The Federal Government on Monday announced plans to suspend duties, tariffs and taxes for the importation of some food items through land and sea borders. The foods include maize, husked brown rice, wheat and cowpeas. Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this while announcing a proposed 150-day Duty-Free Import Window for…
The Group Managing Director/Chief Executive Officer, United Bank for Africa Plc, Oliver Alawuba, has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria Body of Banks’ CEOs. The CIBN announced this appointment on its website on Monday, July 8, 2024. This prestigious appointment underscores Alawuba’s extensive experience and visionary leadership in…
At the backdrop of exchange rate instability and Naira depreciation, Closed Pension Fund Administrators, CPFAs, affiliated to international oil companies are investing more of their pension fund assets on foreign money market instruments, apparently for safety. The National Pension Commission, PenCom, in its unaudited report on pension funds industry portfolio for the period ended May…
Credit facilities borrowed by Nigerians from banks rose to N3.82 trillion in January 2024 amid rising inflation and harsh economic realities. This is according to the recent Central Bank of Nigeria’s monthly Economic report posted on its official website. Accordingly, total consumer credit rose by 11.9 percent to N3.82 trillion in January 2024 from N2.648…
Fidelity Bank Plc will today open application lists for its N127.2 billion combined rights and public offer, in the first capital raising under the banking recapitalisation exercise mandated by the Central Bank of Nigeria (CBN). Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share….
The Central Bank of Nigeria has said there are no plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this in a statement averring that rumours of a plan to revoke the licences of the banks…
The Central Bank of Nigeria, CBN, has revoked the operating licence of Heritage Bank. The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement. She said: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers…
United Bank for Africa (UBA) Plc has emerged as the Best Regional Bank – West Africa at the prestigious African Banker Awards 2024. The annual African Banker Awards, organised by the African Banker Magazine, took place at the JW Marriott Hotel in Nairobi, Kenya, on the side-lines of the African Development Bank Annual Meetings. The…
Federal High Court sitting in Lagos has authorised Guaranty Trust Bank to temporarily take over funds and assets of Afex Commodities Exchange following its N17,808,452,467.107 Central Bank of Nigeria (CBN) Anchor Borrowers’ Loan debt. Justice Chukwujekwu Aneke granted the bank an interim Global Standing Instruction (GSI) injunctive relief, following its application on May 27. The…
The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, retaining the title for the second consecutive year. The award, published in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides…
