Banking

City of Houston, Texas, USA proclaims October 25 FITCC Day

DailyTimesNGR DailyTimesNGR 30 October 2023 0

By Temitope Adebayo In recognition of Fidelity Bank Plc’s commitment to fostering bilateral trade and economic development between the city of Houston, Texas and Nigeria, the City of Houston has designated October 25 as “Fidelity International Trade and Creative Connect Day”. Mayor Sylvester

Banking

‘Why banks must maintain human element amid surge in digital solution’

Ihesiulo Grace 31 August 2020 0

By Tunde Shorunke Despite surge in alternative use of the digital solution in commercial banking operations, but a need for the trusted side of advising on wealth physically, would make financial institutions keep maintaining the human element. In a document made available to The Daily Times, titled: “The Evolving Model of Wealth Management”, the Regional […]

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AfDB probe: Independent panel dismisses corruption charges against Akinwumi Adesina

Ihesiulo Grace 28 July 2020 0

An independent panel of experts, headed by former Irish President Mary Robinson, has cleared the embattled leader of the African Bank of Development, Akinwumi Adesina, of corruption allegations, according to Agence France-Presse (AFP. Adesina, 60, a magnetic speaker known for his exquisite suits and neckties, turned into the primary Nigerian to rudder the AfDB in […]

Banking News

Global standing instructions cause stir in banking sector

Ihesiulo Grace 27 July 2020 0

From August 1, 2020, a loan defaulter who has funds in other bank will have those funds withdrawn to offset his debts owed to any financial institution, the Central Bank of Nigeria has declared. However, this declaration has caused a stir in the nation’s banking sector. This declaration is in line with the Global Standing […]

Banking News

Access Bank denies plan to sack 75% workforce, close branches

Ihesiulo Grace 4 May 2020 0

Access Bank Plc on Monday denied news making rounds that it would sack 75 per cent of its workforce and as well close over 300 branches. The bank denied this in a statement signed by Mr Sunday Ekwochi, its Company Secretary, posted on the Nigerian Stock Exchange (NSE) website. It said the closure of a […]

Banking Business

Union Bank of Nigeria to divest from UK subsidiary

Ihesiulo Grace 28 January 2020 0

Lagos – Union Bank of Nigeria (UBN) Plc has entered a share sale and purchase agreement to divest 100 per cent of its equity stake in Union Bank UK Plc (UBUK). The bank said this in a statement by its Company Secretary, Somuyiwa Sonubi, posted on the Nigerian Stock Exchange (NSE) website on Tuesday. It […]

Banking Featured

‘Mama Boko Haram’ in EFCC’s trouble over N66m fraud

Ihesiulo Grace 5 December 2019 0

Aisha Alkali Wakil, aka ‘Mama Boko Haram’, has been arraigned by the Economic and Financial Crimes Commission (EFCC) in Borno State High Court over an alleged N66m fraud DailyTime was informed the offense, a three-count charge of conspiracy and cheating to the tune of N66million, was contrary to Section 320(a) and punishable under Section 322 […]

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CBN issues guidelines for indirect participants in payments system

Ihesiulo Grace 11 October 2019 0

The Central Bank of Nigeria (CBN) has issued regulations governing the operations of the in-direct participants in the payments system. The apex bank in its latest circular titled, “Regulation for the operation of indirect participants in the payments system”, listed the minimum criteria to qualify as an indirect participant having a satisfactory risk-based rating from

Banking Business News

Customer service week: FirstBank underscores impact of customer service through its 125 years

Ihesiulo Grace 9 October 2019 0

First Bank of Nigeria Limited has joined the rest of the world to celebrate the 2019 Customer Service Week themed “The Magic of Service’. The weeklong event is to be celebrated from 7 – 11 October 2019 across the Bank’s over 700 branch networks in Nigeria and its FBNBank subsidiaries in over half a dozen […]

Banking Business

Exporters are still benefitting from N50bn development fund, says NEXIM Bank

Ihesiulo Grace 8 October 2019 0

The Nigerian Export-Import Bank (NEXIM Bank)has said that exporters in the country are still benefitting from the N50 billion Export Development Fund (EDF) managed by the bank. This, according to the bank, is contrary to assertions that exporters have shunned government intervention. The bank in a statement revealed that in the last nine months, more […]

