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File: Banks

Banks shut doors on BDCs, politically-exposed persons

Indications emerged weekend that banks have started to close the accounts of suspect Bureaux de Change (BDCs) and some politically exposed persons to avoid Economic and Financial Crime Commission’s (EFCC) raid on them. Top bankers said that in some of the banks, both registered and unregistered Bureaux de Change are facing the risk of having their accounts closed by banks.

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Fashola

Nigeria needs sustainable housing policy- Fashola

In a bid to effectively tackle Nigeria’s housing problems, the country requires a consistent, measurable and sustainable housing policy that must be led by government and subsequently driven by the private sector. Minister of Power, Works and Housing, Mr. Babatunde Fashola, stated this at the recently concluded 35th Annual General Meeting and Housing Symposium of Shelter Afrique held in Abuja.

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Fuel1

Fuel importation: Forex access remains huge challenge- Total

Total Nigeria Plc has stated that access to Foreign Exchange (forex) remains a huge challenge in its petroleum marketing business despite the removal of oil subsidy by the Federal Government. The company has also declared a N12.00 per share dividend, having paid an interim dividend of N2.00 per share, thus making it a total of N14.00 per share dividend declared for the financial year ended December 31, 2015.

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File: Banking hall

Heritage Bank begins implementation of CBN’s N3bn youth fund

Heritage Bank Limited will this week commence the implementation of the N3 billion Youth Innovative Entrepreneurship Development Programme (YIEDP) of the Central Bank of Nigeria (CBN). The CBN selected Heritage Bank Limited as its pilot partner bank to unveil, administer and manage YIEDP. The programme, according to CBN, was designed to provide timely and affordable credit to assist youths in implementing their business ideas, thereby providing the mechanism of stimulating growth, reducing unemployment as well as addressing youth restiveness.

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market

Economic downturn: Opportunity to invest in Nigeria’s future- AMfB

Accion Microfinance Bank (AMfB), weekend, said that the economic downturn opens up opportunities to invest further in the future of Nigeria. Chairman, AMfB, Mr. Patrick Akinwuntan, said this at the bank’s 10th Annual General Meeting for the financial year ended December 31, 2015, stating, “We see the challenges, we face it but we are quite reassured that it is indeed an opportunity for us to demonstrate value to our customers and to invest further in the future of Nigeria.

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Cashless Policy: First Bank’s commitment in e-business yielding fruits

The investment of First Bank Nigeria Limited to e-business has started yielding fruits as the number of its customers that have keyed into the system continue to increase. The bank’s investment in e-business reflects its commitment to promoting financial inclusion which is widely regarded as a lever for sustainable economic growth and development as well as enhancing entrepreneurship.

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Economy

$200bn W/Afrian market in need of capacity building- Jadesimi

AS world business leaders gathered in Copenhagen, Denmark to rub minds on Sustainable Development Goals (SDGs), Managing Director of the Lagos Deep Offshore Logistics base (LADOL), Dr. Amy Jadesimi, has called for sustained capacity building by investors. This, according to her, is in order to adequately service a $200 billion growth market opportunities in West Africa.

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ETI aims to be one of top 3 banks; targets 75% NPL coverage

Ecobank Transnational Incorporated, ETI, the parent company of Ecobank Nigeria Limited, said its target is to be one of the top three banks in half of the markets where it operates, including Nigeria. The bank also aspires to achieve Non-performing Loan, NPL, coverage of 75 per cent for 2016 financial year end, as against 71.3 per cent NPL coverage achieved in quarter one 2016.

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Counterfeit naira

Government securities record 156% over-subscription

The volume of idle cash in the interbank money market rose last week to N408 billion, triggering 156 percent excess demand for government securities. Financial Vanguard investigations revealed that the volume of idle cash (excess liquidity) in the interbank money market rose by 32 per cent from N277 billion the previous week, to close at N408.3 billion last week. The sharp increase was driven by fresh inflow of N141 billion from statutory allocation funds, and N144 billion from payment of matured treasury bills.

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