Here are the major banking news for the week ended 13th January 2018
Financial inclusion: CBN sets fresh targets for banks
Central Bank of Nigeria, CBN, has set state-by-state targets for the 21 commercial banks and 942 micro finance banks in the country to ensure that every Nigerian adult has access to financial services.
External reserves hit $40.4bn amid forex interventions
CBN lifts official FX market with $210m .Import bill declines to $1.5bn from $5bn Once again, the nation’s external reserves have risen, giving Nigerians and other close watchers of the nation’s economy something to cheer in the New Year.
Experts hinge economic performance on improved forex
The nation’s improving economic indices, particularly the manufacturing and non-manufacturing sectors’ nine-month positive readings have been attributed to rising liquidity in the foreign exchange (forex) market.
Central Bank Injects $262.5m into Currency Market
Nigeria’s central bank said on Friday it had injected $262.5 million into the interbank foreign exchange market, extending efforts to improve liquidity and alleviate dollar shortages.
BDCs lobby CBN to slash forex buying rate to N350/$
Bureau De Change (BDC) operators are urging the Central Bank of Nigeria (CBN) to reduce foreign exchange (forex) buying rate from N360 to N350 to the dollar— in the interest of the economy and operators. Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe, who spoke yesterday after an emergency meeting…
Bank of industry supports Censors Board’s anti-piracy move
Nigeria’s Bank of Industry (BoI), has thrown its weight behind the moves by the National Film and Video Censors Board (NFVCB)’s Special Task Force on…
ECOWAS, World Bank call for deepening regional integration
The Economic Community of West African States (ECOWAS) Commission and the World Bank have concluded a high-level consultation event on Regional Integration as a possible catalyst to reignite Africa’s economic growth engine.
CIBN, experts to x-ray Nigeria’s 2018 economic outlook
The Chartered Institute of Bankers of Nigeria’s (CIBN) Centre for Financial Studies (CIBNCFS) in collaboration with B. Adedipe Associates Limited (BAA) have concluded arrangements to hold a roundtable session on Nigeria’s economic outlook in 2018 and the implications for businesses. In a statement, the CIBN said the session is scheduled to hold on Tuesday, January 16, 2018 in Lagos.
CIBN chief stresses bank credit as critical for economic growth
A Professor of economics, Segun Ajibola, has stressed the importance of bank credit in engendering growth and development in an economy.
Honeywell, Skye Bank, Champion Breweries, 63 other stocks spur market’s growth
Nigeria’s listed stocks gained circa N1.52trillion in the trading week to Friday January 12, 2018 which helped push the benchmark Index higher by 10.21percent, compared to the level in the preceding week. As foreign investors moved to take position in some of Nigeria’s listed stocks.
FirstBank Rolls Educational Solutions for Schools
In a bid to support schools as students resume after the holidays, First Bank of Nigeria Limited has developed an array of products and solutions targeted at enabling schools to acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school.
How First Bank enhances drive for agricultural diversification
In the wake of instability in the oil sector and diversification to agriculture as a major source of national revenue, First Bank Nigeria Limited has demonstrated commitment to creating opportunities for Small and Medium Enterprises (SMEs) in the food sector and enhancing the nation’s economic diversification.
House of Ganiyah partners First Bank, Wfm to launch She-EO Lagos
House of Ganiyah, an independent non-partisan organization, is set to unveil the Lagos edition of its talk-show style experience, She-EO. The event tkes place on January 13 at the Clear Essence California Spa and Wellness Resort. The first edition took place in Maryland USA on August, 19 2017.
Shoprite, First Bank, GTBank headline multi billion dollars Ogun city centre project
One of the leading properties developers in Nigeria, Persianas Group is planning to increase its presence and coverage in the country through its flagship shopping mall – Shoprite with the construction of a second largest Shoprite shopping mall in Abeokuta, Ogun state capital as part of Ogun City Centre Project being promoted by Governor Ibikunle Amosun.
GTBank, Fidelity, Stanbic IBTC, Standard Chartered suspend ATM cash withdrawal abroad
Some Nigerian Deposit Money Banks have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel abroad. The development, according to findings, may put business and leisure travellers, who may need hard currencies to meet some obligations abroad, in a difficult situation.
UBA introduces Leo, Chat Banking Personality on social media platforms
Pan-African financial institution, United Bank for Africa (UBA), has introduced Leo to its array of e-banking facilities. Leo is the UBA Chat Banker who enables customers make use of their social media accounts to carry out key banking transactions.
Okupe faults Subomi Balogun’s claims of being first indigenous banker
The Estate of late Chief Matthew Adekoya Okupe has faulted the assertions by Otunba Olasubomi Balogun that Agbonmagbe Bank Limited set up by late Chief Okupe and which later metamorphosed into Wema Bank Plc was engaged in money lender enterprise at inception.
