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A Zenith Bank logo is seen on a sign on top of the bank in Freetown, Sierra Leone August 19, 2017. REUTERS-Afolabi Sotunde

Zenith Bank pumps N11.3 trillion loans into economy in five years

Leading Tier-1 deposit money bank (DMB), Zenith Bank Plc granted expansive facilities in loans and advances totaling N11.3 trillion in the past five years: 2016-2020, data from its annual reports has revealed.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Banking industry report shows mixed development

The Central Bank of Nigeria, CBN, staff report has indicated that the banking industry ended 2020 in a mixed performance. But members of the apex bank’s Monetary Policy Committee, MPC, its highest policy body, have indicated that the industry remained resilient and sound despite some negative impacts of the COVID-19 pandemic during the year.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN justifies plan to sell assets to fund 2021 budget

The Central Bank of Nigeria (CBN) has thrown its weight behind the federal government’s decision to sell its least valued assets and use funds from the sale to execute infrastructural projects in the 2021 budget.
The recent declaration by the court that N50 stamp duty on teller deposits or electronic transfer of funds is illegal is in order, frontline Lagos Lawyer, Fred Nzeako, has said.

2021: Banks to walk a tightrope amid low revenue environment

Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles.
The Central Bank of Nigeria (CBN) has revealed that the aggregate domestic credit in commercial banks grew by 7.61 percent in October 2020, compared with 7.35 percent in the previous month.

CBN: Domestic credit grew by N290 billion in weeks

The Central Bank of Nigeria (CBN) has revealed that the aggregate domestic credit in commercial banks grew by 7.61 percent in October 2020, compared with 7.35 percent in the previous month.
Nigeria Naira

2020: Six Nigerian banks boost economy with N1.3 trillion credits

Efforts to grow the nation’s economy has received a boost from the banking sector as six leading banks injected additional N1.337 trillion through loans and advances to their customers across all sectors of the economy between January and September 2020.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

CBN releases banks’ excess CRR to spur economic recovery

As part of efforts to support economic recovery and propel the quest to return to the growth path, the Central Bank of Nigeria (CBN) has approved the release of banks’ excess cash reserve requirement (CRR), which is above the regulatory minimum.

MAN, LCCI others blame recession on coronavirus, #EndSARS crisis

Nigeria has formally entered its second economic recession in five years as the severe impact of the COVID-19 pandemic on global crude oil prices and restrictions imposed to curb the virus caused the nation’s economy to contract for the second consecutive quarter by 3.62 percent in the third quarter of 2020.
The founder, Investment Banking and Trust Company (IBTC), Mr. Atedo Peterside, has identified macroeconomic stability, especially low inflation rate regime as a major panacea to attracting all types of investors into the Nigeria’s capital market.

Atedo Peterside: Why stock market is under persistent pressure

The founder, Investment Banking and Trust Company (IBTC), Mr. Atedo Peterside, has identified macroeconomic stability, especially low inflation rate regime as a major panacea to attracting all types of investors into the Nigeria’s capital market.

Central bank retains minimum 65% loan deposit ratio

The Central Bank of Nigeria says it has retained the minimum 65 per cent of Loan Deposit Ratio in the interim.

Federal government saves $1.3 trillion from central bank’s intervention programmes

The Deputy Governor, Corporate Services of the Central Bank of Nigeria, Edward Lamatek Adamu has revealed that the plethora of economic interventions of the apex bank have saved the federal government about N1.3 trillion via import bills.
Central Bank of Nigeria - CBN

NECA applauds central bank over 60 per cent loan deposit ratio

Nigeria Employers’ Consultative Association (NECA) has applauded the Central Bank of Nigeria (CBN) over it directive to the commercial banks to maintain a minimum Loan Deposit Ratio (LDR) of 60 per cent. The body said this will aid the growth of the real sector of the economy.

NECA raises concerns over central bank’s directive to banks on lending

The Nigeria Employers’ Consultative Association (NECA), has raised concerns over the Central Bank of Nigeria’s (CBN) directive to banks on lending, saying it could pose a risk to financial stability.

Central bank deducts N500 billion from Zenith, GTB, Citibank, UBA, 8 others

The Central Bank of Nigeria has deducted N500 billion from the accounts of 12 banks for failing to meet the target to provide credit to their customers.

Bankers committee endorses central bank’s cashless policy, loan-to-deposit ratio

The Bankers Committee has thrown its weight behind the Central Bank of Nigeria (CBN)’s cashless and Loan to Deposit Ratio (LDR) policies introduced by the apex bank.

Central bank mandates commercial banks to give out more loans

A new directive by the Central Bank mandates Nigerian banks to give N65 as loans for every N100 they have as deposits.

