Category Archives: Banking

CBN Auctions N115bn Treasury Bills

The Central Bank of Nigeria sold a total of N114.6 billion worth of treasury bills yesterday, in its first such auction since mid-July as it seeks to boost dollar liquidity in the currency market. The Bank offered to sell N100

‘Insufficient power supply is constrained business activities’

The Central Bank of Nigeria (CBN) Wednesday disclosed that some firms in the country have identified insufficient power supply, high interest rates and unfavourable economic climate as major factors that constrained businesses in July. Other factors, according to the bank,

Market index falls further on sustained sell-offs

Following sell-offs in highly capitalised stocks, the Nigerian stock market sustained sliding profile at the end of yesterday’s transactions, causing the All-Share Index (ASI) to slump further by 0.4 per cent. Losing 102.31 points to 27,718.26 points. Consequently, investors lost

Nigeria records $15bn investments in six months

Between January and June this year, the Nigerian economy recorded a total investment commitment of $15.15bn in various sectors of the economy, the Nigerian Investment Promotion Commission has said. Figures obtained from the NIPC showed that the $15.15bn proposed investments

Fidelity pledges more support for MSMEs

Fidelity pledges more support for MSMEs

Fidelity Bank Plc has reinstated its commitment to grow the next generation of entrepreneurs in the country by supporting micro, small and medium scale enterprises (MSMEs) through its funding connect initiatives. Speaking at a Fidelity Bank Plc Radio Clinic show

NNPC boss explains $1.8bn OMLs renewal fee

The Nigerian National Petroleum Corporation has said that it is unnecessary for it to pay the 60 per cent ($1.8bn) lease renewal fees, which is its equity contribution in the Oil Mining Leases 67, 68, and 70. This, it said,

Access bank issues tier II N30bn local bond

To further strengthen its funding base, Access Bank Plc at the weekend announced that it has successfully issued a Tier II N30 billion fixed rate subordinated unsecured bond. The bond was oversubscribed, which according to a statement from the bank,

AIICO’s claims settlement tops N90b in five years

AIICO Insurance Plc said its unwavering commitment to fulfilling obligations to customers has resulted in a cumulative claims and benefits pay out of over N90 billion in the past five years. The company’s Head, Strategic Marketing and Communications Department, Segun

NUBIFIE to challenge Ecobank’s sacking of 1,200 workers

NUBIFIE to challenge Ecobank’s sacking of 1,200 workers

They’re not our staff, Bank defends Bank workers under the auspices of the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), are preparing for a headlong collision with Ecobank Nigeria, for sacking about 1,200 personnel nationwide without recourse

CBN limits daily standing deposit facility to N2 billion

CBN limits daily standing deposit facility to N2 billion

The Central Bank of Nigeria (CBN) last night introduced fresh rules for accessing its Standing Deposit Facility (SDF). The SDF is the rate at which commercial and merchant banks deposits funds with the CBN. The CBN stated this in a

Fidelity Bank partners PwC on SME funding

Fidelity Bank partners PwC on SME funding

To address the funding challenges of the Small and Medium Enterprises (SMEs) in the country, Fidelity Bank Plc in collaboration with PricewaterhouseCoopers (PwC) is set to kick-start the SME funding connect initiative. Addressing the media in Lagos on Thursday, the Managing

Firm launches Fin-tech App for businesses

Firm launches Fin-tech App for businesses

An indigenous financial technology company, Hollaport Technologies Ltd, has launched a mobile application for one-stop-business transactions for individuals and businesses to explore maximally. At the launch over the weekend, the Chief Executive Officer, CEO, Hollaport Technologies Ltd, Kabiru Rabiu, said