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Micro Finance Banks

NDIC starts payment to depositors of 154 failed MFBs

The Nigeria Deposit Insurance Corporation said it had commenced payment to depositors of 154 Micro Finance Banks that the Central Bank of Nigeria revoked their licences in 2018 due to insolvency.
Kayode Fayemi

Ekiti government goes tough to recover N1.5 billion micro-credit loans

Ekiti State Government has adopted a strategic that would facilitate prompt and stress -free repayment of loans running to N1.5 billion granted the people under the Small and Medium Enterprise Support Scheme since the administration of Chief Segun Oni to date.

Central bank issues new guidelines mandating banks to notify customers on all transactions

New guidelines issued by the Central Bank of Nigeria (CBN) demand all commercial banks and financial institutions to promptly notify customers on all transactions on their accounts as part of their contractual obligations.
Aliyu Abdulhameed

Over 200 farmers to benefit from NIRSAL lending

The Managing Director and Chief Executive Officer, Nigeria Incentive Based Risk Sharing for Agricultural Lending (NIRSAL), Aliyu Abdulhameed, has disclosed that in few weeks time, over 200 farmers stand to benefit from the take off of the Micro-Finance Bank (MFB) lending in the country.
Nigeria’s Vice president Yemi Osinbajo has debunked rumours stating he has resigned his position as the nation’s vice president.

VP Osinbajo wants NDIC to ensure financial inclusion for poor Nigerians

Nigeria’s vice president, Yemi Osinbajo, on Tuesday asked the management of the Nigerian Deposit Insurance Corporation (NDIC) to come up with a sustainable framework to empower millions of poor Nigerians through the extension of credit to them.
The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, is to kick-start his campaign for the 2019 presidential election through an address to Nigerians on Facebook on Monday.

Atiku Abubakar: I’ll reduce the size of federal government

The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has promised to reduce the size of the centre if elected.

NDIC becomes full member of Islamic financial board

The Council of the Islamic Financial Services Board (IFSB) with its headquarters in Kuala Lumpur, Malaysia, has admitted the Nigeria Deposit Insurance Corporation (NDIC) as a full member of the board.

NDIC: Why central bank revoked licenses of 154 MFBs, 6 PMBs

The Nigeria Deposit Insurance Corporation (NDIC), on Wednesday, offered insights why the Central Bank of Nigeria (CBN) revoked the licenses of 154 Micro Finance Banks (MFBs) and six Primary Mortgage Banks.

NDIC gives reasons for closure of 154 microfinance banks

Nigeria Deposit Insurance Corporation (NDIC), Wednesday, offered insights into why the Central Bank of Nigeria (CBN) revoked the licenses of 154 Micro Finance Banks (MFBs) and six Primary Mortgage Banks (PMBs).

Report: NDIC pays N1.45bn to 34 closed DMBs in 2017

The Nigeria Deposit Insurance Corporation (NDIC), said it paid N1.45 billion to 16, 324 depositors of 34 closed Deposit Money Banks (DMBs) in 2017.

NDIC begins verification of failed MFBs’ depositors

Following the Central Bank of Nigeria’s (CBN) revocation of the licences of 154 Micro Finance Banks (MFBs) and six Primary Mortgage Banks (PMBs), the Nigeria Deposit Insurance Corporation (NDIC) has commenced verification of the depositors of the affected institutions and would soon begin payment of verified claims.

Liquidation of six micro-finance banks worrisome – Bauchi government

Bauchi State Government has expressed concern over the liquidation of six Micro-finance Banks by the Central Bank of Nigeria (CBN) across the state.

NDIC warns Nigerians to beware of ‘wonder banks’

The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to be wary of “wonder banks” that give extra-ordinary interest rates and profits on investments.

Bank customers reduce despite central bank’s campaign for financial inclusion

Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion, the Nigeria Inter-Bank Settlement System (NIBSS) banking industry statistics shows that the number of customers using financial services reduced in 2017.

10,120 families receive N5,000 monthly stipend to keep girls in schools in Sokoto

More than 10,120 families in Sokoto State receive government’s N5,000 monthly stipend aimed at enhancing girl-child education, according to Malam Musa Lumu, Chairman, Gwadabawa Micro Finance Bank, Sokoto.

Central bank sets fresh targets for commercial, microfinance banks

Central Bank of Nigeria (CBN) has set state-by-state target for the 21 commercial banks and 942 Microfinance banks in the country to ensure that every Nigerian adult has access to financial services.

N10 billion farmers-to-finance fund will reduce poverty – VP Yemi Osinbajo

Vice President Yemi Osinbajo said on Saturday that the newly inaugurated N10 billion Farmers-to-Finance-Mutual Funds would help reduce poverty and support local farmers to grow their businesses.

NFF-CBN football tournament to kick off Saturday

The 2017 edition of the NFF/CBN All-Financial Institutions football competition will kick off on Saturday and end on October 28.

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Tottenham re-sign Michel Vorm to cover Hugo Lloris absence

Tottenham have re-signed goalkeeper Michel Vorm on a deal until the end of the season to cover for the injured Hugo Lloris.

Igbo leaders meet President Buhari on Thursday

South East Governors Forum have resolved to meet with President Muhammad Buhari on Thursday over the welfare of Ndigbo.
Sports Minister Sunday Dare (middle) at the National Stadium Lagos

Tokyo Olympics: Athletes to be camped for five months – minister

Ahead of the preparations toward the Tokyo 2020 Olympics, the Minister of Youths and Sports Development, Sunday Dare, on Monday assured athletes that he would ensure a minimum of five months camping.
Governor Seyi Makinde

Oyo government imposes fees on transfer from private to public schools

Oyo State Government has imposed fees on the transfer of students from private to government owned schools, pointing out that the costs were meant to offset administration procedures.

NIMMME: How Nigeria can generate $292 billion with Iron Ore, lead reserves

The Nigerian Institution of Metallurgical Mining and Materials Engineers (NIMMME) has said with available reserves of Iron Ore and lead, asides other resources, the nation can generate $292 billion.