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SEC Suspends The proposal Rights Issued By Stanbic IBTC.

SEC Suspends The proposal Rights Issued By Stanbic IBTC.

The Securities and Exchange Commission, SEC, has suspended the proposed the rights issue by Stanbic IBTC. In a public notice on its website on Tuesday, September 8, the commission informed the investing public (particularly the shareholders of Stanbic IBTC Holding Company Plc) that the proposed rights issue “earlier approved by the Commission is hereby put on […]

AG, Delta State Denies Involvement In N369 Million Fraud

AG, Delta State Denies Involvement In N369 Million Fraud

The Accountant General (AG) for Delta State Mr. Cyril Agbele has denied involvement in a N369 million fraud with his deputy, Mrs. Joy Enwa, and the First City Monument Bank (FCMB) branch manager in Asaba, Mrs. Mabel Asaije. The AG confirmed that the fraud took place, however he claims that he discovered and investigated the […]

FRC Investigates Stanbic IBTC Bank

FRC Investigates Stanbic IBTC Bank

The Financial Reporting Council of Nigeria says it has commenced investigations into allegations of financial impropriety made in the financial statements of Stanbic IBTC Bank Plc. The Executive Secretary/Chief Executive Officer, FRCN, Mr. Jim Obazee, stated this shortly after a meeting with the Director-General, National Office for Technology Acquisition and Promotion, Mr. Dan-Azumi Ibrahim, in […]

CBN Re-appoints Digital Encode Lmt. As A partner

CBN Re-appoints Digital Encode Lmt. As A partner

The Central Bank of Nigeria has re-appointed a leading indigenous information security firm, Digital Encode Limited, as the sole technical partner to the Nigerian Electronic Fraud Forum. NeFF, an initiative of the CBN, was set up for the identification, mitigation, prevention and prosecution of all electronic fraud-related acts perpetrated in the country. The CBN, had […]

CBN Puts MSME Gaps At N9.6tn.

CBN Puts MSME Gaps At N9.6tn.

The Central Bank of Nigeria has put the funding gap for the Micro, Small and Medium Enterprises sector at N9.6tn. The Assistant Director, Development Finance Department, Mr. Jonathan Tobin, gave the figure while speaking at the MSME development fund workshop organised by the Bankers Committee in Abuja. He said based on the funding needs of […]

CBN Monitors Banks Competing Over SG Account

CBN Monitors Banks Competing Over SG Account

Deposit money banks are in a desperate tussle to secure the accounts of states governments as the implementation of the Treasury Single Accounts (TSA) begins, BusinessDay investigations have shown. The TSA policy ensures state revenues go into specific bank accounts for purposes of transparency and effective monitoring and management. BusinessDay investigations show that the competition […]

Keystone Bank Gets Certification On Information Security

Keystone Bank Gets Certification On Information Security

Keystone Bank Limited says it has obtained global certification on information security management. Specifically, the lender said it had received two certifications from the International Organisation for Standardisation. The certifications are: the ISO 20000 for IT Service Management Systems and the ISO 27001 for Information Security System. According to a statement by the bank, the […]

Banks Should Strengthen Their Cyber Resilience

Banks Should Strengthen Their Cyber Resilience

As cyber-security threats shift from hacking for fun to deliberate efforts in order to get financial information, an expert in information security has warned that banks, other financial institutions and large corporations in the country may experience cyber-attacks before the end of the year, unless they strengthen their cyber resilience through implementation of adequate technology.  […]

Fitch: Nigerian banks In Trouble

Fitch: Nigerian banks In Trouble

Fitch Ratings has declared that Nigerian banks are operating in increasingly difficult conditions as this may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios. Fitch in its report released weekend said “The sector outlook is negative in December. Gross Domestic Product, GDP figures for second quarter show weaker year-on-year growth […]

FCMB Threatens Libel Lawsuit Against Fraud Claim

FCMB Threatens Libel Lawsuit Against Fraud Claim

There have been more developments in the on-going legal battle between FCMB and its corporate customer.  FCMB has put out an advertorial in the Punch newspaper.  FCMB complains that its customer has made “certain claims” on Sahara Reporters and that: these “claims” are “libellous”, and that FCMB’s lawyers will be taking “appropriate legal action”; these […]

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