Banks stop consumer loans over Covid-19

May 18, 2020

Moses Obajemu   In response to the uncertainty in the employment status of some of their customers arising from the Covid-19 pandemic, some commercial banks have begun to withdraw consumer loan offers to their customers, Business a.m. has learnt. Checks revealed that offers affected are the pay day loan facility which banks give to salary account […]

Olugbemi sworn in as 21st CIBN president, sets 2-year agenda

May 17, 2020

Olugbemi sworn in as 21st CIBN president, sets 2-year agenda

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 […]

Rate increase pushes VAT revenue to N339bn in Q1

May 15, 2020

FEC trims 2020 budget by N71bn to N10.523tn

The federal government has generated additional N30.46 billion in the first quarter of the year (Q1 2020) based on the hike in value added tax (VAT) from five per cent to 7.5 per cent that became effective from February 1, according to data released yesterday by the National Bureau of Statistics (NBS). The NBS figures […]

Borrowers groan as MfBs demand loan repayment

May 15, 2020

Breaking: CBN holds MPR at 13.5%, other parameters amidst recession concerns

Some borrowers from microfinance banks have decried their exemption from loan tenor extension in the banking industry, which some commercial banks introduced for their borrowers to soften the effect of the lockdown occasioned by the coronavirus pandemic. Some of the borrowers complained that the MfBs had been mounting pressure on them to repay their loans […]

Nigerian treasury bills oversubscribed by N132bn

May 14, 2020

Nigerian treasury bills oversubscribed by N132bn

The Nigerian treasury bills auctioned for the month of May was oversubscribed by N132bn. The Debt Management Office disclosed this on its website on Wednesday, adding that a total of N33bn was offered while it recorded a total subscription of N165.56bn. The treasury bills were auctioned across 91-day, 182-day and 364-day tenors. A total of […]

Sustainable banking principles necessary for Nigerian financial institutions to stay resilient to disruption

May 13, 2020

CBN urges vigilance to mitigate banking sector credit risks

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 […]

Dollar sells for N445 as forex scarcity persists

May 12, 2020

Naira depreciates to N367/$ as panic grips forex market

  The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the federal government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the […]

United Capital on verge of double series bond issuance

May 11, 2020

United Capital on verge of double series bond issuance

By Saviour Adugba Publicly listed investment banking group, United Capital plc, is on the verge of launching a double-edged debut series 1 and 2 bond. The issuance is a N20 billion 5-year and 7-year fixed rate senior unsecured bond which to the company said are a new series that would be floated under its N30 […]