CBN begins N50bn COVID-19 fund disbursement
Businessam StaffMay 1, 2020
NIRSAL Microfinance Bank has commenced the disbursement of the Central Bank of Nigeria N50bn Targeted Credit Facility. Mr Abubakar Kure, the managing director, NIRSAL MFB, inaugurated the disbursement of the fund on Thursday in Abuja. He said a total of 3,256 individuals and businesses that were affected by the negative impact of the coronavirus pandemic […]
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 on cheque clearing
Businessam StaffApril 29, 2020
The Central Bank of Nigeria (CBN) has directed deposit money banks to attend to customers who wish to clear cheques. In a statement by Sam Okojere, director, banking services department, CBN, the apex bank said that the suspension placed on cheque clearing has been lifted effective April 28. CBN had on March 30, suspended cheque […]
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 […]
GTB records N58.2bn profit before tax in Q1
Businessam StaffApril 22, 2020
Guaranty Trust Bank plc has .recorded a profit before tax of ₦58.2billion in the first quarter of the 2020 financial year.ended March 31, 2020, representing a growth of 2.1% over ₦57.0billion recorded in the corresponding period of March 2019. The bank’s loan book grew by 8.0% from ₦1.502 trillion as at December 2019 to ₦1.622trillion in […]
Insurers to refund airlines’ premium over flight cancellations
Businessam StaffApril 21, 2020
With the cancellation of local and international flight operations to check the spread of the COVID-19 pandemic, aviation insurers are beginning to count their losses. This is because aviation insurers would have to cough up part of the premium paid to them by airlines operators at the end of the pandemic in accordance with aviation […]
N60bn worth of bonds up for subscription on April 22 – DMO
Omobayo AzeezApril 17, 2020
The Debt Management Office (DMO) says N60 billion worth of Federal Government bonds will be up for subscription on April 22. The DMO said in a circular on its website on Wednesday in Abuja, that the five-year re-opening bonds of N20 billion to mature in April 2023 was offered at 12.75 per cent. It said […]
CBN urges vigilance to mitigate banking sector credit risks
Businessam StaffApril 16, 2020
The Central Bank of Nigeria (CBN) has said the anticipated economic damage due to the COVID-19 pandemic requires vigilance to mitigate emerging risks in the banking system. Aisha Ahmad, the deputy governor, financial system stability directorate, CBN, said this in her personal statement at the last Monetary Policy Committee (MPC) meeting, a copy of which […]
Nigerians abandon 300,000 bank accounts in Q1’20
Businessam StaffApril 14, 2020
Nigerians abandoned 300,000 bank accounts in the first quarter of 2020 (Q1’20) even as the number of current accounts operated by bank customers declined by one million during the period. Analysis of latest Nigerian Interbank Settlement System (NIBSS) industry customer bank account data showed that the number of inactive bank accounts rose by 0.7 percent […]
Businessam StaffApril 9, 2020
The National Insurance Commission (NAICOM) has placed one of the oldest listed insurance companies, Niger Insurance Plc, under watch. After extensive review and discussions at a top-level meeting the board and management of NAICOM, the Commission ordered that Niger Insurance shall not dispose any of its assets without its approval. Also, Niger Insurance shall submit […]