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FCMB Gets New Md, As Ladi Balogun Becomes Group CEO

FCMB Gets New Md, As Ladi Balogun Becomes Group CEO

The board of FCMB Group Plc, on Monday announced the appointment of Adam Nuru, formerly Executive Director, Business Development of its flagship First City Monument Bank Limited, as new chief executive. He replaces Ladi Balogun who steps down after a decade in the saddle in line with the directive of the Central Bank of Nigeria […]

RIMAN Urges Diversified Forex Earnings

RIMAN Urges Diversified Forex Earnings

From the nation’s professional risk managers comes urgent appeal to the government to redouble efforts towards diversifying the foreign exchange (forex) earnings capacity of the country.   Under the aegis of Risk Managers Association of Nigeria (RIMAN), they said it would help the country survive and forestall future occurrence of the ongoing economic crisis that […]

Diamond Bank Eyes 8m New Customers With Digital Strategy

Diamond Bank Eyes 8m New Customers With Digital Strategy

Managing Director/Chief Executive, Diamond Bank Plc, Mr. Uzoma Dozie,  says  that the emphasis in Diamond Bank was no longer provision of banking services but empowerment of customers through digital adoption using the Diamond Mobile app. He noted for example, that Diamond Bank was able to grow its customer base by 50 percent in two years, […]

CBN – Render Forex Returns In Uniform Format

CBN – Render Forex Returns In Uniform Format

The Deposit Money Banks on Thursday has been directed by the Central Bank of Nigeria  to render returns on foreign exchange in a uniform format. The apex bank has been under pressure in the last few weeks over its policy on foreign exchange management which some people have described as unfriendly to the business and investing […]

Fitch Downgrades FirstBank, GTB, Zenith, Diamond To Negative

Fitch Downgrades FirstBank, GTB, Zenith, Diamond To Negative

Global rating agency, Fitch Ratings, has downgraded the rating of four Nigerian banks from “stable” to “negative” The banks are First Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc and Diamond Bank Plc. The lender also said it had affirmed the Long-Term Issuer Default Ratings of 10 financial institutions in Nigeria. In […]

Access Bank To Divest From Stanbic IBTC Pension Managers

Access Bank To Divest From Stanbic IBTC Pension Managers

Access Bank Plc is to divest from Stanbic IBTC Pension Managers Limited (SIPML) in compliance with the Central Bank of Nigeria (CBN)’s regulation on the Scope of Banks Activities and Ancillary Matters. Access Bank holds 17.56 per cent equity in SIPML. However, in a notification to the Nigerian Stock Exchange (NSE), made available yesterday, Access […]

CBN To Penalise Banks With Cash Problems

CBN To Penalise Banks With Cash Problems

The Central Bank of Nigeria has said it will penalise Deposit Money Banks that have liquidity challenges by way of temporary suspension from its lending window. In a circular issued on Wednesday, the apex bank announced a change in its rules of engagement with the banks, spelling out new rules regarding how financial institutions could […]

CBN Reads Riot Act On Transaction Settlement

CBN Reads Riot Act On Transaction Settlement

  The warning giving out yesterday by CBN says that any authorised dealer that defaults in the settlement of any auction or 2-way quote with the CBN in the financial market would be duly punished. The punishment includes suspension from all auctions as well as from its discount window. The central bank stated this in a […]

Keystone Bank, MD In Trouble Over N4bn Illegal Transaction

Keystone Bank, MD In Trouble Over N4bn Illegal Transaction

  These are not the best of times for Keystone Bank Limited and its managing director/chief executive officer, Mr. Phillip Ikeazor as the House of Representatives on Monday urged the Economic and Financial Crimes Commission to commence investigation into an alleged illegal movement of N4 billion from the Industrial Trust Fund’s account domiciled with the […]

Black Market Naira At 499 Per Dollar 39 %Discount On Nigeria Rate

Black Market Naira At 499 Per Dollar 39 %Discount On Nigeria Rate

  Nigeria’s naira was quoted as low as 499 to the dollar on the black market on Tuesday, 39 percent weaker than on the official market, where the central bank has been selling the greenback to support the local currency. On the official market, the naira was quoted at 305.25 on Tuesday, the level it […]

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