Banking Business Economy Money Money

60% LDR: How stock price of sanctioned banks depreciate on NSE

Ihesiulo Grace 4 October 2019 0

The stock price of five banks out of 12 sanctioned by the Central Bank of Nigeria (CBN) on Thursday depreciated on The Nigerian Stock Exchange (NSE). The apex bank on Wednesday debited 12 banks who failed to meet the initial deadline of 60 per cent Loan to Deposit Ratio (LDR) by September 30, 2019, in […]

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Mobile Industry key to poverty reduction, improved livelihood, says GSMA

Ihesiulo Grace 4 October 2019 0

GSM Association (GSMA) has stressed the need for everyone to be connected to the internet, saying the mobile industry has a critical role to play in the reduction of poverty and improved livelihood, with the internet as a veritable platform. The trade body, which represents the interest of mobile network operators worldwide in a statement […]

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Fidelity Bank to splash N120m in Season 4 savings culture promo

Ihesiulo Grace 4 October 2019 0

Fidelity Bank Plc on Thursday announced the introduction of a new savings campaign in Lagos, as part of concerted efforts to promote the culture of savings amongst Nigerians. The Savings the campaign which will ride primarily on digital technologies is one of the many initiatives of the bank aimed at rewarding new and existing customers […]

Banking Business Economy Money Money

Equities market declines by N112bn over investors sustained profit-taking

Ihesiulo Grace 4 October 2019 0

The equities market segment of the Nigerian Stock Exchange (NSE) on Thursday continued on a downward trend as investors’ investment declined by N112 billion on the back of sell-offs in high capitalised stocks. The All Share Index (ASI) decreased by 229.18 absolute points, representing a dip of 0.84 per cent to close at 27,085.69 points. […]

Banking Business Economy

FIRS to capture new 45m taxpayers before December-Fowler

Ihesiulo Grace 4 October 2019 0

…As States IGR grew by 46.11% to N1.16trn in three years As part of efforts to increase the nation’s revenue through taxation, Federal Inland Revenue Service (FIRS) has said about 45 million Nigerians will be captured as taxpayers before December 2019. Also, the Internally Generated Revenue (IGR) collection at the sub-national level grew exponentially by […]

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Implementation of cashless policy poses threat to MSMEs survival – MAN

Ihesiulo Grace 2 October 2019 0

The Manufacturers Association of Nigeria (MAN) has said that the implementation of the cashless policy on withdrawals may have a negative impact on Micro, Small, and Medium Enterprises (MSMEs) that are clearly the engine room for growth of the economy and employment generation. Expressing its concern over the possible implication of Central Bank of Nigeria […]

Banking

World Bank appoints Chaudhuri Country Director for Nigeria

Ihesiulo Grace 2 October 2019 0

Abuja – The World Bank has appointed Mr Shubham Chaudhuri as the new Country Director for Nigeria, succeeding Mr Rachid Benmessaoud who completed his term recently. A statement issued by the World Bank’s Senior Communications Officer, Nigeria, on Wednesday in Abuja, said Chaudhuri assumed office on Tuesday. It said that Chaudhuri, a U.S. national who […]

Banking News

First Bank to employ 500,000 agents

Ihesiulo Grace 24 September 2019 0

The Chief Executive Officer (CEO), First Bank Nigeria PLC, Dr Adesola Adeduntan, said the bank will engage 500,000 agents across the country to ensure that its services were made available to people in every nook and cranny. Adeduntan made this known on Tuesday at opening of the 12th Annual Banking and Finance Conference of the […]

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UBA is now available on Apple Business Chat

Ihesiulo Grace 20 September 2019 0

United Bank for Africa (UBA) Plc, on Thursday, announced that the services of its Chatbot, Leo is now available for customers on Apple Business Chat, where its users can communicate directly with businesses using the Messages app on iPhone and iPad. Speaking at the launch of the service in the bank’s Head office on Thursday, […]

Banking Business Economy Money Money Tech

Penchant for cash transactions, bane of digital payment system – eTranzact DMD

Ihesiulo Grace 20 September 2019 0

The Deputy Managing Director (DMD), eTranzact International Plc., Hakeem Adeniji-Adele, has identified the Nigerian culture and penchant for cash transaction as the bane of digital payments in the country. He made the assertion as the latest figures from the Nigeria Inter-Bank Settlement System (NIBSS), which put the total value of transactions on automated teller machines