Category Archives: Banking

FBN Holdings injects N25 billion into FirstBank

FBN Holdings Plc (FBNH) has announced the injection of N25 billion equity capital into its commercial banking subsidiary, First Bank of Nigeria Limited.

The Capital injected represents part of the net proceeds of the company’s divestment from FBN Insurance Limited.

Bank cautions depositors on rising fraud cases

Access Bank Plc has called on customers to be vigilant of the common tricks used by fraudsters to rob them of their monies.

The Executive Director, Retail Banking, Access Bank, Victor Etuokwu, made the call on Friday in a statement, entitled ‘Be fraud smart – Access Bank urges customers.’

Ecobank introduces special loans for female entrepreneurs

Ecobank Nigeria says it has unveiled a special loan package for female entrepreneurs in the country.

The Head, Consumer Asset Product, Ecobank Group, Daberechi Effiong, made the announcement on Tuesday in a statement entitled ‘Ecobank Nigeria unveils special loan package for female entrepreneurs’.

FCMB records N11.1bn six-month profit

FCMB Group Plc has said the group’s profit before tax rose by 26 per cent to N11.1bn in the first six months ended June 30, 2020, compared to N8.8bn in the corresponding period in 2019.

It said this in a statement on, “FCMB Group records impressive half year results as profit before tax rose by 26 per cent to N11.1bn,” on Tuesday.

Profit after tax increased by 29 per cent year-on-year to N9.7bn; this translated to a return on average equity of 9.4 per cent and earnings per share of 49 kobo, a Y-on-Y improvement of 16 per cent and 29 per cent, respectively.

BoI increases SME loans by 56%

The Bank of Industry said the total amount it disbursed to the Micro, Small and Medium Enterprises segment in the country in 2019 rose by 56.3 per cent to N53bn year-on-year from N33.9bn disbursed in 2018.

The Chairman, Board of Directors, Mr Aliyu Dikko, said this during the bank’s 60th annual general meeting which held virtually in line with COVID-19 protocols of the Federal Government, according to a statement issued by the bank.

CBN disburses N152.9bn for 61 manufacturing projects

The Central Bank of Nigeria has disbursed N152.9bn for 61 manufacturing projects under parts of its intervention funds.

The Central Bank Governor, Godwin Emefiele, disclosed this in a report on his communique at the last Monetary Policy meeting, which was obtained on Friday.

Banks implement new CBN guidelines on debt recovery

Deposit Money Banks on August 1 commenced the implementation of the Central Bank of Nigeria’s Global Standing Instruction which allows them to recover outstanding debts of debtors from other banks.

Experts who spoke to our correspondent said the implementation would help to differentiate real wealthy businessmen from debtor businessmen.

Sterling Bank improves services on WhatsApp

Sterling Bank Plc says it has collaborated with Clickatell, a global leader in mobile communications and chat commerce, to introduce a personalised banking experience for existing customers and prospective account holders through WhatsApp.

The Group Head, Digital Banking at Sterling Bank, Oladipo Alabede, said this in a statement entitled ‘Sterling Bank leads with lending, investing, credit rating on WhatsApp,’” which was obtained on Thursday.

FCMB Asset Management to boost international investments

The Chief Executive Officer of FCMB Asset Management, Mr James Ilori, has said the firm is committed to delivering international standard investment management services.

Ilori said this is aimed at meeting investors’ investment objectives in terms of capital protection, income generation and capital growth.

Standard Chartered Bank launches deposit products for businesses

Standard Chartered Bank Nigeria has said it has launched new deposit products, through its business banking business that give small and medium scale businesses the advantage of saving cost and earning interest.

The Head, Business Banking, Benjamin Dike, said this in a statement obtained on Monday, titled ‘StanChart launches deposit products for business banking clients in Nigeria; positioned to help SMEs grow through savings.’