Here are the major banking news for the week ended 20th January 2018
Nigeria unlikely to hold interest rate meeting next week -CBN sources
Nigeria’s central bank is unlikely to hold an interest rate setting meeting on Jan. 22 as scheduled because several new members of the monetary policy committee (MPC) have yet to be approved by lawmakers, two central bank sources told Reuters. At least five of the MPC’s 12 members are due to be replaced after retiring..
MSSD, World Bank Train MDAs Staff on Nigeria Mineral Resources
The Ministry of Mines and Steel Development in conjunction with the World Bank has organised an advanced training for some staff of the Ministries and Departmental Agencies (MDAs) on Nigeria Mineral Resources Decision Support System (NMRDSS). The training which is taking place at the Digital Bridge Institute, Abuja,
Ease of doing business: World Bank to revise rankings
Following the admission by its Chief Economist that the process had been compromised by politicized methodology, the World Bank is set to revise its annual ranking of countries by ease of doing business. Paul Romer, the World Bank’s Chief Economist since late 2016, was reported by the Wall Street Journal as saying that the Bank found irregularities in how the survey’s methodology was updated from year to year, and intends to correct and republish the ranking for the past four years.
World Bank tips Nigeria to improve the most among peers in 2018
The World Bank expects Nigeria to improve the most in 2018 compared to peers- Kenya and South Africa- as the benign outlook for oil prices spur positive sentiments towards Africa’s largest economy. The Washington based lender projected Growth in Nigeria to pick up by 1.5 percentage points from 1 percent in 2017 to 2.5 percent..
Kogi benefits from $500m World Bank facility
Kogi State government has been slated as one of the beneficiaries of $500 million World Bank facility meant for rural development in parts of the country.
I went to school in rags, didn’t wear shoes until age 13 – Prof. Ajibola, CIBN President
Professor Segun Ajibola is the President/Chairman of Council, The Chartered Institute of Bankers of Nigeria and also the Dean, College of Postgraduate Studies, Caleb University. He shares his life experience with ADEMOLA OLONILUA Taking a trip down memory lane…
Recession: CIBN, others emphasise strengthening non-oil sector
The Chartered Institute of Bankers of Nigeria and some financial analysts on Tuesday said the Federal Government must strengthen the non-oil sector to prevent sliding into economic recession again. They gave the advice at the Fourth Economic Outlook on Tuesday in Lagos, noting that the economy was still fragile. The theme of the outlook was …
CBN set to boost tomato, cocoa, others in 2018
The Central Bank of Nigeria (CBN) has expressed willingness to massively support farmers to boost the production of tomato, cocoa and palm oil across the country this year…
Nothing adverse will happen if MPC fails to meet next week- CBN
The Central Bank of Nigeria (CBN) on Thursday dismissed fears in some quarters that failure in not holding of the Monetary Policy Committee (MPC) meeting…
CBN injects $210m into Forex Market
CENTRAL Bank of Nigeria (CBN) has injected another sum of $210million into the inter-bank Foreign Exchange Market, to meet customers’ requests in various segments of the market. Figures obtained from the Bank on Monday, January 15, 2018, indicate that the CBN offered $100million to authorized dealers in the wholesale segment of the market…
Insufficient power, major constraint to business —CBN
Insufficient supply of electricity is the major constraint to business activities across the country, the Central Bank of Nigeria has said. According to the CBN, the latest survey conducted by it on businesses in the fourth quarter of 2017 showed that 62.6 per cent of the surveyed firms identified inadequate supply of electricity as a major constraint to their activities.
Naira weakens to 364/dollar despite CBN injections
The naira weakened to 364 per United States dollar at the parallel market on Monday, despite the injection of $210m into the interbank foreign exchange market by the Central Bank of Nigeria. This latest injection came barely two trading days after the CBN injected $262.5m into the inter-bank foreign exchange market.
