Nigerian Banks Resort to Electronic FX Payments as Cash Shortage Worsens

By Gbolahan Oluyemi Websites create an online presence for businesses and serve as a valuable tool to enhance e-commerce, customer engagement, branding, marketing, and lead generation. A website provides the bank customers with information on branch location, the composition of the bank’s management team, product features, forms, and terms and conditions of service. Aside from the branding and customer information, banks are legally required to publish certain information on their website.  This article considers some of the information banks are mandated by law to publish on their respective websites. A bank is required to publish its foreign exchange, lending, and

By Aduragbemi Omiyale Despite the harsh operating environment and the unexpected policies of the government that affected businesses in Nigeria, Unity Bank Plc showed resilience in the first six months of 2023. In its half-year unaudited financial statements filed to the Nigerian Exchange (NGX) Limited over the weekend, the bank marginally improved its gross earnings by 0.37 per cent to N27.5 billion from N27.4 billion in the first half of last year. It was observed that 10 per cent growth in the fees and income commission to N3.5 billion from N3.2 billion helped the lender jerk up its income in

By Dipo Olowookere The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Financial System Stability, Mrs Aishah Ahmad, has been apprehended by the Department of State Services (DSS). The central banker was arrested by the country’s secret police to harvest vital information from her over the sale of a first-generation bank, Union Bank of Nigeria Plc, to a relatively new lender, Titan Trust Bank Limited. The acquisition of the more than 100-year-old financial institution by the less than 5-year-old bank raised eyebrows because the buyer coughed out $300 million to complete the transaction. Titan Trust Bank

By Modupe Gbadeyanka Last week, the United States Mission in Nigeria organised the annual US College and Career Fairs at the Ecobank Pan African Centre (EPAC) on Victoria Island, Lagos. The US Consul General, Mr Will Stevens, while speaking at the event, said that America remains a leading destination for international students, noting the United States offers students an unrivalled educational experience, flexibility, and diversity. “We are happy to provide Nigerian students who wish to study in the United States a unique opportunity to learn about the diversity of the programs offered at various U.S. educational institutions,” Mr Stevens said.

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has challenged the Nigeria Office for Developing Indigenous Telecom Sector (NODITS) to adhere to standards and ethical conduct in promoting local content in the country’s telecommunications sector. This was disclosed by the Executive Vice-Chairman/Chief Executive Officer of the NCC, Mr Umar Danbatta, at a two-day brainstorming and team building session organised by NODITS team in Abuja. He urged NODITS to ensure effective delivery of its mandates with respect to the promotion of indigenous content nationwide. In a statement by Mr Ikechukwu Adinde, the Director, Public Affairs at the NCC, he advised the

By Adedapo Adesanya The Nigerian Customs Service (NCS) has complained that trade treaties that Nigeria are signed to such as the World Trade Organisation (WTO) and the African Continental Free Trade Area (AfCFTA) agreement will seriously impact on the ability of the country to generate revenue. This assertion was made by the Comptroller General of the service, Mr Hameed Ali, on Thursday during an interactive session organized by the Senate joint committees in finance and national planning on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). He said the two agreements have provisions that will allow goods

By Adedapo Adesanya The price of the Brent crude oil appreciated by more than 4 per cent or $2.61 on Wednesday as more positive news led by a drop in United States inventory and fresh positive expectation over oil demand boosted optimism about returning demand for crude. During the trading day, the value of the commodity increased to $66.28 per barrel, while the price of its counterpart, the West Texas Intermediate (WTI) crude, rose by 4.9 per cent or $2.97 to $63.15 per barrel. According to the Energy Information Administration (EIA), the US crude inventories fell by 5.9 million barrels

By Dipo Olowookere On Monday, March 16, 2020, Zenith Bank Plc held its 29th Annual General Meeting (AGM) in Abuja, and it was an opportunity for shareholders of the bank to engage the top hierarchy of the company on some issues, including the financial statements and others. Before the meeting, there were unconfirmed reports that Zenith Bank was planning to acquire Union Bank of Nigeria Plc and the shareholders used the occasion, the AGM, to ask Chairman of the bank, Mr Jim Ovia, if this was true. However, this question was dodged by Mr Ovia as he said nothing about

By Dipo Olowookere A legal action has been instituted against the co-founder of Seplat Energy Plc, Mr A.B.C. Orjiako, by the indigenous energy company at the Federal High Court in Abuja over breaches of an agreement between them. A statement issued by Seplat disclosed that the organisation entered into a consultancy deal with Mr Orjiako, through his firm, Amaze Limited. According to the disclosure, which was made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange Limited, 2015, also known as issuer’s rule, Mr Orjiako failed to do something about the alleged breaches after his attention was called

By Adedapo Adesanya The Naira depreciated against the United States Dollar and other foreign currencies at the parallel market and the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday, May 21. At the black market, the local currency lost N1 against the US currency as it was sold for N485/$1 in contrast to N484/$1 it traded at the previous session. Also, the Nigerian currency depreciated by N5 against the Pound Sterling at the unregulated FX market segment to close at N685/£1 compared with N680/£1 it was sold on Thursday. In the same vein, the domestic

By Adedapo Adesanya The Central Bank of Nigeria (CBN) says the aggregate industry credit has risen about 14 percent from N15.3 trillion in May 2019 to about N17.4 trillion in January 2020. This was disclosed by the CBN Governor, Mr Godwin Emefiele at a consultative roundtable meeting organised by the bank in Abuja on Wednesday and featured the Minister of Finance, Mrs Zainab Ahmed, and other key stakeholders of the country’s economy. At the programme themed Going for Growth 2.0, Mr Emefiele explained that the bank imposed restriction on access to OMO auctions in order to encourage banks to lend

By Aduragbemi Omiyale The Chartered Institute for Securities and Investments (CISI) has been commended by the Nigerian Exchange (NGX) Limited for enhancing trust in the financial services sector. The exchange gave this commendation last Thursday when the institute sounded the closing gong as part of the commemorative activities of its 30th anniversary. The Divisional Head of Listings Business at the NGX, Mr Olumide Bolumole, described the organisation as a worthy partner interested in upholding standards. “The exchange is excited to commemorate the 30th year anniversary of the CISI, a leading global professional body for securities, investment, wealth and financial planning