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Showing posts with the label Banking news

Mixed reactions as CBN dismisses 3 banks’ board of directors.

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  Mixed reactions as CBN dismisses 3 banks’ board of directors. HomeMixed reactions as CBN dismisses 3 banks’ board of directors. Mixed reactions as CBN dismisses 3 banks’ board of directors.  0 Gen-Z Journo 📰 January 18, 2024   Reactions to the Central Bank of Nigeria's (CBN) removal of the three commercial banks' previous boards of directors and appointment of new directors and management have remained polarized. According to certain stakeholders, the development has little to no detrimental effects on the industry. The CBN fired the management teams and board of Union Bank, Keystone, and Polaris on Wednesday, January 10, citing serious infractions of financial norms. The CBN claims that the banks' and their boards' failure to abide by the "provisions of Section 12 (c), (f), (g), and (h) of the Banks and Other Financial Institutions Act, 2020" was the reason for the dismissal. As a result, the CBN named new executive directors to lead these financial instit

Fidelity Family Weekend Thrills Families For Two Day

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 Fidelity Family Weekend Thrills Families For Two Day In alignment with its commitment to delivering lifestyle banking solutions and creating lasting memories for its clientele, Fidelity Bank Plc recently played host to a festive celebration known as the Fidelity Family Weekend (FFW). The event, held at the vibrant Fidelity Grounds in Oniru, Lagos, attracted over 10,000 attendees on Saturday, December 16, and Sunday, December 17, 2023. Dubbed a carnival-like extravaganza, the FFW featured a special morning ceremony for young children, parents, and grandparents, including a loyalty prize presentation for SWEETA and FPSS accountholders. Numerous lucky customers from these categories walked away with cash prizes, with FPSS and SWEETA customers receiving N500,000 and N150,000, respectively. Expressing gratitude for the bank's successful year, Dr. Nneka Onyeali-Ikpe OON, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, spoke at the loyalty prize presentation ceremony.

Central Bank of Nigeria Forecasts Decline in Inflation and Exchange Rate Pressures for 2024

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 Central Bank of Nigeria Forecasts Decline in Inflation and Exchange Rate Pressures for 2024 The Central Bank of Nigeria (CBN) has expressed optimism that the country's inflation rate and exchange rate pressures will experience a reduction in 2024. This positive outlook comes in the wake of the nation's inflation rate surging to 27.33% in November, marking the highest level in 18 years. Governor Yemi Cardoso of the CBN shared this projection during a session with the Joint Committee on Banking, Insurance, and Other Financial Institutions in Abuja. Despite the recent inflation challenges, Cardoso anticipates a decline in inflation pressures in the short term and expects the exchange rate pressures to significantly reduce with the smooth functioning of the foreign exchange market. Highlighting the overall economic outlook for 2024, he stated, "The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024." Furthermore

Ecobank and African Guarantee Fund Forge $200 Million Partnership to Boost SMEs and Economic Growth in Africa

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 Ecobank and African Guarantee Fund Forge $200 Million Partnership to Boost SMEs and Economic Growth in Africa   In a groundbreaking move to stimulate economic growth and support entrepreneurship, Ecobank and the African Guarantee Fund (AGF) have united in a $200 million risk-sharing agreement. The collaboration is geared towards advancing economic development and offering substantial assistance to small and medium-sized enterprises (SMEs) across the continent, with a particular focus on enterprises owned by women. This strategic partnership agreement was formalized during the Africa Financial Industry Summit (AFIS) in Togo, underscoring the commitment of both entities to fostering economic resilience and entrepreneurship in Africa. The $200 million risk-sharing agreement marks the third iteration of the collaboration between Ecobank and AGF, initially established in 2013 to cover seven countries with a guaranteed portfolio of $50 million. Ecobank Group CEO, Mr. Jeremy Awori, expressed

Former CBN Governor Emefiele Remanded In Kuje Prison

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 Former CBN Governor Emefiele Remanded In Kuje Prison   The High Court in Maitama, Abuja, has directed the confinement of former Central Bank of Nigeria Governor Godwin Emefiele to Kuje Correctional facility until a decision is made on his bail plea. This decision by Justice Hamza Muazu came after Emefiele pleaded not guilty to a six-count charge, including allegations of abuse of office, presented by the Economic and Financial Crimes Commission (EFCC). The court will rule on the bail application on November 22 and commence the trial on November 28.

