Abbey Mortgage Bank Management’s Creative Policies Yield Results

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

By Modupe Gbadeyanka Some displaced Renaissance homeowners in Rivers State are seeking about N4 billion as compensation from the management of First Trust Mortgage Bank over their eviction from the properties they acquired from the lender. They accused the bank, formerly known as FBN Mortgage Bank, of not carrying due diligence before selling some portions of land to them in 2010, about seven years after a Supreme Court judgement held that the land belonged to the favour of the Nigerian Air Force (NAF). The solicitors to property owners of Renaissance Homes Housing Scheme, Adeniji Kazeem & Co, in a letter

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has assured stakeholders in the country that Nigerian banks remain resilient following widespread media reports that commercial banks in the country had failed the bank’s Capital Adequacy Ratio (CAR) for international authorisation. CAR compares the risk-weighted assets of a bank with the available capital that Nigerian banks possess. For instance, when faced with challenging financial conditions, the ratio offers a quick and easy way to determine whether or not a bank has sufficient money to cover losses and continue to keep its solvent status. In a statement on Monday, the apex

By Modupe Gbadeyanka A call for a comprehensive policy action to dismantle the structures that enable gender-based violence in Nigeria has been made by the Managing Director of Unity Bank Plc, Mrs Tomi Somefun. “I urge policymakers to enact stringent laws against gender-based violence, ensuring swift and severe consequences for perpetrators. Our homes and various organisations must also be a catalyst for change, inspiring others to follow suit,” the banker said at the premiere of a new movie, BECKMA, in Lagos. Mrs Somefun, represented at the event by Unity Bank’s Group Head of Compliance, Mrs Patricia Ahunanya, citing a recent

By Ahmed Rahma As the issue of herdsmen/farmers disagreements continues to rise in the southern part of Nigeria, the Conference of Nigeria Political Parties (CNPP) has urged the new service chiefs to ensure the safety of the people, especially farmers. While congratulating the new appointees, CNPP also hailed President Muhammadu Buhari for removing the former occupiers of the positions, describing this action as the right thing for the country. However, the group, in a statement signed by its Secretary-General, Mr Willy Ezugwu, urged the new security chiefs to inject fresh ideas into the war against insurgency and criminality in Nigeria.

At least about N130.8 billion was raked into the coffers of the Federal Government by the Controller Tincan Island Port in seven months. This disclosure was made by the Controller Tincan Island Port, Comptroller Y. U. Bashar when he had a chat with some strategic stakeholders in his office. Bashar said the statutory function of the command remains revenue generation and facilitation of legitimate trade, as he stressed that deliberate and concerted efforts were being made in terms of strict adherence with the rules and standards of operation. He pointed out that the operations, processes and procedures of customs are

By Modupe Gbadeyanka The Naira Thursday appreciated to N385 per dollar in the Abuja segment of the parallel market, causing panic and confusion among bureaux de change (BDC) operators. Vanguard investigation revealed that though the exchange rate of the Naira in the Lagos segment of the parallel market stabilised between N400 per dollar and N405 per dollar yesterday, the rate in Abuja fell to a record low of N385 per dollar due to increased dollar inflows. Confirming this development to Vanguard, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe said that appreciation of the Naira

By Adedapo Adesanya Nvidia has just become a $1 trillion company, making it the first chipmaker to join the exclusive trillion-dollar club in the United States stock market. With this, the chipmaker has earned a seat at the table with other members of the club, which include Apple, Microsoft, Google’s Alphabet, and Amazon. The rise in valuation was fueled by tech companies, big and small, racing to add generative artificial intelligence tools to their products. AI tools made up the vast bulk of recent Google I/O and Microsoft Build presentations, and Nvidia’s chips make it a key supplier for companies

By Adedapo Adesanya The federal government has unveiled plans toward being part of the global digital economy that will help boost national development in 2020. Minister of Communications and Digital Economy, Mr Isa Pantami, rolled out these strategies at a media parley in the nation’s capital, Abuja, last Friday, where he reiterated Nigeria’s commitment towards transitioning to a digital economy. He stated that starting with the new year, the ministry would be working effectively towards the eight pillars of the policy which are: Developmental Regulation, Digital Literacy and Skills, Solid Infrastructure, Service Infrastructure, Promotion of Digital Services, Software Infrastructure, and

By Modupe Gbadeyanka For the third consecutive month, the Consumer Price Index (CPI), which measures inflation rate, depreciated to 17.24 percent in the month of April 2017 from what was recorded in the previous month. This information was revealed on Tuesday, by the National Bureau of Statistics (NBS). The stats agency explained that the drop in the inflation rate to 17.24 percent in April from 17.26 percent in March shows a sign of ease in the already “high food and non-food prices, as well as favourable base effects over 2016 price.” According to the NBS, increases were recorded in all

By Modupe Gbadeyanka The management of Guaranty Trust Bank (GTBank) Plc has disclosed that it would go ahead with its Annual General Meeting (AGM) scheduled for Monday, March 30, 2020. Due to the coronavirus pandemic, the Lagos State government has banned gatherings of more than 25 persons so as to stop the spread of the disease, which has infected at least 46 persons in Nigeria and has claimed one life. Globally, nearly 500,000 persons have been infected, while almost 20,000 people have died from the disease. The directive restricting gatherings more than 25 persons was made by the state government

By Dipo Olowookere The treasury bills market space was slightly bullish on Friday after the Central Bank of Nigeria (CBN) failed to conduct an Open Market Operations (OMO). It was observed during the trading session that investors started to cherry pick on attractive yields around the mid tenors. According to analysts at Zedcrest Research, yields consequently closed lower by 0.15 percent on the day. However, in the coming week, yields are expected to trend slightly higher as the CBN will likely sustain its spate of OMO and FX interventions in the market. Meanwhile, rates in the money market remained elevated