First Bank restates commitment to SMEs, Agric Sector growth

By Elizabeth ADENUGA First Bank of Nigeria Pls has expressed its commitment to the growth of the agricultural value chain and creating opportunities for the Small and Medium Enterprises (SMEs) to thrive in the country. Its Group Head, Marketing and Corporate Communications, Mrs Folake Ani-Mumuney, made the assertion on Sunday at the fourth edition of Fiesta of Flavours in Lagos. The  Fiesta of Flavours is a food and beverage fair that provides an avenue for participants to fully experience the entertainment, art and business of food. The fair organised by First Bank in…

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Ecobank customers decry poor services, call for improvement

By Elizabeth ADENUGA Customers of Ecobank Plc in Kubwa, Abuja on Friday decried the poor services being rendered by the bank and called for improvement. The customers of the two branches of the bank had on Tuesday turned violent over near total collapse of banking services. Officials of the bank were not attending to their customers over what they referred to as “no network’’. Customers who came to withdraw and deposit money in the banks were turned back by the bank workers. The tellers told the customers that they had…

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Fintech will transform financial services – Access Bank MD

By Meletus EZE The Managing Director of Access Bank Plc.,Dr Herbert Wigwe, says Fintech in a few years, will change the face of financial services as the next big thing in Africa. Wigwe made this known during the 3rd National Fintech Conference and Africa Fintech Festival 2018 Edition in Lagos on Wednesday. The theme of the conference was: “Fintech-Beyond and Hype’’. He said that while banks and financial service providers might feel threatened by the presence of Fintech, it would most likely improve traditional financial services, rather than phase it…

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Auditor-General urges Internal Auditors to join fight against corruption

By Meletus EZE The Auditor General of the Federation, Anthony Ayine has called on internal auditors to join the Federal Government in the fight against corruption. Ayine made the call on Tuesday at the National Conference/Annual General meeting of Committee of Heads of Internal Audit Department/units of Nigeria Universities (CHADINU). The conference held at the Kwara State University (KWASU), Malete, has its theme as ‘Fight against corruption in Nigeria: The role of Internal Auditors’. He said an effective audit function was among other vital factors that mitigates corruption, saying that…

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People Money, Entrepreneurship Banks underway soon – Osinbajo

By Giwa SHILE To boost Small and Medium Scale Enterprises(SMEs), Vice President Yemi Osinbajo has said the Federal Government will soon establish People Money and Entrepreneurship Banks. Osinbajo disclosed this while speaking with newsmen during a  visit to  Bodija and Oje markets in Ibadan on Thursday to monitor the Trader Moni initiative. The  initiative is a Federal Government intervention programme for petty traders under the Government Enterprise and Empowerment Programme(GEEP). “As part of efforts to institutionalise the social investment scheme process, this administration will soon establish the People Money Bank and…

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Electronic fraud in banking hits N6.1trn by 2021 – CBN

By Thompson ABISOLA The Director, Consumer Protection Department, Central Bank of Nigeria (CBN) Mr Sunday Salam-Alada, has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021. Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC) in Benin. According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally. Salam-Alada, represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department (RPIRD) NDIC, said it was…

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Bank of Japan’s balance sheet now larger than country’s GDP

By Meletus EZE Japan’s central bank has become the first among G7 nations to own assets collectively worth more than the country’s entire economy, following a half-decade spending spree designed to accelerate weak price growth. The 553.6 trillion yen (4.87 trillion dollars) of assets the Bank of Japan (BOJ) holds are worth more than five times the world’s most valuable company Apple Inc. and 25 times the market capitalisation of Japan’s most valuable company Toyota Motor Corp. They are also bigger than the combined GDPs of five emerging markets –…

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Diamond Bank, Access Bank dispel rumour of business combination, notify NSE

By Meletus EZE Diamond Bank Plc and Access Bank Plc have notified the Nigerian Stock Exchange (NSE) and the general public that both banks are not in any merger or acquisition talks as being circulated in some media. The banks, in separate statements to the exchange on Monday, denied the rumours that they were engaged in merger and acquisition talks. Diamond Bank’s Company Secretary, Mr Uzoma Uja,  said it was not in discussion with any financial institution at the moment on any form of merger or acquisition. Uja said that…

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Fidelity Bank restates commitment to growth of real sector

By Giwa SHILE Fidelity Bank Plc says its commitment to aid the diversification of Nigeria’s monolithic economy made it to continue to channel significant human and financial resources to enhance the real sector. The bank Managing Director, Mr Nnamdi Okonkwo, made the assertion on Wednesday at the bank’s special day at the ongoing Lagos International Trade Fair (LIEF) in Lagos. Okonkwo was represented by Mrs Chijioke Ugochukwu, the Executive Director, Shared Services and Product, at the fair organised by the Lagos Chamber of Commerce and Industry (LCCI). According to him,…

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Stanbic IBTC Bank ranked best in Nigeria, gets 4-star quality rating

By Aliyu DANLADI Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, has received a four-star rating in the maiden Lafferty Banking 500 Global Benchmarking Study. The rating, published by the Lafferty Group which provides research and intelligence to the banking industry across the world, the group said was a validation of the quality of service it provides in the Nigerian market. The Lafferty Banking 500 study is a survey of 500 banks worldwide, expanded from 100 surveyed in 2016 and 2017, in which banks are given star-ratings out of…

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