By Mbakaan Kwen, Abuja The Nigeria Deposit Insurance Corporation (NDIC) has been conferred with the special recognition and commendation award for excellence in banking service at the Business Day banking awards 2017. In a statement by Mr. Bakare, a letter of commendation to the corporation from the awards committee anchored by Business Day Research and Intelligence Unit (BRIU) stated that the NDIC was adjudged as an outstanding public service provider with sterling performance which stood high above its peers in effective leadership and accomplishments. The award committee reviewed the pragmatic and tangible transformations which the corporation brought into management and execution of its core mandate including mitigation of corruption, insider abuse as well as containing non-performing loans in the nation’s financial system. “The NDIC has pursued the observance of corporate governance principles in the Nigeria’s financial system”, it stated. While commending the corporation on the feat, the organisers stated that the NDIC had implemented...
by Chibuzo Ukaibe, Abuja The Peoples Democratic Party (PDP) yesterday asked the federal government to heed the caution of the World Bank over plans to borrow $5.5bn loan. The party further urged the National Assembly to consider the plight of our unborn children and reject the request for the $5.5 billion loan by the administration. A statement by national publicity secretary, PDP, Prince Dayo Adeyeye, said the government owes the unborn children the duty not to cripple them before they are born. The party in statement said it “wishes to draw the attention of all Nigerians to the warning by the World Bank on the danger inherent in the continued unbridled borrowing by the President Muhammadu Buhari led Government under the guise of funding National expenditures instead of looking inwards and developing the Nation’s resources for a sustainable revenue flow. “As a Political Party that was in power for 16 years; that worked assiduously...
 By OLUSHOLA BELLO, Lagos Based on its positive performance for the first nine months of the year, the Banking stocks listed on the Nigerian Stock Exchange (NSE) has recorded a market capitalisation growth of N6.305 trillion. From the data gotten from NSE, this shows a growth of 191.63 per cent from a market capitalisation of N2.162 trillion achieved in the beginning of the year 2017. Also, the 15 listed Banking stocks contributed 51.61 per cent to the whole NSE market capitalization of N12.217 trillion recorded at the end of trading on September 29, 2017. Under the period review, the banking sector of the NSE outperformed others, including the benchmark, NSE All-Share Index, rising by 60.46 per cent. An analysis of the individual stock showed that Stanbic and UBA are clear leaders, with 165.46 per cent and 123.60 per cent, respectively. Access Bank recorded a nine-month gain of 79.81 per cent, Fidelity Bank appreciated by...
By Kayode Tokede, Lagos - A total of 11 Tier I and Tier II Commercial Banks operating in Nigeria have seen interest expenses increased significantly pulled by tight monetary environment, resulting in elevated cost of funding despite sluggish customers’ deposits. Finance experts attributed the growth in interest expenses to foreign debt payment expenses and payment on fixed deposit expenses of customers. Managing director, Highcap Securities Limited, Mr. David Adnori, explained to LEDERSHIP during the weekend that financial institutions reported hike in interest expenses over foreign loans payment, stressing “Most of the Tier I banks that borrowed foreign loans had to pay interest and it affected their interest expenses. Besides, drop in the foreign exchange market also increased their interest expenses. “In a move to encourage deposit, banks increased interest expenses on fixed deposit to attract customers and boost their working capital.” Also commenting, Managing Director, Cowry Assets Management Plc, Mr. Johnson Chukwu, said, the Central...
By BUKOLA IDOWU and OLUSHOLA BELLO, Lagos - UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has announced the call for entries for the 2017 edition of its annual UBA Foundation National Essay Competition in Nigeria. The essay competition which is put together for senior secondary school students is organized as part of UBA Foundation’s Education initiative to promote a reading culture and encourage healthy and intellectual competition amongst secondary school students in Nigeria and across Africa. Chief executive officer of UBA Foundation, Mrs. Bola Atta, who announced the call for entries said the essay competition provides an opportunity for students to win prizes in the form of educational grants to help them realise their goals in life. “We are well aware that if you help get one child educated, you help support an entire family as that child will eventually positively impact his/her community. The...
