In line with the Central Bank of Nigeria (CBN) policy of accommodating all Nigerian in the financial services of the country, Nigerian banks, Licensed Mobile Money Operators and Super Agents on Tuesday March 27, 2018, unveiled a fresh initiative to roll out a 500,000 shared Agent Networks, which will further aid financial inclusion in the […]
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Fitch Rating agency yesterday warned that Nigerian banks will struggle to sustain the same level of profitability this year due to reduction in government borrowing through treasury bills (T-Bills). Last year the federal government introduced a new debt strategy designed to refinance some of its maturing domestic debt with external borrowing. Consequently, the Debt Management […]
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Former Chairman of the Nigeria’s Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu, has described the foundation and configuration of the Nigerian banking system as one that is susceptible to abuse by corrupt minds. According to Sunnews, Ribadu made the assertion yesterday in Abuja, at the launch of a book titled, ‘Improving Anti-money Laundering […]
Read More The banking consolidation of 2005 has shot the nation’s banks to the pinnacle of Africa’s financial hub. According to a former banker and financial analyst, Dr. Alaba Olusemore, Nigeria derived a lot of positives from the banking consolidation, as well as other policies of Obasanjo administration, to make its financial sector first among equals on […]
Read More Indications according to report released on Friday by the Nigeria Central Bank showed that the total asset and liabilities of commercial banks in the nation have crossed the ₦33 trillion mark. The report showed a marginal growth of about 0.6 per cent in the industry’s total assets and liabilities, also revealed that banks’ credit to […]
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Some shareholder groups in the capital market has urged Etisalat Nigeria to settle the $1.2 billion debt it owed 13 commercial banks to avoid its takeover. A cross section of the shareholder groups stated this in an interview with the News Agency of Nigeria (NAN) in Lagos yesterday. They insisted that the company must settle […]
Read More Association of 13 banks involved in Etisalat Nigeria loan on Thursday refuted reports that they have taken over the operations of the company. A management source close to the banks who pleaded anonymity said in Lagos that there was no truth in the report making the round. The source said that the banks’ major interest […]
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The African Development Bank (AfDB) has approved $300 million and $50 million trade finance loans to First Bank of Nigeria and FSDH Merchant Bank Nigeria to support local enterprises involved in import-export activity. The AfDB disclosed this in its monthly newsletter signed by the Nigeria Country Field Office, on Wednesday in Abuja. The publication stated […]
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NIGERIA is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4bn in debt that the Nigerian National Petroleum Corporation has accumulated over years of mismanagement. The Minister of State for Petroleum, Dr. Ibe Kachikwu, told Reuters that he wanted to increase crude oil output to […]
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FIRST Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa have been named among the world’s top 500 banks. A new study conducted by the United Kingdom-based The Banker Magazine gave this verdict. The 2016 The Banker and Brand Finance Top 500 Banking Brands report showed that First […]
Read More By their 2015 nine months earning outlooks, Nigerian Banks have by all indications posted the quite impressive numbers. Not only have banks posted impressive net interest income growth on a year on year basis, they also posted double figure profitability growth. This is against the backdrop of quoted companies in the consumer goods sector, oil […]
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