Olugbemi sworn in as 21st CIBN president, sets 2-year agenda
Omobayo AzeezMay 17, 2020
By Omobayo Azeez Bayo Olugbemi has been sworn in as the 21st president and chairman of council of the Chartered Institute of Bankers of Nigeria (CIBN). The new president took over the CIBN leadership on Saturday May 16 in Lagos from Uche Olowu, his predecessor, and has also crafted the strategic focus of his administration […]
Sustainable banking principles necessary for Nigerian financial institutions to stay resilient to disruption
Hamid AyodejiMay 13, 2020
By Hamid Ayodeji Aishah Ahmad, the deputy governor, financial system stability, Central Bank of Nigeria, has encouraged banks to maintain their commitment to sustainability in designing their business models in order to enable them manage disruptions and make positive environmental and social impact in their quest to deliver value to their stakeholders and customers. She pointed out that […]
Cigna appoints regional CEO to reinforce commitment to growth of insurance in Africa, Middle East
Saviour AdugbaMay 11, 2020
By Saviour Adugba Cigna, the global health services provider has shown its commitment to the growth of the insurance industry in the Middle East and Africa (MEA) region with the appointment of Jerome Droesch as the Chief Executive Officer (CEO) of the region. In his new capacity, Jerome’s remit has been expanded to cover all […]
CBN extends deadline for microfinance banks’ recapitalisation
Businessam StaffMay 1, 2020
In consideration of the impact of the COVID-19 pandemic on economic activities in the country, the Central Bank of Nigeria (CBN) has revised the deadline for compliance with the minimum capital requirement for microfinance banks. Owing to the development, the CBN extended the deadline for compliance with the revised minimum capital requirements for all categories […]
Zenith Bank posts N58.7 billion in Q1 2020
Omobayo AzeezApril 30, 2020
By Omobayo Azeez Zenith Bank Plc recorded a sum of N58.7 billion as profit before tax for the quarter ended March 31, 2020, the lender has disclosed. According to its unaudited account showing its financials for Q1, 2020, filed at the Nigerian Stock Exchange (NSE), the PBT represents a rise by 3 per cent relative […]
CBN lifts suspension of cheque clearing in Nigeria
Omobayo AzeezApril 28, 2020
By Omobayo Azeez The Central Bank of Nigeria has lifted the temporary suspension placed on cheque clearing in the country with effect from Tuesday, April 28, 2020. The apex bank disclosed this in a circular on Monday. In the circular, which was signed by Sam Okojere, the director, banking services department, the apex bank explained […]
Nigerian banks at risk from oil price slump, coronavirus – Fitch Ratings
Businessam StaffApril 3, 2020
Fitch Ratings, an international credit rating agency based in New York City and London, yesterday reported that Nigerian banks’ credit profiles face severe risks from the oil price slump and operating environment disruption due to the coronavirus pandemic. The ratings agency attributed the lenders’ asset quality deterioration due to high exposures to the oil and […]
CBN temporarily suspends cheque clearing during Coronavirus lockdown
Omobayo AzeezMarch 31, 2020
By Omobayo Azeez The Central Bank of Nigeria (CBN), on Monday, directed all deposit money banks (DMBs) in the country and the Nigerian Interbank Settlement System (NiBSS) to suspend the clearing of all cheque instruments in the Nigerian Clearing System, starting from today March 31st, 2020. According to a statement signed by Sam Okojere, CBN’s […]
LDR: Bank loans rise by N2.35tn
Businessam StaffMarch 30, 2020
Credit to the private sector rose by N2.35tn from June 2019 to February this year after the Central Bank of Nigeria mandated the Deposit Money Banks to raise their loan to deposit ratio as part of its regulatory measures to improve lending to the economy. To ramp up growth in the Nigerian economy through investment […]
N10.3trn e-transact: Experts caution against obastacle in January
Omobayo AzeezMarch 10, 2020
Say GDP benefits as money velocity rises By Omobayo Azeez Following disclosure that electronic payment transaction hit N10.3 trillion in January 2020, experts have commended growing e-payment adoption in Nigeria even as they cautioned against obstacles. They hinted that growing adoption calls for intensified education and orientation of users, deployment of more infrastructures, improvement of […]