Temitope Adebayo The Nigerian Stock Exchange equities market segment on Thursday reverted the gains in the previous trading session, following the All-Share Index (ASI) declined by 0.66 per cent on losses in Dangote Cement, MTN Nigeria, 12 other stocks. The All Share Index fell by 181.45 basis points or 0.66 per cent to 27,425.57 basis […]
Andrew Orolua – Abuja The Federal High Court in Abuja on Monday set aside its earlier order of forfeiture of 11 houses and 22 bank accounts linked to Senator Peter Nwaoboshi. Justice Taiwo Taiwo vacated the interim forfeiture order made on July 2 while delivering judgment on the application filed by Sen. Nwaoboshi challenging the […]
Motolani Oseni The equities market closed on Thursday trading session on a negative note, as the Nigerian Stock Exchange, All-Share Index (NSE-ASI) slumped by 0.11 per cent on persistent sell-offs. The NSE-ASI fell by 30.18 basis points or 0.11 per cent to 27,052.93 basis points from 27,083.11basis points Accordingly, investors lost N15 billion in value […]
Motolani Oseni As part of efforts to reduce access to its Standing Deposit Facility (SDF), a group of analysts at ARM research have said the Central Bank of Nigeria (CBN) is limiting the top four Tier 1 commercial banks access to its facility. The apex bank had issued a circular, stressing that, “remunerable daily placements […]
Godwin Anyebe The Chief Executive Officer of Kantar Millward Brown Nigeria, Mrs Ugo Geri-Robert has reiterated the importance of trust as a factor in building brand success especially in a competitive environment. While noting that level of trust includes, aspirational, emotional, motivation and functional, she said trust is essential to brand building as one can’t […]
Niger State Government and the Zenith Bank of Nigeria Plc have signed a Memorandum of Understanding (MoU) to build 100 capacity Information Technology Centre (ICT). Governor Abubakar Sani-Bello who signed the MOU at the Government House in Minna, the state capital assured that the state government would ensure continuous partnership with bank. A statement signed […]
Zenith Bank Plc has announced an increase of 25.5 per cent in profit in first quarter (Q1) of 2018 to N47.8 billion as against N37.5 billion reported in first quarter of 2016. The lender’s in its unaudited results to Nigerian Stock Exchange (NSE) on Thursday said, Profit before tax gained 22.2 per cent to N54 […]
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 […]
…as governor’s lawyer appeals at Supreme court The Zenith Bank account of Governor, Ayo Fayose of Ekiti State may have been re-frozen as the Appeal Court sitting in Ado- Ekiti, the state capital, Thursday gave a judgement that Economic and Financial Crimes Commission (EFCC), has the right to freeze and continue investigation of Governor Fayose’s […]
*As CBN directs banks to set aside 5% PAT for scheme * ‘Scheme designed to support FG’s efforts at promoting agro business, SMEs’ Five commercial banks, Access Bank Plc, Guaranty Trust Bank Plc (GTBank), First City Monument Bank Holdings Plc, Stanbic IBTC and Zenith Bank Plc, have supported the Central Bank of Nigeria (CBN)’s Agri-Business/Small […]
No fewer than six commercial banks accounted for total lending of N10.4 trillion to their customers as at December 31, 2017, representing growth of 0.6 per cent from N10.37 trillion loans granted to customers in 2016. The Deposit Money Banks (DMBs) include Access Bank, Guaranty Trust Bank Plc (GTBank), Ecobank Transnational International (ETI) and Zenith […]
Insider dealing in Zenith Bank Plc increased significantly in 2017, as staff committed 11 fraud and forgeries cases that worth N11.6 million, against reported four staff fraud, forgeries that worth N7.7 million in 2016. In our correspondent findings, customers impersonation fraud and forgeries cases rocked the bank in 2017, followed by staff perpetrate. The lender […]
Due to poor state of the power sector and dwindling global oil prices, Zenith Bank Plc has reported an increase of 1.68 per cent of Non-Performing Loans (NPLs) to record 4.7 per cent bad loans in financial year ended December 31, 2017. The lender had reported 3.02 per cent of N71.37 billion bad loans in […]
Investigations into how well some of Nigerian Bank directors believe in their organization has revealed that quite a number of them have surprisingly low stakes in the banks they head, leaving investors to wonder how ready, they truly are in improving the fortunes of these organizations. In analyzing the financial positions of six of Nigeria’s […]
…Loans repayment default affecting lender-banks …Fitch affirms Nigeria’s sovereign ratings at B+; negative outlook Nigeria’s current economic hardships, especially induced by the recession, is believed to be responsible for the rising bad loans in 13 commercial banks. Consequently, unpaid debts by the banks’ customers accounted for the N230.6billion Non- Performing Loans (NPLs) in the first […]
The second quarter 2017 unaudited result of Zenith Bank Plc has continued to generate positive reactions from the capital market, as cross section of analysts sustain out-performance rating on the first tier bank. The bank, which, as at the close of business last Monday, recorded large volume transaction on its shares justified investor’s commitment to […]
Zenith Bank says it has made a provision of 30 percent on its loan to 9mobile, the country’s fourth largest telecoms company. “We have taken about 30 percent … as a provision which we believe is very prudent as the company is undergoing restructuring to prepare for a new investor,” the bank’s Chief Executive Officer, […]
Three trading sessions after Nigeria’s top tier bank, Zenith Bank plc released its 2017 half year financial results, the bank’s share price have crashed by 4.3 per cent. Daily Times investigations can reveal. Although the top notch lender declared a 25 kobo interim dividend to reward shareholders after it reported a profit after tax increase […]
The Federal High Court sitting in Lagos has struck out a suit filed by the Federal Government against seven leading commercial banks. The FG had previously sought to seek the remittance of the sum of $793,200,000 allegedly hidden with them in contravention of the Treasury Single Account policy instituted by President Muhammadu Buhari in late […]
The Management of Zenith Bank Plc is expected to meet on July 26, 2017 and decide on interim dividend payable to shareholders who invested in the financial institution. Zenith Bank’s Company Secretary/General Counsel, Mr. Michael Otu, in a statement, said that the group audited interim Accounts and financial has been filed to Central Bank of […]