Union Bank Nigeria Plc has said it expects to boost lending for the rest of this year after a ₦64 billion write-down in the first half caused its book to shrink. The Chief Financial Officer, Oyinkan Adewale, was quoted by Bloomberg as saying on a conference call on Tuesday that the lender’s loan book would […]
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The Development Bank of Nigeria has entered into partnership with LAPO Microfinance Bank to support 10,000 businesses in the Micro, Small and Medium Enterprises sector with low interest loans. The DBN said in a statement on Tuesday that the loan was part of measures aimed at addressing the financial challenges facing the MSMEs in the […]
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Diamond Bank has released its second quarter un-audited financial report for the period ended June 30, 2018 to the management and stockbrokers of the Nigerian Stock Exchange (NSE), emphasising its strong focus on the Nigerian market, especially the retail business segment through its digital penetration strategy. The report showed that the Bank’s digital strategy is […]
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Nigeria’s foremost banking institution, First Bank of Nigria Holdings Plc, has lately been emeshed in controversy bothering on lack of trust of its stakeholders, particularly its shareholders, following its failure as a publicly quoted entity, to disclose how it has handled the issue of of its bad debts. The banking institution, was particularly berated for […]
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FCMB Group has recorded a Profit Before Tax, PBT, of ₦7.1 billion for the six-months, ended June 30, 2018, H1’18 representing and 86 percent increase from ₦3.8 billion achieved for the same period in 2017. The positive development reflects the improved performance of the financial institution, as well as effects of diversification through investments in […]
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The Nigerian Export-Import Bank on Thursday gave approval for the disbursement of the sum of N25bn to exporters in the non-oil sector. The move is part of efforts aimed at stimulating the non-oil sector to become a major foreign exchange earner for the country. The development was confirmed by the Managing Director, NEXIM Bank, Mr […]
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Sterling Bank Plc has announced the appointment of Mrs. Folasade Kilaso and Mr Michael Ajukwu to its Board of Directors. According to a statement, Kilaso was appointed to the board as a non-executive director, while Ajukwu joined as an independent director in June following the approval of the Central Bank of Nigeria. The Chairman, Board […]
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Nova Merchant Bank Limited has announced the adoption of the Intellect Digital Core (IDC) banking platform to boost its operations and enhance product offerings to customers. The bank, which began operations last year, has embraced this solution in line with its focus on being the dominant leader in the merchant and investment banking sub-sector in […]
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The Chief Executive Officer, Skye Bank Plc, Tokunbo Abiru, has charged the newly hired employees to embrace integrity and professionalism as key ingredients for a successful banking career in the era of openness and Internet of Things. Abiru gave this charge while speaking at the graduation ceremony of Skye Graduate Intensive Training, which held at […]
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Nigeria’s liabilities to the World Bank Group now stands at $8.52 billion, investigation has shown. Statistics obtained from the Debt Management Office in Abuja on Wednesday showed that the group’s portfolio rose from $5.73 billion as of March 31, 2015 to $8.52 billion as of March 31, 2018. This means that the bank’s commitment to […]
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Determined to make low-interest, long-term funds available to the real sectors of the nation’s economy, the Central Bank of Nigeria (CBN) yesterday, announced its readiness to lend to large companies in the country by buying Commercial Papers (CPs) issued by such firms. CBN Governor, Mr. Godwin Emefiele, disclosed this at the end of the Monetary […]
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Wema Bank Plc yesterday said it would raise ₦20 billion via bond offering in August to boost its capital adequacy. According to Reuters, Adebise said: “We need to enhance our funding. The bank is in the process of raising Tier II and the offer will be opened in August.” The debt raise is the second […]
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