Category Archives: Banking

Bank credits vulnerable to falling oil prices — MPC member

Falling prices in the oil and gas sector which gulp 26 per cent of the credit in the banking sector exposes the lending institution’s risk exposure to non-performing loans.

A member of the Monetary Policy Committee, Adamu Lametek, said this in his personal statement which was released by the CBN following the last MPC meeting.

FMBN begins zero equity for housing loan subscribers

The Federal Mortgage Bank of Nigeria (FMBN), has commenced the implementation of the new approved conditions for accessing loans from the National Housing Fund (NHF).

This includes zero equity contribution for the provision of housing loans of up to N5million and 10 per cent contribution for housing loans ranging from N5million to N15million by contributors to the NHF.

Kanu Nwankwo praises wife as they celebrate their 17th wedding anniversary

Former Super Eagles captain and retired Nigerian international footballer, Kanu Nwankwo and his beautiful wife Amara are marking their 17 years of marriage today.

Taking to his instagram page to celebrate the special day, he reassured her of his undying love for her.

US development bank invests $530m in Nigerian projects

the United States International Development Finance Corporation says it has invested $530m in Nigeria’s agriculture, financial institutions, critical infrastructure and health projects.

The Regional Director for Africa at DFC, Vibhuti Jain, made this known on Wednesday while speaking at a virtual conference on available US project financing opportunities for Nigerian companies organised by the American Business Council.

MONEY Zenith ranked first among Tier-1 banks

Zenith Bank Plc has emerged as the number-one bank in Nigeria by Tier-1 capital in a 2020 global ranking of banks by The Banker.

A statement from the bank said it climbed 29 spots from 415 in 2019 to 386 in the 2020 Top 1,000 World Banks Ranking.

Foreign reserves fell by $373.23m in June – CBN

Nigeria’s foreign reserves fell by $373.23m from $36.57bn on June 1 to $36.2bn on June 29, latest figures from the Central Bank of Nigeria revealed on Thursday.

According to the CBN, the reserves maintained a steady rise at a level of $33.52bn as of April 30, before commencing its downward trend in June.

Firm fined as bank seeks verdict in N5.4b debt suit

ECOBANK Nigeria Limited has asked the Federal High Court in Lagos to enter a summary judgment in its favour against Sahara Group Limited over an alleged $14 million (about N5.4 billion) debt.

The bank’s lawyer, Mr Kunle Ogunba (SAN), sought the hearing of his pending motion for the judgment sum of $9,125,119.34 against Sahara Group, which it said the firm admitted owing.

TAJBank unveils product

TAJBank has launched TAJXpress to boost financial inclusion.

This includes a digital wallet, *898# USSD code, 360-degree account onboarding through mobile and internet banking platforms in addition to 10,000 agents spread across the Northeast and Northwest.

FCMB secures $50m IFC loan for SMEs

International Finance Corporation, a member of the World Bank Group, has  approved $50 million loan for First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs).

The loan is to enable SMEs sustain businesses disrupted by the COVID-19 pandemic.

‘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.