Banking and Finance

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World Bank approves N80 billion IBRD credit for Nigeria to boost SME Financing

Nigeria is to benefit from a $500 million (N80 billion) World Bank credit to increase…

Godwin Emefiele, CBN governor

2015 elections will not damage Nigeria’s economy – CBN Governor

The Governor of the Central Bank Governor, CBN, Godwin Emefiele, has said that the 2015…

Godwin Emefiele, CBN governor

CBN lists challenges to electronic payment system in Nigeria

The Central Bank of Nigeria, CBN, has named weak risk management framework and security issues among…

Minister of Finance, Ngozi Okonjo-Iweala, has, until recently, claimed the Nigerian economy is in perfect shape

FEC approves draft Medium Term Fiscal Framework for 2015 budget

Preparations towards the 2015 Federal Budget began on Wednesday in Abuja with the approval of the draft Medium Term Fiscal Framework, MTFF, by the Federal Executive Council, FEC. The Minister of Finance, Ngozi Okonjo-Iweala, presented the document to the Council for deliberation. The Director-General, Budget Office, Bright Okogu, said at…

Heritage Bank

Heritage emerges preferred bidder for Enterprise Bank

Heritage Bank Limited has emerged the preferred bidder for Enterprise Bank Limited, ending months of jostling for the acquisition of the commercial bank. The Asset Management Corporation of Nigeria (AMCON) said on Thursday that Heritage emerged with an offer of over N56 billion, beating Fidelity Bank to the preferred bidder…

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INTERVIEW: How we transformed NEXIM to a global trade policy bank – MD

On August 18, President Goodluck Jonathan reappointed Roberts Orya the Managing Director of the Nigerian Export-Import Bank [NEXIM] for a second five-year term. In reappointing him, the government credited Mr. Orya with transforming NEXIM from a bank with over N10 billion non-performing loan liability in August 2009, to an institution…

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N65 ATM charge kicks off as Nigerians flay CBN

As the N65 charge on extended use of other banks’ Automated Teller Machines, ATMs, reintroduced by the Central Bank, kicks off today, September 1, Nigerians have continued to react to a policy many believe is unnecessary. While most Nigerians accuse the CBN of abandoning its regulatory responsibilities and taking sides…

Tony Elumelu

Elumelu returns to UBA as Board Chairman

The former Group Managing Director/ CEO of United Bank for Africa, UBA, Tony Elumelu, was on Monday named chairman of the Board of the bank. Mr. Elumelu succeeds Joe Keshi. The appointment was announced by the Divisional Head, Marketing and Corporate Relations, UBA Plc, Charles Aigbe, in a statement. Mr.…

Godwin Emefiele, CBN governor

CBN adopts digitalized signatories’ verification portal for banks

With effect from September 2014, bank customers across the country may be asked to switch over to a new signatory verification portal being developed by the Central Bank of Nigeria, CBN, for use by all banks. The new portal is one of the efforts the CBN is adopting in furtherance…

WEMA Bank .... on fire

Ebola: WEMA bank to bar customers with high fever

Wema Bank has introduced self-dispensing hand sanitisers, and body temperature scanners at all its branches in the country in a move aimed at curtailing the spread of Ebola. The bank is also introducing protective gears for members of its staffs especially those who deal directly with customers. In a notice…

Godwin Emefiele, CBN governor

Recapitalisation: CBN confirms 2442 Bureau de change operators

The Central Bank of Nigeria, CBN, on Monday released the names of 2,442 Bureau de change, BDC, operators that have satisfied the new guidelines on recapitalisation. The Financial Policy and Regulation Department said the names of the released operators were the ones confirmed to have met the July 31 deadline…

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EFCC arrests ex-Ecobank manager for alleged N81 million fraud

Although the alleged fraud was stopped, Mr. Uwujaren said the former bank manager was at the verge of fleeing the country when he was arrested. (more…)

