banks

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...

WHAT YOU SHOULD KNOW BEFORE INVESTING IN BANK SHARES - Author: Damilola Aina Key Points: 1. Central Bank Directive: - Reason for Investment Focus: The Nigerian banking sector is a current investment hotspot due to a new Central Bank of Nigeria (CBN) directive. - Mandate: Increase in...

CAPITALISATION: BANKS ENLIST WORKERS TO BOOST CAPITAL BASE Summary: - Context: To meet Central Bank of Nigeria (CBN) recapitalisation requirements, Deposit Money Banks have mobilized employees to help increase their capital base. Details: 1. Employee Targets: - Bank employees have been...

BDAN's POSITION ON WINDFALL TAX Key Points: 1. BDAN’s Position: - Statement: The Bank Directors Association of Nigeria (BDAN) has distanced itself from the views of some bank chairmen regarding the proposed windfall tax on foreign exchange earnings. - Chairman’s Comment: Mustapha...

BANK RECAPITALISATION, CATALYST FOR A $1TN ECONOMY- AFRINVEST Key Findings: 1. Projected Debt Stock: - Nigeria’s public debt stock is anticipated to reach ₦130 trillion by December 2024. 2. Current Debt Statistics (Q1 2024): - Total Public Debt Stock: ₦121.67 trillion - Domestic...

SUMMARY OF FIVE BANKS FX GAINS REPORT FOR H1 Key Findings: 1. Overall Forex Gains: - Total Forex Gains for H1 2024: ₦67.89 billion - Comparison with H1 2023: A 67.89% decrease from ₦211.42 billion 2. Bank-Specific Forex Gains: - FCMB Group: - H1 2024 Gains: ₦35.19 billion -...

CUSTOMER'S DEPOSITS RISE TO N136TN IN Q1 2024 Key Points: 1. Deposit Growth: - Total Deposits: Customers' deposits in Nigerian banks have increased to N136 trillion by the end of Q1 2024. - Recent Increase: This figure represents an 18.26% rise from N115 trillion in 2023 and a 63%...

RETAIL INVESTORS MAY SHUN BANK STOCKS AFTER N1.6TN LOSS Key Points: 1. Market Capitalisation Loss: - Total Loss: Banking stocks on the Nigerian Exchange have lost approximately N1.62 trillion in market capitalisation since the Central Bank of Nigeria (CBN) issued a recapitalisation...

FEMI OTEDOLA ANNOUNCES SUPPORT FOR WINDFALL TAX 1. Support for Windfall Tax - Purpose of Windfall Tax: - Otedola supports the windfall tax, which is a levy on companies or individuals who receive significant, unexpected profits. He believes this tax helps ensure a fairer distribution of...

SUBSCRIPTION FOR 9 BILLION SHARES OF GTCO AT N44.50 PER UNIT OPENS Guaranty Trust Holding Company (GTCO) Plc has commenced a public offer to raise N400.5 billion to strengthen its operations, including its banking subsidiary, GTBank Nigeria Limited. This move follows a Central Bank of Nigeria...

ZENITH BANK WINS MULTIPLE AWARDS Zenith Bank Plc has been honored with two awards at the World Finance 2024 Awards. The bank was named the Best Commercial Bank in Nigeria for the fourth consecutive year and also received the Best Corporate Governance award in Nigeria for the third year in a...

EXCITEMENT AS FIDELITY BANK RIGHTS ISSUE, PUBLIC OFFER OPEN Fidelity Bank Plc has commenced its rights issue and public offer today, June 20, 2024, generating significant excitement among investors on the Nigerian Exchange (NGX) Limited. This follows a record-breaking trading session on...

FBNHOLDINGS: NOTIFICATION OF APPOINTMENTS IN FIRST BANK OF NIGERIA LIMITED Lagos, Nigeria, June 19, 2024 FBN Holdings Plc has announced several key appointments in its flagship subsidiary, First Bank of Nigeria Limited, subject to the approval of the Central Bank of Nigeria: 1. Appointment...

UNITY BANK'S FINANCIAL PROJECTIONS FOR Q3 2024: 1. Profit Projection: - Unity Bank Plc projects a post-tax profit of N5.2 billion for the third quarter of 2024. 2. Revenue Growth: - The bank aims to grow its gross revenue by 8.2%, reaching N26.93 billion, up from N24.89 billion in Q2...

RECAPITALIZATION OF NIGERIAN BANKS AND ITS IMPACT ON THE CAPITAL MARKET- ASHON CHAIRMAN: 1. Recapitalization Requirements: - The Central Bank of Nigeria (CBN) announced new capital base requirements for banks, ranging from N200 billion to N500 billion, based on the bank’s authorization...

CAPITALISATION: FIDELITY BANK OPENS N127BN PUBLIC OFFER Fidelity Bank has initiated a public offer and rights issue to raise N127.1 billion to comply with the Central Bank of Nigeria’s new capitalisation requirements. The bank aims to collect N97.5 billion from the public offer and N29.6...

NIGERIAN BANKS SUBMITTING RECAPITALISATION PLANS, CENTRAL BANK SAYS Nigerian banks have started submitting their plans to meet the new minimum capital requirements set by the Central Bank of Nigeria (CBN) to enhance the financial system and support economic growth. This comes after the CBN...

ZENITH BANK EMERGES NIGERIA’s MOST SUSTAINABLE BANK Zenith bank plc has been named the 'most sustainable bank in nigeria' for the second consecutive year by the international banker 2024 banking awards. the bank's commitment to sustainable banking practices has been highlighted as a key factor...

Banks blocked users from recharging their MTN lines using their platforms, Internet banking, Mobile app, and the USSD on Thursday, due to MTN reportedly offering to reduce the 4.5% they give banks to 2.5%. after disconnecting users from using their platforms to recharge their lines, it seems...