Banking
Banks Unlikely to Declare Huge Profits in 2019—Coronation Research
By Dipo Olowookere
An arm of Coronation Asset Management Limited, Coronation Research, has said banks operating in Nigeria are unlikely to post large gains in profits this year.
In its 2019 economic outlook report titled A Tale of Two Halves, Coronation Research, a leading financial services company licensed and regulated by the Securities and Exchange Commission (SEC), further said the deposit money banks will also not experience much loan growth, given the weak economy and the fact that they can benefit from high treasury bill yields.
Speaking on the report, the Head of Coronation Research, Mr Guy Czatoryski, said if interest rates come down later in the year and the market conditions improve, then there could be a sharp rally in bank stocks later in the year.
He further said the narrative for the Nigerian economy in 2019 is largely hinged around the performance of the oil.
“We forecast an average $58.00/bbl for 2019. An average much below this means the Central Bank of Nigeria (CBN) will have to keep rates very high and could even challenge the Naira/Dollar exchange argument.
“An average much about $60.00/bbl means the CBN will have confidence its reserve position and will be able to cut rates later in the year, in Q4, less likely Q3.”
In addition, he said, “The current rate of N365.29/$, or close to it, is likely to prevail this year. The CBN’s policy is to defend the rate and with reserves at $43.0 billion, it is in a strong position to do so. We think the CBN will supply US dollars to the FX markets at an average rate of $500 million per month during 2019. This is compatible with maintaining a strong reserve level
“If, as we think, the oil prices will average $58.00/bbl this year, then we think the CBN will want to keep interest rates high. It will do this through its open market operations (OMO).
“We think OMOs will be issued in a range of 17.00 percent to 19.00 percent and that T-bill rates will be very close to this level during 2019.
“We look at Nigeria in the international context of interest rates. Nigerian T-bill rates look competitive in the context of other emerging market rates – which is why the CBN is having success in attracting inflows of Foreign Portfolio Investment
“However, if oil trades at substantially above $60.00/bbl during 2019 then foreign investors in T-bills will be encouraged and the CBN might well be in a position to cut rates in Q4 2019, or even in Q3 2019.
“This could be helped by a downtrend in inflation. Inflation has proved stubborn and has trended at around 11.00 percent over the past few months. But if inflation trends, in 2019, towards the CBN’s target band of 6.00 percent to 9.00 percent, then it will help the CBN cut rates in order to stimulate the economy.
“We are agnostic on politics. However, there is some evidence that in the period after general elections (2011 and 2015) yields in the T-bill market tend to fall. This might help persuade the CBN to cut OMO rates later in the year.” According to the report, GDP growth is expected to be 2.25 percent in 2019, as a result of very weak consumer demand, and a lack of growth in government expenditure relative to the 2018 budget.
Banking
Zenith Bank Deepens Engagement Around Women’s Empowerment, Others
By Modupe Gbadeyanka
Monday, March 9, 2026, has been fixed by Zenith Bank Plc for its annual International Women’s Day seminar in Lagos.
The event is part of activities lined up to commemorate the 2026 International Women’s Day, themed Give to Gain.
The theme prepared for Zenith Bank’s programme is Take it, You Own it, and was designed to deepen meaningful engagement around women’s empowerment, leadership, and sustainable impact.
The workshop will include segments focused on leadership insight, professional empowerment, wellbeing, and collaboration, offering attendees opportunities to engage deeply with thought leadership and practical strategies for advancing equity.
With a carefully curated programme spanning keynote addresses, panel conversations, Q and A sessions, and creative interludes, Zenith Bank’s 2026 International Women’s Day Seminar promises to be a catalyst for meaningful action.
“International Women’s Day is a reminder that progress requires intentionality.
Give to Gain speaks to the responsibility institutions have to create real opportunities, while our theme, Take It, You Own It, challenges women to step forward boldly and lead.
“At Zenith Bank, we are deliberate about building environments where women are supported to grow, thrive, and shape outcomes, not only within our institution but across the communities and industries we serve,” the chief executive of Zenith Bank, Ms Adaora Umeoji, stated.
