Plot to Attack, Disrupt Fidelity Bank Services Uncovered

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) would likely direct banks to increase their capital base in the coming months as part of a new policy push towards a $1 trillion Nigerian economy. The Governor of the apex bank, Mr Olayemi Cardoso, said this while delivering his keynote address at the 58th Annual Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos on Friday. The new CBN chief used the event to unveil the bank’s monetary policy thrust and economic outlook for 2024, following the cancellation of the Monetary Policy Committee (MPC) meeting for the quarter. “We

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has alerted Nigerians of unauthorised bank withdrawals linked to Automated Teller Machine (ATM) card swap fraud. The commission issued the alert on Monday in a statement by the Head of Media and Publicity, Mr Dele Oyewale. According to the EFCC, fraudsters engaged in this activity typically keep a debit card from the same bank and, under the guise of assisting a confused bank customer at an ATM point, swiftly swap the card while memorising the PIN used with fake cards. “These cards get stuck in the machine due to a

By Adedapo Adesanya One of Africa’s biggest financial institutions, Access Bank, is close to finalizing a regulatory process to launch its first full banking service in Asia in the first quarter of 2024. This was disclosed by the chief executive of its holding company, Mr Herbert Wigwe, on the sidelines of the Africa Financial Industry Summit in Lomé, Togo, as per Semafor. The Nigerian lender’s plan to enter the Asian market is part of a wider global expansion target which includes a strategy to expand more deeply into Francophone Africa, build closer ties with North Africa, and across Europe where

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

By Modupe Gbadeyanka The International Monetary Fund (IMF) says Algeria continues to face important challenges posed by lower oil prices, leaving its foreign reserves falling by $30 billion to $113 billion. From March 7 to 20, 2017, an IMF team led by Mr Jean-François Dauphin, visited Algiers to hold discussions for the 2017 Article IV consultation. Discussions focused on the appropriate mix of policies to adjust to lower oil prices. Mr Dauphin noted that Algeria’s overall economic activity was resilient, but growth in the non-hydrocarbon sector slowed under the effects of spending cuts and is estimated at 3.4 percent in

By Adedapo Adesanya Some of the world’s top banks have been found to be complicit in aiding criminals move $2 trillion in dirty money around the world, according to leaked government files. The exposition was done by Buzzfeed News and shared with the International Consortium of Investigative Journalists (ICIJ), a group that brings together investigative journalists from around the world, which distributed them to 108 news organisations in 88 countries. In the revealing documents, they said: “global banks including JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, Bank of New York Mellon, among others defied money laundering crackdowns by moving staggering

By Dipo Olowookere Investors at the Nigerian Exchange (NGX) Limited lost 0.15 per cent of their wealth to profit-taking on Monday, putting an end to the four consecutive sessions of bullish run. Sell-offs in the banking and the consumer goods sectors contributed to the downfall of the local stock market yesterday, with their respective indices finishing lower by 0.36 per cent and 0.09 per cent. The bears dominated the bourse during the opening session of the week despite the insurance counter closing higher by 0.50 per cent, with the energy and industrial goods sectors remaining unchanged. At the close of

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to move to the downside after ending the previous session roughly flat. Lingering concerns about the outlook for interest rates may weigh on the markets as traders continue to digest the minutes of the Federal Reserve?s latest monetary policy meeting. The minutes released Wednesday afternoon showed the Fed continues to favor a ?gradual approach? to raising interest rates, with the meeting participants generally judging that the economy was evolving about as anticipated. The Fed?s forecasts point to one more rate hike

By Adedapo Adesanya The domestic currency recorded a bearish performance at the foreign exchange (forex) market on Friday, especially at the Investors and Exporters (I&E) segment. During the trading session, the Naira depreciated against the US Dollar by 0.13 per cent or 50 kobo to close at N387/$1 compared to N386.50/$1 it ended at the previous session. The depreciation occurred despite in the demand for the greenback at the market window by 0.16 per cent equivalent to $200,000. At the trading day, market participants recorded transactions valued at $25.17 million in contrast to the previous day’s $25.19 million. At the

By Adedapo Adesanya The confidence of the Naira against the United States Dollar was boosted at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday. Business Post reports that the local currency appreciated by 33 kobo or 0.08 per cent yesterday to exchange at N416.00/$1 compared with N416.33/$1 of the previous session. Low forex transactions at the spot market helped the domestic currency get back on its feet on the final trading day of the week and with enough FX to meet the demands of customers, it was certain that it would close stronger. The

By Dipo Olowookere Paramount ruler of Warri, Mr Ogiame Ikenwoli Emiko, has appealed to the Nigerian Maritime Administration and Safety Agency (NIMASA) to facilitate the effective utilisation of the Warri Port and the Koko Port with a view to reviving the economic activities in these areas. The Olu of Warri made this appeal when Director General of NIMASA, Dr Dakuku Peterside, led a delegation of the management of the agency to pay homage to his palace. The monarch noted that the Delta ports were once the drivers of the Warri economy. Mr Peterside was in the ancient town on a

By Adedapo Adesanya A 400-year-old British educational institution, Charterhouse, has commissioned its first African school, currently in progress on a sprawling 70-hectare site located at Ogombo in Lekki, Lagos. The introduction of Charterhouse Lagos marks the convergence of British independent school heritage with cutting-edge educational practices, ushering in a new era of excellence in West African education. Charterhouse Lagos will represent a remarkable educational undertaking in the commercial capital of the country, with the planned $150 million campus expected to be fully delivered in 2028. The school’s development will unfold gradually, with the first intake of primary school students in