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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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CBN hq

CBN settles $152m of Naira futures contract, enters new 12-month contract

The central bank of Nigeria (CBN) has settled $152.48 million of naira futures contracts it sold in June at an exchange rate of 279 naira per dollar, market regulator FMDQ OTC Securities Exchange said. The bank also entered a fresh 12-month contract at 241 per dollar due on Aug. 16, 2017. In June, the central […]

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Diamond Bank

Diamond Bank restates commitment to quality service delivery

Diamond Bank Plc has reassured its customers of enhanced quality service delivery and has also restated its commitment to meet its banking obligations despite the announcement by the CBN that nine commercial banks (inclusive of Diamond Bank) have been barred from foreign exchange transactions for alleged infringement on the Treasury Single Account (TSA) directive last […]

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world news, trump, u.s., business news, stock market, entertainment news, business news, company news, market, commodities, commodity, Africa news

CBN readmits UBA into forex trading

As First Bank, Fidelity, Keystone, Heritage explain apex bank’s penalty The Central Bank of Nigeria (CBN) has readmitted the United Bank for Africa (UBA) into its forex market transactions thus removing it from the list of nine deposit money banks (DMBs) banned from the foreign exchange market, for hiding over $2 billion belonging to Nigerian […]

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UBA Plc denies having FG’s $530m, thanked customers for support

UBA Plc, one of Nigeria’s leading banks denied it was sitting tight on $530million belonging to the Federal Government, part of its $2.1billion dividend from the Nigerian Liquefied Natural Gas Company (NLNG). The bank said it has remitted all dollar deposits belonging to the Nigerian national Petroleum Corporation (NNPC) into the Single Treasury Account (TSA) […]

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FBNH names New CFO for First Bank

The board of First Bank Holding Company has approved the appointment of Mr. Patrick Iyamabo as the new Chief Financial Officer (CFO) for its subsidiary, First Bank of Nigeria Limited subject to the approval of the Central Bank of Nigeria. Mr. Patrick Iyamabo will be assuming the CFO role which was hitherto held by Dr. […]

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FG urges Islamic bank to assist in rebuilding northeast

Finance minister Kemi Adeosun has called on the Islamic Development Bank (IDB) to support Nigeria in rebuilding the North Eastern part of the country ravaged by Boko Haram. She made the appeal on Monday in Abuja at the inauguration of the IDB Country Gateway office. Adeosun said that Nigeria was striving towards attaining the Sustainable […]

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heritage Bank

Heritage Bank empowers youths on SMEs ownership

Heritage Bank has strengthened its partnership with the Central Bank of Nigeria, CBN in the N3 billion Youth Innovative Entrepreneurship Development Programme, YIEDP aimed at empowering young graduates. The bank had recently kicked off a phase of the initiative with the invitation of over 1500 applicants for a training workshop. This according to the bank’s Divisional […]

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