Over the years, the lender’s International Women’s Day initiatives have brought together women leaders, professionals, entrepreneurs, and emerging talents for dynamic dialogue, inspiration, and shared learning around gender equity, professional growth, and inclusive opportunity.
More than a commemorative gathering, the 2026 seminar is designed as a convergence of influence, insight, and inspiration, bringing together accomplished women and progressive leaders across business, governance, creative industries, technology, and social impact.
Banking
Ecobank Accelerates Growth for Women Entrepreneurs With Enhanced ‘Ellevate’ Programme
By Modupe Gbadeyanka
As part of activities commemorating International Women’s Day 2026, Ecobank Nigeria has improved its multi-award-winning gender financing initiative, Ellevate by Ecobank.
Originally launched to improve access to finance for women-owned, women-led, and women-focused small and medium-sized enterprises (SMEs) within its commercial banking segment, the enhanced Ellevate programme now adopts a broader, more inclusive structure.
The new framework extends across all business segments, positioning Ellevate as a comprehensive ecosystem designed to address the structural financing and growth barriers faced by women entrepreneurs.
The upgraded programme reinforces the bank’s long-term commitment to advancing women-led enterprises in Nigeria and across Ecobank’s pan-African footprint.
Under the expanded structure, beneficiaries will enjoy improved access to credit on competitive terms, including more flexible collateral considerations aimed at easing traditional financing constraints. Beyond lending, the programme integrates digital payment, collections, and cash management solutions to enhance operational efficiency and support scalability.
A core pillar of the enhancement is structured market access. Through the bank’s MyTradeHub online matchmaking platform and e-commerce enablement capabilities, women entrepreneurs will be better positioned to connect with customers and trade partners across Africa, facilitating cross-border expansion and participation in regional value chains.
The initiative also incorporates robust non-financial support mechanisms, including targeted training programmes, leadership development sessions, and knowledge-sharing platforms to strengthen managerial capacity and long-term sustainability.
This is complemented by access to customised wealth management advisory services, integrated insurance solutions, and a loyalty framework offering commercial incentives through select retail and lifestyle partnerships.
“Since its launch in Nigeria in July 2021, Ellevate has delivered meaningful impact for SMEs and women-led businesses.
“This next phase deepens our value proposition and reinforces our resolve to remain the preferred financial partner for women entrepreneurs,” the Managing Director of Ecobank Nigeria, Mr Bolaji Lawal, said.
“African businesswomen deserve world-class banking solutions that drive turnover, profitability, and sustainable growth. Our approach goes beyond financial inclusion to building an enabling ecosystem that enhances competitiveness and long-term resilience,” he added.
He further highlighted that Ecobank Nigeria consistently hosts flagship platforms such as Adire Lagos, Oja Oge, +234Art Fair, the Lagos Pop-Up Museum, SME Bazaar, and the Design & Build Exhibition, which provide prominent opportunities for showcasing and elevating women-owned businesses.
Banking
EFCC Arraigns Two FSDH Merchant Bank Employees
By Modupe Gbadeyanka
Two employees of FSDH Merchant Bank Limited, Mr Bakare Oladimeji Surajudeen and Mr James Olukayode Imokwede, have been arraigned by the Economic and Financial Crimes Commission (EFCC).
The suspects were brought before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja on Tuesday, March 3, 2026.
They were accused of stealing and retaining stolen property valued at about $306,667.81 and €50,250.
The EFCC, which received a petition from the lender, said its investigations showed that the suspects processed fraudulent transfers through the SWIFT platform to third parties.
The bank said an internal audit uncovered unauthorised debits totalling $306,667.81 and €50,250, equivalent to N527.4 million from its Letters of Credit (LC) payable accounts.
At the court yesterday, after the defendants pleaded “not guilty” to all 10-count charges preferred against them, the prosecution counsel, H. U. Kofarnaisa, asked for a trial date and also prayed that the defendants be remanded in a correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative who is gainfully employed. The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a correctional facility pending the perfection of their bail conditions, and adjourned the matter till March 25, 2026, for the commencement of trial.
Business Post reports that one of the counts said, “That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos within the jurisdiction of this court, dishonestly took the sum of N527,406,916.66, property of FSDH Merchant Bank Limited.”

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