banks

NDDC Audit: Some Contractors, Banks Already Making Refunds

December 28, 2019 9:10 am

It seems that the order for a forensic audit of the NDDC is beginning to yield expected results
This is as some culpable firms are now coming to the minister in charge of the commission, Godswill Akpabio, to make refunds
Akpabio on Friday, December 27, said that even banks who are said to be involved in alleged money laudering are ready to pay back funds they collected from the commission

The minister of Niger Delta affairs, Senator Godswill Akpabio, has said that the forensic audit of the Niger Delta Development Commission (NDDC) by the adminstration of President Muhammadu Bhuari is …

CBN, Banks Introduce New Measure to Boost Finances

December 15, 2019 3:03 am

As part of efforts to enhance financial inclusion in the country, the Central Bank of Nigeria (CBN) and banks, under the aegis of the Bankers’ Committee, have concluded plans to simplify the requirements for the Bank Verification Number (BVN) for certain types of transactions.

CBN Governor, Mr. Godwin Emefiele, disclosed this yesterday, while briefing journalists at the end of a two-day annual Bankers’ Committee retreat at Ogere, Ogun State.

The retreat had the theme, “Delivering Inclusive Growth: Leveraging Digital Finance”.
A BVN is a biometric identification system implemented by the CBN to curb illegal banking transactions in Nigeria. It is …

Stallion Motors Shut Over Indebtedness To Banks, AMCON

December 13, 2019 10:03 am

Stallion Motors was shut thursday, following a court judgment, arising from the company’s indebtedness to some Nigerian banks and Asset Management Corporation of Nigeria (AMCON).

THISDAY gathered that the Stallion Group is heavily indebted to GTB, which dragged it to court.
The company, it was learnt, is also indebted to AMCON, Access Bank and UBA, among others.

According to a THISDAY authoritative source, the group owes the banks a hefty N330 billion, while AMCON’s exposure to it is N26 billion.

However, an official of the company, who did not want to be named, told THISDAY that the court order was …

Banks Gave $745 Billion To Groups Planning Coal Power Plant

December 6, 2019 3:51 pm

Financial institutions have channeled $745 billion over the past three years into companies planning new coal-fired power plants, according to a report by environmental groups, who are urging global banks to stop financing the sector.

The report’s release comes as world leaders met this week in Madrid for a 12-day UN climate summit, where they are expected to hammer out some of the details of the 2015 Paris agreement.

They face increasing pressure to step up their commitments on fossil fuel reduction after a major UN report last year warned global warming must be capped at 1.5C and the global …

Zenith Leads As 4 Banks Record ₦431bn Profit In Nine Months

Zenith Leads As 4 Banks Record ₦431bn Profit In Nine Months

October 25, 2019 9:13 am

Investors in the banking sector are set to reap higher returns at the end of the year as four leading banks have reported a combined profit of ₦430.94 billion in their results for the nine months ended September 30, 2019.

The banks, Zenith Bank Plc, GTBank, United Bank for Africa Plc and FBN Holdings Plc, also reported total assets of ₦19.95 trillion.

Despite the challenging operating environment, the four banks that have so far released their nine months’ results have recorded increased performance following cost optimisation measures and better risk management strategies.

An analysis of the numbers showed that Zenith …

Banks CEOs Disclaim MTN Over USSD Transactions Charges

Banks CEOs Disclaim MTN Over USSD Transactions Charges

October 22, 2019 2:25 am

•We don’t need permission to impose service charge, says telcom

Chief Executive Officers (CEOs) of commercial banks have distanced themselves from the moves by MTN Nigeria to impose charges on Unstructured Supplementary Service Data (USSD) transactions.

The bank chief executives under the aegis of Body of Bank CEOs that have the MD/CEO of Access Bank Plc, Mr. Herbert Wigwe, as chairman, said in a statement yesterday that they never asked MTN to start charging customers as contained in the text message sent by the telecommunication company.

