Tag: First Bank

‘For Hoarding Cash During Yuletide,’ CBN Fines Zenith, First Bank, 7 Others N1.35Bn

Ganiyu Amodu

The Central Bank of Nigeria (CBN), has identified nine Deposits Money Banks (DMBs), as responsible for scarcity of cash in the country during the yuletide season. There was scarcity of cash during the yuletide season, thereby, making Nigerians go through harrowing experience before getting access to their money. Also, due to scarcity of cash, Point of Sales (POS) operators increased their charges by 100 percent. However, on Tuesday, the apex regulatory bank, identified and slammed a whooping N150million fine on each banks that hoarded cash and subjected Nigerians to suffering…

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How, Why Bank Of Ghana Suspended FX Licenses Of GTBank, First Bank

Ganiyu Amodu

The Bank of Ghana has suspended the foreign exchange licences of Guaranty Trust Bank and FBN Bank for one month. The apex bank in Ghana announced the suspension of the two Nigerian banks Tuesday in a statement it issued. It said in the statement: “Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act…

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How Femi Otedola Emerged Chairman First Bank

Ganiyu Amodu

Billionaire businessman and chairman of Geregu Power Plc, Mr Femi Otedola, has emerged as the chairperson of the board of FBN Holdings Plc, whose flagship arm is First Bank. Otedola was passed the baton at a meeting of the Board of Directors of the Group in Lagos on Wednesday. He succeeded Ahmad Abdullahi, a seasoned economist who was appointed chair of the Holdco on 17 December 2021. Otedola became a non-executive director of FBN Holdings on 14 August 2023, months after he acquired a substantial stake in First Bank. The…

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