The Federal Government is in advanced negotiations with the World Bank to secure an additional $65 million in funding for the ongoing Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) Project, Sunday AGS has learned. If approved, the new financing … Continue reading FG in Advanced Talks with World Bank for Additional $65m Loan to Boost Procurement
Justice Yellim Bogoro of the Federal High Court sitting in Ikoyi, Lagos, on Monday sentenced a staff member of Ecobank Plc, Solomon Stephen Ufayo, to one year imprisonment for cybercrime involving the fraudulent manipulation of a customer’s bank account to … Continue reading Bank official bags one-year jail term for N2.4m fraud
AGS NEWS – Guaranty Trust Bank Plc confirmed a hacking attempt on its website domain, just a day after renewing the domain name. The incident, which occurred on Wednesday, temporarily disrupted the bank’s website, preventing customers from accessing online services … Continue reading GTB confirms attempt to hack bank’s website
AGS NEWS – The Federal Government raised approximately N4.13tn from bonds in the first half of 2024, according to the FMDQ Exchange Financial Markets Monthly Report for June 2024. The bond issuance in June, valued at N297.01bn, was the lowest … Continue reading FG raised over N4tn via bonds in six months – Report
AGS NEWS – The Nigeria Deposit Insurance Corporation (NDIC) has announced the sale of Heritage Bank’s head office in Lagos and its branches nationwide following the bank’s collapse. An advert revealed that 48 bank properties and additional assets, including vehicles … Continue reading NDIC lists Heritage bank head office and nationwide assets for sale
AGS NEWS – Ann Mayers, aged 74, has been arrested and charged after allegedly robbing an Ohio credit union at gunpoint last week, on April 19. Relatives suggest that Mayers, a victim of an online scam, may have resorted to … Continue reading 74-year-old granny robs bank at gunpoint after losing her life savings to online scammers
Union Bank of Nigeria has announced an upward adjustment in the acquisition price for minority shareholders’ stakes, raising it from N7 per unit to N7.70. The disclosure came in a statement signed by Company Secretary Somuyiwa Sonubi on Tuesday as … Continue reading Union bank concludes steps to delist shares from NGX
In the first half of the 2023 financial period, eight major Deposit Money Banks (DMBs) in Nigeria collectively generated approximately N3.9 trillion in gross earnings. This information has been extracted from the financial statements of these banks, which were made … Continue reading Six banks in Nigeria report N3.9 trillion earnings in six months
In response to the rising cyber threats targeting the Banking and Financial sector, as well as unsuspecting members of the public falling prey to High-yield Investment Fraud (HYIF), the Nigeria Police Force – National Cybercrime Centre (NPF-NCCC) recently organized a … Continue reading Cybercriminals specializing in cloning bank websites for investment scams arrested
Nigerian households and small-scale businesses looking to adopt eco-friendly energy solutions such as solar panels, batteries, and inverters can now access funding of up to N10 million through the FCMB Energy Finance Loan offered by the First City Monument Bank … Continue reading FCMB provides N10 million loan for clean energy to homes and small businesses
A recent research paper from the Bank of Canada delves into the prospects of a cashless society within the nation and investigates the potential role of a digital central bank currency in addressing payment discrepancies. Digital currency could mitigate potential … Continue reading Can a digital currency in Canada bridge gaps in a cashless society?
Bala Ibrahim, a customer of Keystone Bank, has been facing financial difficulties after an ex-manager of a branch in the Agege area of Lagos State, Tijani Saleh, allegedly made an unauthorised withdrawal of N5.9m from his corporate account. Despite Ibrahim’s … Continue reading Businessman tackles bank over illegal N5.9m withdrawal
A report by FITC has unveiled that bank customers in Nigeria encountered a loss of N472 million to fraudulent activities during the first quarter of 2023. The report, obtained from FITC’s website, also indicated that there were a total of … Continue reading Report reveals that bank customers in Nigeria lose N472m to fraudsters in three months
Mrs. Adenike Laoye has been appointed as the new board chair of Accion Microfinance Bank, one of the national microfinance banks in Nigeria. With a law degree and over 30 years of experience in the financial services industry, including 17 … Continue reading Accion microfinance bank welcomes new chairperson
American rapper Fetty Wap has been instructed to provide his DNA and bank records after serving a six-year prison term for his involvement in a federal drug case in Long Island, New York. TMZ reports that upon his release, Fetty … Continue reading Fetty Wap ordered to submit DNA and bank records following 6 year prison sentence
Nigerian citizens can now obtain a debit card from their commercial banks that will serve as both their National Identity Card and their bank card, without incurring any additional fees. The Federal Executive Council has approved a memorandum from the … Continue reading Nigerian banks to integrate national identity and banking services
The Central Bank of Nigeria has raised its benchmark interest rate (MPR) to 18.5% during its recent Monetary Policy Committee (MPC) meeting. This marks the highest interest rate in the country in 22 years. The decision was announced by the … Continue reading Nigeria’s central bank raises benchmark interest rate to 18.5% – Highest in 22 years
During the annual general meeting of the African Development Bank (AfDB) held in Sharm el Sheikh, Egypt, African leaders expressed concern over the global financing architecture that is pushing several African countries into a debt trap amidst challenging socioeconomic conditions. … Continue reading African leaders call for review of global financing architecture to address debt crisis and global challenges
Sovereign Trust Insurance Plc has announced a significant increase in its gross premium written during the 2022 financial period. The company reported a growth rate of 20%, equivalent to N15.2 billion, compared to N12.7 billion in 2021. The audited financials … Continue reading Sovereign Trust Insurance Plc reports 20% growth in gross premium written in 2022
I&M Bank Rwanda has suffered losses of $10.3m in less than three months due to fraudulent client withdrawals, prompting an investigation to try to recover the money. The loss exceeded the $7.6m net profit I&M Group made from the Rwandan … Continue reading I&M Bank in Rwanda affiliate $10.3 million loses due to fraudulent withdrawals
The Central Bank of Nigeria (CBN) has announced that it will impose sanctions on banks found to be assisting unlicensed foreign firms operating in Nigeria. The announcement was made in the “Guidelines for the regulation of representative offices of foreign … Continue reading CBN threatens to sanction banks supporting unlicensed foreign firms
US Federal Reserve raises interest rates to highest level in 16 years in a bid to stabilize prices. This marks the Federal Reserve’s 10th hike in 14 months, with the benchmark rate now between 5% and 5.25%, up from near-zero … Continue reading US federal reserve increases interest rates to highest level in 16 years
KPMG Nigeria has released a survey that shows Polaris Bank has been ranked as the most improved bank under the retail segment. Polaris Bank improved five places to sixth position in the retail segment and also achieved third place under … Continue reading Polaris Bank named most improved retail bank in Nigeria in KPMG survey
JP Morgan Chase has agreed to pay $10.6bn to the Federal Insurance Deposit Corp (FIDC) after regulators closed First Republic Bank in San Francisco, which had been under pressure since last month when two other US banks collapsed. The closure … Continue reading JP Morgan acquires second largest failed US bank for $10.6bn
SunTrust Bank Nigeria Limited, a commercial bank, has reported a Profit Before Tax of N1.51bn for the year ending December 31st 2022, indicating a growth of 195.6% from the previous year’s loss of N1.58bn. According to the bank’s audited financial … Continue reading SunTrust bank records N1.51bn profit before tax for 2022
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