Banking and Finance

The World Bank is set to release the second and final tranche of $750 million to the 36 states of the federation as part of a plan to improve governance. The $750 million is being distributed under World Bank’s States Fiscal Transparency, Accountability,…

Beatrice Adeyeye, a retired civil servant from The Polytechnic, Ibadan, Oyo State, has raised the alarm over the disappearance of the sum of N450,000 from her Wema Bank account. The pensioner intended to use the money, which was a loan from the cooperative…

Standard Chartered Bank Nigeria, the local division of London-headquartered multinational banking and financial services firm Standard Chartered Plc, is discontinuing operation of around 50 per cent of branches in Nigeria, a step targeting prioritisation of digital banking, Bloomberg reported Monday, citing insiders. The…

The capital base of Deposit Money Banks (DMBs) and their cash positions remain strong, the Central Bank of Nigeria (CBN) has announced. Both financial sector indicators, banks’ liquidity positions and Capital Adequacy Ratios (CARs) were certified okay by the apex bank while announcing…

The Central Bank of Nigeria (CBN) says it will improve access to finance and credit for households, small and medium-sized enterprises (SMEs) in 2022. Godwin Emefiele, CBN governor, said this at an event held recently in Lagos. He emphasised the need for all stakeholders…

Analysts have predicted that the federal government would sustain borrowing in 2022 as data obtained from the Central Bank of Nigeria (CBN) showed primary market auction rose significantly by 162 per cent in 2021 compared to the previous year. With the federal government’s…

The Board of Directors of the African Development Bank Group has approved an equity investment pool of €10.5m to drive technological innovation across sub-Saharan Africa. The AfDB announced this in a statement titled ‘African Development Bank Group Board approves €10.5m pooled investment in…

A former Deputy Governor of the Central Bank of Nigeria, Tunde Lemo, has said his shareholding in Titan Trust Bank Limited, which is acquiring a majority stake in Union Bank of Nigeria Plc, is very small. Lemo, the chairman of Titan Trust Bank…

Titan Trust Bank ‬Limited (TTB) ‭has become the majority shareholder in Union Bank of Nigeria Plc. This followed an agreement by ‭Union Global Partners Limited, ‬Atlas Mara Limited ‭and other majority shareholders to‬ divest 88.39 per cent shareholding in Union Bank ‭to‬…