Category Archives: BANKS

Lagos Microfinance banks set to integrate with BVN by 2018

By Providence Emmanuel THE Lagos State Chapter of National Association of Microfinance Banks, NAMBLag, weekend, said that in line with its ongoing partnership with the Nigerian Inter-Bank Settlement System, NIBSS, full integration of member-banks with the Bank Verification Number, BVN, will commence January 2018. Speaking at the NAMBLag’s seventh Annual General Meeting for the financial year […]

Why banks, finance houses fail — FundTrust boss

By Nwabueze Okonkwo At the backdrop of a history of success in financial services, Managing Director of FundTrust Multipurpose Cooperative Society, Chief Silas Ifeanyi, has identified fraud and lack of skills in financial management as the major causes of crashes among some financial institutions in the country. But he regretted that most of the financial […]

Banks’ return to global bond market’ll boost foreign currency liquidity —Fitch

By Elizabeth Adegbesan GLOBAL rating agency, Fitch, yesterday, declared that the return of Nigerian banks to the international bond market will reduce the country’s foreign currency (FC) liquidity risk. Fitch in its latest rating, yesterday, said: “The return of Nigerian banks to the international bond markets marks a small step towards reducing maturity mismatches between […]

Bad loans in 14 banks hit N177bn in 6 months

Stakeholders in divergent views over implications Net interest income hits N797.567bn By Peter Egwuatu THE economic recoveries witnessed in the first half of 2017 did not shield the banking sector from some adversities in the form of rising bad loans. Industry stakeholders have said that the impact is still being felt negatively as banks’ customers […]

CBN recovers N50bn banks’ excessive charges

…Says Anchors Borrowers have received N43 b By Emma Ujah, Abuja Bureau Chief Efforts to ensure Deposit Money Banks (DMBs) play by the rules are yielding significant yielding as the Central Bank of Nigeria (CBN) has recovered over N50 billion excessive charges. Some banks have consistently over-charged their customers for services provided, despite CBN’s repeated […]

TSA: FG appoints 2 firms to audit banks’ remittances

By Emma Ujah, Abuja Bureau Chief ABUJA—The Federal Government has appointed Pricewater house Cooper as well as Ernst and Young for a comprehensive audit of deposit banks’ remittances to the Treasury Single Account, TSA. The Director of Funds, Office of the Accountant General of the Federation, Mr Alexander Adeyemi, disclosed this at a workshop in […]