Business

There was confusion on Monday over alleged invasion of the Central Bank of Nigeria (CBN) headquarters by officials of the Department of State Services (DSS) to arrest the governor of the bank, Mr. Godwin Emefiele. National dailies had reported that DSS arrested Emefiele over alleged terrorism financing. Emefiele had reportedly returned to the country last Wednesday, amidst speculations that he…

Heritage Bank Plc has emerged as the first financial institution in Nigeria to win the “Best Supporting Bank with Central Bank of Nigeria (CBN) Information on Anchor Borrowers’ Programme (ABP).” The apex bank recently awarded Heritage Bank at the Bankers’ Award Night organized and held by the CBN Bankers’ Committee in Abeokuta for its robust publications of information in the…

Access Bank Plc has cited the failure to fulfil some requisite conditions as the reason for calling off the proposed acquisition of Sidian Bank of Kenya. The discontinuation ends Access Bank’s binding agreement with Centum to acquire the entire 83.4 per cent shareholding held by the investment company in Sidian Bank Ltd. A statement issued by the Bank’s parent company…

Equities on the Nigerian Exchange Limited (NGX) on Thursday increased as market capitalisation advanced by N174 billion on buying interest in MTN Nigeria Communications (MTNN) and 34 others. The All Share Index (ASI) rose by 318.98 basis points or 0.62 per cent to close at 52,048.85 points., while the overall market capitalisation value gained N174 billion to close at N28.350…

The embattled Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has returned to Nigeria amid the controversy surrounding his planned arrest by Department of State Services (DSS). He returned from the United States of America to frontally engage forces that wanted to arrest and prosecute him. Emefiele, according to reports doing the rounds in the media, arrived…

The Central Bank of Nigeria (CBN) has warned that it will penalise banks that fail to comply with its directive to dispense the newly redesigned N200, N500 and N1,000 through their Automated Teller Machines (ATMs). The warning was issued on Tuesday by the Director, Currency Operations Department, Ahmed Umar, during a training session for state directors of the National Orientation…

The axe of the Financial Conduct Authority (FCA), the United Kingdom’s financial services regulator has fallen on Guaranty Trust Bank (UK) Limited, fining the lender £7.67million for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019. The FCA in a statement on its website stated that, during the relevant period, GTBank failed to…

The equities market of the Nigerian Exchange Limited on Tuesday closed on a negative note as capitalisation dropped  by N134 billion, triggered by losses in Airtel Africa Plc and 15 others. In summary. the All-Share Index (ASI) declined by 246.48 basis points or 0.48 per cent, to close at 51,446.60 points. Similarly, the overall market capitalisation value shed N134 billion…

The World Bank in its latest global economic prospects report on Tuesday disclosed that global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine. The world in its report stated: “Given fragile economic conditions, any new adverse development—such as higher-than-expected inflation, abrupt rises in interest rates…

The Central Bank of Nigeria (CBN) has said that the sale of Polaris Bank followed due process and has urged the public to disregard what it described as a misleading online publication stating otherwise. The apex bank made the declaration in a statement on Wednesday signed by its Director of Corporate Communications, Osita Nwanisobi. It said contrary to online reports,…