Sterling Bank Board Okays 2016 Financial 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 Adedapo Adesanya The Central Bank of Nigeria (CBN) has directed banks across the country to continue issuing and accepting old as well as the redesigned Naira banknotes following the order of the Supreme Court. Business Post reported on Wednesday morning that the apex court granted the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old Naira banknotes ad infinitum, scrapping a previous deadline of December 31. In a statement after the judgement, the central bank “directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old

By Dipo Olowookere Some hours ago, news went viral that the Nigeria Inter-Bank Settlement System (NIBSS) Plc has directed Deposit Money Banks (DMBs) to take down all non-deposit financial institutions from their NIBSS Instant Payment (NIP) platform because they are not authorised to hold customers’ funds. The circular, which was dated Tuesday, December 5, 2023, has generated mixed reactions as a few media platforms, excluding Business Post, listed some mobile money operators (MMOs) like Opay, PalmPay, and others are part of the financial technology (fintech) firms affected by the directive. In the disclosure sighted by this newspaper, the NIBSS specifically

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Modupe Gbadeyanka For the first time since August 2016, the Naira was exchanged at the parallel foreign exchange market in Nigeria at N400 to the Dollar on Thursday, March 23, 2017. The local currency opened at N410 against the American currency this morning, but gained N10 in the afternoon to trade at N400 per Dollar. Yesterday, the Nigerian currency appreciated by N20 at the black market, a day after the Central Bank of Nigeria (CBN) retained all key monetary rates at the end of its two-day Monetary Policy Committee (MPC) meeting in Abuja. The Naira did not only perform

By Dipo Olowookere President of the Association of Bureau De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, has appealed to Central Bank of Nigeria (CBN) to allow bank transactions carried out by his members be free of Value Added Tax (VAT) and Commission on Turnover (COT) charges. According to him, these charges as well as abnormal bank charges and multiple exchange rates are parts of the challenges facing members of the group. Also, Mr Gwadabe said the apex bank should harmonise the rate it sells Dollar to the BDC operators and commercial banks. According to the ABCON boss, the

By Dipo Olowookere One of Nigeria’s foremost financial institutions, Wema Bank Plc, has partnered with Etisalat Nigeria to introduce the WemaEasySavers, a Tier-1 savings account aimed at ensuring financial inclusion for more Nigerians, especially the youth. The newly launched WemaEasySavers is an easy to open and use account designed to enable under-banked and unbanked Nigerian youth to achieve their financial goals while operating a regular bank account through their mobile phones. This partnership will enable Wema Bank’s new drive to expand its presence in the youth market and also forms a strong part of Etisalat’s commitment towards driving the achievement

By Modupe Gbadeyanka The newly elected Speaker of the Abia House of Assembly, Mr Kennedy Njoku, has resigned from his position barely 24 hours he was sworn-in. Mr Nwosu was elected by members of the Assembly immediately after the former occupier of the position, Mr Martins Azubuike, was impeached on Thursday evening. But in a twist on Friday afternoon, the new Speaker announced his resignation from the office, thanking his colleagues for the confidence reposed in him to lead them. Following this development, Clerk of the Assembly, Mr John-Pedro Irokansi, immediately informed the lawmakers that a new Speaker must be

By Investors Hub Asian stocks ended mostly lower on Wednesday as investors reacted to negative headlines around the coronavirus and watched for government stimulus measures to combat the outbreak’s economic impact. There were doubts about whether expected stimulus measures would be adequate to soften the economic blows from the coronavirus outbreak. Media reports suggest U.S. President Donald Trump briefed Senate Republicans on Tuesday on his proposed economic stimulus package in response to the coronavirus. White House economic adviser Larry Kudlow declined to specify the dollar amount for the package but confirmed that Trump prefers it include a payroll tax “holiday”

By Adedapo Adesanya The Super Falcons of Nigeria may have crashed out in the second round of the recently concluded 2023 FIFA Women’s World Cup, but the latest rankings showed that they climbed eight spots to number 32 in the world. In the latest FIFA/Coca-Cola Women’s World Ranking released on Friday, the bronze medallists at the tournament, Sweden, sat atop the list for the first time in their history. Meanwhile, Spain, which won the tournament after beating England 1 – 0, settled into second spot. La Roja, as the team is called, could have even clinched pole position had they

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By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has set a mandatory deadline of April 12, 2020 for all taxpayers and companies to register and obtain the Tax Identification Number (TIN) and display it on all documents supporting business transactions. A public notice by the Chairman of the service, Mr Mohamed Nami, stated that every company or business shall provide their TIN to relevant financial services provider not later than the set date. It was explained that this will allow them update their existing records for accounts opened before the coming into effect of the Finance Act 2019. It