Naira Scarcity Returns In States Amid CBN Deadline For Old Notes

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 Naira Scarcity Returns In States Amid CBN Deadline For Old Notes Scarcity of Naira has been observed in at least two states, including Kano and Borno, ahead of the deadline for the use of the old N200, N500, and N1000 banknotes, as earlier announced by the Central Bank of Nigeria ( CBN ). Recall that the CBN had previously announced that the old Naira notes would remain legal tender until December 31, 2023, in compliance with the Supreme Court’s order.   The  former CBN governor,  Godwin Emefiele , had unveiled plans to redesign the N200, N500, and N1,000 notes, urging citizens to deposit their old notes before January 31, 2023, as they would no longer be accepted as legal tender. A development that brought untold hardship on Nigerians across board spiking protests and attacks on banks in various cities across the country. However, a few weeks before the CBN deadline, business communities in Kano and Borno states have expressed concerns about the Naira scarcity resurfacing. A CBN offi

Access Bank Establishes Dedicated Desk to Enhance Agric Lending

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 Access Bank Establishes Dedicated Desk to Enhance Agric Lending Access Bank Plc has launched a dedicated Agriculture Desk that would support agribusiness and boost food security in Nigeria as part of its commitment to the realisation of “From Farm to Table” policy of the Central Bank of Nigeria’s (CBN). The Agriculture Desk, which was designed to serve as a specialised unit within the bank, would offer financial and advisory services and provide support to prospective and existing operators in the Nigerian agribusiness value chain. The bank said the desk would also provide services in the areas of input and supply, primary production, storage, processing, marketing and mechanised agriculture among others in a way that would facilitate the actualisation of the “From Farm to Table” policy thrust of the CBN, which it stressed aligns with its vision of contributing to the country’s achievement of sustainable food security. Speaking on Tuesday, during a press conference that marked the unv

Union Bank Supports Fate Foundation's Mission to Empower SMEs at Alumni Conférence

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 Union Bank Supports Fate Foundation's Mission to Empower SMEs at Alumni ConfĂ©rence We recently sponsored the 8th edition of the Fate Foundation Alumni Conference, which focused on expanding opportunities for Small and Medium Enterprises in the country. The conference, titled “Strategically Positioning Your Business: Opportunities in the New Dispensation,” took place on September 29, 2023. The well-attended event provided an exceptional opportunity for the bank to partner with Fate Foundation to align their mutual objectives of fostering SME growth and enabling success for small business owners within Nigeria. FATE Foundation is a Non-Profit Organisation that seeks to enable aspiring and emerging Nigerian entrepreneurs to start, grow and scale their businesses while also facilitating the development of an enabling business and thriving ecosystem. Over the years, the NGO has impacted over 7,500 graduates of their various Medium Scale and Medium Enterprise training programs. Union Ba

More Millionaires to Emerge in UBA Super Savers Draw

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 More Millionaires to Emerge in UBA Super Savers Draw Africa’s Global Bank, United Bank for Africa (UBA) Plc is excited to announce its upcoming Super Savers Draw, which promises to bring even more excitement and opportunities to its valued customers. In line with its commitment to rewarding loyalty and promoting a culture of savings, UBA will be giving the opportunity for more of its customers to become millionaires through its Super Savers Draw, billed to hold at the UBA Head Office, Lagos this December. As usual the draw is open to both new and existing UBA account holders in Nigeria, with various mouth-watering prizes to be won by customers. In this edition, more than 100 lucky customers will qualify to win any of the following prizes; a grand prize of N10 Million Jackpot for one lucky winner; while another winner will go home with the Star Prize of N5m. Also, another lucky customer will win N1.8m rent allowance for one year. Other prices up for grabs include: Shopping allowance of

Wema Bank Rewards Teachers With N4.5m…

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 Wema Bank Rewards Teachers With N4.5m… Wema Bank  has rewarded winners of the Wema Celebrates Teachers competition; an innovative campaign targeted at celebrating and rewarding outstanding teachers who have made a positive impact in the teaching profession. Wema Bank, at the event held in Lagos, presented cheques to the top 3 teachers that emerged in the competition. They included:  Olawale Ibraheem Gbenusola from Vetland Senior Grammar School, Lagos, who secured the 1st position and was rewarded with a 2 million naira cash prize; Raheem Kehinde Hassan from Araromi Ilogbo Secondary School, Lagos, came 2nd with a 1.5 million naira cash prize and Adeniran Basirat Adedoyin from Dolphin Junior High School, Lagos , went home with a cash prize of 1 million naira in the 3rd position. Speaking at the event, Wema Bank MD/CEO, Moruf Oseni, said the bank is committed to promoting excellence and innovation in the education sector. He said,  “Teachers deserve more than just recognition. They deser

Ecobank Nigeria Marks 10th Anniversary Of ‘Ecobank Day’, Promotes Digital Skills Among Youths…

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 Ecobank Nigeria Marks 10th Anniversary Of ‘Ecobank Day’, Promotes Digital Skills Among Youths… Ecobank Nigeria, an affiliate of Ecobank Group, the leading pan-African banking group, in partnership with Opolo Global Innovation Ltd has embarked on the promotion of digital skills among students of Trinity School, Ojodu and The Harpers School, Gbagada Phase 2, Lagos on the occasion of the 10th anniversary of its annual Ecobank Day. Ecobank Day is Ecobank’s flagship corporate and social responsibility (CSR) event on which Ecobank and its employees give back to their communities. The activity aligned with the launch of the new three-year Ecobank Day campaign launched across Ecobank’s 33 African affiliates. The theme of the campaign is  ‘Transforming Africa Through Education’.  The first year of the campaign focuses on digital education and creating opportunities for children and youth to receive the digital skills that they will need for the jobs of tomorrow. Ecobank will be constructing 33