CBN Unveils Tougher Sanctions for Microfinance Banks

By Adedapo Adesanya All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them. This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country. In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024. In the circular seen by Business Post, the central bank said

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

Sterling Bank Limited’s cutting-edge investment platform, Doubble, has been upgraded with new features aimed at improving investment returns for existing and new customers. With various flexible naira and dollar investment options, including money market offerings with returns higher than your bank’s returns on savings. The digital savings and investment platform provides a seamless avenue for individuals to build wealth. Users are provided with a guaranteed income stream and fixed growth over a set period, as well as a hedge against market volatility, the ability to secure loans against account balances, and the convenience of transferring the annuity to a spouse

By Modupe Gbadeyanka Access Bank Plc has expressed its determination to support initiatives that promote knowledge, integrity, and the enduring legacy of excellence in the legal profession. The chief executive of Access Holdings, the parent firm of the lender, Mr Herbert Wigwe, while speaking at the launch of a book to honour Justice Amina Adamu Augie on Tuesday, November 28, 2023, said the financial institution has a strong affinity for the preservation and advancement of country’s judicial heritage. “We are proud to support the launch of Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through

By Modupe Gbadeyanka The Quotation Committee of Nigerian Stock Exchange (NSE) has approved the listing of the Lotus Capital Fixed Income Fund. With the regulatory approval, Lotus Capital Halal Investments Limited can now list its N1.49 billion fixed income fund on the memorandum board of the NSE. This will also allow the instruments to be traded on the local stock exchange. Recall that the Lotus Capital Fixed Income Fund had earlier been approved by Lotus Capital’s Shari’ah Advisory Board as well as the Securities and Exchange Commission (SEC). The Lotus Capital Fixed Income Fund is an open-ended collective investment scheme,

By Adedapo Adesanya There are high expectations following the confirmation of Mr Sule Abdulaziz as the substantive Managing Director/Chief Executive Officer (CEO) of Transmission Company of Nigeria (TCN) by President Muhammadu Buhari. His full takeover of the role was announced by Mrs Ndidi Mbah, the General Manager, Public Affairs, TCN in a statement in Abuja on Wednesday. The statement said that until his confirmation, Mr Abdulaziz was the Acting Managing Director of the company since May 19, 2020. Mrs Mbah said that before becoming the acting managing director, Mr Abdulaziz was the General Manager (Projects) at the company’s headquarters. “Subsequently,

By Modupe Gbadeyanka The Lagos State government’s environmental sanitation efforts recently received a huge boost when the new intakes of Keystone Bank Limited donated some kits to the Lagos State Waste Management Authority (LAWMA). The new employees, who recently graduated from the bank’s training school, The Keystone Bank Learning Academy Lagos, gave the agency 60 units of street sweepers’ uniforms. This is aimed to boost the morale of the personnel, who work hard to keep the city very clean and it was part of the bank’s Corporate Social Responsibility (CSR) drive. “Keystone Bank is committed to sustainability and therefore has

**Accuses Banks of Illegally Trading With Pensioners’ N700m By Modupe Gbadeyanka Eight banks operating in Nigeria have been accused of being unprofessional for refusing to return money mistakenly paid into accounts of former workers of the defunct Nigeria Airways Limited (NAL) domiciled with the affected financial institutions by federal government last year. As a result of this, the union representatives of the former airline workers have given the concerned banks one-week ultimatum which ends this week to return the money or be ready for a showdown. Former workers of airways said should the banks fail to return the money this

By Dipo Olowookere One of the lenders in Nigeria, Wema Bank Plc, has announce plans to give N50,000 grant to 20 holders of its Royal Kiddies Account. The bank, in a statement issued in Lagos on Thursday, said this gesture was part of its continued support for education in the country through its annual Wema Educational Awards. In the statement made available to Business Post, the lender, which is the pioneer of Nigeria’s first fully digital bank ALAT, also noted that it was determined to continue to invest in the future of Nigeria. “The importance of education to children cannot

By Nneka Okumazie There are lots of coastal communities across Africa, many of the locals’ fish, sometimes making their own boats. This fishing practice and boat making – may date back to hundreds of years or more. There’d have also been many short transits via water between communities. But what if some of the merchants or people saw the vast sea, and thought to explore it, or find a way to go across and see what lies far, further away? What if they did not consider what risk it would be or thought continuously about how to make it possible

By Modupe Gbadeyanka A group of political parties in the country under the aegis of the Conference of Nigeria Political Parties (CNPP) has said the nationwide broadcast of President Muhammadu Buhari on Thursday night on the unrest in the country came rather too late. The group, in a statement issued on Friday, disclosed that the President was warned earlier about the tragedy that could befall the nation if he was slow to react to the burning issues. For nearly two weeks, youths in the country cried out to the federal government through protests across the nation calling for an end