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Tag: Banks

CBN gov Cardoso vows crackdown on illicit funds via Binance
featured

CBN raises commercial banks capital base to N500bn

Nigeria’s Central Bank has raised the capital base of commercial banks with international authorisations to 500 billion Naira and of national banks to 200 billion Naira. This massive reform, which was announced on March 28, 2024, requires banks to increase their Minimum Capital Bases in a variety of ways depending on the nature of their […]

Tinubu orders NNPC to sell Crude to Dangote in Naira
News

FG orders banks to deduct stamp duty charges on loans

The Federal Government has directed commercial banks in the country to henceforth deduct and remit 0.375% of all loans disbursed by them. The deduction is to be made on the principal loan amount, according to a message sent to customers by banks, according to nairametrics. This follows as the government stretches the net on transactions […]

Business

NNPC to use Afrexim bank’s $3.3bn loan for operational costs

The Nigerian National Petroleum Company Limited stated its plan to use the $3.3 billion loan received from the African Export-Import Bank to cover operating demands and pay upfront tax and royalties owed to Nigeria on Sunday. The Times reported that this was revealed in a paper titled ‘Frequently Asked Questions – Project Gazelle,’ provided by […]

Top female MDs, CEOs in Nigerian banks
Banking News

Top female MDs, CEOs in Nigerian banks

Nigeria’s financial sector is undergoing a revolutionary change, and nine remarkable women are driving this change. Olayemi Cardoso, the governor of the Central Bank of Nigeria, named new CEOs on January 11 to manage the Union, Keystone, and Polaris Banks. The CBN dissolved the boards and managements of these banks for purported violations of corporate […]

New year: Banks to close early on Friday
Banking

New year: Banks to close early on Friday

Juliet Buna Financial institutions have said customers have been 8 am and 1pm or 3pm, depending on the bank, to do their transactions on Friday. This is against the usual 8 am and 4 pm work schedule. The development is hinged on the upcoming New Year celebration. Consequently, the banks have directed their customers to […]

Banks record N72bn from account maintenance
Banking

Banks record N72bn from account maintenance

In the first half of 2023, account maintenance fees brought in N72.723 billion for 11 banks that are listed on the Nigerian Exchange floor. The Times reported that this is based on information taken from the listed commercial banks’ half-year financial statements on the Nigerian stock exchange. Access Holdings, GTCO, UBA, Zenith Bank, and GTCO took […]

Equity investors lose N1.5tn as bond yield rises
Banking

CBN instructs banks to keep foreign exchange revaluation profits

Banks are required by the Central Bank of Nigeria to set aside earnings from foreign exchange revaluation as a safety net against impending economic shocks. According to Vanguard, in this case, the regulator forbade banks from using foreign exchange revaluation gains to pay dividends or cover operating costs. This information was provided by the apex bank […]

Banks’ bad loans hit N478bn in Q1 2023
Banking

Banks’ bad loans hit N478bn in Q1 2023

    During the first half of 2023, four prominent banks, including Guaranty Trust Bank Holding Plc , FBN Holdings Plc, FCMB Group Plc, and Fidelity Bank Plc, collectively reported non-performing loans valued at N478.93 billion. According to The PUNCH, this marked a notable increase of almost 16 percent from the N413.36 billion reported at […]

Banks announce nationwide strike from Tuesday
News

Banks announce nationwide strike from Tuesday

Nigerians have been put on high alert as banks, telecoms, and electrical workers have decided to join the NLC strike and go on a two-day strike. Nigerians are urged to withdraw money on Monday in order to avoid being stuck over the next two days. Employees working in the banking, insurance, telecom, and power industries […]

Nigerian banks lose N9.5bn to e-fraud so far in 2023
Banking

Nigerian banks lose N9.5bn to e-fraud so far in 2023

Banks in the country have reportedly lost over N9.5 billion so far in 2023, according to the Nigeria Inter-Bank Settlement System. The managing director of NIBSS, Premier Owoih, said this at the third-quarter meeting of the Nigeria Electronic Fraud Forum, which was held in Lagos. The MD, represented by Temidayo Adekanye, the NIBSS Chief Risk Officer, raised concerns […]

Banks record N72bn from account maintenance
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Banks provide $533.48m for foreign education

The Central Bank of Nigeria has received $533.48 million from banks to be used towards international education. The Punch reported that the sum of the funds disbursed between October 2022 and March 2023 was used to calculate the figure that was taken from the central bank’s most recent statistical bulletin. However, experts anticipate that given the CBN’s […]

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