Banking

Godwin Emefiele

CBN urges Nigerians support on forex challenge

Worried by the current recession in the country, the Central Bank of Nigeria (CBN) has called on Nigerians to remain calm, engage in hard work and observe simple rules by supporting the apex bank in her effort to control foreign exchange and encourage made-in-Nigeria products. Alternatively, the Nigeria Labour Congress (NLC), in her X-ray of […]

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First Bank Nigeria

Allegation of forgery against our staff mischievious – First Bank

First Bank Nigeria Limited has described the purported allegation of forgery against its officers by the promoters of Zone 4 Energy Limited as false and mischievious. The bank explained in a statement that Zone 4 Energy Limited maintains a business relationship with FirstBank and had been availed of import finance petroleum lifting facility following their […]

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GTBank Drives Mobile Banking With *737* Code

Guaranty Trust Bank Plc (GTBank) is giving innovative banking a priority. The *737* mobile banking code emerged out of the need to meet and exceed customers’ expectation. It is a mobile channel, which enables the bank’s customers to conveniently perform third party transfers to both GTBank and other bank account holders in Nigeria via mobile […]

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FirstBank, NBCC partner on MSME development

First Bank of Nigeria Limited has entered into partner the Nigerian-British Chamber of Commerce (NBCC) to jointly host a Micro, Small & Medium Size Enterprises (MSME) workshop with the theme: “Fundamentals of Building a Sustainable Business”. According to FirstBank, the two day workshop is scheduled to hold on the 1-2 of September, 2016 in Lagos. […]

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LCCI faults CBN’s suspension of banks from forex transactions

The Lagos Chamber of Commerce and Industry (LCCI) has faulted the suspension of nine Banks from foreign exchange (forex) transactions, describing the decision as counter-productive. LCCI Director General, Muda Yusuf said: “These are shocks that the economy can ill afford at this time”. According to Yusuf, it is right to penalize banks for proven infractions, […]

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CBN hq

CBN lifts suspension on eight banks from forex transactions

Upon the plea made by the Body of Bank CEOs asking the Central Bank of Nigeria (CBN) to lift the suspension of eight banks barred from participating in the foreign exchange market, the CBN lifted the ban Wednesday afternoon. The CBN had suspended First Bank of Nigeria Ltd., Diamond Bank Plc, First City Monument Bank […]

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CBN order banks to check illicit remittances

The Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the banking industry. The CBN gave the directive to authorised dealers, mainly banks, on Friday in a circular signed by the Acting Director of Trade And Exchange […]

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Moody’s, Augusto rate Heritage Bank high on strong capitalisation, asset quality

Two foremost rating agencies, Moody’s and Augusto & Co. recently affirmed that Heritage Bank’s capitalization remains sound in relation to its low asset risk model and has capacity to generate income from its core business and settle its obligation as at when due. According to Moody, under the new methodology, the bank’s credit metrics’ ratings […]

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heritage Bank

Heritage Bank denies involvement in NPA’s N11.2bn fraud

Facts have emerged absolving Heritage Bank Plc of any involvement in the alleged N11.2billion fraud perpetrated at the Nigerian Port Authority, as an investor of the bank disclosed that contrarily to reports, that there was no fraud in the account of NPA. The source who preferred not to be mentioned, disclosed to our correspondent that […]

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heritage Bank

Heritage Bank allays fears over CBN’s decision

Heritage Bank has described its recent Central Bank of Nigeria suspension along with eight other banks from the foreign exchange transactions over alleged non remittance of the NNPC’s funds to the Federal Government Treasury Single Account TSA, as a systemic challenge for the banking sector, which cuts across all banks. The bank in a statement […]

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UBA records N40bn half year profit, offers N0.20 per share interim dividend

Foremost banking institution, United Bank for Africa Plc has released its audited 2016 half year financial results for the period ended 30 June 2016 which show that the bank recorded a profit before tax of N40 billion and gross earnings of N166 billion, and net operating income of N109 billion. The bank also recorded a […]

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