CBN/Commercial Banking - Abia ThinkTank News

Aug

2024

Nigeria Still Repaying $10.6Billion Loans Taken By Ex- president Obasanjo, Yar’Adua, Jonathan – World Bank

CBN/Commercial Banking, Economy, FGN, News Flash, Politics

Nigeria Still Repaying $10.6billion Loans Taken By Ex-Presidents Obasanjo, Yar’Adua, Jonathan – World Bank The World Bank Group Finances has disclosed that the Nigerian government is still repaying $10.6billion in loans taken by former presidents. The loans totalling 69 were obtained during the administrations of former Presidents Olusegun Obasanjo, the late Umaru Musa Yar’Adua, and Goodluck Jonathan. The Debt Management Office (DMO) had in June 2024 reported that as of March 31, 2024, Nigeria’s total domestic and external debt stood at N121.67 trillion ($91.46 billion). The domestic debt amounted to N65.65 trillion ($46.29 billion), while external debt was N56.02 trillion…

Aug

2024

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By Abia ThinkTank

26 Banks Qualify In CBN’s $876 Million FX Auction

CBN/Commercial Banking, Economy, News Flash

26 Banks Qualify In CBN’s $876 Million FX Auction To enhance liquidity in the foreign exchange market, the Central Bank of Nigeria, CBN, said it has successfully conducted a Retail Dutch Auction System (rDAS) sale, resulting in the approval of bids valued at $876.26 million from 26 authorised dealer banks. According to a statement by the Director of the Financial Markets Department at the CBN, Omolara Duke, the sale conducted on Tuesday highlights the Central Bank’s efforts to stabilise the foreign exchange market and ensure effective price discovery. A Dutch auction is a type of auction in which the auctioneer…

Aug

2024

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By Abia ThinkTank

CBN Approves Merger Of Unity, Providus Banks

CBN/Commercial Banking, Economy, News Flash

CBN Approves Merger Of Unity, Providus Banks The Central Bank of Nigeria, CBN on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited. The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the nation’s financial system and avert potential systemic risks. “The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders,”…

Jul

2024

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By Abia ThinkTank

President Tinubu Begins Stipend Payments To All Jobless Nigerian Graduates

CBN/Commercial Banking, FGN, News Flash

President Tinubu Begins Stipend Payments To All Jobless Nigerian Graduates President Bola Tinubu’s Government has announced plans to pay monthly stipends to Nigerian graduates who are yet to be employed. The Minister of Information and National Orientation, Mohammed Idris stated this when he received the Charismatic Bishop Conference on a courtesy visit to his office in Abuja. According to him, President Bola Tinubu is working on a policy, which will see young university and polytechnic unemployed graduates in the country receive stipends. This is pending their formal employment in any sector of the economy. “There is also another new policy…

Jul

2024

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By Abia ThinkTank

Gov. Otti Approves Land For The Establishment Of Bankers Training Institute In ABIA, Speaks On ‘JAPA’ Syndrome

Abia State, CBN/Commercial Banking, Good Governance, News Flash

GOV. OTTI APPROVES LAND FOR THE ESTABLISHMENT OF BANKERS TRAINING INSTITUTE IN ABIA, SPEAKS ON ‘JAPA’ SYNDROME The Governor of Abia State, Dr. Alex Otti OFR, has approved land for the building of bankers training institute in Abia State. The Governor gave the approval on Tuesday 23rd July, in his country home of Umuehim Nvosi, Isiala Ngwa South LGA when he received in audience the Executives of the Chartered Institute of Bankers of Nigeria (CIBN) who paid him a working visit. Responding to one of the demands of CIBN for a land to build a training institute in Abia, Governor…

Jul

2024

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By Abia ThinkTank

CBN Raises Rate By 50 Basis Points To 26.75%

CBN/Commercial Banking, Economy, News Flash

CBN Raises Rate By 50 Basis Points To 26.75% .The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate by 50 basis points from 26.25 per cent to 26.75 per cent. The Governor of the bank, Mr. Olayemi Cardoso disclosed this at an ongoing press conference to announce the outcome of the just concluded Monetary Policy Committee meeting in Abuja. The bank set a new Asymmetric Corridor of +500/-100 from +100/-300 around the MPR; a Cash Reserve Ratio of 45 per cent for Deposit Money Banks and 14 per cent for Merchant Banks, while Liquidity Ratio was left…

Jul

2024

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By Abia ThinkTank

How Former CBN Governor Emefiele’s Wife Received Millions In Fraudulent Transfers – Witness

CBN/Commercial Banking, Crime, Economy, News Flash

How Former CBN Governor Emefiele’s Wife Received Millions In Fraudulent Transfers – Witness A witness at the Ikeja Special Offences Court has disclosed how former Central Bank of Nigeria (CBN) Governor Godwin Emefiele transferred millions of naira to his wife, Margaret’s accounts. The witness, an assistant bank manager, Ifeoma Ogbonnaya, on Tuesday, testified that millions were moved in tranches to various companies’ accounts. Emefiele faces trial for abuse of office and alleged $4.5 billion and N2.8 billion fraud. He is facing trial in three courts in Lagos and Abuja, alongside co-defendant Henry Omoile. Prosecutor Rotimi Oyedepo (SAN) led Ogbonnaya in…

Jul

2024

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By Abia ThinkTank

FGN Imposes 7.5% VAT On Cryptocurrency Transactions

Economy, CBN/Commercial Banking, FGN, News Flash

FG Imposes 7.5% VAT On Cryptocurrency Transactions The Federal Government has imposed a 7.5 percent Value Added Tax(VAT) on cryptocurrency transactions. This development was made known after KuCoin; a cryptocurrency exchange, says it will commence collection of the transaction fees for users in Nigeria. In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would commence from July 8 and that for every trade, the 7.5 percent VAT will be applied to the transaction fee — not the total transaction amount. According to KuCoin, if a user buys $1,000 worth of bitcoin with a 0.1…

Jun

2024

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By Abia ThinkTank

N25.7bn Fraud: Supreme Court Affirms 6 Year Jail Term For Ex-Bank Manager, Atuche

CBN/Commercial Banking, Crime, Judiciary, News Flash

N25.7bn Fraud: Supreme Court Affirms 6 Year Jail Term For Ex-bank Manager, Atuche The Supreme Court has upheld the conviction and six-year jail term handed to former Managing Director of the now defunct Bank PHB, Francis Atuche by the Court of Appeal in Lagos in a judgment delivered on June 23. The judgment was on the appeal marked: SC/CR/1223/2023 filed by Atuche. In the lead judgment prepared by Justice Habeeb Abiru, but read by Justice Moore Adumein, the apex court held that the appellant failed to show why it should tamper with the concurrent findings of the two lower courts.…

Jun

2024

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By Abia ThinkTank

FGN Announces Date To Commence Payment Of N150bn SMEs, Manufacturer’s Loan

CBN/Commercial Banking, Economy, FGN, News Flash

FG Announces Date To Commence Payment Of N150bn SMEs, Manufacturers Loan The Nigerian Federal Government says the disbursement of N150 billion in loans to micro, small and medium enterprises and manufacturers would commence by the end of July 2024. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this in a statement through her official X handle on Thursday. Uzoka-Anite said that 60 percent of the proposed one million beneficiaries of the Presidential Conditional Grant had received a financial grant of N50,000 without repayment obligations in the 774 local government areas of the country. She said, “To all applicants…