Category: Money and Stocks

Nigerian Banks rattled by N10trn Debits, Interest Rates Hike Imminent

ADEOLA YUSUF

Nigerian banks rattled by N10trn debits, notify borrowers of imminent Interest Rates Hike Commercial banks in Nigeria are being rattled by over N10 trillion CRR debits they suffered in the hands of the Central Bank (CBN), which has driven interbank rates higher and forced banks to search for fixed deposits from institutional investors. Thus, to maintain their margins, banks appear to have decided to pass this higher cost to borrowers.   READ ALSO: 11 Banks in trouble as EFCC probes link with Dubai-bound Nigerian caught with 2,886 ATM cards Nigerian…

Read More

Nigeria Downgrades Naira to N410.25/dollar, inflation rate hits 4 year-high

ADEOLA YUSUF

Nigerians are having to contend with the highest inflation rate in four years, the second-highest unemployment rate on a list of 82 countries   Nigeria’s central bank devalued the naira by 7.6% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency.   READ ALSO: Naira Sheds N2, Downgrades To N480 per $1 JUST IN: Nigerian Journalist Who Slapped Interviewee In ViralVideo Arrested ‘Surety for Ogun Governor’s aide arrested in US also a suspected fraudster’   The Abuja-based Central Bank…

Read More

Too early to hike key interest rate from 11.5%, Experts caution Nigeria

ADEOLA YUSUF

Nigeria records economic growth pick up first time in One Year as Oil, Factory Output Rise   Nigeria’s economic growth quickened in the first quarter as oil output started to recover and manufacturing production increased for the first time in a year. This, however, come with a caveat from experts who stated that despite the pickup in growth, it is still too early to increase the key interest rate from 11.5%. This same view was raised by the Governor of Central Bank of Nigeria, Godwin Emefiele.   READ ALSO: Nigerian…

Read More

Polaris Bank Unveils New Digital Bank, Boosts Nigerian’s e-payment Banking

ADEOLA YUSUF

    With the rising opportunities in the e-payment systems accelerated by the COVID-19 era sweeping across the world, there are indications that one of Nigeria’s retail franchise, Polaris Bank, has thrown its hat into the ring as it unveils a new digital Bank. The Bank’s new Digital Bank which has for some time been in test mode amongst its staff and customers is set to grow its market share, targeting a new generation of digital natives and immigrants who are socially and financially aware of innovations in self-service and…

Read More

EXCLUSIVE: Customers Kick as GTBank’s Network Glitch Drags into Second Week

ADEOLA YUSUF

  “When you see GTB Customers, kindly hug us. We are going through a lot these days,” a customer who said he was terribly affected by the “bad banking,” lamented.     The network glitch rocking Guarantee Trust Bank (GTBank) with headquarters in Nigeria, has entered the second week with customers lampopning the lender over inability to fix the problem on time. While many of the customers trooped in to the Customer Service section of the Bank branches across the country, others took to social media networks; Twitter and Facebook,…

Read More

GTBank Fires 3 Executive Directors, 6 GMs as Succesion Tussle hots Up

ADEOLA YUSUF

  Meet Miriam Olusanya, University of Ibadan trained Pharmacist turned Financial heavyweight waiting to be GTBank First Female MD/CEO   One of Nigeria’s top tier lenders, Guaranty Trust Bank (GTBank), has disengaged three Executive Directors and six General Managers, in a shakeup exercise  aimed at paving the way for the emergence of Miriam Olusanya as the next Managing Director/Chief Executive of the bank under a Holding Company (Holdco) structure. Already, these changes, which are expected to take effect by end of this month – May 31, 2021, had, according to…

Read More

10 Nigerian Banks Rake-In N31.28trn Deposits from Customers In 3 Months

ADEOLA YUSUF

  Despite the tough economy, Deposit Money Banks (DMBs) in the country continue to record success in their bid to attract customer deposits, Q1’ 2021 results so far released by the lenders show. An analysis of 10 DMBs’ Q1’ 2021 unaudited financial statements, for instance, shows that they grew their total customer deposits by 25.1 per cent to N31.28 trillion in the first three months of this year from the N25 trillion that they reported in the corresponding period of 2020. The banks are Access Bank, Zenith Bank, United Bank for…

Read More

Awosika opens up 42 hours after sack by CBN as FirstBank Board Chairman

ADEOLA YUSUF

  The immediate past Chairman of the Board of First Bank of Nigeria Limited, Dr. Ibukun Awosika, has opened up on her relationship with the First Bank Group family 42 hours after she was fired by the Central Bank of Nigeria (CBN). Awosika, who spoke in a statement, titled: “My FBN Group Journey,” made her position known two days after the Governor of the CBN, Godwin Emefiele, announced her sack alongside other Board members, including Oba Otudeko. Emefiele also announced the reinstatement of the Managing Director/CEO of the Bank, Adesola…

Read More

How FirstBank’s Boardroom War Consumed 1st female Chairman, Awosika, Others

ADEOLA YUSUF

  Here are the full names of winners and losers in one of Nigerian financial industry’s biggest boardroom tussle   RELATED NEWS:CBN kicks as Messy Boardroom Crisis Rocks FirstBank + Link to Oba Otudeko https://platformsafrica.com/2021/04/29/cbn-kicks-as-messy-boardroom-crisis-rocks-firstbank-link-to-oba-otudeko/ CBN wields big stick, fires all Directors of First Bank  https://platformsafrica.com/2021/04/29/just-in-cbn-wields-big-stick-fires-all-directors-of-first-bank/   The Central Bank of Nigeria on Thursday, wielded its big stick on one of Nigeria’s oldest banks, First Bank of Nigeria Limited, and sacked all the board members of the bank including its Chairman, Board of Directors, Ibukun Awosika. Awosika was appointed First…

Read More

CBN wields big stick, fires all Directors of First Bank

ADEOLA YUSUF

  How boardroom squabble led to reinstatement of sacked MD Adeduntan but consumed Abdullahi Ibrahim as deputy managing director; Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors The Central Bank of Nigeria(CBN) on Thursday fired the entire members of the board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc. The apex bank has earlier queried the Board of the  bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as appointing Gbenga Shobo as MD/CEO designate without regulatory approval. READ ALSO:…

Read More