Tag Archives: bank

Jaiz Bank Plc said it is targeting to achieve N9.780 billion in gross earnings for the first quarter of 2023. The non-interest bank made the projection in its Q1 2023 earning forecast obtained from the Nigerian Exchange Limited (NGX). The lender also projected a pretax profit of N1.403 billion and a profit after tax of N1.263 billion for the stipulated ...

Financial Institution Training Centre (FITC) is worried by the rising involvement of bank workers in fraud cases in Nigeria. It said that such bank staff are taking undue advantage of their access to defraud bank customers. The report, which gave insights into fraudulent activities in Nigerian banks between April and June 2022, showed that 19 employees of banks were sacked ...

Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that bank customers in Nigeria transferred a total of N2.1 trillion over mobile in November 2022. The November figure brought the total mobile inter-scheme transactions on the NIBSS platform to N16.9 trillion in the last 11 months. The value of transactions in November is also the highest monthly record on the ...

Nigeria Deposit Insurance Corporation (NDIC), stated that bank failures are caused by officers entrusted to look after the institutions. Mr Bello Hassan, the Managing Director, disclosed this at an event themed, “Effective Investigation and Prosecution of Banking Malpractices that led to Failure of Banks.” He noted that the investigation and prosecution of failed banks’ offences was provided for under various ...

The trial of three former workers with the First Bank of Nigeria facing attempted fraud charges before a Lagos State Special Offences Court, Ikeja, continued on Wednesday. The defendants, Ozioma Ugorji, 35; Ugwu Emeka, 32; and Obike Chukwuka, 38, were arraigned by the Economic and Financial Crime Commission for allegedly attempting to steal N20bn from the bank. It was learnt ...

The International Monetary Fund (IMF) has explained why dollar scarcity persists in emerging economies, especially sub-Saharan Africa. In an emailed report, Tobias Adrian, the Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department, said the wide spreads between bid and ask prices for the dollar were responsible for limited liquidity in the markets in the region. The ...

Wema Bank Plc has just ended its third SME Business School in Abuja. In partnership with Abuja Enterprise Agency, The SME Business School began on March 14, this year. The platform was aimed at equipping owners with skills that will enable them to run their businesses more profitably. According to a statement by the bank, 150 participants graduated from the ...

The Finance Bill 2021 has made it mandatory for commercial banks to demand the Tax Identification Numbers from anyone who wishes to open an account with them. It also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts. The Leader of the Senate, Yahaya Abdullahi, stated this on Wednesday in his lead ...

As part of its plans to provide highly rated  digital service to itcustomers through self-service banking, Access Bank Plc has launched AccessX that it termed an experience centre. Giving explanation, bank said that the customers would have experience of a digital tour spanning from Artificial intelligence to Robotics, and Smart data. It added that the centre is designed to demonstrate ...

The Stanbic IBTC Pension Managers Limited has dolled out over N800 billion to more than 62,000 retirees since inception. The intimation was made recently during the 2021 virtual Employers Forum organised by the company in Lagos. Speaking during the opening remarks, Chief Executive, Stanbic IBTC Pension Managers Limited, Olumide Oyetan, described the pension transfer window as a positive development for ...