Sunday, February 9, 2020

Tag "banks"

    Smart Adeyemi: Banks now offering me loans after turning me down

Smart Adeyemi: Banks now offering me loans after turning me down

Smart Adeyemi, senator representing Kogi west, says some commercial banks are offering him loans because he has returned to the senate. Adeyemi, who was sworn in last week, said this on Wednesday while contributing to a motion on Nigeria's unemployment. The motion was sponsored by Ike Ekweremadu, senator representing Enugu west. While contributing to the debate, Adeyemi said the banks had refused to [...]

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    Telcos ask banks to pay or get disconnected from USSD service

Telcos ask banks to pay or get disconnected from USSD service

Telecommunications companies say they may stop offering Unstructured Supplementary Service Data (USSD) services to financial institutions for free. The companies, under the aegis of Association of Licensed Telecommunications Operators of Nigeria (ALTON), said banks would have to pay for the service if they want to continue receiving it. According to PUNCH, Gbenga Adebayo, ALTON chairman, told reporters in Lagos on Wednesday that [...]

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    Ondo banks shut down over ‘Boko Haram threat’

Ondo banks shut down over ‘Boko Haram threat’

Rumours of impending attacks by Boko Haram insurgents in Ondo state have forced some commercial banks to halt operations. A letter reportedly addressed by a security agency to Undie Adie, the state commissioner of police, had alleged that the group was planning to attack banks in Akure, the state capital, Owo and Akoko areas of the state. This caused banks in the said [...]

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    MTN: We initially opposed the plan to raise USSD charges

MTN: We initially opposed the plan to raise USSD charges

MTN Nigeria says there is a need for dialogue among stakeholders to resolve issues around proposed charges on unstructured supplementary service data (USSD) channels. In a statement, Uto Ukpanah, the company secretary, said the company initially resisted calls for end-user billing as suggested by the chief executive officers of deposit money banks. MTN said it relented after exhausting avenues for engagements. It [...]

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    12 banks debited N499bn for inability to meet loan ratio

12 banks debited N499bn for inability to meet loan ratio

The Central Bank of Nigeria (CBN) says 12 banks have been debited N499 billion for failing to give out 60% of their deposits as loans. The cash reserve of the banks held by the CBN has been debited. The CRR is a portion of the banks’ deposits kept with the CBN for regulatory reasons. In July, the CBN had increased the loan to [...]

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    NFIU writes banks, seeks account details of ALL judges, n’assembly members

NFIU writes banks, seeks account details of ALL judges, n’assembly members

The Nigerian Financial Intelligence Unit (NFIU) has requested banks to forward the account details of all legislative and judiciary officials in the country. In a letter dated September 10, 2019, a copy of which was seen by TheCable, the NFIU said the information being sought include account names and numbers of the officials. The reason for the request was not given in the letter [...]

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    Osinbajo: Nigerian banks have to reform to survive what is coming

Osinbajo: Nigerian banks have to reform to survive what is coming

Vice-President Yemi Osinbajo says there is a need to reform Nigerian banks for them to meet up with the inevitability of the Fintech revolution. Speaking at the ongoing first ever Africa Investment Forum in Johannesburg on Thursday, the Osinbajo said there are no plans to take the banks' lunch, but the banks have to reform to survive. He said the "Fintech companies, [...]

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    Constitutionality of banks as tax collectors

Constitutionality of banks as tax collectors

BY ABUBAKAR SANI The Association of Bureau De Change Operators of Nigeria recently raised an alarm over the on-going practice of banks denying their members access to their funds on the strength of a directive purportedly issued by the Federal Inland Revenue Service (FIRS) appointing the banks as collection agents in respect of tax which it unilaterally determines is due from [...]

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    Magu: EFCC ready to assist banks on verge of collapse

Magu: EFCC ready to assist banks on verge of collapse

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), says a number of Nigerian banks are on the brink of collapse due to huge debts owed by "unscrupulous customers". Magu spoke on Thursday at an interactive session with the Association of Chief Compliance Officers of Banks in Nigeria. In a statement released by Wilson Uwujaren, EFCC spokesman, Magu said [...]

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    Fitch: Some Nigerian banks may struggle to remain profitable in 2018

Fitch: Some Nigerian banks may struggle to remain profitable in 2018

Fitch, one of the big three rating agencies in the world, says Tier 2 Nigerian banks may struggle to remain profitable in 2018. In a statement released on Thursday, Fitch said reduced treasury bill issuance will affect the profitability of banks. "However, some second-tier banks with a 9M17 operating ROAE of 4%-6% may struggle to remain profitable in 2018." The agency said Nigerian [...]

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    Adegboruwa: BVN not backed by law… court order to freeze bank accounts illegal

Adegboruwa: BVN not backed by law… court order to freeze bank accounts illegal

Ebun-Olu Adegboruwa, human rights lawyer, has described as illegal, the order granting forfeiture of funds in accounts without bank verification number (BVN) to the federal government. On Saturday, TheCable reported that 19 banks had been directed and given the ultimatum of 14 days to advertise accounts without BVN in a national newspaper. This order was given by Nnamdi Dimgba, a judge of [...]

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    Some banks are aiding and abetting corruption, says Magu

Some banks are aiding and abetting corruption, says Magu

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), has lamented the non-compliance with regulations on money laundering and other related offences by some banks and financial institutions. In a statement issued by Wilson Uwujaren, EFCC spokesman, on Tuesday, Magu, who described money laundering as a threat to developing and developed countries, expressed regret “that some banks had [...]

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    Obasanjo urges banks to lower interest rates for farmers

Obasanjo urges banks to lower interest rates for farmers

Ex-president Olusegun Obasanjo has urged commercial banks to lower interest rates for farmers to enable them to access loans for agriculture. Speaking at the opening ceremony of the 2017 Niger state investment summit in Minna on Monday, Obasanjo said high interest rate was one of the challenges farmers face. While explaining that it was difficult for  farmers to pay back loans and [...]

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    Mob sets banks ablaze as policeman ‘kills’ tanker driver (updated)

Mob sets banks ablaze as policeman ‘kills’ tanker driver (updated)

A mob has reportedly set ablaze buildings of two banks – Sterling and Diamond – located in Apapa, Lagos, after a policeman attached to one of the banks allegedly shot dead a tanker driver. The fracas reportedly began when the unidentified mobile policeman objected to the parking of a tanker in front of the bank. The driver was said to have refused [...]

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    ‘Takeover’ won’t affect you, NCC assures 21m Etisalat subscribers

‘Takeover’ won’t affect you, NCC assures 21m Etisalat subscribers

The Nigerian Communications Commission (NCC) has assured 21 million Etisalat subscribers that the telco's N541 billion debt and brewing takeover will not, in any way, affect them negatively. In a statement signed by Tony Ojobo, NCC director of public affairs, the commission said it attempted to find a resolution to the challenges facing the company, but could not get desired results. NCC [...]

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    Etisalat: We are yet to seal a deal on multi-billion naira debt

Etisalat: We are yet to seal a deal on multi-billion naira debt

Etisalat Nigeria says it is still in discussions with banks regarding existing multi-billion naira debt obligations under the syndicated loan agreement signed in 2013. The telco said it has not received any formal communication from the lenders regarding the proposal. "Whilst we are aware of recent news reports stating that the offer has been rejected by the banks, we cannot confirm this [...]

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Exchange Rates

February 04, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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