Stakeholders at Zenith Bank trade seminar canvass value addition for non-oil exports
Post AMUGE
September 9, 2024
Business a.m. Reporter More efforts have been canvassed for value addition to take the pride of place in Nigeria’s non-oil products for export, stakeholders showed at a recent international trade seminar organised by Zenith Bank Plc. In its ninth edition, the annual event had as theme for this year, “Nigerian Non-Oil Export Industry: Awakening the […]
Euromoney names GTBank best bank for CSR in Nigeria
Post AMUGESeptember 9, 2024
Guaranty Trust Bank Ltd (GTBank), the flagship subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa, has been named Best Bank in Corporate Social Responsibility in Nigeria at the prestigious Euromoney Awards for Excellence 2024. This recognition underscores GTCO’s unwavering commitment to excellence, going beyond offering innovative […]
CBN lending dives 76% to N4trn as banks opt for higher SDF rates
Post AMUGESeptember 4, 2024
Business a.m. The Central Bank of Nigeria (CBN) has reported a significant decrease in the volume of bank borrowings from its Standing Lending Facility (SLF) in August, indicating a possible easing of financial pressure on Nigerian banks. According to CBN data, banks’ SLF borrowings dropped by 76.4 percent month-on-month (MoM) in August, falling to N4.04 […]
Mansur Muhtar takes the reins as Tinubu’s Pick for Bank of Industry chair
Post AMUGESeptember 2, 2024
Business a.m. President Bola Tinubu has unveiled a new board of directors for the Bank of Industry (BOI), with Mansur Muhtar appointed as the chairman. The new board of the Bank of Industry was announced in a statement released by Ajuri Ngalale, the presidential spokesperson, revealing the names of other key appointees in addition to […]
Interest income boosts Zenith Bank to N578bn profit in H1’24
Post AMUGESeptember 2, 2024
Business a.m. Zenith Bank, Nigeria’s second largest lender by market value, has recorded a 100 percent surge in net profit for the first half of 2024, hitting N578 billion compared to the same period last year. The bank’s outstanding performance was propelled by the aggressive interest rate hikes introduced by the CBN to quell inflationary […]
Nigerian banks’ demand deposits climb 23.6% to N32.9trn in H1’24
Post AMUGEAugust 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 […]