put at over 10.5 million across the nation.
World Bank Group scores Nigeria agric sub-sector low
The World Bank Group on Tuesday in Abuja has said there is a need for governments to strengthen laws that govern the agricultural sector in the country.
FCMB to motivate 100 customers
First City Monument Bank (FCMB) is set to motivate over 100 customers among its youth segment with cash rewards, other exciting prizes and engagements to commemorate this year’s Valentine’s celebration. In its annual campaign tagged, “Banking on Love”,
FCMB Commits To Growth Of Media Industry
First City Monument Bank (FCMB) has reaffirmed its commitment to support the Nigerian media industry by empowering its practitioners with the requisite tools and knowledge that promotes the values of professionalism and ethics in the discharge of their duties.
Union Bank partners Connect Nigeria to honour Nigeria’s Top 100 emerging SMEs
The eBusiness fair, organized by Connect Nigeria and sponsored by Union Bank, is reputed as one of the largest gatherings of SMEs on the African continent, drawing business owners, startup founders and aspiring entrepreneurs from across the continent.
Monday 12th February, 2018
Naira gains at I&E forex window as CBN injects $210m
The nation’s currency on Monday appreciated against the US dollar at the investors and exporter’s foreign exchange window after the Central Bank of Nigeria (CBN) injected a total of 210 million at the inter-bank foreign exchange market.
FirstBank processes over N1trn on 894 Quick Banking channel
First Bank of Nigeria Limited has recorded giant strides in its Financial Inclusion services delivery, via its 894 quick banking, a USSD -&based channel that enables customers to access banking services using any type of phone and without data/internet.
GTBank Sponsors 2018 Lagos International Polo Tournament
Some of the most renowned indigenous and international polo teams are set to convene in Lagos, Nigeria to compete for highly coveted trophies in the 2018 Lagos Int’l Polo Tournament. Sponsored by leading African Financial Institution, Guaranty Trust Bank plc…
N36 Million Snake Takes Over Twitter With Savage Tweets, Shades EFCC, FCMB
The Nigerian Snake has taken Nigerian social media by storm after swallowing N36 million ($100,000) from a JAMB office in Benue and then vanishing into thin air. It has now decided to open a Twitter account and is trolling the entire Nigeria, already dissing the Economic and Financial Crimes Commission, FCMB, and other less witty…
Skye Bank, Unity Bank Top January ‘Best Performing Stocks’ List
Lagos – Skye Bank has emerged the best performing stock in January, with a growth of 194 per cent in spite of not presenting its financial reports for two years. According to statistics obtained from the Nigerian Stock Exchange (NSE), Skye Bank closed the month at N1.47 per share against an opening price of 50 kobo…
Stanbic IBTC lists three funds on FMDQ OTC Securities Exchange
Stanbic IBTC Asset Management Limited, a subsidiary of Stanbic IBTC Holdings Plc, has listed on the FMDQ OTC Securities Exchange three of the mutual funds…
Standard Chartered named best for cash management
STANDARD Chartered Bank, SCB Nigeria has been named as the Best Overall Bank for Cash Management in Nigeria by Global Finance. Global Finance released the rankings for its 18th annual Best Treasury and Cash Management Banks and providers by category, region and by country recently.
Sunday 11th February, 2018
Wema Bank staff donate day’s salary to charity
Staff members of the Wema Bank Plc have come together to donate a day’s salary towards a noteworthy cause including paying in full the medical bills of patients in public hospitals, providing a brighter future for several children by taking up their school fees, and renewing the hope of families by providing financial aid…
Kenyan Kiprotich wins 2018 Access Bank-Lagos City Marathon
Kenyan-born French runner, Abraham Kiprotich, has emerged winner of the 2018 edition of the Access Bank-Lagos City Marathon. Kiprotich finished in two hours, 13 minutes, four seconds to emerge winner of the third edition of Access Bank Lagos City Marathon on Saturday, carting away the grand prize of $50,000…
There is no substitute for hard work – Phillips Oduoza, Nova Merchant Bank Chairman
Former Group Managing Director of United Bank for Africa and Chairman, Nova Merchant Bank, Phillips Oduoza, speaks about his career, family and other things. Excerpts: Having completed your tenure as MD/CEO of UBA, why did you choose to return to banking with Nova Merchant Bank?