Banking and Finance

Godwin Emefiele, CBN governor

Odinkalu, others sue Nigeria Central Bank for N65 ATM charge

Three Nigerians have filed a suit against the Central Bank of Nigeria, CBN, for its…

Lagos trade fair

EU asks Nigeria to sign trade deal

A delegation of the European Union, EU, to Nigeria on Tuesday appealed to the Federal…

Dangote moves 20 spots to become Forbes’ 23rd richest man in the world

Forbes magazine has named the President, Dangote Group, Aliko Dangote, as the world's 23rd billionaire,…

Finance Minister, Ngozi Okonjo-Iweala

Finance Minister constitutes team to address military pension crisis

The Federal Government on Wednesday inaugurated a working group to address the crisis involving the payment of pension to Nigerian military personnel. While the government says the financial implication of the pension payment has increased by about 33 per cent, the military pensioners are demanding the settlement of 53 per…

Godwin Emefiele, CBN governor

Central bank frowns at abuse of regulations on Eurobonds issue by banks

The Central Bank of Nigeria, CBN, has expressed concern over the growing incidence of abuse of prudential regulations by banks through the issuance of foreign currency denominated bonds (Eurobonds). The bank’s director of banking supervision, Tokunbo Martins, said financial sector regulator was also worried that the banks were not adhering…

Robert-Orya-NEXIM

Facilitating Nigeria’s regional trade through NEXIM: U.S. EX-IM Bank Example

By, Robert Orya The charter that authorized the establishment of the United States Export–Import Bank (U.S. EX-IM) was due for renewal at the end of this past September. However, the re-authorisation of the charter renewal, which required congressional approval, seemed to have fallen due at the wrong time. Bipartisan consensus on…

Bank atm

CBN sets new deadline for bank customers’ verification

The Central Bank of Nigeria, CBN, on Tuesday issued a fresh deadline for the bank customers’ verification numbers enrolment throughout the country. The CBN, in a circular to all Deposit Money Banks in the country, said all commercial banks in the country were required to enrol at least 40 per…

Nigeria map

Nigeria among Africa’s worst places to start business in — Report

Despite its current status as Africa’s biggest economy and the 26th globally, Nigeria is one of the worst locations on earth to start a business, a new report has said. A new 2014 Africa survey report, conducted Johannesburg-based Good Governance Africa, says Nigeria is not among the world’s top 60…

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SEC probes Nigerian Stock Exchange over technical suspension of Access Bank

The Securities and Exchange Commission, SEC, has commenced investigation on the technical suspension imposed on the shares of Access Bank by the Nigerian Stock Exchange, NSE. Technical suspension refers to a former NSE operational practice, where share prices of quoted companies involved in capital raising are frozen from gaining or losing during daily equity…

Segun Aganga

Nigeria BOI disburses N692 billion loan in 10 years – Official

The Managing Director, Bank of Industry, BOI, Rasheed Olaoluwa, said on Sunday that the bank has disbursed N692 billion as loans to industrialists nationwide in the past 10 years. Mr. Olaoluwa made this known to journalists in Ilorin during the pre-inauguration visit of the Minister of Industry, Trade and Investment,…

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Tax default: FIRS clamps down on oil companies, recovers N333million

The Federal Inland Revenue Service (FIRS) on Friday recovered N333 million from corporate tax payer in the Oil and Gas sector during its tax recovery drive in Lagos. The News Agency of Nigeria (NAN) reports that the two-day exercise by the FIRS covered companies such as Baker Hughes, Line Trale,…

Alhaji Kabir M. Mashi, Ag. Executive Chairman, FIRS

FIRS begins enforcement against tax defaulters

The Federal Inland Revenue Service (FIRS) is to commence enforcement activities against corporate bodies and individuals who have not filed their Tax  Returns and failed to voluntarily fulfil their tax obligations by due dates, the agency’s Head of Communication and Liaison, Wahab Gbadamosi, has said. The Tax Law requires companies,…

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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 access to finance for medium and small scale enterprises, MSME, in agriculture, trade, light-manufacturing, and services. The Executive Board of Directors of the Bank, which gave approval for the facility on Friday, said the International…

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 General Elections would not deplete the fortunes and reserves of the country. Mr. Emefiele gave the assurance on Wednesday in New York, at the Africa Business Summit, a high level international forum on Africa's investment…

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 the major challenges affecting electronic payment system in the country. The CBN Governor, Godwin Emefiele, made the disclosure as a keynote presenter at the 8th Annual Conference of the Chartered Institute of Bankers of Nigeria in Abuja on…

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…

ecobank (1)

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…