Category Archives: Banking

First Bank Plc promotes Women development

The Managing Director/Chief Executive Officer, First Bank of Nigeria, Adesola Adeduntan, says First Bank is committed to empowering women through its FirstGem product and other array of services.

He said this during the third anniversary of First Bank’s female focused product ‘FirstGem’ in Lagos,Nigeria which was attended by working-class and entrepreneurial women.

Union Bank Plc Opens New Branch

Union Bank Nigeria plc says it has launched a flagship branch along Admiralty Way in Lekki, Lagos, Nigeria as part of its continued efforts to provide more customers with simpler and smarter banking services.

A statement said the modern solar-powered branch structure equipped with an innovative drive-through ATM facility portrayed Union Bank’s innovative outlook to banking.

First Bank Plc Partners Linda Ikeji Tv, Unveils First Class Material

First Bank of Nigeria Limited has announced its partnership with Linda Ikeji TV for the broadcast of the TV show, First-Class Material.The show is billed to premiere on all FirstBank and Linda Ikeji TV platforms across the web and social media on Tuesday 26th November at 8 am and reposted at 7 pm same evening- Nigerian time.

Access Bank offers free banking to senior citizens

Access Bank Plc is offering free banking to all Nigerians aged 60 years and above through a special account known as Evergreen Account.

Executive Director, Retail Banking, Access Bank Plc, Victor Etuokwu said the Evergreen Account was special account designed and packaged to provide senior citizens in the country free financial and lifestyle services.

“ Our senior citizens are very important to us especially those who are pensioners, as well as potential and existing retirees. We have designed an exceptional product to reward them for their significant contribution and accommodate their financial need,” Etuokwu said.

Deutsche Bank sells $50 billion in assets to Goldman amid overhaul: sources

FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) has sold $50 billion in unwanted assets to Goldman Sachs (GS.N) as part of its restructuring, three people with knowledge of the matter said on Wednesday.

The assets, related to emerging-market debt, were part of Deutsche’s unit to wind down unwanted securities, the people said, confirming a development first reported by Bloomberg.

Telecoms operators insist on USSD charges

Telecommunications operators are insisting on implementing charges for the unstructured supplementary service data (USSD).The operators, especially MTN, had stopped the implementation of the N4 charge per 20 seconds for every USSD access to banking services, following the public outcry and subsequent directive from the Minister of Communications and Digital Banking, Dr. Isa Pantami.

Ekiti State, WEMA Bank partner to raise 2,500 entrepreneurs

Ekiti State Government, in partnership with WEMA Bank, has trained 2,500 youths in agribusiness and small and medium.

The training aims to raise entrepreneurs and reduce unemployment and poverty in the state.

Under the arrangement, the youths were trained on the rudiments of business development including writing and understanding business plan.

Governor Kayode Fayemi said the training was with “a view to guide our teeming unemployed youths and existing business owners on how to create additional employment opportunities for others.”

Fayemi spoke in Ado Ekiti on Friday during the closing of the state-wide training on Agribusiness, Small, Medium Enterprise Investment Scheme, an initiative of the CBN.

He described the training as “one of the intervention schemes designed to reduce unemployment and poverty in Nigeria”.

Fayemi, was represented by the Commissioner for Investment, Trade and Industry, David Olusoga.

He said, “This is another turning point in our journey to build capacity of our people to generate business ideas, learn the rudiments of nurturing businesses and by extension providing employment opportunities.”

The Retail Cluster Head, WEMA Bank, Ondo/Ekiti, Kola Mustapha, said the partnership was “to ensure that enterprise development exists and grows in Ekiti.

CBN set to establish large-scale poultry farm in Benue

The Central Bank of Nigeria has selected the Federal University of Agriculture Makurdi to set up a large-scale poultry farm that would enhance poultry production in the country.

The Vice Chancellor of the university, Prof. Richard Kimbir, disclosed this at a press conference in Makurdi on Friday.

Kimbir stated that in line with the mandate of university as a specialised institution coupled with the high premium placed on research, the institution had been able to develop and  produce two varieties of cowpea.

He explained that this feat had earned the university many accolades from various individuals, reputable organisations within and outside Nigeria.

The university administrator said it was as a result of such innovations that CBN developed interest to establish a huge poultry farm in the school.

He further disclosed that the College of Engineering of the institution had produced machines for hulling of a local cereal as well as yam planter machines.

e-Dividend: SEC cancels bank signature verification

The Securities and Exchange Commission has ordered registrars to discontinue the practice of requesting for confirmation of bank signature during the E-Dividend Mandate Management System process.

The acting Director-General, SEC, Ms Mary Uduk, made this known while speaking during a press briefing on the third quarter Capital Market Committee meeting in Lagos on Friday.

Finance bill: Bank accounts to require tax identity

Nigerians who want to open or maintain accounts with Deposit Money Banks will not have to provide their Tax Identification Number to do so.

The Federal Government is also proposing raising the minimum online banking transaction that will attract stamp duty from the current N1, 000 to N10, 000.

Organisations that pay their taxes not less than 90 days before the due date may also get bonuses between one and two per cent.