AGS NEWS – The Nigerian Communications Commission (NCC) will this week reveal the names of 18 banks that owe a combined N200bn for using Mobile Network Operators’ (MNOs) USSD platforms. Only four banks have complied with a joint directive from … Continue reading N200bn USSD debt: NCC to name defaulting banks this week
AGS NEWS – The Central Bank of Nigeria (CBN) has reiterated its commitment to maintaining the stability of the country’s financial system, emphasizing regular stress tests to identify vulnerabilities in banks. According to a press release by CBN’s acting Director … Continue reading Banks undergo regular stress tests, says CBN
AGS NEWS – The list of Sean ‘Diddy’ Combs’ accomplices includes prominent executives and bankers, according to a lawyer representing alleged victims of the music mogul. Multiple lawsuits by 120 accusers will mention ‘household names’ as well as companies and … Continue reading Diddy’s ‘list’ of accomplices includes ‘powerful hotel execs, bankers and pharmaceutical bosses,’ lawyer says
AGS NEWS – The amount of unused social intervention funds held by nine Deposit Money Banks has decreased to N399.34 billion, despite the Central Bank of Nigeria (CBN) discontinuing the programme a year ago. As of December 31, 2023, the … Continue reading Banks disburse N132bn intervention fund despite CBN ban – Report
AGS NEWS – Banks and other financial institutions in the country will be closed on Thursday, August 1, 2024, as the planned hunger strike begins across the country. While none of the banks outrightly announced a closure, chats with different … Continue reading Banks, others shut as hunger protest holds
AGS NEWS – In 2023, nine financial institutions paid fines totaling N678 million for regulatory violations, according to an analysis for their annual reports. This amount represents an 89.25% decrease from the N6.31 billion in penalties paid in 2022, indicating … Continue reading Banks fined N678m by CBN and SEC
AGS NEWS – The Central Bank of Nigeria (CBN) has issued a reminder to banks in the country, emphasizing that they cannot use their foreign exchange revaluation gains to pay dividends or cover operational expenses. This caution came through a … Continue reading Banks prohibited from using FX revaluation gains for dividends – CBN
International money transfer operators (IMTOs) including Western Union, MoneyGram, Rapidtransfer, Ria, and others approved by the Central Bank of Nigeria (CBN) will now exclusively use the Nigerian Naira for international transfers. This directive aligns with recent guidelines issued by the … Continue reading Naira now main currency for international transfers – CBN
The Central Bank of Nigeria (CBN) has introduced a revised consumer protection framework, compelling financial service providers (FSPs) to adhere to minimum standards in their advertising and promotional materials. Among the stipulations is a prohibition on referencing unaudited financial statements … Continue reading CBN bans banks from using unaudited accounts in advertisements
Customer complaints to five major Nigerian banks have surged by 117% year-on-year to reach 6,865,217 by June 2023, compared to 3,156,704 complaints during the same period in 2022. This significant increase in complaints was reported in the reviewed Lenders’ reports, … Continue reading Banks report 117% surge in customer complaints, totalling N326.11bn in claims
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 the first half of this year, at least four banks have reported a combined total of N478 billion in non-performing loans, as revealed in their financial reports. Specifically, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc, and two … Continue reading Economic downturn leads to N478 billion in bad loans for banks
Over the past two years, a disturbing pattern has emerged, revealing that a substantial number of both senior bank executives and junior staff members, totaling at least 110 individuals, have been dismissed due to their involvement in fraud-related activities. This … Continue reading 110 executives and staff dismissed for involvement in N82 billion bank fraud
Fraud is causing trouble for Nigerian banks, according to a report by FITC. In the first half of 2023, there were 24,232 cases of fraud in these banks. The report looked at different types of fraud, including mobile fraud, computer/web … Continue reading Report reveals banks’ loss of N6 billion to fraud in six month period
A report from Cordros Securities suggests that the liberalization of foreign exchange is expected to have a moderate impact on banks’ Lending to Deposit Ratio (LDR). Impact of CBN’s plan to reinforce LDR The report, titled ‘Impact of the CBN’s … Continue reading Banks could reevaluate customer loans amid naira depreciation – Experts
A syndicate composed of Citibank, Standard Chartered Bank, Stanbic Bank, and RMB Holdings Ltd has provided the Kenyan government with $500 million in response to its request for $600 million. The loan was confirmed by Haron Sirma, the director-in-charge of … Continue reading Kenya secures $500 million loan from global banks
The Central Bank of Nigeria (CBN) has granted approval to four domestic companies to print cheques within the country, as indicated in a recent circular. The circular, signed by Sam Okojere, Director of the Banking Services Department, revealed the accredited … Continue reading CBN approves four local firms as cheque printers in Nigeria, excludes major players
The Central Bank of Nigeria (CBN) has clarified that the Bank Verification Number (BVN) it issues in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) does not have an expiry date. In a statement released by the CBN’s Acting Director … Continue reading BVN does not have an expiry date – CBN
Telecommunications operators and banks are in discussions to resolve a protracted crisis affecting the Unstructured Supplementary Service Data (USSD) platform in Nigeria. Despite ongoing regulatory intervention from the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), the … Continue reading Banks owe N120b in USSD debt, threaten telecoms operators’ services
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
Banks are warning of a surge in online fraud in 2022, with much of it originating on social media and dating apps. The number of scams on social media, online marketplaces and dating apps has increased to 77%, according to … Continue reading Banks warn of significant increase in online scams
The Central Bank of Nigeria (CBN) has revealed that the number of account holders placed on the Bank Verification Number (BVN) watch list for fraud-related activities increased by 25% to 7,552 in nine months, highlighting the rising level of fraud … Continue reading CBN puts 7,552 bank account holders on BVN watch list for fraud-related activities
Access Holdings, Nigeria’s largest lender, reported its highest-ever revenue in 2022, largely driven by interest on loans, but its after-tax profit slowed despite a 42.8% increase in turnover, according to its audited financials. The financial services group saw interest earned … Continue reading Access Holdings achieves record N1.4 trillion annual revenue, yet profit declines
The Central Bank of Nigeria has proposed new guidelines for the management of dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions in Nigeria. As per the recently released exposure draft, the proposal suggests that funds … Continue reading CBN’s proposal to consolidate dormant account balances and unclaimed funds. Read full story!
The International Monetary Fund (IMF) has reiterated its growth forecast for the Nigerian economy in 2023, projecting a 3.2 per cent growth rate, according to its recent report titled “World Economic Outlook: A Rocky Recovery 2023 APR”. The report, released … Continue reading IMF projects Nigeria’s economy to grow by 3.2% in 2023
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