IMF, CBN, others for finTech conference
Experts in the financial technology and payment system segments of the economy are set to converge to discuss the future of financial technology. The second edition of National FinTech Conference will hold in Lagos on January 25 and 26, according to a statement by the organisers.
How CBN, BDCs tackle speculations, other sharp practices in FX market
President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, in this interview with MOTOLANI OSENI, speaks on disparities in the foreign market, why rate convergence is required, in order to have a healthy competition that would achieve a stronger naira.
CBN orders banks to suspend accounts linked with fraud
The Central Bank of Nigeria has ordered the Deposit Money Banks in the country to suspend the bank accounts and Bank Verification Numbers of their customers linked with any fraudulent activities. The order was contained in a framework released by the CBN to guide the banks in the operations of the BVN.
CBN’s I&E FX window tops BusinessDay 10 best ideas of 2017
BusinessDay is unveiling its ten best ideas for 2017 today with the setting up of the foreign exchange (FX) window for Investors and Exporters (I&E) topping the list of policies and ideas that impacted positively on the economy in general and Nigerians in particular.
Forex: Lingering obstacle to Nigeria’s ICT growth
Unless players in the Information and Communication Technology (ICT) are able to get respite from regulators regarding their difficulties in accessing foreign exchange (forex), no meaningful infrastructure expansion would be witnessed in the industry this year, as it was the case in 2017.
EFCC arrests 2 bankers as suspected serial fraudsters
The Economic and Financial Crimes Commission, EFCC, Ibadan zonal office has arrested two former staff of a new generation banks for conspiracy, stealing, and illegal…
Nigerian Stock Exchange: Banking stocks lead equities rally
At the end of week’s trading today, 40 companies appreciated in price compared to 32 companies that recorded price depreciation, while the price of 100 companies remained unchanged…
Fraudsters hack into National Bank of Kenya
The National Bank of Kenya on Friday confirmed it was hacked and 29 million shillings (N101.4m) lost in the process. In a statement seen by Kenyan Pulse, the bank disclosed that the fraud happened on January 17, 2018. NBK assured customers that their accounts were not affected by the robbery.
Sharia-based banking on the rise in Germany
Banks that conform to Islamic financial practice are on the rise among Germany’s Muslim population of around five million, a spokesman for KT Bank, a subsidiary of an Istanbul-based bank, said in Cologne on Friday. “We are on course and have attained our targets for 2017,” Ferhat Aslanoglu said…
Nigerian Banker Gives Birth Inside Plane en-route New York
Toyin Ogundipe, 41, was delivered of a baby boy mid-air about 35,000 feet above sea level aboard an Air France flight. Toyin, a banker based in the UK, was delivered of the baby four hours away from her destination Paris-to-New York.
Fidelity Bank urges entrepreneurs to embrace evolving business opportunities
Mr Nnamdi Okonkwo, the Managing Director, Fidelity Bank Plc on Saturday urged entrepreneurs in Nigeria to take advantage of emerging opportunities and grow their businesses. Okonkwo said this at the Business Entrepreneurship Empowerment and Professionalism…
Fidelity Bank rewards promo winners
Fidelity Bank Plc has rewarded winners that emerged in the third monthly of the “Get Alert in Millions Reloaded” promo draws held in various regions of the country. The winners according to a statement, emerged from a transparent randomization process, which was vented by the bank’s control team and witnessed by officials from Consumer Protection Council (CPC) and other regulators received a total of N20 million in the draw that marked the end of the promo.
Nigerian Stock Exchange: CCNN, Diamond Bank, 3 others top 40 stocks
The Nigerian Stock Exchange, NSE on Wednesday recorded forty gainers against 19 losers, with Cement Company of Northern Nigeria, CCNN Plc, Diamond Bank Plc, Sterling Bank Plc, Transnational Corporation of Nigeria, Transcorp Plc, and Fidelity Bank Plc leading the top five gainers in percentage term.
