Here are the major banking news for the week ended 10th of March, 2018
Today 10th March
Autobiographies teach me how to build lasting legacy –Adeduntan, FirstBank MD/CEO
In this interview with GBENRO ADEOYE and TUNDE AJAJA, the MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan, speaks on developments in the banking industry How easy or difficult has the job of the CEO of FirstBank been for you? The task of running an organisation as expansive as FirstBank…
Tobi Was Not Planted By Heritage Bank
During the week, some fans of the show insinuated that a key sponsor, Heritage Bank, had installed their staff in the house in order to win the big prize. To make matters worse, Tobi who they are referring to is doing quite well in the house.
Only 15% of Nigerian women own bank accounts- UK Deputy Commissioner, Beaufils
UK Deputy High Commissioner, Laure Beaufils has lamented the low participation of women in economic activities across the globe and especially in Nigeria. Giving her key note address at the 2018 International Women’s Day (IWD) symposium held on Thursday at the Nigerian Stock Exchange house, Lagos…
VP Leads Government Officials, Leaders in Parliament to Book Launch on Banking Reform
Vice President, Professor Yemi Osibajo, top government officials, leaders in National Assembly, industry stakeholders will on Monday, converge on the International Conference Centre, Abuja to deliberate on banking reform in Nigeria at book launch by Honourable Bode Ayorinde.
Access Bank Offers Automatic Employment To 51 First Class Graduands Of GSU
The Managing Director (MD) Chief Executive Officer of Access Bank Nigeria Plc, Mr Herbert Wigwe, says the bank is willing to employ all 51 first class graduands of the Gombe State University, GSU, if they will accept the offer. Mr. Wigwe announced the offer while responding on behalf of three other eminent Nigerians…
CBN Injects $335.43m into Forex Market
The Central Bank of Nigeria (CBN) in its resolve to guarantee liquidity in the market yesterday injected the sum of $355.43 million into the Retail Secondary Market Intervention Sales (SMIS). Figures obtained from the CBN revealed that the intervention was to meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sector.
Friday 9th March
Sterling Bank Empowers Female Entrepreneurs
In a bid to empower women operating in the micro, small and medium enterprises (MSME) sectors of the Nigerian economy, Sterling Bank Plc has organised a capacity building to equip them with competencies required to run better businesses. The programme was powered by ‘One-Woman’, the bank’s robust and exclusive value proposition for women.
Six Banks Accounted for 57% Total Industry Deposits as at June
Six of the largest banks in the country accounted for 57.05 per cent of the total deposits in the industry as at June 2017, compared with the 53.70 per cent recorded at the end of December 2016. Also, the six banks also accounted for 60.11 per cent of total industry assets…
Tier 1 banks seen navigating headwinds as investors await results
As investors await the declaration of full year 2017 results by the nation’s banks, there are indications the tier 1 lenders might be better positioned to weather the storm of an economic recession from which the nation is emerging. The tier 1 banks have better capital buffers, more reserves, large market share…
Union Bank Holds Empowerment Seminar For Female Entrepreneurs
As part of initiatives under its Small and Medium Enterprises (SME) Business advisory programme, Union Bank recently organized an empowerment seminar for a cross-section of female entrepreneurs in Lagos. The seminar tagged ‘Breaking Barriers – Women in Business’ was designed to provide UnionBank’s female SME customers…
Islamic banking ’ll drive financial inclusion
President of the Forum for Islamic Education and Welfare (FIEW), Ahaji Mobolaji Lawal, has said the Islamic financial system is an essential condition to bring more unbanked Nigerians into the financial system. “The more people we can bring on board the banking system, the better for the economy…”
Few women head global Central Banks, says report
While former Federal Reserve Chair Janet Yellen broke new ground as the first female holder of that post, analysis of the world’s most prominent developed-economy monetary institutions underlines just how unusual her tenure has been in such male-dominated bureaucracies, Bloomberg reported yesterday.
IFC: Nigeria contributes to $42.6tr emerging market bank assets
Global Progress Report on Sustainable Banking Network says Nigeria remains a major contributor to the $42.6 trillion bank assets by 34 emerging markets. The report released by the International Finance Corporation (IFC) of the World Bank Group, said the figure represented more than 85 per cent of the total bank assets in emerging markets…
Emefiele seeks top bank mgt, board positions for women
As the world marks this year’s edition of the International Women’s Day, IWD, the Governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, has called for more opportunities for women at top management and on boards of the nation’s banks.