CBN, SEC Complete Rights Issue Share Allotment Of Union Bank
The Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) have concluded share allotment and capital clearance review of the N50 billion rights issue of Union Bank of Nigeria. The bank said in a statement in Lagos that the share allotment and capital clearance review by the regulators was concluded in December 2017.
Ikoyi cash: Union Bank moves to claim House
Economic and Financial Crimes Commission, EFCC, yesterday, urged the Federal High Court in Lagos to order the forfeiture of Flat 7B in Osborne Towers, Ikoyi, to the federal government. Its lawyer, Rotimi Oyedepo, prayed the court to refuse an application by Union Bank of Nigeria Plc which seeks to discharge an interim order…
SunTrust Bank Appoints Jibril Aku, Chairman
The Board of SunTrust Bank Nigeria Limited (SunTrust Bank) has appointed Mr. Jibril J. Aku as Board Chairman, succeeding Chief Charles Onyema Ugboko who retired upon attaining the retirement age.
Fidelity Bank, SystemSpecs partner for FG’s collections via *770#
Top Nigerian lender, Fidelity Bank Plc is championing a ground breaking innovation in the collection of internally generated revenue (IGR). Working in conjunction with SystemSpec.
Fidelity Bank rewards 13 customers with N16m
Thirteen customers of Fidelity Bank Plc on Thursday won the sum of N16 million in the third monthly draw of “Get Alert in Million Reloaded’’ promo in different regions of the country.
Dangote Sugar, Int’l Breweries, Fidelity Bank Top 2017 Best Performing Stocks
In the outgone year 2017, Dangote Sugar, International Breweries and Fidelity Bank emerged as the best performing stocks on the Nigerian Stock Exchange (NSE). Last year was indeed very good for the local bourse and a number of equities performed relatively well at the market.
Sterling Bank set to host non-interest banking lecture in Kano
In a continuous bid to sensitize the public about Non-Interest Banking, Your one-customer Bank is organizing a one day Public lecture themed: “Reducing Poverty and and unemployment through Non-Interest Banking.” The event which is slated for the January 15th, 2018, will take place at the Meena Event Centre, Kano.
Sterling Bank gets new CEO
Sterling Bank Plc has appointed Abubakar Suleiman as its new Managing Director/ Chief Executive Officer, CEO.
Mr. Suleiman’s appointment came as the lender also said that its founding director and long-serving CEO, Yemi Adeola, has notified the Board of Directors of his desire to retire with effect from April 1, 2018 after over 14 years of service on the Board.
Access Bank Partners NGO on Disability-friendly Tech Hub
Access Bank Plc has stepped up its commitment to support people living with disabilities by partnering Project Enable Africa along with HACEY Health Initiative and other organisatons in providing ICT-friendly hub for persons living with disability.
Access Bank appoints Bajomo as executive director
The management of Access Bank Plc has announced the appointment of Mr. Adeolu Bajomo as the executive director in charge of information technology and operations. According to a statement by the bank on Tuesday, Bajomo’s appointment, which has received regulatory approval, followed the resignation of Mrs. Ojinika Olaghere.
SWAN Chairman Commends Ambode, Access Bank over Lagos City Marathon
The newly elected Chairman of the Sports Writers Association of Nigeria (SWAN), Lagos State Chapter, Debo Oshundun has commended Gov. Akinwunmi Ambode, the host city, and Access Bank, the title sponsor for the Access Bank Lagos City Marathon. Oshundun commended the wonderful initiative which has put Nigeria on the global marathon map…
Diamond Bank gets forum Member Adviser appointment at WorldEconomic Forum
Diamond Bank plc on Monday has announced it appointment as a Forum Member Adviser to the World Economic Forum (“WEF”). The new appointment of one of the Nigerian lender makes the bank becomes the first Nigerian company and only the second African company to join the prestigious forum.
Dangote Cement, Diamond Bank lift NSE to biggest gain in 2018
The Nigerian Stock Exchange (NSE) has posted its biggest gain of the year on Wednesday. The market capitalisation appreciated by N517 billion or 3.06 per cent to close at N14.880 trillion as against N14.363 trillion following Dangote Cement gain. Also, the All-Share Index which crossed over 40,000 mark on Tuesday…
Interest rate’ll be more stable in 2018 –Jaiz Bank MD
Jaiz Bank plc. pioneered Islamic banking concept in Nigeria six years ago. In this interview with ABDULWAHAB ISA, the bank’s Managing Director/CEO Mallam Hassan Usman, said the lender is entering into consolidation, setting stage for value creation by supporting poverty eradication in Nigeria. Excerpt What has been Jaiz Bank PLC’s experience so far having pioneered Islamic Bank in Nigeria six years ago? We thank God. So far, we have been able to show that Islamic (non-interest) banking is possible in Nigeria.