Court reserves judgment over N2.5m suit against Diamond Bank
Justice Angela Otaluka of the FCT High Court, Lugbe, has reserved judgment till February 5 over a N2.5 million fake credit alert allegedly received by Olajide Friday from Diamond Bank arising from a car transaction. Mr Cyril Nwaogu, the Counsel to Friday, a car dealer, while closing his case urged the court to ask Diamond
Diamond Bank receives ISO/IEC 20000-1:2011 Certification on Infotech Security
For its accomplishments in information technology security, Diamond Bank has bagged the prestigious ISO/IEC 20000-1:2011 certification by the British Standard Institute (BSI) Group.
Stanbic IBTC targets youths with inaugural Youth Leadership Series
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. Chief Executive of Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, in a statement, stated that the organization has finalized plans to host the inaugural edition of its youth empowerment motivational series – the Youth Leadership Series dubbed – Against The Odds on Thursday 25 January, 2018.
Sterling bank lauds NDIC over quality of bank examination reports
Sterling Bank Plc has commended the Nigeria Deposit Insurance Corporation (NDIC) for the quality of their bank examination reports which have contributed to the safety…
Emir of Kano to Sterling Bank: Focus on agriculture
…says Non-Interest Banking’ll reduce poverty The Emir of Kano, Muhammadu Sanusi II, has charged the management of Sterling Bank to focus more on Agriculture financing in support of the Federal Government’s goals of diversifying the economy to address the country’s total dependence on proceeds from the Oil and Gas sector. The Emir made this call last Monday in Kano at a one-day conference, organized by Sterling Bank on Non-Interest Banking (NIB).
Sterling Bank customers win N12.8m in ‘1dament’ promo
Sterling Bank Plc has rewarded 128 customers with N100,000 each in its ongoing promo tagged “1dament” at the first general draws held in Lagos, according to statement issued by the lender. The draws, which held at the Bank’s head office, saw two more customers of the bank emerge winners of an all-expense paid trip to watch the first match the Nigeria’s Super Eagles would play at the World Cup.
Stock index gains 0.51%, FCMB, Skye Bank lead
The Nigerian Stock Exchange All-Share Index closed positive by 0.51 per cent at the close of trading on Monday, driving the year-to-date return up to 12.75 per cent.
Osborne cash: Court dismisses Union Bank claim to Ikoyi flat
The Federal High Court in Lagos has dismissed the claim of Union Bank Plc to Flat 7B, Osborne Towers, Ikoyi, Lagos. The court described the bank as a busybody, just as it ordered the permanent forfeiture of the property to the Federal Government.
Union Bank, others finance Shoreline’s $530m deal
Shoreline Group, a Nigerian oil producer, plans to almost double its crude output after agreeing a $530 million finance deal with Vitol Group and local lenders including Union Bank Plc, Ecobank Transnational Inc., Fidelity Bank Plc and FCMB Group Plc Shoreline will seek to boost production to between 80,000 and 100,000 barrels a day this year, Chief Executive Officer Kola Karim said. The company currently pumps about 55,000 barrels a day.
Union Bank boosts access to finance with BCtA
As part of effort to provide access to financial services to a minimum of 30,000 people from low income communities within 11 states across Northern Nigeria by 2020, Union Bank of Nigeria (Union Bank) has announced its membership of Business Call to Action (BCtA).
Atlas Mara raises stake in Union Bank to 48%
Financial services holding company Atlas Mara Ltd said yesterday that it has increased its stake in Union Bank of Nigeria to 48.0 per cent following a recent rights offering by the African bank. Prior to the rights issue, Atlas Mara held a 44.5 per cent stake in Union Bank of Nigeria. The Nigerian bank completed an N49.7 billion, around GBP100.0 million, rights issue at a price of N4.10 per share on the Nigerian Stock Exchange (NSE).
