Category Archives: Banking

‘NPA has no Secret Account with Us’ – Unity Bank

Unity Bank Plc has refuted the claim by a certain whistle blower that the Nigerian Ports Authority operated a secret account containing $1bn with the bank.

The bank, in a statement on Tuesday, said, “We hereby state categorically that the said claim is false, baseless and lacking in merit whatsoever.

FCMB Pensions set to acquire 96% of AIICO Pensions

FCMB Group has reached an agreement with Aiico Pensions Limited to acquire 96% of the company, a source told The Guardian on Monday.

The agreement, stakeholders in the finance and insurance industry, believe is one of several proactive steps, along with digitisation that the company has embarked upon to enhance its market position and competitiveness as the industry braces itself for the commencement of Retirement Savings Account (RSA) portability.

See Why some farmers can’t Access CBN Loan –Commerce Chamber

The Abeokuta Chamber of Commerce, Industry, Mines and Agriculture says many farmers in Ogun State could not access credit facilities from the Central Bank of Nigeria and other banks because they do not have Certificates of Occupancy.

The chamber, however, urged the state government to devolve power to the local government areas so as to be able to issue Cs of O for agricultural purposes.

Internet Fraudster impersonating our director, says CBN

The Central Bank of Nigeria on Sunday described as fraudulent the operations of a fraudulent twitter handle, @YusufPhilipYila, purported to belong to the bank’s Director, Development Finance Department, Mr Philip Yusuf.

According to CBN’s Director of Corporate Communications, Isaac Okorafor, the impostor handle had been posting messages related to the bank’s N50bn Targeted Credit Facility.

17 Nigeria Banks to Restructure over 32,000 Loans

About 17 Deposit Money Banks (DMBs) in Nigeria have submitted requests to restructure 32,000 loans in their portfolios to the Central Bank of Nigeria (CBN).

Majority of the loans were taken by energy companies affected by drop in crude oil prices due to the Coronavirus (Covid-19) pandemic.

Access Bank Nigeria To Refund Stamp Duty Deductions

Access Bank Nigeria on Sunday said it will refund its stamp duty deductions made from the account of its aggrieved customers after a social media outcry on Saturday.Stamp duty deductions apply to all credit received into current and savings accounts in respect to electronic transfer and teller deposits of N10, 000 and above. The money is remitted to the Central Bank of Nigeria.

“AGF Refusing To Pay After I Exposed $1billion Hidden In Unity Bank Account” – Whistle Blower

A whistle-blower, John Okupurhe, has written a letter to the President, Major General Muhammadu Buhari (retd), accusing the Office of the Attorney General of the Federation of refusing to pay him commission after exposing over $1bn (N420bn) hidden in Unity Bank Plc.

Business operators lack trust in economy – CBN report

Business operators in different sectors showed a lack of trust in the economy in June, a new report by the Central Bank of Nigeria showed on Thursday.

The CBN’s Statistics Department’ disclosed this in its ‘June 2020 business expectations survey’, which was conducted for businesses nationwide.

Nigeria faces worst recession in 40 years, says World Bank

The collapse in oil prices resulting from COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s, the World Bank has said.

The bank stated this in its latest Nigeria Development Update report released on Thursday.

IFC Supports FCMB to Finance SMEs

The International Finance Corporation, a member of the World Bank Group, on Thursday announced a $50m loan to First City Monument Bank Limited (FCMB) to help it expand lending to small and medium enterprises whose business activities had been disrupted by the COVID-19 pandemic.

A statement from the FCMB said the financing support package reflected IFC’s commitment to Nigeria’s private sector, following the severe challenges brought by the health and economic crisis.