10 Nigerian banks name customers buying FX with fake visas, documents
Charles Abuede
December 3, 2021
Nigerian banks are now acting in line with the name-and-shame directive of the Nigerian Central Bank as they have taken to publicising the names of BTA and PTA defaulters on their websites. Access Bank, Sterling Bank and Zenith Bank reported the most FX defaulting customers with their respective websites showing that Zenith recorded 879 FX […]
UBA emerges Africa’s top bank, records most wins at 2021 African Banker awards
Charles AbuedeDecember 2, 2021
Carts home African Bank of the Year Wins 14 awards on the night Wins in Nigeria, 12 other subsidiaries The United Bank for Africa (UBA) is Africa’s top bank for 2021, says The Banker magazine at its award ceremony where the bank also broke the magazine’s record of winning the most awards on […]
NDIC pays N108bn to 400k depositors in 27yrs of bank liquidation in Nigeria
Charles AbuedeDecember 1, 2021
Bridge bank strategy secures N1.021 deposits, prevents systemic crisis The Nigerian Deposit Insurance Corporation (NDIC) paid out a cumulative sum of N8.3 billion to 443,946 insured depositors and N100.1 billion to uninsured depositors in 27 years of bank liquidation in Nigeria to the period ended September 2021. The corporation said this was […]
Nigerian banks’ aggressive borrowings from CBN rose 315% to N24.5trn in 11 months
Charles AbuedeDecember 1, 2021
Analysts say liquidity crunch, more economic activities drove borrowing rate The high rate of illiquidity in the banking system has forced Nigerian retail and merchant banks to become dependent on the Central Bank of Nigeria to cover their short-term liquidity positions, and this has led to an aggressive 315 percent rise to N24.53 […]
Bullish sentiments to drive activity across T-bills, bonds
Charles AbuedeDecember 1, 2021
As Naira pares N0.67 loss w/w Trading was largely mixed across the fixed income space last week with yields declining in the Nigerian Treasury Bills and OMO bills markets, while sell-offs stuck out in the bonds segment. For the weekly roundup, sell-side activity ruled the curve in the bonds space and as a result, […]
Scorecard & outlook: Up, Up goes banks’ profit at N1.34trn 2021, N1.6trn 2022, says Afrinvest
Charles AbuedeDecember 1, 2021
22.3% growth in 2021 16.2% growth in 2022 Tier-1 banks driving earnings in 2021, beyond Deposits to hit N46.3trn in 2021; N50.1trn in 2022 There is no sign yet that there will be any let up by Nigerian banks for ramping up their profitability appetite, given what has just emerged from one of Nigeria’s foremost […]
CBN automates exports form with N5000 charge per declaration
Charles AbuedeNovember 30, 2021
The Central Bank of Nigeria (CBN) in a circular signed by O.S. Nnaji, its director, trade and exchange department, and titled, ‘Automation of Form NCX on the trade monitoring system’, has said it will begin charging N5000 as fee for every declaration using the automated Non-Commercial exports (NCX) Form (NCX Form) for stakeholders in the […]
Nigeria’s BoI gets Agusto rating upgrade to ‘Aaa’ with stable outlook
Charles AbuedeNovember 25, 2021
Bank of Industry (BoI) Limited has seen its rating upgraded from ‘Aa’ to ‘Aaa’ with a stable outlook by leading African credit rating agency with headquarters in Nigeria, Agusto & Co. The upgrade, according to the indigenous credit rating and research firm, is to reflect BoI’s strategic role and enhanced capabilities in implementing the […]
Ecobank gets €100m from EIB for African SMEs post-Covid recovery
Charles AbuedeNovember 25, 2021
Ecobank Group, the pan-African lender, has inked an agreement with European Investment Bank (EIB) for a €100 million long-term credit facility with a nine-year tenor. The bank said in a statement that the facility affirms the joint targeted support of the two financial institutions for business investment across the continent with particular support for […]
Nigeria’s money supply hits N41.3bn in October as assets growth continues
Charles AbuedeNovember 24, 2021
Nigeria’s net domestic assets (NDA) maintained its positive growth by 9.12 percent in October 2021 to N34.14 billion, as a result of increasing claims on the federal government and other public non-financial corporations, private sector and state and local governments, the communiqué from the recently concluded Central Bank of Nigeria Monetary Policy Committee meeting, the […]