Here are the major banking news for the week ended 31st of March, 2018
Saturday 31st March
Union Bank Fetes Customers, Reiterates Commitment to SMEs Growth
As part of strategies to connect with the grassroots, Union Bank of Nigeria Plc., has hosted its customers in Anambra State to serve them better. The meeting which also sought to strategise on improving customers’ businesses had in attendance Chief Executive Officer, CEO, of the bank, Emeka Emuwa, and other top executives,…
Nigeria, Other African Nations Need Over $9bn Annually for Infrastructure, Says World Bank
Despite increasingly stronger regional economic growth and investment, Nigeria and other African countries’ investment needs remain formidable, says the World Bank. “The World Bank estimates that more than $9 billion is needed annually to build the infrastructure Africa needs to sustain its growth…
Bank lending to households rises Q1 on favourable economy
Nigerian lenders reported an increase in the availability of secured credit to households in the first quarter, driven by favourable economic outlook and higher appetite for risk. The Central Bank of Nigeria (CBN) on Thursday released the manufacturing sector’s Purchasing Managers Index, which stood at 56.7 index points in the month of March, indicating expansion…
Zenith Bank introduces Verve Card
Zenith Bank Plc has introduced and will start issuing Verve Card to its customers across the country.
This, according to a statement from Verve International in Lagos, will enable customers gain access to the numerous benefits of being a verve cardholders…
Verve, UBA support Zambia’s subsidy disbursement programme
Verve International has signed a partnership agreement with the United Bank for Africa to deliver cost-effective prepaid cards to farmers under the Zambian Ministry of Agriculture’s FISP programme. It was gathered that as part of the partnership deal, UBA will issue Verve prepaid cards in the next season of the Farmers Input Support.
FCMB facilitates LAPO MfB’s N3.15bn bond listing
FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, has acted as financial adviser and lead issuing house on the successful fund raising and listing of LAPO Microfinance Bank Limited’s N3.15 billion bond on the FMDQ OTC Securities Exchange Plc’s platform.
Friday 30th March
Unity Bank clarifies plan for recapitalisation
Unity Bank Plc yesterday clarified that it did not enter into any definitive agreement or sign any binding commitment with Milost Global Incorporation. At an interactive session at the Nigerian Stock Exchange (NSE) yesterday in Lagos, the management of the bank stated…
Banks should give low-interest loans to farmers — ICAN
The Chairperson of the Lagos Mainland and District Society of the Institute of Chartered Accountants of Nigeria, Mrs. Blessing Osakwe, says the Federal Government must encourage banks to give more low-interest loans to farmers in order to enhance the government’s economic diversification plans.
World Bank, EU train workers
The World Bank and the European Union (EU) in collaboration with Delta State Government has started the training of over 100 workers drawn from 52 Ministries, Departments and Agencies (MDAs) in the state on financial reforms. The Project Coordinator of the World Bank, EU-sponsored State Employment and Expenditure for Results (SEEFOR)…
Fidelity Bank savings base hit N170bn in 3 years
Fidelity Bank Plc. on Tuesday says its savings base has increased to N170 billion in the last three years due to the adoption of retail banking strategy, “Get Alert in Millions Promo’’. Nnamdi Okonkwo, the bank’s Managing Director, said this at the fifth/third bi-monthly prize presentation of the Fidelity “Get Alert in Millions Promo Reloaded’’
Banks Urged to Adhere to Lending Rules
Banks and other financial institutions have been advised to return to the fundamentals of lending in order to restore sanity and prevent incidences of bank distress. The President and Chairman in-Council, Chartered Institute of Bankers of Nigeria, Professor Segun Ajibola, made the appeal in Lagos during the launch of his two books…
FirstBank apologises for Buhari’s Lagos visit tweets
First Bank of Nigeria has apologised to its Twitter followers after the bank posted series of tweets that appeared to be mocking Thursday’s visit of President Muhammadu Buhari to Lagos.
First Bank Drags Suspected Fraudster To Court
The Management of First Bank of Nigeria , FBN Lagos has dragged a suspected fraudster, Uzoma Okoli before a Lagos Magistrate Court for allegedly attempting to steal money from the account of the management of Mainland Oil and Gas Ltd domiciled in the bank without authority.
Fidelity Bank, Andersen organize tax forum to sensitize customers
Fidelity Bank Plc, in partnership with Andersen Tax Nigeria has embarked on a sensitization programmea aimed at enlightening the bank’s customers, including its High Net worth Individual (HNIs) clientele on changing trends in Nigeria’s tax landscape.
