ACCORDING to the impacted institutions, AITEO Eastern E&P owes Shell Plc and seven banks $1.7 billion, and if the loan is not paid, it will have an impact on the …
THE Nigerian Air Force has requested a specific fund to improve the operations of the Office of the Surveyor-General of the Federation, because of the importance of its duties to …
THE President-elect of the Chartered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara, is looking forward to leading the organization in building a banking profession that is flexible enough to appeal to Generation Z and thrives on innovation rather than regimentation, while consolidating on the gains of the current leadership, ahead of his investiture in May. Over the weekend, the CIBN had its 2022 annual general meeting, at which Opara was elected as the 22nd President/Chairman of the Institute’s Council. He will succeed Dr. Bayo Olugbemi, whose two-year term is credited with laying the groundwork for the institute’s 46-year-old digital revolution. In an interview with reporters shortly after his election, Opara stated that he would focus on Olugbemi’s “catch-them-young” initiative, adding …
ALLIANZ Nigeria has launched a new family protection plan to cover funeral costs in the event of the death of an insured loved one. The company announced this during an …
IN the first quarter of 2022, the Nigeria Customs Service (NCS), Apapa Area Command, generated about N264.5 billion for the Federal Government. In a review of the Command’s first quarter …
FOUR of Nigeria’s major banks logged a total of 477,405 outstanding customer complaints over the course of a year, from January 1 to December 31, 2020. Zenith, Guaranty Trust Bank, …
THREE Crowns Milk has announced that it will provide Ramadan gift boxes to its Muslim customers. The company stated while giving a statement yesterday that the gift boxes will include fruits and other nutritious products to keep people nourished and energized during the fast. It stated also that it would engage Muslim customers with a variety of rewarding activities throughout the holy month of Ramadan, as part of a newly announced campaign titled “Three Crowns supports your heart.” Gloria Jacobs, Three Crowns’ Marketing Manager, observed that Ramadan presented the business with an opportunity to connect with Muslims around the country. She said, “With this …
PRESIDENT Buhari has written to the House of Representatives to notify them that the deficit in the 2022 Appropriation Act has risen by N965.42 billion to N7.35 trillion. As a …
ACCORDING to information acquired from the Central Bank of Nigeria, the amount of currency in circulation declined by N42.43 billion between January and March. The CBN disclosed in its currency …
THREE Deposit Money Banks in Nigeria have been fined N800 million by the Central Bank of Nigeria for breaking regulations prohibiting clients from trading in cryptocurrencies. The three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc, according to a Bloomberg article released on Wednesday. The sanctions, according to the article, are part of the apex bank’s efforts to ensure that banks follow an order to stop trading in cryptocurrencies because of the damage they pose to Nigeria’s financial system. The CBN released a circular in February 2021 that contained the directive. Furthermore, the CBN ordered banks to close the accounts of two individuals and a firm in November for allegedly trading in cryptocurrency. Despite these restrictions, according to Paxful, a Bitcoin marketplace, Nigeria has the highest volume of bitcoin transactions outside of the US. According to Chainalysis, the country also has the highest proportion of retail consumers completing crypto transactions under $10,000. Reports revealed that Access Bank was fined N500 million for failing to shut customers’ crypto accounts while according to a filing with the Nigerian Exchange Limited, UBA was penalized N100 million for digital-currency transactions by a customer. The report …