CBN’s long awaited financials reveal $7.5bn owed Goldman Sachs and JP Morgan
Business a.m.
August 11, 2023
Business A.M The Central Bank of Nigeria (CBN) said it owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of the financial year ended December 2022, and another $6.3 billion included as liabilities owned in foreign currency forwards. This is according to the apex bank’s consolidated financial statements covering the 2016, […]
CBN exempts mortgage, micro-finance banks from cash limit policy
Isaac JayeolaAugust 1, 2023
The Central Bank of Nigeria (CBN) has announced the exemption of primary mortgage banks and Microfinance banks from its cash withdrawal limit. The apex bank issued the directive in a circular tagged, ‘PSM/DIR/PUB/CIR/001/049’, addressed specifically to banks and other financial institutions. The circular titled, ‘Exemption of Primary Mortgage Banks and Microfinance Banks from cash withdrawal […]
NOVA MB conversion to commercial bank begins as shareholders approve licence acquisition
Cynthia EzekweJuly 20, 2023
By Cynthia Ezekwe. The process to convert to a retail bank for one of Nigeria’s fastest growing wholesale banks, NOVA Merchant Bank, is now in motion following approval received by the board and management from shareholders to approach the authorities for a commercial banking license. The approval came in a unanimous vote at the sixth […]
Aig-Imoukhuede’s book on banking shortlisted for BCA African Business Book of the Year
Business a.m.May 2, 2023
By Business A.M. The book “Leaving the Tarmac: Buying a Bank in Africa” by Aigboje Aig-Imoukhuede, former group managing director and chief executive officer of Access Bank Plc, has been shortlisted for BCA African Business Book of the Year. BCA Africa Business Book of the Year is an annual competition organised by the Business Council […]
Nigerian bank deposits rise by 19% to N43tn in 2022
Olivia NnoromJanuary 12, 2023
By Olivia Nnorom Nigerian banks have recorded a N6.92 trillion rise in deposit from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022. This was disclosed in the personal statements of members of the Central Bank of Nigeria (CBN) Monetary Policy Committee. According to Aishah Ahmad, the deputy […]
Agusto upgrades Wema Bank’s bond to BB+ over improved profitability
Cynthia EzekweJanuary 6, 2023
By Cynthia Ezekwe Agusto & Co, Nigeria’s first credit rating agency and a pan African leader in credit ratings and credit reports,has upgraded the rating of Wema Bank Funding Special Purpose Vehicle (SPV) Plc’s Series II N17.7 billion seven-year fixed rate bond to ‘Bbb+’ as a result of significant improvement on key metrics of assessment. […]
Nigerian banks record 4.8 million BVN registrations in 2022
Rosemary IwualaJanuary 4, 2023
By Rosemary Iwuala Banks in Nigeria recorded a total of 4.8 million new Bank Verification Numbers (BVNs) in 2022, according to the data released by the Nigeria Inter-Bank Settlement System (NIBSS). The total number of registered Bank Verification Numbers (BVNs) in the country during the period under review rose to 56.5 million. This, according to […]
Wema Bank offers N1bn loan to provide renewable energy for SMEs
Cynthia EzekweDecember 20, 2022
Cynthia Ezekwe Wema Bank Plc said it has made a N1 billion loan available for Small and Medium-Sized enterprises (SMEs) seeking to purchase clean and renewable energy solutions such as solar panels, inverters, and batteries to boost their business productivity. A statement by the bank said the initiative is part of its commitment to alleviate […]
CBN to set up offshore banking in free trade zones to boost investments
Rosemary IwualaDecember 7, 2022
By Rosemary Iwuala The Central Bank of Nigeria (CBN), in collaboration with the Free Trade Zone Authority (FTZA), has commenced moves to establish offshore banking in the zones in Nigeria so as to encourage investors to repatriate their returns from their businesses. Confirming the report on the sideline of a three-day conference […]
FCMB grows PBT by 68.4% to N26.9bn in nine months
Onome AmugeDecember 2, 2022
Onome Amuge FCMB Group Plc recorded an impressive financial performance across all indicators for the third quarter ended September 30, 2022, led by a 68.4 percent year-on-year growth in profit before tax (PBT) of N26.5 billion, compared to N15.7 billion recorded in the corresponding period of 2021. Highlights of the Group’s unaudited nine-month results showed […]