Why Union bank rights were oversubscribed….Emuwa
Union Bank of Nigeria Plc(Union Bank), one of Nigeria’s long,standing and most respected financial institutions announced that the Bank successfully raised N49.7billion through a Rights issue which closed on October 30, 2017 with subscriptions recorded at 120% .
GTBank raises USSD transaction limit to N500, 000
GTBank, one of Nigeria’s most innovative commercial banks has again raised the bar on USSD by setting transaction limits at N500, 000, said a source close to the matter. The new limit means that customers are able increase their transactions up to N500, 000 from N200, 000 it used to be.
UBA, GTBank, others meet over dividend payment
The boards of directors of United Bank for Africa (UBA) Plc, Guaranty Trust Bank (GTBank) Plc, Zenith Bank Plc, Continental Reinsurance and many other quoted companies have scheduled meetings later this month to approve the audited financial statement and accounts for the year ended December 31, 2017.
Innoson Owner Accuses EFCC of Double Standards in Dispute with GTBank
The Chairman/Managing Director of Innoson Vehicle Manufacturing, (IVM), Chief Innocent Chukwuma, yesterday in Enugu accused the Economic and Financial Crimes Commission (EFCC) of double standards in its involvement in the lingering dispute between his company and Guaranty Trust Bank (GTBank).
FirstBank Internet Banking Upgraded To Promote e-Banking Efficiency
In order to maintain its leading edge in banking technology, First Bank of Nigeria Limited has upgraded its Internet Banking Solution, FirstOnline, with improved features to promote and safeguard the electronic banking experience of customers vis-à-vis payment efficiency, versatility and productivity in their business transaction. The user friendly and secure internet banking tool…
FirstBank lends to salary account holders
First Bank of Nigeria Limited has created opportunities for salary accounts holders to unlock the wealth in their accounts. This is through the bank’s Personal Loan Against Salary (PLAS). According to Abiodun Famuyiwa, Group Head, Products & Marketing Support, FirstBank “salary account holders can access up to N30 million to help them pursue capital projects…
Basketball: First Bank BC picks 13 new players
First Bank Basketball Club have picked 13 new players to join up with 11 old players for the second phase of screening, which will hold from Monday to Wednesday at the sports hall of the National Stadium, Lagos.
Access Bank Approves Paternity Leave for Male Employees
Starting January 2018, male employees of Access Bank Plc can take advantage of an enhanced parental leave policy that extends paid benefits to all mothers and fathers. Fostering an inclusive workplace, the policy offers paid leave to all new parents at the Bank including mothers and fathers, as well as adoptive and surrogate parents.
Access Bank upgrades ombudsman to boost dispute resolution
CONSISTENT with its reputation for adopting best practices in all facets of its operations, Access Bank Plc has upgraded its customer service function, Ombudsman, for the purpose of resolving service issues between the Bank and its customers.
2018 Access Bank Lagos City Marathon: Over 100 top runners ready for race
The interest shown in the Access Bank Lagos City Marathon is growing with each edition and this is evident in the number of top runners from across the world seeking participation in the one-day event. For the forthcoming edition slated for February 10, the General Manager for the Access Bank Lagos City Marathon, Yusuf Alli, has disclosed that over 100 top runners from various part of the world are expected to compete for honours in Lagos.
Wema Bank’s ALAT wins 2 int’l awards
ALAT, the digital bank powered by Wema Bank Plc has been named the ‘Best Mobile Banking App’ and ‘Best Digital Bank for 2017’in this year’s World Finance Digital Banking awards. The World Finance Digital Banking awards celebrate organizations that lead the way with digitalization while meeting consumer demands and mitigating against accompanying risks along the way.
SunTrust Bank appoints Aku as Board chairman
The Board of Directors of SunTrust Bank has appointed Mr. Jibril Aku its board chairman, succeeding Charles Ugboko, who retired from the board upon attaining the retirement age in compliance with the bank’s Articles of Association.