Category: Money and Stocks

CBN kicks as Messy Boardroom Crisis Rocks FirstBank + Link to Oba Otudeko

ADEOLA YUSUF

  Here is why depositors should worry as CBN smells rat, queries FirstBank over removal, hasty replacement of Adeduntan as MD without approval    The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The removal and hasty replacement of the MD, checks by Platforms Africa showed, was a result of messy Boardroom crisis rocking the bank, in which the name of ex-board chairman and a major shareholder in the…

Read More

Lawmakers berate Nigerian Banks’’ hidden charges, exploitation

ADEOLA YUSUF

    Speaker of the Nigerian House of Representatives, Femi Gbajabiamila, has expressed concern over the way banks charge customers indiscriminately during transactions. Gbajabiamila said this when he hosted the Board and Management of the Standard Chartered Bank, led by the Chief Executive Officer, Mr Lamin Manjang, on Monday in Abuja. The speaker said apart from charges known to the customers, there appeared to be other ‘hidden’ charges that the banks imposed on their customers. He stated that the House was concerned that such a practice was making customers helpless,…

Read More

Polaris Bank’s Assets hit N1.2tr, Profit Growth Sustained with N28.9bn

ADEOLA YUSUF

  Polaris Bank says 2020 Financial  Year Performance indicates management depth and sustainability Polaris Bank Limited has released its full-year audited financial results for the year ended December 2020 posting a Profit Before Tax (PBT) of N28.9billion. The results, which show the Bank’s second year performance scorecard after two years of operation, have further consolidated the Bank’s position as focused on the path of profitability, growth, and value creation. Details of the results show that its year 2020 performance reflects a 4% Year on Year (YoY) increase in Profit before…

Read More

Crypto Exchange Founder Disappears with $2bn, Lands 300,000 Users in Soup

ADEOLA YUSUF

  The founder of a popular crypto exchange in Turkey has disappeared, with media reports indicating that he has fled the country with $2 billion as roughly 300,000 frustrated users have suddenly lost access to their accounts. In Turkey, the national currency lira has been in a secular decline for nine consecutive years, urging people to take some risks in a bid to protect their savings and maybe even earn something. As a result, the recent rise of cryptocurrencies predictably attracted many investors who hoped to protect their money and…

Read More

500,000 crypto investors wrecked, Market loses billions of dollars in 1 day

ADEOLA YUSUF

  Cryptocurrency pundits say no shaking even as world’s most popular crypto rout deepened, dropping below the $50,000 level to $48,400, its lowest levels in about seven weeks. The crypto market suffered heavy losses in the early hours of Friday with many traders liquidated as the flagship crypto dipped below the $50,000 price levels. In the cryptoverse hundreds of billions of dollars were, according to a report by Lagos-based Nairametric, virtually wiped off in value as the global crypto market lost about $300 billion, trading at $1.77 trillion, a 12.29% decrease…

Read More

Buhari gets Nigeria’s Senate nod for fresh 1.5bn, €995m foreign loans

ADEOLA YUSUF

  Nigeria is still struggling under the weight of increasing public debt stock which stood at N32.22 trillion as of September 30, 2020.   The Nigerian President Muhammadu Buhari has successfully jumped the last hurdle for his government’s plan to borrow fresh $1.5 billion and €995 million. The Nigerian Senate on Wednesday approved the fresh external loans for the government. The red chamber okayed the foreign loans after considering the report of its committee on local and foreign debts during Wednesday’s plenary session. Clifford Ordia, chairman of the committee, told the…

Read More

Five GTBank Branches shut Over N1bn Tax Evasion

ADEOLA YUSUF

  Five branches of Guaranty Trust Bank (GTB) in Nigeria have been sealed over N1 billion tax evasion. The Kano State Internal Revenue Service (KIRS), which carried out the actio on GTBank facilities, said the closure is in line with an order issued by Kano State High Court over the bank’s failure to audit and pay its taxes between 2014 and 2019. The affected branches include that of Murtala Muhammad Way, Wapa, Zaria Road, Bachirawa and France Road. Briefing newsmen during the exercise, the Legal Director of the agency, Barrister…

Read More

Nigeria prints N60bn notes, ups debts to N16trn as financial crisis worsens

ADEOLA YUSUF

  “In another year or so, where will we find this money that we go to Abuja to share every month?” Governor of Edo state, Godwin Obaseki, laments as financial crunch takes toll on states   The Nigerian Government has printed about N60 billion notes to augment allocation shared to states in March by the Federation Accounts Allocation Committee. The Governor of Edo State, Southsouth part of the country, Godwin Obaseki, who raised the alarm over Nigeria’s financial trouble, particularly gave the continued shrinking oil revenue as the reason. Besides,…

Read More

Africa gets single trade Currency Soon +All you should know in 9 paragraphs

ADEOLA YUSUF

  The Secretary-General of the African Continental Free Trade Area (AfCFTA’s) announced that the continent will soon have its own uniform payments and settlement platform to ease the burden of doing business in 42 currencies. Wamkele Mene revealed the plans at a webinar organised by the ruling South African ANC’s Progressive Business Forum on the AfCFTA on Friday. ‘Working with the Afreximbank [the African Export–Import Bank established to finance, promote and expand intra-African and extra-African trade] we are developing a pan-African payments and settlement platform to overcome this challenge of…

Read More

Naira falls at official market, Slides to N410.50 per $1

ADEOLA YUSUF

  Nigeria’s unit of exchange, Naira, fell marginally against the U.S dollar at the I&E window of the foreign exchange market on Tuesday, dipping to N410.50 to a dollar. This, data posted on the FMDQ Security Exchange showed, however, remained stable at the black market. Naira, Africa’s most populous country’s currency closed at N410.50 at the trading session of the I&E window, this represents N1.20 or 0.29 per cent devaluation from N409.30 the rate at which it closed at the previous session on Thursday, last week. The local unit experienced an…

Read More