Open Banking: “In the customer we trust”
From transacting with millions of customers over time, the banks have come to be the biggest monopolies on data and customers’ information. In Nigeria particularly, bank customers are more conversant with being told what to do than they are with telling their banks what to do.
Ecobank Boost Entertainment in Benin City; Offers Discounted Movie Tickets
Ecobank Nigeria has entered into partnership with Kada Cinemas, a leading Movie destination in Benin City, Edo State to offer Masterpass QR customers access to exclusive movie ticket discounts offers. This is targeted by the Bank to boost the entertainment industry in the ancient City.
Wheelchair-bound robber and his gang rob bank
A man who appeared invalid has been accused of robbing a bank in broad daylight. The man, who appeared bound to the wheel chair, with a pitiable brace around his neck, and a cast on his leg, is actually a member of four-man robbery gang that unleashed terror on an Argentinian bank…
GTBank, Unilever, Stanbic IBTC drive stocks’ rebound
The Nigerian equities market returned to a N50bn gain on Thursday, spurred by upticks in Guaranty Trust Bank Plc, Unilever Nigeria Plc and Stanbic IBTC Holdings Plc’s shares. The Nigerian Stock Exchange All-Share Index closed 0.33 per cent higher to settle at 43,092.63 from 42,952.70 basis points while the year-to-date return increased to 12.7 per cent.
Thursday 8th March
Global Remittances To Hit $600bn In 2018 – World Bank
The World Bank estimates that global money remittances will grow by 3.4 per cent to $616 billion in 2018. Sub-Saharan Africa, with an average cost of 9.1 per cent, remains the highest-cost region, it said. Global money transfer company Xpress Money, said various African countries rely heavily on remittances to maintain their national gross…
World Bank raises the alarm over learning crisis
The World Bank Group has raised alarm over looming global learning crisis, saying education is presently tilting towards schooling without learning.This was contained in the World Development Report (WDR) 2018 launched in Abuja in collaboration with the Federal Ministry of Finance and Education.
IMF Urges Confirmation of MPC Members, Directors of CBN
Says Nigeria needs growth-friendly fiscal adjustment Calls for more ambitious tax policy measures Seeks sustained tight monetary policy, increased MPR Ndubuisi Francis in Abuja and Obinna Chima in Lagos The Director of the International Monetary Fund (IMF) has urged the Nigerian Senate to confirm the Monetary Policy Committee (MPC) members of the Central Bank…
CBN must contain rising banking sector risks, says IMF …seeks more ambitious tax reforms, increase in excise duties
…seeks more ambitious tax reforms, increase in excise duties Oyetunji Abioye The International Monetary Fund on Wednesday called on the Central Bank of Nigeria to contain rising banking risks in the country, while also commending the regulator for its recent decision to stop weak banks from paying dividends to shareholders.
External reserves hit $43.2bn, says CBN
The nation’s external reserves hit $43.2bn on March 6, 2018, data obtained from the Central Bank of Nigeria showed on Wednesday. The foreign exchange reserves had recorded a four-year high at $42.76bn on March 2, after commencing this year at $38.77bn. The foreign reserves have gained about $3.99bn or 10.3 per cent this year…
Lower naira denominations: How far can CBN go?
The Central Bank of Nigeria (CBN) last week kicked off the campaign on availability of lower currency denominations and safe handling of currency in markets where traders are constantly in need of lower denominations for deals. But can the apex bank succeed?
Senate, House Resolve to Domicile NFIU in CBN
Egmont Group meets March 12. Nigeria’s expulsion from the Egmont Group may have been averted following the intervention Thursday evening by the President of the Senate, Dr. Bukola Saraki, and the Speaker of the House of Representatives, Hon. Yakubu Dogara, in the impasse at the conference committee..
Unity Bank, CCNN, Caverton stocks hit record highs
Unity Bank Plc, Cement Company of Northern Nigeria Plc and Caverton Offshore Support Group Plc stocks have reached record highs year-to-date (ytd). Investors who chose to hold these stocks in their basket of select equities have earned in excess of 100percent capital appreciation, INVESTOR trend watch shows.