Central bank sends strong message to banks on giving loans

The Central Bank of Nigeria has directed commercial banks to raise their Loan-to-Deposit Ratio from 60 to 65 per cent before December 31, 2019 deadline.

Central bank apologises for cashless policy inconveniences

The Central Bank of Nigeria (CBN) has apologised to bank customers for the inconveniences the reintroduced cashless policy will cause.

CIBN: Debtors unwilling to repay loans sabotaging economy

The President and Chairman of Council, Chartered Institute of Bankers of Nigeria, Dr. Uche Olowu, has said the failure of perpetual borrowers to repay bank loans is hurting the nation’s economy.

Loan default: Central bank approves new clause to set off balance

The Central Bank of Nigeria, CBN, has released a new clause that mandates borrowers to agree that their loan balances would be offset from their bank balances across the industry.

Central bank pegs remunerable bank deposits at N2 billion

The Central Bank of Nigeria has pegged bank deposit placement through its Standing Deposit Facility (SDF) at N2billion, saying that any amount in excess of that will not attract interest payment.

Central bank intensifies pressure on banks to lend to the economy

In a bid to further stimulate lending to the economy, the Central Bank of Nigeria, CBN, yesterday, said bank deposit placement through its Standing Deposit Facility, SDF, in excess of N2 billion will not attract interest payment.

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FILE PHOTO - A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS-Yuriko Nakao-File Photo

World Bank: Nigeria responsible for over 40 percent diaspora remittances in Sub Saharan Africa

In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria,

Femi Falana: Southern governors should legalise open grazing ban to prosecute offenders

Human rights lawyer, Femi Falana (SAN), has urged southern governors in the country to back their ban on open grazing with a legal instrument to enable the prosecution of offenders.
The Judicial Commission of Inquiry set up by Governor Godwin Obaseki to investigate the construction of the Edo Specialist Hospital and supply of equipment has indicted former governor, Adams Oshiomhole.

Edo governor: Nigeria’s unity must be on social justice, equity

The Governor of Edo State, Godwin Obaseki, has called for unity in Nigeria in order for the country to overcome its many challenges.
Demonstrators gather outside the army headquarters in Khartoum on Tuesday [Ashraf Shazly-AFP]

Two people killed in Sudan rally over 2019 protest killings

At least two people have been killed and dozens wounded as Sudanese security forces cracked down on a rally that demanded justice for protesters killed during anti-government demonstrations two years ago, according to the army.
The police command in Ekiti on Friday confirmed the killing of a police officer as gunmen allegedly abducted a Chinese expatriate in Ado Ekiti, the Ekiti State capital.

Gunmen abduct graduate, one other in Ondo community

Gunmen suspected to be kidnappers have created tension in Ikaram Akoko, in Akoko North West council area of Ondo State, following the abduction of two residents of the community including a graduate, identified as Gbodi.

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Cleric: Nigeria needs to regulate access to misguided information on internet

An Islamic scholar and Judge of the Shari’a Court of Appeal, Kwara State, Abdur Raheem Ahmad Sayi, at the weekend, called on the federal government to to regulate access to misguided information on the internet, particularly those capable of fuelling security and religious crises in the country.
Big Brother Naija season 5 housemate, Kate Jones, popularly known as Ka3na has disclosed that she has a different mindset from women of her generation.

Ka3na: I don’t want a rich husband

Big Brother Naija season 5 housemate, Kate Jones, popularly known as Ka3na has disclosed that she has a different mindset from women of her generation.
Pan-Yoruba sociocultural group, Afenifere, has said it is against military takeover of any kind. In a statement, National Publicity Secretary of the group, Comrade Jare Ajayi, described military intervention in government as a curse.

Afenifere: We’ll not support military takeover

Pan-Yoruba sociocultural group, Afenifere, has said it is against military takeover of any kind.
Nigeria’s oil and gas industry has lost huge investments due to the non-passage of the Petroleum Industry Bill (PIB), Governor Ifeanyi Okowa of Delta State has said.

Delta governor tasks ICAN, other professional bodies on national planning

Delta State Governor, Sen. (Dr) Ifeanyi Okowa, has charged the Institute of Chartered Accountants of Nigeria (ICAN) and other professional bodies to explore new corridors of national planning for the development of Nigeria’s economy.
Eberechi Eze was on target for Crystal Palace in their Premier League win over Sheffield United at the Selhurst Park on Saturday.

Crystal Palace boss: Eberechi Eze will get better, can cope with media spotlight

Crystal Palace manager Roy Hodgson has demanded that Eberechi Eze be given time to develop his talent even as he is confident he can deal with media hype around him.