CBN

Nigerians to pay N65 monthly for ATM cards used on other banks

Anyone who uses his/her ATM card on a machine belonging to another bank would now pay N65 monthly, the Central Bank of Nigeria, CBN, has sad. The Central Bank stated this in its new guidelines to restructure the fees for banks automated teller machine, ATM, card users. The directive takes…

First Bank building

First Bank headquarters shut over N1.8 billion debt

The Amalgamated Union of Public Corporations, Civil Service, Technical and Recreational Service Employees, AUPCTRE, on Wednesday in Lagos temporarily shut down banking operations at First Bank of Nigeria Plc Headquarters. The shutdown paralysed activities at the bank for more than four hours, as the aggrieved union officials refused customers entry into banking hall for any…

Protesting Military Pensioners being addressed by Ogun SSG

There was no database of Nigeria’s pensioners – DG

The Pension Transitional Arrangement Directorate, PTAD, said on Tuesday said it has been working under very constraining conditions since its establishment. The Director-General of PTAD, Nellie Mayshak, said at the Sensitisation Workshop for Treasury Funded Parastatals in Abuja that the directorate took off without the data base of pensioners. “I…

CBN

Central Bank issues operational guidelines for development finance institutions

The Central Bank of Nigeria, CBN, on Tuesday issued regulatory and supervisory framework for the operations of the country’s Development Finance Institutions, DFIs. The framework designed to guide the activities of the DFIs includes the dos and the don’ts for the operators as well as the sanctions against erring institutions.…

stockmarket

Major quoted firms record huge price slides at stock exchange

Trading on the Nigerian Stock Exchange, NSE, on Friday closed on a downside as some highly capitalized stocks recorded huge price depreciation as their profits took sustained decline from investors’ takings. Notable among the big losers included Nestle PLC, which topped the price losers' chart with a loss of about…

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Bureau De Change operators race to beat July 31 recapitalization deadline

The Association of Bureau De Change Operators of Nigeria on Friday said majority of its members had complied with the N70 million capital base stipulated by the Central Bank of Nigeria, CBN for operators. A member of the Association, Harrison Owoh, said that most of the operators were in Abuja…

stockmarket

NSE market capitalisation drops by N90billion in Thursday trading

The market capitalisation of the Nigerian Stock Exchange, NSE depreciated by N90 billion or 0.64 per cent on Thursday as major stocks also slipped in prices. At the close of trading, the market capitalisation closed lower at N13.9trillion from the N13.990 trillion recorded on Wednesday. Equally, the All-Share Index, ASI,…

Federal Secretariat Abuja

Government agencies pocketing internally-generated funds, says Fiscal Commission

The Fiscal Responsibility Commission, FRC, on Thursday accused revenue generating Ministries, Departments and Agencies, MDAs, of not remitting to government coffers revenue surpluses realized from their operations. Acting Chairman of the Commission, Victor Muruako, who made the accusation also attributed the low compliance level to its regulations by the relevant…

Sarah Alade

CBN’s Sara Alade appointed financial market dealers board chairman

The Deputy Governor, Economic Policy Directorate, Central Bank of Nigeria, CBN, Sarah Alade, has been nominated the new Chairman of the Board of the Financial Market Dealers Quotation, FMDQ OTC Plc. Mrs. Alade, whose nomination was disclosed at the FMDQ's second Annual General Meeting on Thursday in Lagos, would succeed…

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GTBank unveils new service, to partner with supermarkets, schools, others

Guaranty Trust Bank, GTBank, has unfolded a new agent banking service, GTExpress, as part of effort to take banking services closer to existing and potential customers. GTExpress is a new service platform by the bank through agent locations such as supermarkets, schools, cinemas, markets, restaurants and petroleum products marketing outlets.…

CBN

Civic group tasks Nigeria Central Bank on policy incentives

“Very good macroeconomic indicators fundamental for economic growth and wealth creation do not put food on the table.” (more…)

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Explore Nigeria’s opportunities as Africa’s biggest economy, Sambo tells Islamic Bank

The Vice President decries the high interest rates charged by local banks. (more…)

POS

POS transactions grow to N24billion monthly, says CBN

Mobile money transaction value also grew to N819 million. (more…)