FCMB Unveils ‘Millionaire Promo Season 5’
First City Monument Bank (FCMB) is set to further empower, reward and enhance the experience of its customers through another reward scheme tagged: ‘FCMB Millionaire Promo Season 5’. The bank explained that its decision to introduce another promo was as a result of the impact previous editions of the promo made in the lives of about 20,000 of its customers …
We’ve Paid Lagos Marathon -Access Bank
Access Bank, sponsors of the Lagos Marathon has absolved itself of blame over the failure of the organisers of the event to pay technical officials, one month after the last edition held. The last edition of the marathon, the third in the series, held on February 10, 2018 in Lagos.
Getting business loans from banks Skye Bank (1)
In the past three months we have been discussing banks’ offers to small businesses in the micro, small and medium enterprises (MSMEs) in the area of business loans.
Stanbic IBTC Harps on Digital Empowerment of Nigerian Youth
The need to empower Nigerian youths with digital technology tools and skills that will enable them enjoy the full benefits of digital financial transactions without visiting bank branches, was the focus of discussion by the bank at the just concluded Social Media Week in Lagos…
Wednesday 7th March
IMF worries over slow growth, high inflation, worsening unemployment
EXECUTIVE Board of the International Monetary Fund (IMF) has expressed worry over sluggish growth in Nigeria’s non-oil sector, stubborn inflation and worsening unemployment. In their report on Article IV consultation, which ended on March 5 the Fund’s executives observed that the economy is exiting recession but remains vulnerable.
Trade war will harm global growth, IMF chief warns
The head of the International Monetary Fund warned Wednesday that a trade war US President Donald Trump apparently intends to provoke with tariffs on steel and aluminium would snuff out global growth. “If international trade is called into question by these types of measures, it will be a transmission channel for a drop in growth…
IMF praises Nigeria’s effort in foreign exchange reserves recoveryThe International Monetary Fund (IMF) on Wednesday welcomed Nigeria’s exit from economic recession and lauded its strong recovery in foreign exchange reserves. IMF said this in a report released on Wednesday in Washington DC by its Executive Board after the conclusion of Article IV Consultation with Nigeria…
CIBN begins Computer-Based Testing for students
THe Chartered Institute of Bankers Professional Examinations has upgraded from traditional paper-based to Computer Based Testing (CBT) platform for its students. In a statement, the Chartered Institute of Bankers of Nigeria (CIBN) said the pilot phase of the CBT, which takes effect from April 2018, was carried out in October 2017…
CBN to increase women’s access to credit
Central Bank of Nigeria (CBN) has pledged to improve access to formal financial services for women, especially credit through its various intervention programmes.
How new CBN directive will affect dividend payouts of some banks
Some banks in the country are likely going to be affected by the new Central Bank of Nigeria (CBN) directive which bars Deposit money banks and discount houses with high non-performing loans and poor capital adequacy ratio from paying dividends to shareholders, a report from Cowry Asset Management reveals.
Millions of Naira paid into kalu’s company account in FCMB – Witness
A compliant officer with First City Monument Bank (FCMB), Olusegun Adesomoju on Wednsday told a Federal High Court, Lagos, how several millions were paid into the account of Slok Nigeria Limited, a company belonging to the former Governor of Abia State, Mr. Orji Uzor Kalu, during the period he was the Governor of the state.
Fidelity Bank seeks loan growth as treasury yields fall –Executive
Fidelity Bank has said it expects loans to grow at a faster pace this year than the 7.5 per cent it forecast for 2017, helping lift profits after treasury yields fell, its Chief Operations and Information Officer, Gbolahan Joshua, said yesterday. The Federal Government has been working to lower its costs by borrowing abroad…
Tuesday 6th March
Buhari: World Bank Commits Additional $3m for Establishment of Six Technology Hubs
Directs MDAs to align with science and technology Executive Order 5 Adedayo Akinwale in Abuja President Muhammadu Buhari Monday revealed that the World Bank is committing additional $3 million for the establishment of six technology hubs across the country. He also directed all Ministries, Departments and Agencies (MDAs) to align with the…
Africa’s Learning Crisis May Fail To Eliminate Extreme Poverty – World Bank
A World Bank report yesterday painted the gloomy future for education in the African continent red, saying that severe learning crisis may fail to eliminate poverty and create shared opportunity and prosperity for all. According to the new study by the World Bank, with about 50 million children still out of school…
Unity Bank launches Agent Banking in Kano, Jigawa
In line with Central Bank of Nigeria’s (CBN) financial inclusion mandate, Unity Bank took its Agent Banking services to Gumel in Jigawa state and Rijiya-Lemu in Fagge Local Government area of Kano state, last week. According to the General Manager Products & Channels Directorate of Unity Bank,..