Their disavowal came a day after the federal government ordered MTN to suspend the …

Loan - Deposit Ratio: CBN To Impose Stiffer Laws On Banks

Loan – Deposit Ratio: CBN To Impose Stiffer Laws On Banks

October 19, 2019 1:21 am
  • Customers using loans for Treasury Bill will be blacklisted

The Central Bank of Nigeria (CBN) has vowed to impose stiffer sanctions on any commercial and blacklist customers that flout its minimum loan-to-deposit ratio (LDR) policy that is focused on increasing lending to the real sector of the economy.

The Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, disclosed these in a chat on the sidelines of the ongoing International Monetary Fund/World Bank Annual Meetings in Washington DC, United States.

Specifically, it warned that any bank that is found to be disbursing loans to customers who subsequently invest such funds in treasury …

CBN Debits 12 Banks ₦499bn for 60% Loan Ratio Default

CBN Debits 12 Banks ₦499bn For 60% Loan Ratio Default

October 3, 2019 1:32 am

Credit to private sector rises to ₦16.397tn

The Central Bank of Nigeria (CBN) has deducted a total of ₦499,175,535,097 from the accounts of 12 banks under its supervision, over their failure to meet the September 30, 2019 deadline it had stipulated for them to maintain 60 percent loan-to-deposit (LDR) ratio.

The banks are Citibank, FirstBank of Nigeria, FBNQuest Merchant, First City Monument Bank, Guaranty Trust Bank, Jaiz Bank, Keystone Bank and Rand Merchant Bank.

Others are Standard Chartered Bank, Suntrust, United Bank for Africa and Zenith Bank.

A one-page document by the CBN obtained by newsmen last night showed that …

Switzerland sanctions 5 banks for currency trade cartels

Switzerland sanctions 5 banks for currency trade cartels

June 6, 2019 7:48 am

Five of the world’s biggest banks have been fined about million Swiss francs (about 91 million dollars) for undermining competition in foreign exchange trading, Switzerland’s Competition Commission announced on Thursday.

The move by non-EU member, Switzerland, came three weeks after the European Commission, the European Union’s competition watchdog, imposed fines totalling 1.07 billion Euros (1.2 billion dollars) on these banks for cartel behaviour.

According to the Swiss commission, traders of the international banks had communicated in chat rooms to coordinate their actions in markets for 10 currencies, including dollars, Euros, British pounds, yen and francs.

Read Also: $48b forex …

CBN reveals $14.2bn capital flows to Nigeria in five Months

Nigerian banks borrow ₦12 trillion from CBN in six months

June 3, 2019 12:46 am

The nation’s Deposit Money Banks have made frequent visits to the facilities’ window of the Central Bank of Nigeria (CBN) in the last six months, resulting to ₦12.09 trillion borrowings. Meanwhile, CBN Governor, Godwin Emefiele, would kick off his second term in office tomorrow, having earlier been confimrmed by the National Assembly.

He is now expected to roll out new initiatives and pursue full implementation of ongoing policies in banking supervision and stability; robust microfinancing; price stability through inflation management; sustenance of the unconventional policy to support the ailing economy; and foreign exchange management, among others.

The banks continued to …

Trump govt. to divert $40m in aid to Venezuela's opposition

Trump sues banks to stop Congress probing his accounts

April 30, 2019 2:49 am

US President Donald Trump, along with his family and businesses, on Monday sued Deutsche Bank and Capital One in an attempt to stop them from complying with Congressional subpoenas issued as part of a probe into foreign political influence.

The subpoenas — which the Trumps described in their suit as “intrusive and overboard” — were issued to several banks by the Democratic-majority House’s intelligence and financial services committees, which are looking into the president’s finances as part of a larger probe into election meddling by Russia.

The lawsuit is the latest step in Trump’s fightback against the Democrats, and alleges …

Innoson sues GT Bank’s directors for contempt

April 25, 2019 8:13 pm
Innoson Nigeria Limited has filed a contempt action at the Federal High Court (FHC), Awka, Anambra State, against the managing director of Guaranty Trust Bank (GTB), Segun Agbaje, and two others, asking them to show why they should not be committed to prison.

The other two are chairman of the bank, Mrs. Osaretin Demuren, and the secretary, Erhi Obededuo.

In the contempt application filed on its behalf by Prof. McCarthy Mbadugha, Innoson urged the court to order the alleged contemnors to come and show cause why they should not be committed for contempt and sent to prison for their wilful

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