Banking

UBA grows profit 7%, N62bn in Nine Months

Leveraging its expansive footprint, pan-African banking group, United Bank for Africa Plc (“UBA” or “the Bank”), announced its unaudited Third Quarter Financial Results, showing a 7% year-on-year growth in profit before tax to N62 billion despite the challenging macro-economic environment. This represents an impressive 18.2% annualized return on average equity. The Bank recorded an appreciable […]

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CBN committed to achieving stable exchange rate

Director, Monetary Policy Department of the Central Bank of Nigeria (CBN), Moses Kpughur, has expressed confidence in the ability of the apex bank to achieve exchange rate stability, which is one of its core mandates. Speaking at the 21st Annual Conference of the Association of National Accountants of Nigeria (ANAN) in Abuja, he expressed concern […]

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Fifty customers owe commercial banks N5.23tn – Report

Fifty customers owe commercial banks the sum of N5.23tn, representing 33.4 per cent of the total private sector credit exposure of N15.68tn, the Central Bank of Nigeria’s Financial System Stability report has stated. The FSS report, posted on the CBN website on Saturday, also showed that the nation’s banks gave N1.537tn loans to oil companies […]

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GTBank MD, Segun Agbaje named CEO of the Year at 2016 Africa Investor Awards

Managing Director/CEO of Guaranty Trust Bank plc; Segun Agbaje has emerged the 2016 Ai Socially Responsible Investment (SRI) 30 CEO of the year at this year’s 9th annual Ai CEO Investment Summit which took place on the sidelines of the UN General Assembly. Launched in 2007, the Ai Institutional Investment and Capital Market Awards is […]

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CBN prioritises price stability, woos investors for growth

The Central Bank of Nigeria will pursue price stability as an anchor for economic growth and attract foreign investors as the country battles recession and rising inflation, its governor said in a magazine interview. In September the bank left its benchmark rate at 14 percent, resisting calls from the finance minister to lower borrowing costs […]

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CBN hq

Banks Reject order to accept Cheques into savings accounts

Deposit Money Banks (DMBs) are yet to comply with the Central Bank of Nigeria (CBN) directive that they allow cheques payments into savings accounts, this is according to a report by The Nation newspaper. The apex bank instructed the lenders that savings account customers with Bank Verification Number (BVN) should be allowed to deposit cheques […]

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Diamond Bank

Diamond Bank boss tasks lenders on efficient payment solutions

Following the success of Given the seamless payment system to businesses, Nigerian banks have been urged to provide payment solutions that will not only facilitate efficient payment processes but equally shape the future of businesses in the country. The Chief Executive Officer, Diamond Bank Plc, Uzoma Dozie, said this in a recently published article on […]

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GTBank launches Fashion Weekend to promote enterprise

One of Africaa’s leading bank, Guaranty Trust Bank plc, has announced the debut of the GTBank Fashion Weekend which will hold in Lagos on the 12th and 13th of November 2016. The two-day consumer focused event is themed “Promoting Enterprise” and is set to create an ultimate fashion experience, where the most promising and talented […]

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AfDB worries over the challenge of post-harvest losses

The challenge of post-harvest losses in Africa has a assumed a major worry to the African Development Bank (AfDB), calling for immediate solutions. The bank said that reports indicate that post-harvest losses in Africa are equivalent to the annual caloric requirement of 48 million people, and worth US $4 billion in lost revenue per year. […]

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Godwin Emefiele

CBN to extend BVN registration to microfinance banks, others

The Central Bank of Nigeria (CBN) has said that it plans to extend the Bank Verification Number (BVN) registration project to customers of other Financial Institutions (OFIs), its Director, Banking and Payment Systems Department, Dipo Fatokun, has said. The OFIs include Microfinance Banks, Primary Mortgage Institutions and others. Fatokun made the disclosure at a bi-monthly […]

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UBA wins double at Businessday Banking Awards

Pan-African banking group, United Bank for Africa (UBA) Plc at the weekend achieved another mile-stones at the annual Businessday Banking Awards, by winning the Best Bank in Sub-Saharan Africa and the Best Bank in support of Agriculture awards. The first award, the “Best Bank in sub-Saharan Africa award is in recognition of UBA’s leadership role […]

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