Kaduna govt vows to pursue $350 million World Bank loan despite Senate objection
The Kaduna State government has vowed to go ahead with its request to the World Bank for a $350million loan, despite the decision on Thursday by the Senate that the Nigerian government should not guarantee the facility.
CBN’s new reporting regime won’t allow banks to hide bad loans — Akinyemi
The Principal Partner, ROAC Chartered Accountants, a leading accounting and tax advisory firm, Mr. Olugbenga Akinyemi, in this interview with OYETUNJI ABIOYE, says as the Central Bank of Nigeria begins implementation of the International Financial Reporting Standard 9, banks will find it difficult to hide toxic assets in their books..
Analyzing CBN’s new dividend policy
The new policy directive by the Central Bank of Nigeria on dividend payment by banks is a proactive measure to strengthen and protect the banking industry, consumers and financial system, for a more efficient economy. The policy is in tandem with the Consumer Protection Framework for Banks and Other Financial Institutions regulated by CBN…
UBA initiates youth development programme, unveils 30 campus ambassadors
The United Bank for Africa (UBA) Plc has launched the second edition of its Campus Ambassador Programme with the induction of thirty new brand ambassadors…
Wema Bank secures $35m facilities to fund SMEs
Wema Bank Plc said it has secured $35 million facilities from two international lenders to grow financial support to small and medium-scale enterprises, SMEs in Nigeria.
Thursday 29th March
CBN Junior Tennis Championship to Start April 2
The 2018 CBN Junior Open Tennis Championship will kick off Monday April 2 at the National Stadium, Surulere and end on Saturday April 7 at the Lagos Lawn Tennis Club, Race Course. The CBN Junior Championship which is, without doubt, the flagship of the Nigerian junior circuit will be featuring four categories
Union Bank restates commitment to customer satisfaction
Union Bank of Nigeria Plc has reiterated its commitment to support the growth of Nigerian businesses. This announcement was made by the lender’s Chief Executive Officer, Emeka Emuwa, during a customer engagement forum which held recently in Onitsha, Anambra State with leading businessmen and women in the state.
FirstBank Senior Managers Complete Leadership Programme
As part of its measures to give customers the fulfillment they require, FirstBank Nigeria has further equipped its senior level managers for higher responsibility. At the graduation ceremony, organised for the first set of participants in its Senior Management Development Programme recently, the bank pointed out that the five months course for middle level managers…
Copyright Infringement: Court Awards N10m Against Wema Bank, In Suit By Nigerian Model
A Federal High Court in Lagos has awarded the sum of N10 million in damages, against Wema Bank Plc, in a suit by an American-based Nigerian model, Nneoma Anosike, over infringement of her intellectual property. The plaintiff, who is a 2014 brand ambassador of Pepsi Cola Nigeria,…
Wednesday 28th March
World Bank, EU train personnel from 52 MDAs in Delta
THE World Bank and EU in collaboration with Delta government on Tuesday started training of over 100 workers of state on financial reforms. The News Agency of Nigeria (NAN) reports that the workers were drawn from 52 Ministries, Departments and Agencies (MDAs) in the state.
New CBN deputy govs, MPC members assume office
Mrs Aisha Ahmad, and Mr Edward Adamu have formally assumed office as Deputy Governors of the Central Bank of Nigeria ( CBN ), following the confirmation of their appointments on March 22 by the Senate. According to a statement signed by the bank’s acting Director, Corporate Communications, Mr Isaac Okoroafor on Wednesday in Abuja…
Jim Ovia Reveals How He Built Zenith Bank From Scratch
The Chairman of Zenith Bank Plc, Jim Ovia, has described how he established Zenith Bank with only N20 million in 1990 and built it into a foremost financial institution that now boasts over $4 billion shareholders’ funds. He made this known in an interview with Zain Asher on a CNN programme, Marketplace Africa.
Diamond Bank targets additional 1m customers with new digital platform
Diamond Bank Plc has disclosed that it is currently targeting additional one million customers in its database in the next one year through the introduction of its new digital financial platform, DreamVille.
