Opinion

How CBN, Banks, private sector players are fighting COVID-19

Ihesiulo Grace 3 April 2020 0

Recently, Mr. Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), announced that the CBN, on behalf of the Bankers’ Committee, and in partnership with the private sector have come together to form the Nigerian Private Sector Coalition Against COVID-19. Under the plan, it was agreed that

Business

Telecos, banks, others likely winners amid global lockdowns- FBNQuest

Ihesiulo Grace 3 April 2020 0

…Says companies emerge stronger post COVID-19 crisis As countries across the globe continue to battle the widespread of coronavirus pandemic, FBNQuest has projected some likely winner amid various lockdowns in most of the affected nations. The firm, however, says that it pictured that individuals could decide to return to their old habits or alternatives

Business

Banks no longer allowed to sack staff without approval- CBN

Ihesiulo Grace 24 February 2020 0

The Central Bank of Nigeria (CBN) has said banks are no longer allowed to sack more than five staff without its approval. This was part of the communiqué released by the Bankers Committee after its meeting on Friday. The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all […]

News Tech

Russian hacking group attacking banks in Sub-Saharan Africa

Ihesiulo Grace 13 January 2020 0

Kaspersky security researchers have reported on thousands of notifications of attacks on major banks located in the sub-Saharan Africa (SSA) region. The malware used in the attacks indicates that the threat actors are most likely to be an infamous Silence hacking group, previously known to be responsible for the theft of millions of dollars from […]

Business

NDIC urges banks, stakeholders to address financial inclusion challenges

Ihesiulo Grace 11 December 2019 0

Yola – The Nigeria Deposit Insurance Corporation (NDIC) has called on banks and other stakeholders to make concerted efforts toward addressing challenges hindering financial inclusion in the country. Dr Sunday Oluyemi, the Director of Communication and Public Affairs Department of NDIC, made the call on Wednesday at a workshop for Business Editors and Finance

Business

Nigeria banks remain stable, says NDIC

Ihesiulo Grace 11 December 2019 0

Yola – The Nigeria Deposit Insurance Corporation (NDIC) on Tuesday said that the country’s banks remain stable in spite of a negative rating on Nigeria by global credit rating agency, Moody’s. Mr Abdulhameed Aliu, NDIC Deputy Director for Bank Examination, said this at the ongoing workshop for business editors and finance correspondents by the corporation […]

News

Senate orders CBN to suspend ATM card maintenance charges

Ihesiulo Grace 18 October 2018 0

The Senate has called on Central Bank of Nigeria to suspend ATM card maintenance charges. Office of the Senate President tweeted the decision on its official handle.Nigerian ATM card holders are usually charged yearly fees for owning the card. BREAKING: Today, the Nigerian Senate passed a resolution calling on the Central Bank of Nigeria (CBN) […]

Business Headlines

15% profit drop looms in Nigerian banks -Report

Ihesiulo Grace 23 April 2018 0

As Treasury-bill rates continue to fall, while asset yields are trending south, making it almost impossible to re-price liabilities to match, banks operating in Nigeria have been warned to either find other sources of income or face an average of 15 per cent drop in their Profits Before Tax (PAT) expectation for 2018. It is […]

News

Heritage Bank continues to lead in innovative banking services

Ihesiulo Grace 12 April 2018 0

In an evolving financial sector, you need the right bank to take you multiple steps ahead, from where you are, to where you want to be, with a robust ‘Financial Literacy Initiative’ aimed at educating small businesses and the wider public.   Heritage Bank Plc continues to lead in creating ground breaking innovations, creatively crafted […]

Headlines News

NDIC raises alarm over fraud in Banks

Ihesiulo Grace 12 March 2018 0

Banks record 26,182 fraud cases in 2017 – NDIC • Says ₦12.01 billion lost in 2017 to frauds • Vows to investigate banks The Nigeria Deposit Insurance Corporation (NDIC) has revealed that a total of 26,182 fraud and forgeries cases were recorded in 2017 in Deposit Money Banks (DMBs). The NDIC said that a report […]

