Bamidele Akindele The Nigeria Deposit Insurance Corporation (NDIC) has been granted approval for an upward review of its maximum deposit insurance coverage (MDIC) from N200,000 to N500,000 per depositor for primary mortgage banks (PMBs) and the extension of di’erential premium assessment system (DPAS) to the PMBs. Minister of Finance, Mrs. Kemi Adeosun granted the approval […]
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The move analysts saw the above title as expansion of anti-corruption crusade to the private sector especially the Banking industry as the order direct all the 19 Deposit Money Banks in the country to declare their assets. The order, which came in a letter through the Banking Supervision Department of the CBN to all the 19 commercial […]
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The African Development Bank (AfDB) has approved a $9million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs), according to a statement issued by continental lender yesterday. The statement said FAFIN is a first-generation private equity fund that provides financial, capacity-building and […]
Read More The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this development, bank customers could only make cheque deposits into their current accounts. The new guidelines were contained in a circular posted […]
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Outgoing Group Managing Director of pan-African banking group, United Bank for Africa (UBA) Plc Mr Philips Oduoza has called for increased collaboration among African central banks in order to drive intra-African trade on the continent. He said this on July 22, 2016 when he delivered the fourth Valedictory Lecture of the Chartered Institute of Bankers […]
Read More The Central Bank of Nigeria (CBN) is set to cancel the Foreign Exchange Primary Dealers (FXPDs) status of some of the 15 FXPDs banks for recording low forex volumes of transactions against set guidelines. In a report by correspondence, Some of the FXDPs banks include FirstBank, Zenith Bank, United Bank for Africa (UBA), Access Bank, GTBank, […]
Read More The Central Bank of Nigeria has ordered agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators. The directive is in a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016 and posted on its Website”. The circular by the Acting Director, […]
Read More The Central Bank of Nigeria has provided a loan to Skye Bank Plc to boost its liquidity after the lender breached requirements on capital and lending. The short-term lending facility will allow new management to “ensure that some withdrawals it suffered in the wake of the undue panic of last week do not adversely affect […]
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…Five year deal across 19 markets focused on driving financial inclusion in Africa United Bank Africa (UBA) and MasterCard have announced a partnership which will see UBA act as the issuer for MasterCard in 18 new markets in Africa. The partnership which came into effect in the second quarter of 2016 will see UBA issue […]
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-as UBA stock now best performing on the exchange Fitch International, one of the foremost global rating agencies has affirmed United Bank for Africa (UBA) Plc’s viability rating at “B”, as the pan-African banking group continue to sustain its benchmark asset quality and strong profitability amidst industry and macroeconomic challenges. UBA is one of the […]
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The new Group Managing Director/Chief Executive Officer, Skye Bank Plc, Mr. Tokunbo Abiru, has reiterated the the Central Bank of Nigeria’s position that the lender remains healthy and strong. Abiru, who spoke after taking over from his predecessor, Mr. Timothy Oguntayo, said that the bank’s fundamentals remained strong and assured the customers and other stakeholders […]
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The Central Bank of Nigeria on Monday wielded the big stick by replacing some key members of the Board of Directors and management team of Skye Bank Plc, saying its findings revealed that the bank had fallen short of the minimum thresholds in critical prudential and capital adequacy ratios, Punchng report. As a result, the […]
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