Banking

The Securities and Exchange Commission has said it has commenced the implementation of the report of its technical committee on commodities trading ecosystem. Isyaku Tilde, the acting executive commissioner (operations) of SEC, disclosed this when a delegation of the Commodity Brokers Association of Nigeria led by its Registrar, Alhaji Saleh Kwaru, visited the Commission in […]

The International Monetary Fund (IMF) has congratulated Central Bank of Nigeria (CBN) governor, . Godwin Emefiele, on his reappointment for a second term of five years by President Muhammadu Buhari. The fund’s managing director,  Christine Lagarde, in a letter dated June 18, 2019 , said the re-appointment came at a key moment when Nigeria has […]

Nigeria’s apex financial institution, the Central Bank of Nigeria (CBN), has said media reports about its finances were inaccurate as it distorted and misrepresented the bank’s financial operations. It said the story published under the title “CBN’s life support to FG rises 780% to N8.12trn in 4yrs” was restrictive by focusing “only on CBN’s claims on […]

KPMG LLC has agreed to pay a $50 million penalty over allegations former staffers used stolen information to alter some of the accounting firm’s previous audit work and cheated on training exams, the U.S. Securities and Exchange Commission (SEC) said on Monday. KPMG admitted to the SEC’s allegations and agreed to hire an independent consultant […]

Bank customers in the Federal Capital Territory (FCT) on Tuesday decried poor network and insufficient funds in most automated teller machines (ATMs). Agency reports indicated that at the time of filing this report, many customers were seen stranded and on long queues at ATMs waiting to make different transactions. Some of the banks visited were […]

The U.S. banking sector recorded $60.7 billion in profits in the first quarter of 2019, an increase in profit levels from the year prior, according to data from the Federal Deposit Insurance Corporation. U.S. bank profits increased by $4.9 billion, an 8.7 percent jump compared to the first quarter of 2018. The FDIC said the […]

MacKenzie Bezos committed to giving away at least half of the $37 billion windfall she will receive in her upcoming divorce from Amazon.com Inc. founder Jeff Bezos. She is one of the 19 new signatories to the Giving Pledge who’ve promised to donate more than 50% of their wealth to philanthropy or charitable causes, either […]

Egypt’s new banking law may raise the minimum capital requirements for lenders tenfold, state media reported on Tuesday, in a move that could pave the way for mergers among the country’s smaller banks. A draft of the law raises the amount of capital needed to 5 billion pounds ($294 million) from 500 million, the Middle […]