Business

Banks must sell forex at N360/$1- CBN

Ihesiulo Grace 14 February 2018 0

.. Stop commission, fees charges on forex sale The Central Bank of Nigeria (CBN) in a new circular has directed all Deposit Money Banks (DMBs) operating in the country to comply with the agreement of the Bankers Committee to begin sale of foreign exchange for invisibles at N360 per dollar, as well halt collection of […]

Business

Investors, banks, others keen on Ambode’s tourism development programme

Ihesiulo Grace 11 December 2017 0

The drive by the Lagos State Governors, Mr. Akinwunmi Ambode to create a private- sector driven tourism economy has earned the full confidence of multinational companies, notable entrepreneurs’ business owners and managers alike across the state. This was the general consensus at a stakeholders’ review meeting held with sponsors of the Lagos Street Carnival and […]

Headlines News

Reps summons 100 banks CEOs, others over breach of shareholders’ rights

Ihesiulo Grace 30 November 2017 0

The House of Representatives Committee on Capital Market and other Institutions on Wednesday summoned 100 chief executive officers CEOs and boards of commercial banks, oil companies and other private companies operating in Nigeria over allegations of corporate governance breaches and abuse of shareholders rights and interests. The summons by the House committee was based

Business Headlines News

Moody downgrades 8 banks’ long-term local currency deposit

Ihesiulo Grace 13 November 2017 0

Moody has downgraded to B2 from B1, the long-term local currency deposit and issuer ratings of eight banks over weaker capacity of the government to provide support. The eight banks are Access Bank Plc, Guaranty Trust Bank Plc (GTBank), United Bank for Africa Plc (UBA) and Zenith Bank Plc. Others are Union Bank of Nigeria […]

Headlines News

Customs scam: Senate committee recovers N140bn from banks, 60 firms

Ihesiulo Grace 19 October 2017 0

…As Reps probes NPA’s termination of INTELS contract Olufemi Samuel and Henry Omunu, Abuja A Joint Committee of the Senate on Customs, Excise and Tariff and Marine Transport, on Wednesday, said it was able to recover N140billion after an investigation it conducted on the activities of the Nigerian Customs Service (NCS). The Joint Committee said […]

News

Olasanoye, ASSBIFI President, tasks ‎govt on decent work environment … decries poverty, job losses in Nigeria

Ihesiulo Grace 9 October 2017 0

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has said with the global economic crisis hitting workers in the country, work can only be decent when it has fair incomes that enhances workers’ standard living standards. The National President of ASSBIFI, Comrade Oyinkan Olasanoye, disclosed this to mark the celebration of […]

Business

Explore new technology to attract unbanked Nigerians, says expert

Ihesiulo Grace 20 September 2017 0

• Nigerian banks have been urged to leverage on the huge population of the unbanked to design a banking system that can bring banking closer to the people via financial technology. Brett King, New York-based international author and Chief Executive Officer of Moven, a mobile banking start-up, said this at an Interswitch-sponsored 2-day Product Fair […]

Money

FG, sates get N99.26bn income tax returns from seven banks, others

Ihesiulo Grace 18 September 2017 0

Indications are rife that a whopping sum of N99.26 billion was paid to the Federal and state generating revenue service agencies as tax income from seven Deposit Money Banks (DMBs); and 15 other firms in the country, between in the first half of 2017 (H1), The Daily Times findings have revealed. Indeed, checks showed that […]

Banking

Top banks rated in countrywide survey, find out who tops the list

Ihesiulo Grace 11 August 2017 0

THE word ‘love’ doesn’t usually come up in conversation when talking about Nigerian banks. In some circles banks are simply a necessary evil. Customers begrudgingly trade off paying fees and charges to ensure their money remains relatively safe and sound. In other circles banks can be like a rich and well-connected uncle who has the […]

Money

How unstable regulatory sanctions slow banks’ intermediation role-Report

Ihesiulo Grace 11 August 2017 0

.As analyst faults policies on laundering, corruption, says mere reactive Indications have emerged that increased in regulation on anti-money laundering, which often attract imposition of fines and stiff penalties has slowed banks’ role in intermediation, especially cross-border transfers, which has affected banks in Europe, Africa most importantly, largest economy in the