Category Archives: Banking

Stanbic IBTC celebrates digital graduate trainees

The maiden digital graduation ceremony of the Stanbic IBTC Group has taken place in honour of the 17th stream of Stanbic IBTC Holdings PLC graduate trainees.

CEO of Stanbic IBTC Holding Plc, Yinka Sanni, said the decision to organise a ‘virtual’ graduation ceremony was based on the COVID-inspired lockdown currently in place in many parts of the country.

CBN suspends intervention-loan repayment for one year

The Central Bank of Nigeria has said it is giving one-year moratorium on all principal repayments for COVID-19 intervention loans through its participating Other Financial Institutions with effect from March 1, 2020.

The apex bank said this in a circular signed by the Director, Financial Policy and Regulation Department, Kevin Amugo, on Wednesday.

World Bank okays $346m for projects in Nigeria, others

The World Bank has approved $346m for two projects aimed at strengthening resilience and livelihoods in the Lake Chad region.

A statement from the World Bank on Wednesday explained that the projects, to be financed through the International Development Association, would be shared by Cameroon, Chad, Niger and Nigeria.

IMF advises banks to suspend dividend payment

The International Monetary Fund has advised commercial banks to retain their earnings by suspending payment of shareholders’ dividends during the COVID-19 pandemic.

The IMF Managing Director, Kristalina Georgieva, made the call in an article entitled ‘Halt bank dividends and buybacks now’, which was posted on the organisation’s website.

Checkout 10 Reasons Why Nigerians Love Sterling Bank’s New App

There are apps and there are apps. If you are Nigerian, then you know that we are a people who always go for value. The question is always, “Where can I get the best of it all?” And this is valid.

Everyone deserves a solution that is one-stop; in this case, an app that solves all banking needs in one place. Sterling Bank has just introduced the OneBank App and these are the reasons Nigerians are excited about it.

FirstBank provides free-learning subscriptions to students

First Bank of Nigeria Limited has announced that thousands of students have been signing up to access the e-learning solutions for free, which is provided in partnership with Roducate and Lagos State Government.

This is in furtherance to the bank’s resolve to close the gap of the disruption in children education’s due to schools’closure, following the COVID-19 pandemic.

Jaiz bank sells forex to SMEs

Jaiz Bank Plc, has resumed selling of foreign exchange to operators of Small and Middle Enterprises (SMEs) to open up businesses and boost the nation’s economy amidst the Covid-19 pandemic.

The bank noted that “while the pandemic is being fought with lockdown and economies are opening up, we are committed to providing services that would encourage small and medium sized businesses because we strongly believe they are the falcrum for economic growth and development.”

World Bank’s approval for Nigeria’s $1.5b cash coming July

The World Bank will take final decision in late July on a $1.5 billion loan to support Nigeria as it fights the novel coronavirus, the bank’s country director said at the weekend.

The World Bank is working on packages that could provide more than $3 billion to Africa’s largest economy, which is facing what the lender says may be its greatest fiscal crisis in 40 years, set off by the coronavirus pandemic and resulting oil price crash.

TAJBank announces N150b Fed Govt Sukuk Bond Issuance

TAJBank, a non–Interest financial institution, has announced a N150 billion Sukuk Bond of the Federal Government of Nigeria

The founder/Chief Operating Officer TAJBank, Hamid Joda, said:  “We are delighted to be appointed as a Receiving Bank for FGN Sukuk by the Federal Government.

Coronation Merchant Bank seeks N15b short-term capital

Coronation Merchant Bank Limited is seeking to raise up to N15 billion in short-term capital through the issuance of commercial papers (CPs).

Coronation Merchant Bank is offering Series 9 and 10 under its N100 billion commercial paper (CP) issuance programme. Application lists for the two offers opened on May 22, 2020 and will close on Friday May 29, 2020.