Access Bank secures $25m credit facility
Access Bank Ghana has entered into another partnership with its long standing financial partner, FMO, the Dutch Development Bank, for a $25 million facility to boost its lending capacity. The facility, which is a conventional senior unsecured loan of 7 years, was closed on the sidelines of the Power for Partnership programme held in Amsterdam,
Jaiz Bank, IDB sign $20m SMEs financing deal
Jaiz Bank Plc and Islamic Corporation for the Development of Private Sector (ICD), the development arm of Islamic Development Bank (IDB), yesterday signed a $20 million line of agreement to finance Small and Medium Sized Enterprises (SMEs) in the country. The financing deal covers sectors such as industry, communications, technology, health, manufacturing, agriculture among others…
Tuesday 27th March
ADB, ADF To Hold Governors Meetings In May
The 53rd annual meetings of the board of governors of the African Development Bank, (ADB), and 44th meeting of the board of governors of the African Development Fund, the concessional arm of the Bank Group, have been scheduled to hold from May 21 to May 25, 2018 in Busan, Korea…
Forex: NEPC targets over 100 women in export
THE Nigerian Export Promotion Council (NEPC) said on Tuesday that it is targeting a minimum of 100 exportable products from Ogun State, towards reducing the nation’s foreign exchange rate. The Executive Director/CEO of NEPC, Mr Olusegun Awolowo, gave the figure in Abeokuta, the state capital, on Tuesday, at a day workshop…
CBN Intervenes in Forex Market with $210m
The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank sector of the foreign exchange market to the tune of $210 million. Figures obtained from the Bank indicated that the wholesale sector of the market got a boost of $100 million, while the SMEs and invisibles sectors were each offered $55 million.
Keystone bank wins ‘Best Bank in Women Entrepreneurs Empowerment Award’ in U.S.
Keystone Bank Limited, Nigeria’s fastest growing financial institution at the weekend was recognised for its extraordinary support for Women Entrepreneurs as it won “Best Bank In Women Entrepreneurs Empowerment Category” ahead of its peers. at the Africa Women Forum (AWF) held In New York, U.S.
Lagos branch back to profitability, says CIBN chair
The Chairman, Chartered Institute of Bankers of Nigeria, Lagos State branch, Mr. Kola Abdul, has attributed the return of the branch to profitability to the team spirit in the executive committee and members of the branch. He spoke during the 2017 Annual General Meeting of the branch in Lagos…
Monday 26th March
World Bank Report: Nigeria Records $1.4bn Power Tariff Deficits in Two Years
A report by the World Bank has disclosed that the financial deficit that Nigeria’s electricity market has recorded between 2015 and 2016 when the country’s electricity regulator – the Nigerian Electricity Regulatory Commission (NERC) failed to allow the market to charge cost-reflective tariff was $1.4 billion.
Union Bank holds empowerment seminar for female entrepreneurs
Union Bank has organized an empowerment seminar for a cross section of female entrepreneurs in Lagos as part of initiatives under its Small and Medium Enterprises (SME) business advisory programme. The seminar tagged ‘Breaking Barriers – Women in Business’ was designed to provide Union Bank’s female SME customers with practical guides…
First Bank commemorates Global Money Week 2018
FIRST Bank of Nigeria Limited has announced its participation in the 2018 Global Money Week. The Global Money Week is a global event commemorated annually to expose youths to learn about money, savings, creating livelihoods, gaining employment and becoming an entrepreneur. This year, the event was held from 12th – 18th March, 2018.
Access Bank, PaySend drive African FinTech penetration
Card-to-card payments disrupter and financial technology firm, PaySend, says it will continue to bring a new generation of money transfers to the African market through its new partnership with Access Bank Nigeria Plc. PaySend’s rapidly expanding business now operates in more than 60 countries and it is looking to boost its presence across…
FBNQUEST Asset Management Supports World Fellowship Initiative
The Duke of Edinburgh’s International Award Foundation, London in collaboration with The International Award for Young People, Nigeria held a 30-4-30 event at the Lagos Polo Club, Ikoyi, recently. The event, which was held in celebration of the 30th anniversary of the World Fellowship and the 30th anniversary of The Duke of Edinburgh’s International Award…
Sunday 25th March
Zenith Bank, others top activity chart as market dips 1.11%
The Nigerian Stock Exchange all-share index (NSEASI) and market capitalisation dipped 1.11 per cent and 0.14 per cent to close the week at 41,472.10 and N14.982 trillion respectively. “Similarly, all other indices finished lower during the week with the exception of the NSE Consumer Goods, NSE Banking and NSE Pension Indices that appreciated by 1.07
Access Bank to pay 65kb dividend as total income increases by 20%
Access Bank Plc has proposed a final dividend of 40 Kobo per share to its shareholders, in addition to 25 Kobo interim dividend paid during the period, making a total of 65 Kobo for the financial year. In its financial statement for the full year ended 31 December, 2017,