By Isa Isawade The question many customers of one of the high profile commercial banks in Nigeria, the Guaranty Trust Bank (GTB) are asking is whether the bank is covertly managing a fundamental crisis. This impression is triggered by the inability of the bank to resume full operations months after the general COVID-19 lockdown and subsequent curfews occasioned by the …
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The Central Bank of Nigeria, CBN, said it disbursed N1.79 trillion for financing development in nine schemes from January to September 2020. This is contained in the apex bank’s October 2020 Economic Report released last weekend. Analysis of the report shows that out of the amount disbursed, N1.19 billion was deployed to 767 projects, N491.2 billion was guaranteed to 2.6 …
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At present, there are over 86,000 banking agents across 772 out of the 774 local government areas in Nigeria, a demonstration of FirstBank’s commitment to deepening financial inclusion and ensuring the unbanked are adequately catered for. In an interview with BusinessDay, Adesola Adeduntan, FirstBank’s CEO, noted that over N9.6 trillion had been processed through the bank’s agent network. As he …
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The National Drug Law Enforcement Agency, (NDLEA) Nnamdi Azikwe International Airport (NAIA), Abuja has intercepted 21.9kg of Cocaine. This contained in a statement signed by the NDLEA airport Commander, Mr Kabir Tsakuwa on Monday in Abuja. The statement signed by the agency’s Spokesman, Deputy Commander of Narcotics (DCN) Jonah Achema, the illicit substance concealed in two suite cases was the …
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The Nigerian stock market extended its positive rally on Thursday, appreciating further by N325 billion, amid increased buying interest. Specifically, the market capitalisation inched higher by N325 billion or 1.54 per cent to close at N21.418 trillion from N21.093 trillion on Wednesday. In the same vein, the All-Share Index garnered 622.09 points or 1.54 per cent to close at 40,963.14 …
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First of Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has launched the Virtual Payment card, a Naira denominated debit card and digital representation of the plastic debit card. The card is designed to be linked to either a customer’s operative account or wallet account. The FirstBank Virtual Payment Card is a suitable alternative to the use of …
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The National Identity Management Commission (NIMC)’s staff below grade level 12 have begun a 2-day warning strike Thursday, plunging the National Identity registration exercise into uncertainty. The warning strike was embarked upon to demand safety measures for NIMC staff against COVID-19 and also to demand for a new salary structure, the chairman of Association of Senior Civil Servants of Nigeria …
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The Federal Government borrowed N3.2 trillion from the investing public through treasury bills, TBs, in 2020, while it paid N253 billion as interest on TB borrowings from January to September 2020. This represents marginal increase of 1.9 percent, year-on-year, y/y, when compared with the N3.13 trillion borrowed through the instrument in 2019. Furthermore, the amount borrowed in 2020 represents 84 …
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The equities market started the first day of trading in the year (2021) on a very strong note with investors recording N458 billion gains. This came after closing 2020 with record 50.02 percent returns despite various challenges in the year. Equity analysts have also indicated that the stock market would open the first week bullish following anticipated release of positive …
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Fidelity Bank Plc has made new board appointments in place of some of its outgoing directors, who recently completed their tenure on the board in accordance with the bank’s internal governance policies. Mrs. Aku Odinkemelu, Executive Director, South Directorate, who was appointed to the board on August 4, 2014, will be retiring by December 31, 2020. As Executive Director, Aku …
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