The total sum paid for infractions by Fidelity bank in H1 2021 was N349.3m lower than the aggregate sum of N414.5m paid as penalties in H1 2020. EKOHOTBLOG reports that five top banks in Nigeria paid a total of N1.4bn as penalties to financial regulatory bodies such as the Central Bank of Nigeria (CBN), Security … Read more
CBN has given a fresh directive to banks over forex ban. EKOHOTBLOG reports that the Central Bank of Nigeria (CBN) has ordered all commercial banks in the country to publish on their websites the names and Bank Verification Numbers (BVN) of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks. … Read more
Polaris and Zenith banks incurred the biggest losses as a result of fraud within the review period, as they lost N938.4m and N360m respectively. Not less than eight deposit money banks in Nigeria lost a total of N1.9bn as a result of fraudulent incidents last year. This was according to data collated from their annual … Read more
According to Olasanoye, some of the fraudulent activities in banks and other financial institutions may be because the casual workers are not professionals, well-trained, and embittered due to inadequate compensation. The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has said that eighty percent of employees of banks and other financial institutions … Read more
Earlier this week, First City Monument Bank (FCMB) announced Yemisi Edun as its MD/CEO replacing Adam Nuru… Guaranty Trust (GT) Bank, on Wednesday, announced the appointment of Miriam Olusanya as its Managing Director/CEO, the first woman to occupy the position since the bank was founded in 1990. Following the announcement, GTBank joined a growing list … Read more
Armed robbers have reportedly attacked police stations and banks in Osun State. Unknown gunmen suspected to be armed robbers have reportedly attacked two commercial banks and police stations in Osun State on Wednesday evening. EKO HOT BLOG gathered that many residents were shot dead during the attack in Apomu and Ikire town in the state. … Read more
Rivers State Governor, Nyesom Wike, has vowed to deal with banks in the state. EKO HOT BLOG reports that the governor of Rivers State, Nyesom Wike, has threatened to stop transacting government business with any financial institution that will frustrate or delay the delivery time of any development projects of his administration in the state. … Read more
Stakeholders and bank accounts holders who rely on unstructured supplementary service data (USSD) to perform financial transactions might be in for a tough time as telecommunications companies move to suspend the service. The Association of Licensed Telecommunications Operators of Nigeria (ALTON) announced the development in a statement on Thursday. . In the statement jointly signed … Read more
Hoodlums reportedly razed buildings housing three commercial banks Suspected hoodlums reportedly razed buildings housing three commercial banks in the Lekki area of the state on Tuesday evening. The incident occurred a few minutes after soldiers attacked #EndSARS protesters at the Lekki tollgate area of the state. Read Also: Is Zamfara Nigeria’s ‘Mackenna’s Gold’? The buildings … Read more
A federal high court in Abuja has adjudged that magistrate courts are not constitutionally empower to order the freezing of bank accounts. The ruling was sequel to a suit file by the children of one Mr Edward Akponovwe Esiso, who’s now late. The children had instituted a legal action against their brother, Yoma Esiso, four … Read more
The Central Bank of Nigeria (CBN) has directed all financial institutions in the country produce the statements of domiciliary accounts of some top businessmen. The apex bank issued the directive in a September 15 letter signed by Z. Markus for the director of banking supervision. The affected individuals include Adebutu Kessington, a businessman popularly referred … Read more
Director, Financial Policy and Regulation at the Central Bank of Nigeria, Mr. Kevin Amugo, says Nigerian banks recovered about N50.32m bad loans from debtors within nine days after the country commenced operations of the Global Standing Instruction. Amugo disclosed on Tuesday at a webinar organised by the Chartered Institute of Bankers of Nigeria Dialogue Series … Read more
The the purpoted impeaced Speaker of Edo State House of Assembly, Mr. Frank Okiye has on Thursday described his purported removal by 17 members of the Assembly as a trivial issue. A new Speaker, Mr. Victor Edoror, was allegedly elected at an undisclosed location in Benin City during an emergency plenary session attended by 17 … Read more
The total debt owed telecos through the use of Unstructured Supplementary Service Data (USSD) by deposit money banks (DMBs) has risen to N70billion. The telecoms operators and banks had locked horns over which of them will deduct charges for transactions carried out through the USSD platform provided by telecom infrastructure. Nigerian Communications Commission (NCC), CEO, … Read more
The Aviation Industry to reopened this month. The federal government on Monday asked some businesses to begin commercial operations following the commencement of the phase two of the ease of lockdown by gradually reopening the economy. Financial institutions got the nod to commence full operation. Hotels were also cleared to reopen “but must observe all … Read more
The Central Bank of Nigeria has released fresh directives to commercial banks on timeframe for resolving ATM, POS and web customer refunds issues. The apex bank in its fresh directives said all banks must resolve all backlog of ATM, POS and web customer transactions within two weeks. The apex bank made this known in statement … Read more
The COVID-19 pandemic has reshaped the entire world – the future of everything and the world of work, but perhaps the most visible effect of this disruption is most felt in the financial services sector, the markets and the global economy. In this regard, the banking sector is one of the most gravely impacted. It … Read more
President Muhammadu Buhari on 27 of April ordered the gradual easing of lockdown occassioned by the COVID-19 pandemic in two states, Lagos and Ogun and the federal capital territory, Abuja. The decision to relax the lockdown, on the one hand, is due to the economic crunch and financial strait that the lockdown has thrown many … Read more
Banks in Lagos generally opened for business on Monday but with many of them not ensuring that their customers kept to the physical distancing rule set by the authorities. Ekohotblog recalls that the Lagos State Government while giving guidelines for the residents of the state to adhere to during the gradual easing of the lockdown … Read more
The Central Bank of Nigeria (CBN) has ordered all banks to stop retrench any workers. According to a statement signed by CBN’s Director, Corporate Communications, Isaac Okorafor, no bank in Nigeria shall retrench or lay-off any staff of any cadre (including full-time and part-time). “in order to help minimize and mitigate the negative impact of … Read more