Fidelity Bank to train 34 youths in digital banking
The Fidelity Bank Plc has made known plans to expand its digital banking operations by hiring and training 34 youths. According to the Managing Director of the bank, Mr. Nnamdi Okonkwo, the recruitment is one of the ways the bank is responding to the digital transformation happening in the banking industry.
Access Bank’s Womenpreneur Supports 2,200 Women
The Womenpreneur business workshop, a flagship training of the W Academy under the Access Bank’s W Initiative has provided skills support to 2,200 women in Small and Medium-sized Enterprises (SMEs) in Nigeria. This is coming on the heels of Season 2 of the transformational workshop which held recently in Abuja and Port Harcourt for 350 female entrepreneurs.
Monday 5th March
World Bank spends $6m on Nigeria’s tech devt –Osinbajo
The Federal Government, yesterday, said that the World Bank has approved additional financing of $3 million to stimulate global competiveness of raw materials for a diversified Nigerian economy. Vice President, Yemi Osinbajo, who stated this at the opening of the 2018 technology and innovation expo in Abuja, said the World Bank had in the first tranche supported a batch of innovations with about $3 million.
$918m credit: IMF tells Ghana to adopt new revenue plan
Ghana must legislate new measures to boost revenues by at least 0.5 percent of Gross Domestic Product (GDP)before the International Monetary Fund (IMF) reviews a $918 million credit deal next month, the Fund has said. The West African nation must also outline plans to clean up the financial sector and show stronger commitment…
Forex ban on 41 items: Factories spring up as substitutes
Nearly three years after the Central Bank of Nigeria (CBN) released a circular listing 41 items as not valid for Foreign Exchange (Forex) through the official window, some local businesses are beginning to record some gains.
FCMB Certified as a ‘Great Place to Work’
First City Monument Bank (FCMB) said it has been certified as a ‘Great Place to Work,’ by the independent analysts at Great Place to Work (GPTW) Institute, a global research firm. According to a statement, ‘Great Place to Work’ surveys were sent to a random cross section of FCMB employees, and 84 per cent of the workers agreed that the bank is a great workplace.
We have taken banking to the people through tech — Dozie, CEO, Diamond Bank
Four years ago we decided that retail was going to be an area where we must pursue and it means that we will focus our resources on a retail drive. The two resources that are very key to retail banking are capital and human resources. When you look at where we are in Nigeria, the second biggest economy in Africa and if you put the populations of these West African countries together, it is not up to Lagos and Port Harcourt, you see why we need to consolidate on Nigeria.
Heritage Bank canvasses commodity exchange at Lagos-Kano summit
In line with its efforts to enhance the growth of agribusiness and commerce in Nigeria, Heritage Bank says it wants the bilateral agreement signed between Lagos and Kano states to provide for a commodity exchange. The two states had signed the Memorandum of Understanding at the Lagos-Kano Economic and Investment Summit held in Epe, Lagos.
At $2.730bn, Stanbic IBTC Leads Others In Capital Importation
Total capital flows into Nigeria rose by 138.6 per cent percent year-on-year to $12.2 billion in 2017 from the figure recorded in 2016. The Capital is imported through financial institutions into the country. This was disclosed by Nigerian Bureau of Statistics (NBS) in its Q4 2017 and full year 2017 Capital Importation Report…
Inflation rate to drop to 14.31 percent in February on base effect – FSDH
FSDH Research expects the inflation rate (year-on-year) to drop to 14.31 percent in February 2018 from 15.13 percent recorded in the month of January 2018. The expected decrease in the inflation rate is largely attributable to the base effect of previous year.