banks

Several Nigerian Banks Face Delays in Meeting Recapitalization Deadline Detailed Breakdown: As the June 2026 deadline set by the Central Bank of Nigeria (CBN) for recapitalization approaches, some Nigerian commercial banks are experiencing delays in raising the required capital. While...

Investor Verification Delays Bank Recapitalisation Share Allotments The recapitalisation efforts of several Nigerian banks are facing delays as the Central Bank of Nigeria’s (CBN) investor verification process stalls the allotment of shares. Following the CBN’s announcement of new capital...

CBN AND SEC IMPOSE N1.5BN FINES ON 10 NIGERIAN BANKS FOR FOREX VIOLATIONS In the first half of 2024, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) sanctioned 10 major banks for violations related to foreign exchange guidelines and other regulatory...

SEVEN NIGERIAN BANKS PAY N392.53BN IN TAXES AMID SOARING PROFITS Detailed Breakdown: Seven Nigerian banks have collectively paid N392.53 billion in taxes during the first half of 2024, reflecting a significant rise in their tax obligations. These figures come from their second-quarter...

NIGERIAN BANKS MAINTAIN STRONG POSITION DESPITE CURRENCY CRISIS: ANALYZING THE 2024 AFRICAN BANK RANKINGS Despite Nigeria's ongoing currency devaluation and economic difficulties, the country’s banks have demonstrated resilience, achieving high rankings in two key assessments of African...

CBN WITHDRAWS N1.3 TRILLION FROM BANKING SYSTEM IN SEPTEMBER TO TIGHTEN LIQUIDITY The Central Bank of Nigeria (CBN) withdrew N1.3 trillion from the banking system in September 2024 through Nigerian Treasury Bills (NTB) and Open Market Operations (OMO) auctions, according to a report by...

NDIC STRENGTHENS JUDICIARY PARTNERSHIP TO EXPEDITE RECOVERY FOR DEPOSITORS OF FAILED BANKS Key Details: The Nigerian Deposit Insurance Corporation (NDIC) is enhancing its collaboration with the judiciary to speed up legal actions against failed financial institutions. NDIC Managing Director...

SIX NIGERIAN BANKS FACE NEARLY N2 TRILLION IN LEGAL CLAIMS Detailed Breakdown: As of June 2024, six major Nigerian banks are collectively facing litigation claims amounting to N1.91 trillion. These claims include various lawsuits related to business operations, though the banks maintain that...

SEC GUIDELINES ENHANCED TRANSPARENCY IN BANK'S RECAPITALIZATION PROCESS The Securities and Exchange Commission (SEC) has highlighted that its guidelines played a pivotal role in ensuring the transparency of Nigeria’s recent banking recapitalisation exercise. Dr. Emomotimi Agama, the...

BANKING LIQUIDITY SURGES TO OVER N1 TRILLION AMID MARKET OPTIMISM Liquidity in Nigeria’s banking sector has seen a sharp increase, rising by 62.4% to reach N1.2 trillion, according to a report by Afrinvest. This surge is attributed to significant inflows from the Central Bank of Nigeria’s...

SEVEN NIGERIAN BANKS RECORD N132.45 BILLION IN E-BUSINESS REVENUE FOR H1 2024 Detailed Breakdown: Seven prominent Nigerian banks collectively generated N132.45 billion from their e-business operations in the first half of 2024, showcasing a significant surge in digital banking adoption across...

NIGERIAN BANKS BORROWED N3 TRILLION FROM CBN 1. Banks Borrow N3 Trillion: Nigerian banks and discount houses borrowed a significant amount of N3 trillion from the CBN using the Standing Lending Facility (SLF) within a single week. The SLF is a tool used by the CBN to provide short-term...

NIGERIAN BANKS EXTEND N75.48TN CREDIT TO PRIVATE SECTOR AMID ECONOMIC GROWTH PROSPECTS The Central Bank of Nigeria (CBN) reported that as of July 2024, banks' credit to the private sector surged to ₦75.48 trillion, marking a 34% increase from the ₦56.46 trillion recorded in July 2023. This...

RECAPITALISATION: ASHON ACCUSES BANKS OF SIDELINING STOCKBROKERS Main Points: 1. Accusation by ASHON: The Association of Securities Dealing Houses of Nigeria (ASHON) has accused banks of bypassing licensed stockbrokers during the ongoing recapitalisation exercise. 2. Issue with Banks: Banks...

FIVE BANKS BUDGET N222BN FOR CYBERSECURITY Summary: - Purpose of Investment: - Five financial institutions are allocating $1.20 billion (approximately N222 billion) from capital raised to invest in technology and enhance cybersecurity infrastructure. - This is in response to the new...

BANK'S ASSETS RISE TO N121.8TN — ENTERPRISENGR Growth in Banking Sector Assets: - The total assets in Nigeria’s banking sub-sector within the Financial & Professional Services (FPS) Sector increased significantly by 56.14%, reaching a value of ₦121.8 trillion. This growth is a clear indicator...

UNION BANK BEGINS RECAPITALISATION Summary: Union Bank of Nigeria has initiated a recapitalisation process, as disclosed by the Managing Director/CEO, Yetunde Oni, following the release of the bank's half-year financial results. This move aligns with the Central Bank of Nigeria's (CBN)...

ANALYSTS RAISE CONCERNS ABOUT THE N3.79 TRILLION HELD OUTSIDE NIGERIA'S BANKING SYSTEM 1. Surge in Unbanked Currency: - Current Data: The amount of currency outside Nigeria's banking system increased to N3.79 trillion in June 2024, up from N3.61 trillion in April. 2. Impact on CBN Policies...

PRIVATE JET CONTROVERSY, WINDFALL TAX, AND BANK CAPITALISATION SUMMARY: Recent debates in Nigeria's banking sector have focused on two major issues: a proposed windfall tax on banks' excess profits and the purchase of private jets by bank executives. These topics featured prominently in a...

CBN DUMPS 12-MONTH FOREX POLICY WITH $876M AUCTION Key Points: 1. CBN Forex Auction: - Amount Auctioned: $876.26 million. - Participating Banks: 26 commercial banks. - Objective: Strengthen the naira by improving foreign exchange liquidity. 2. Impact on Naira: - Naira...