The managing director/chief executive officer of Fidelity Bank Plc, Mr Nnamdi Okonkwo, in this interview with KAYODE TOKEDE, spoke on what Nigerian banks are looking for in funding the agriculture and real sectors of the nation’s economy,  Nigeria’s post-recession era,  impressive half year performance of the bank, among others. Recently, the Nigeria Bureau of Statistics (NBS) said the country is now out of recession, as a banker can you tell us some of the damages recession caused the economy? Recession simply means negative growth in an economy over a specific period of time. I am not in a position to quantify the damage but I am in a position to know that a lot of things slowed down in line with the slowing economic growth, because the banking industry is a melting point of what goes on in the economy. For instance, if my bank has a customer at Idumota in Lagos...
By Kayode Tokede, Lagos - The Ecobank Group has upgraded its Mobile App that will offer Xpress Cash service. The Xpress Cash service allows customers access cash from Ecobank Automated Teller Machine (ATMs) using e-Tokens generated from their Mobile App. The Xpress Cash e-Token gives the customer total control over theirs funds to make convenient withdrawal by self or send to 3rd parties via SMS, email or social media. Released to the iOS Store and Playstore in August 2017, the Ecobank Mobile App 3.1 incorporates several exciting and innovative features which enables non-Ecobank customers activate the Mobile app with their debit cards and conduct seamless transactions as well as make digital payments at merchant locations with Masterpass and mVisa on the App. Commenting on this new development, Ecobank Nigeria Executive Director, Consumer Banking, Mrs. Carol Oyedeji said “with these exciting and innovative features on the Ecobank Mobile app, customers will continue to enjoy...
By BUKOLA BELLO, Lagos As schools resume for another academic session, First Bank of Nigeria Limited, says it has set aside a N15 billion facility to be disbursed to private schools though its array of products designed to enable them acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards back to school. The bank in a statement at the weekend said it remains committed to supporting schools with their business requirements to enhance preparations for the school year. FirstBank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan against Salary (PLAS) and Salary Overdraft (SODA) which enhances Parents/Guardians’ capacity to pay their wards’ school fees. The FirstEdu loan is targeted at private Nursery, Secondary and A-Levels schools. The product offers opportunity for private schools to access flexible funding...
BY BAYO AMODU AND KAYODE TOKEDE Given severe macro economy challenges, United Bank for Africa Plc (UBA) for half year ended June 30, 2017 (H1) recorded impressive increase in gross earnings that impacted on its net interest income and probability. The prudent management of these financial parameters impacted on financial institution profitability in the period under review, reaffirming the pan-African bank as one of the most profitable and well managed financial institution in Africa. The lender joined other banks to release audited half year results to the Nigerian Stock Exchange (NSE) with impressive performance in key indices in following up to the first quarter results that was released early in the year. Growth in profitability further reflects the earnings capacity of the Group and its capability to progressively deliver superior returns to shareholders. The growth in profitability impacted positively on shareholders return as management paid interim dividend of N0.20 per share. With the tight liquidity...
By MARY TITUS, Abuja with agency report - Some bank customers in the South-East have urged the Central Bank of Nigeria (CBN) to compel commercial banks to urgently address challenges facing transactions with ATMs at weekends and national public holidays The customers made the appeal in separate interviews with the News Agency of Nigeria (NAN) on Monday while expressing frustration, anger and anxiety due to the poor performance of the ATMs in banks during the long Eid-el-kabir holidays. In Abakaliki, there were long queues at many ATM points during the holidays due to network failures and cash shortages. NAN reports that customers were seen shuttling from one bank to another in efforts to make withdrawals. But bank officials attached to the ATMs declined to make comments. Customers have questioned the CBN for encouraging the banking public to use electronic payment system when they could not fix the problems associated with the e-banking. “Nigerian banks should upgrade...