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Tag: Bank

Fraud losses decline in Nigerian banks in Q1 2024 - Report
featured News

Fraud losses decline in Nigerian banks in Q1 2024 – Report

The Financial Institutions Training Centre has reported a substantial decrease in financial fraud losses among Nigerian banks for the first quarter of 2024. According to their latest “Report on Fraud and Forgeries in Nigerian Banks for Q1 2024,” the losses to financial fraud plummeted by 77.62% compared to the preceding quarter. In specific figures, Nigerian […]

featured

Nigerian banks close two million accounts over inactive BVN, NIN

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of suspicious accounts, following the regulatory orders on the linkage of bank accounts to the National Identity Number, NIN. This is revealed in a report by the Nigerian Interbank Settlement System, according vanguard. According to […]

Bank executives urge cybersecurity cooperation for stability
News

Bank executives urge cybersecurity cooperation for stability

Onwubuke Melvin   The Association of Chief Audit Executives of Banks in Nigeria has called for cooperation among lenders in the country to boost cybersecurity in the sector. This was disclosed in a communiqué issued at the end of the association’s annual general meeting and retreat held in Abuja recently, according to The Punch. To […]

Naira falls at official rate despite dollar weak gains
Banking

Naira falls as banks’ dollar sales drop by $252m

Dollar sales at the Nigeria Autonomous Foreign Exchange Market on Friday decreased by $252 million to $84.1 million by Deposit Money Banks and other entities. This is a 74% decrease from the $331.1 million in transactions that were registered at the official Nigeria Autonomous Foreign Exchange Market on Thursday. In the meantime, the value of […]

Banks dollar sale drops as naira falls to N1,479
Banking

Banks dollar sale drops as naira falls to N1,479

Data collected on Thursday from FMDQ Exchange indicated that the total value of transactions registered at the official Nigerian Autonomous Foreign Exchange Market decreased from $465.29 million on Tuesday to $203.93 million on Wednesday. The PUNCH reported that this shows that the volume and value of transactions on NAFEM, the official FX market, have decreased […]

Parthian Partners pays third bond coupon
Banking

Parthian Partners pays third bond coupon

Parthian Partners Limited has made the third consecutive coupon payment on its N10 billion bond. The PUNCH reported that the Chief Financial Officer at Parthian Partners, Olayinka Arewa, recently said in a statement: “It takes agility and dedication to navigate rising inflation and economic pressures. We stuck to our word and continued to provide our investors […]

BOI, IFC partner to fund industrial sector
Economy

BOI, IFC partner to fund industrial sector

BOI, IFC partner to fund industrial sector A stakeholder conference will be held by the Bank of Industry and the International Finance Corporation to discuss the present state of the operating environment and promote the expansion of the industrial sector in the nation. The PUNCH revealed that the conference which was with the theme, “Empowering Futures: A Collaborative Journey in […]

Banking

Femi Otedola named First Bank Holdings chair

Nigerian billionaire, and entrepreneur Femi Otedola, has been appointed as the new chairman of the board of directors for the First Bank of Nigeria Holdings. The decision, announced after a recent board meeting, saw Otedola taking over from the outgoing Chairman, Alhaji Ahmad Abdullahi. This move comes amid Otedola’s recent excitement about rejoining the Forbes […]

Wema Bank, NYSC collaborate on youth empowerment
Banking

Wema Bank profit rises by 105%

Wema Bank’s profit increased by more than 105 percent to N23.36 billion in 2023, from N11.35 billion the previous year. The PUNCH reported that according to the lender’s unaudited financial statement submitted with the Nigerian Exchange Limited on Tuesday, revenue increased by 61.36 per cent to N181.87 billion. Net interest income climbed to N83.11 billion […]

DataPro gives FSDH Merchant Bank an "A" rating
Business

DataPro gives FSDH Merchant Bank an “A” rating

A credit rating agency in Nigeria, DataPro, has granted FSDH Merchant Bank Limited a long-term rating of “A” with a stable outlook for 2023/2024. The PUNCH reported that this was stated in a statement issued by the credit rating firm on Sunday and signed by Client Services Manager, Kehinde Rasheed. Before the grade was awarded, […]

World Bank approves $300m support package for Ghana's economic recovery
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World Bank approves $300m support package for Ghana’s economic recovery

The World Bank has approved $300 million in funds to help Ghana’s economic recovery, according to a statement issued on Tuesday. According to Reuters, this came after Ghana successfully negotiated a reorganization of $5.4 billion in loans with its official creditors. The approved loan is the first in a series of three transactions totaling $300 million. The […]

LivingTrust Mortgage Bank repays DBN N950m loan
Business

LivingTrust Mortgage Bank repays DBN N950m loan

LivingTrust Mortgage Bank Plc has repaid a N950 million MSMEs grant to the Development Bank of Nigeria two months earlier than the planned date. The PUNCH reported that DBN disbursed the N950 million MSMEs fund to the bank on March 1, 2021, for a 36-month term, with the facility set to expire on March 1, […]

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