UBA sets new benchmark to emerge Nigeria’s most profitable bank in HI’23
Onome Amuge
September 28, 2023
By Onome Amuge The United Bank of Africa (UBA) has emerged the most profitable bank in Nigeria so far in 2023 as its key financial metrics and revenues from its operations surpassed that of its counterparts in the banking industry, setting new benchmarks for profitability, resilience and expansion within the Nigerian banking space. During the […]
Nigerian banks lose N12.2bn to electronic payment fraud in H1 2023
Onome AmugeSeptember 25, 2023
By Onome Amuge. Digital commerce firm, Interswitch has reported that Nigerian banks suffered a financial loss amounting to N12.2 billion from electronic payment fraud which pervaded the banking industry in the first half of 2023. The leading African integrated payments and digital commerce platform company also noted that an estimated N35 billion fraud attempts were […]
CBN unveils online portal to accelerate microfinance banks licence applications
Business a.m.September 21, 2023
Business A.M The Central Bank of Nigeria (CBN) has unveiled a new online platform for the submission of Microfinance Banks (MfBs) license applications, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP). The apex bank made the announcement in a statement signed recently by Isa AbdulMumin, the director of corporate communication, noting […]
Ecobank upgrades branches to enhance quality service delivery
Cynthia EzekweSeptember 5, 2023
By Cynthia Ezekwe. Ecobank Nigeria Limited, an affiliate of the Ecobank Group, the pan-African banking group, has commenced the remodelling of its branches across the country to enhance quality service delivery, and good customer experience. The pan-African bank noted that the upgrade will turn its existing banking halls into modern smart banking arenas designed […]
Optimus Bank debuts with commitment to transform financial services sector
Onome AmugeAugust 21, 2023
By Onome Amuge. Optimus Bank Limited, a newly launched national commercial bank,has pledged to revolutionise the Nigerian banking experience by delivering innovative, sustainable and scalable solutions to individuals and businesses,while fostering global financial growth in the banking industry. Oghogho Akpata, chairman, Optimus Bank,expressed the bank’s commitment during its grand opening and formal launch in Lagos, […]
CBN’s long awaited financials reveal $7.5bn owed Goldman Sachs and JP Morgan
Business a.m.August 11, 2023
Business A.M The Central Bank of Nigeria (CBN) said it owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of the financial year ended December 2022, and another $6.3 billion included as liabilities owned in foreign currency forwards. This is according to the apex bank’s consolidated financial statements covering the 2016, […]
CBN exempts mortgage, micro-finance banks from cash limit policy
Isaac JayeolaAugust 1, 2023
The Central Bank of Nigeria (CBN) has announced the exemption of primary mortgage banks and Microfinance banks from its cash withdrawal limit. The apex bank issued the directive in a circular tagged, ‘PSM/DIR/PUB/CIR/001/049’, addressed specifically to banks and other financial institutions. The circular titled, ‘Exemption of Primary Mortgage Banks and Microfinance Banks from cash withdrawal […]
NOVA MB conversion to commercial bank begins as shareholders approve licence acquisition
Cynthia EzekweJuly 20, 2023
By Cynthia Ezekwe. The process to convert to a retail bank for one of Nigeria’s fastest growing wholesale banks, NOVA Merchant Bank, is now in motion following approval received by the board and management from shareholders to approach the authorities for a commercial banking license. The approval came in a unanimous vote at the sixth […]
Aig-Imoukhuede’s book on banking shortlisted for BCA African Business Book of the Year
Business a.m.May 2, 2023
By Business A.M. The book “Leaving the Tarmac: Buying a Bank in Africa” by Aigboje Aig-Imoukhuede, former group managing director and chief executive officer of Access Bank Plc, has been shortlisted for BCA African Business Book of the Year. BCA Africa Business Book of the Year is an annual competition organised by the Business Council […]
Nigerian bank deposits rise by 19% to N43tn in 2022
Olivia NnoromJanuary 12, 2023
By Olivia Nnorom Nigerian banks have recorded a N6.92 trillion rise in deposit from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022. This was disclosed in the personal statements of members of the Central Bank of Nigeria (CBN) Monetary Policy Committee. According to Aishah Ahmad, the deputy […]