Banking

World Bank, New Development Bank sign MoU

The New Development Bank (NDB) set up by the BRICS nations and the World Bank group have signed a memorandum of understanding to strengthen their cooperation in addressing global infrastructure needs. The memorandum, signed by World Bank Group President Jim Yong Kim and NDB President K.V. Kamath, formalized the World Bank Group-NDB knowledge partnership, paving […]

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Zenith Bank Introduces *966# Fridays

966 people will enjoy triple value on airtime purchases made every Friday. This means that buying N1000 airtime gets you a whopping N3,000 airtime! Simply recharge your phone with *996# between the hours of 6:00am and 9:00am on any Fridaywithin this period and you could be one of the lucky 966. Just dial *966*amount*mobilenumber# from […]

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BoI mulls increase funding to mining sector

The Bank of Industry (BoI) has pledged to increase funding support to the mining sector in the country, order to improve the sector’s contribution to the Gross Domestic Product. Acting Managing Director, BoI, Mr. Waheed Olagunju, stated this while speaking on the sidelines of the International Mining Investment Conference, which held in Abuja. He stated […]

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CBN hq

CBN lists sanctions against banks over power intervention fund

The Central Bank of Nigeria (CBN) listed out sanctions to Deposit Money Banks participating in the disbursement of the N213bn Nigeria Electricity Market Stabilisation Facility, otherwise called power sector intervention fund. The sanctions were contained in a five-page circular posted on the CBN website on Monday. The circular, dated September 1, 2016, was signed by […]

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UBA affirms subsidiaries’ contributions to profits

Foremost African banking institution, United Bank for Africa has said the bank’s African subsidiaries contributed 25 per cent of the group’s profit and account for over a quarter of its overall total deposit base, which is largely made up of low-cost savings and current account deposits Group Managing Director/ CEO, , Mr. Kennedy Uzoka, was […]

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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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