CBN/Commercial Banking - Abia ThinkTank News

Jun

2024

Your Bank Deposits Are Safe – CBN Reassures Nigerians

CBN/Commercial Banking, Economy, News Flash

Your Bank Deposits Are Safe – CBN Reassures Nigerians The Central Bank of Nigeria (CBN) has again reassured the banking public of the safety of their deposits and the banking system’s resilience. The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Monday in Abuja. Sidi-Ali’s statement was a response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation, She faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks. She…

Jun

2024

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By Abia ThinkTank

FX Gain Now Major Source Of FAAC Revenue – Report

CBN/Commercial Banking, Economy, News Flash

FX Gain Now Major Source Of FAAC Revenue – Report A think-tank organisation, Agora Policy, has stated that foreign exchange gains have become a major source of revenue for the Federation Account Allocation Committee. In the report titled “How Exchange Gain Became a Major Source of Federation Revenue”, Agora Policy said the exchange gain saw an increase after the unification of the foreign exchange market. Exchange gain represents the difference between the exchange rate projected in the budget and the actual rate at which applicable revenue streams are converted at FAAC. The organisation stated exchange gain had been a feature…

Jun

2024

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By Abia ThinkTank

Heritage Bank Customers Besiege Headquarters For Payment

CBN/Commercial Banking, Economy, News Flash

Heritage Bank Customers Throng Headquarters For Payment Customers of the liquidated Heritage Bank gathered at the bank’s headquarters in Lagos on Wednesday, to seek clarification on the beginning of their deposit payments. A visit by a News Agency of Nigeria correspondent revealed that security personnel stationed at the bank’s entrance prevented customers from entering the premises. Addressing the customers through the gate, an official informed them that payments had begun for savings account holders and would continue until Friday. “You don’t need to take any action. NDIC staff are already processing payments. Your money will be transferred to your other…

Jun

2024

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By Abia ThinkTank

Femi Otedola Tackles Jim Ovia, Exposes ‘Fraudulent Transactions’ In Zenith Bank Account

CBN/Commercial Banking, Crime, Economy, News Flash

Femi Otedola Tackles Jim Ovia, Exposes ‘Fraudulent Transactions’ In Zenith Bank Account The face-off between Femi Otedola, billionaire businessman, and Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud has taken a turn for the worse, TheCable understands. Otedola had accused Ovia of unlawfully using the Zenith Bank account of his company, Seaforce Shipping Limited, to trade in 2011 without his knowledge or consent. Although this and other allegations are being investigated by the Force Criminal Investigation Department (FCID) of the police, moves are being made to resolve the matters amicably. TheCable has contacted Ovia and Zenith…

Jun

2024

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By Abia ThinkTank

CBN Speaks Over Reports Of Planning To Revoke Licenses Of Unity, Polaris, Keystone Banks

CBN/Commercial Banking, Economy, News Flash

CBN Speaks Over Report Of Planning To Revoke Licences Of Unity Bank, Polaris Bank, Keystone The Central Bank of Nigeria (CBN) says it has no plans to revoke the licences of Unity, Polaris, and Keystone banks. Online reports had claimed the apex bank would terminate the licences of the three banks, following the revocation of Heritage Bank’s licence. However, in a post on its social media pages on Tuesday, the bank said the content was not authentic. “The content is fake and not from the CBN,” the post reads. On June 4, the Central Bank of Nigeria (CBN) revoked the…

Jun

2024

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By Abia ThinkTank

Zenith Bank’s First Female GMD Assumes Office

Business, CBN/Commercial Banking, Economy, News Flash

𝐙𝐞𝐧𝐢𝐭𝐡 𝐁𝐚𝐧𝐤'𝐬 𝐅𝐢𝐫𝐬𝐭 𝐅𝐞𝐦𝐚𝐥𝐞 𝐆𝐌𝐃 𝐀𝐬𝐬𝐮𝐦𝐞𝐬 𝐎𝐟𝐟𝐢𝐜𝐞 The newly appointed Group Managing Director of Zenith Bank Plc, Dr. Adaora Umeoji, assumed duty at the bank's head office in Lagos on Monday. The company revealed this in a video shared on its Facebook page on Monday. The caption read, "Dame (Dr.) Adaora Umeoji OON, Group Managing Director / CEO, Zenith Bank Plc, arrives Zenith Bank Head Office in Lagos." PUNCH Online had earlier reported that the company's secretary, Michael Otu, disclosed in a statement that Umeoji's appointment was effective June 1. Umeoji takes over from the former GMD, Dr. Ebenezer Onyeagwu,…

Jun

2024

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By Abia ThinkTank

First Bank Employee On The Run After Diverting N40 Billion

CBN/Commercial Banking, Crime, Economy, News Flash

First Bank Employee On The Run After Diverting ₦40 Billion First Bank of Nigeria has initiated legal proceedings to recover substantial sums of money allegedly embezzled by an employee. The bank, which boasts a market capitalization of ₦829 billion, reported the incident to the Nigerian Police Force on March 25, 2024, and subsequently obtained multiple court orders to freeze accounts linked to the stolen funds. According to Tech Cabal, the employee at the centre of the scandal, Tijani Muiz Adeyinka, was a manager on the electronic products team at First Bank’s head office in Iganmu, Lagos. Adeyinka, now a fugitive,…

May

2024

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By Abia ThinkTank

FG Plans Single-Digit Loan Scheme For Media Houses

FGN, CBN/Commercial Banking, Economy, News Flash

FG Plans Single-digit Loan For Media Houses Apparently concerned about the high cost of production inputs, the federal government plans to support interested media houses with single-digit loans to keep them in business. Minister of Information and National Orientation, Mohammed Idris, announced the intervention at the ministerial performance briefing to mark the first year of the Tinubu administration in office. He said the proposed loan for media establishments was being coordinated by the Bank of Industry, BOI.He said: “We are also creating an enabling environment for all players and stakeholders in the media and information ecosystem to thrive. “One highlight…

May

2024

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By Abia ThinkTank

CBN Sacks Over 200 Senior Staff Members

CBN/Commercial Banking, Labour, News Flash

CBN Sacks Over 200 Senior Staff Members No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties. This is an addition to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between March 15 and April 11, 2024. The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. Sources say those sacked are not less than 200. A staff member who could not disclose further details for fear of victimisation added that…

May

2024

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By Abia ThinkTank

Court Seizes $4.7m, N830m, Multi-billion Assets Linked To Emefiele (Full List)

CBN/Commercial Banking, Crime, Economy, News Flash

Court Seizes $4.7m, N830m, Multibillion Assets Linked To Emefiele (Full List) A Federal High Court sitting at Ikoyi, Lagos has ordered an interim forfeiture of the sums of $4,719,054 million USD, N830,875,611 million, and several properties linked to the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Yellim Bogoro made the order on Thursday, May 23, 2024 following an ex-parte argued by the Economic and Financial Crimes Commission (EFCC) counsel, Bilkisu Buhari and C.C Chineye. “I find merit in the application and same hereby granted as prayed. “The applicant should publish this order in any…