Nigerian banks’ demand deposits climb 23.6% to N32.9trn in H1’24
Post AMUGE
August 27, 2024
Business a.m. Recent data from the Central Bank of Nigeria (CBN) Money and Credit report has shown that Deposit Money Banks (DMBs) recorded a significant surge in demand deposits, commonly known as current accounts, from N26.688 trillion at the end of 2023 to N32.988 trillion in the first half of 2024, reflecting an impressive growth […]
Fidelity Bank fights N555.8m NDPC fine amid alleged data breach
Post AMUGEAugust 22, 2024
Business a.m. Fidelity Bank has rejected the Nigerian Data Protection Commission’s (NDPC) allegation of a data breach and the N555.8 million fine imposed as a result. In a recent statement, the bank asserted that it followed all relevant laws concerning data protection and that it adhered to the highest ethical standards throughout the handling of […]
Access Holdings opens door wider for shareholders with rights issue acceptance period extension
Post AMUGEAugust 14, 2024
Business a.m. Access Holdings Plc has extended the acceptance period for its ongoing N351 billion rights issue, following approval by the Securities & Exchange Commission (SEC), providing existing shareholders and other investors with a longer period to invest in the new capital raising. Access Holdings is offering 17.772 billion ordinary shares of 50 kobo each […]
CBN counters Barbican Capital’s claims in response to suit over shares in FBN Holdings
Post AMUGEAugust 14, 2024
Business a.m. Reporter The suit brought by Oba Otudeko controlled Barbican Capital over the amount of shares it holds in FBN Holdings Plc, the parent company of Nigeria’s oldest bank, FirstBank, has been punctured by the Central Bank of Nigeria (CBN) which has sent a 60 paragraph affidavit in response to the claim. According to […]
Zenith Bank eyes global expansion with N289.38bn hybrid offer
Post AMUGEAugust 14, 2024
Business a.m. Zenith Bank Plc has stated that a portion of its ongoing N290 billion hybrid offer will be allocated towards the growth and expansion of its global operations. The hybrid offer, which includes equity and debt components, is aimed at strengthening the bank’s capital base and enabling it to seize new opportunities in the […]
SEC chief pushes RegTech as proactive response to shifts in sector regulation
Post AMUGEAugust 13, 2024
Onome Amuge Financial institutions, historically weighed down by a heavy regulatory burden, have been urged to embrace RegTech as a means of improving compliance and simplifying the process of navigating the continuously expanding volume of regulatory change. Emomotimi Agama, director general of the Securities & Exchange Commission (SEC), recently acknowledged RegTech as a groundbreaking innovation […]
Nigerian bank directors rally against ‘ill-timed’ 70% windfall tax
Post AMUGEAugust 13, 2024
Business a.m. The Bank Directors Association of Nigeria (BDAN) has voiced strong opposition to the government’s proposed 70 percent windfall tax on profits generated from foreign exchange transactions by banks, branding the measure as “excessively burdensome and ill-timed”. In a statement issued after its board meeting recently, BDAN acknowledged the government’s underlying rationale for proposing […]
Oba Otudeko controlled Barbican Capital locks legal horns with First Bank over shareholding
Post AMUGEAugust 12, 2024
Federal High Court Lagos to address discripancies Business a.m. Reporter Barbacan Capital Limited, a firm controlled by Oba Otudeko, a former chairman of FBN Holdings which owns Nigeria’s oldest bank, First Bank, has taken the financial institution to court over what it says is a wrong classification of the amount of shares belonging to it […]
Analysts want bank investors to take comfort in windfall tax being one-off event
Post AMUGEAugust 8, 2024
Say this should not dampen appetite for ongoing rights issue, public offering Tax on 2023 realised FX gain spread over two years PHILLIP ISAKPA IN LONDON, UK As the Nigerian banking landscape embraces the capital market with rights issues and public offerings in the quest to meet Central Bank of Nigeria (CBN) new capital requirements […]
CBN approves Unity Bank, Providus Bank merger to boost financial system resilience
Post AMUGEAugust 6, 2024
Business a.m. The Central Bank of Nigeria (CBN) has granted approval for the merger of Providus Bank and Unity Bank, a move set to further consolidate the Nigerian banking sector. The apex bank disclosed the development in a statement issued on Tuesday and signed by Hakama Sidi, its acting director of corporate communications. The CBN […]