Press Statement   The allegations raised are a direct result of sustained efforts by the Bank to recover its assets from an aggrieved ex Management staff over the last 18 months.  We are working with the relevant law enforcement agencies in this regard.   The Bank remains focused on its objective of asset recovery and is pursuing these claims lawfully, working with the law enforcement agencies to recover its assets and resolve all the issues. The Bank will continue to work with all regulatory bodies and will provide all necessary information that may be required.   Regardless of the news, allegations and information that may continue to circulate, we are confident that the truth will emerge. The Bank will continue to focus on its daily operational activities and will not be dragged into public exchange of words in a bid to distract it from its ongoing recovery process.   Over the years, ASO Savings &...
By Patrick Ochoga A Professor of Law at the Ambrose Alli University, Ekpoma, Edo State, Professor Jim Akhere, has stated that bitcoin as an encrypted virtual currency is a revolutionary and disruptive concept of currency that is bound to hold sway in Modern Global economic order. He argued  that “ the normal currency which depends on central government planning and control is subject to instability, economic volatility and it is used for transaction settlements during which process it can easily be debased adding that “paper money ultimately reverts to its original intrinsic value which is zero“ This position was contained in a paper presentation made available to LEADERSHIP by Professor Jim Akhere, on Cryptocurrency under the aegis of DBI & Spindlar Cyberlaw Centre. He pointed out that the advantages in the use of Cryptocurrency- it's  scam free nature, instantaneous settlements,  lower fees, accessibility to everyone and absence of identity theft, are irresistible qualities in the...
By Kayode Tokede, Lagos The National Bureau of Statistics (NBS) has disclosed that commercial banks reduced their lending to the economy by N292 billion in the second quarter (Q2) of 2017.  The bureau in its report titled: “Selected Banking Sector Data” also disclosed that Electronic Payment Channels in the Nigeria Banking Sector hits N19.78 trillion in Q2 of 2017. According to NBS report, Commercial banks’ lending to 17 sectors of the economy fell to N15.7 trillion in Q2  of 2017 from N16 trillion in first quarter (Q1)  2017, indicating a drop of N292 billion or 1.8 per cent. The 17 sectors according to NBS include Agriculture, Mining and Quarrying, Manufacturing, Oil and Gas, and Power and Energy, among others. However when compared to lending in the second quarter of 2016, commercial banks’ lending to the sectors increased by 0.57 per cent to N15.5 trillion. The report by NBS also showed that oil...
By Bukola Idowu, Lagos - The oil and gas sector continued to account for the largest potions of the banking industry credit, clinching N3.35 trillion of the N15.71 trillion credit to private sector by banks in the country in the second quarter of the year. This is 22.46 per cent of the total banking industry credit to the private sector, a little higher than 22.34 per cent which it accounted for in the first three months of the year. Credit to the manufacturing sector was however much higher than as the sector accounted for 14.11 per cent of the credit to private sector by banks in the second quarter compared to 13.39 per cent share which it held in the first three months of the year. According to the National Bureau of Statistics, Nigerian banks credit to the manufacturing sector had risen to N2.22 trillion as at June 30, 2017. The NBS...
By BAYO AMODU, Abuja The Association of Bureaux De Change Operators of Nigeria (ABCON) has decried a situation whereby more than 700 Bureau De Change (BDC) operators in recent months have been rendered inactive in the Central Bank of Nigeria (CBN) Forex Window. This, according to the body, has put the sustainability of their businesses under serious threat. President of the association, Alhaji Aminu Gwadabe, who confirmed the development at the weekend, said the BDC business has been badly affected by uncompetitive rate as the CBN sells dollars to BDCs at higher rate compared to what the regulator sells to commercial banks, yet both institutions target the same market segment and customers. The BDCs, he said, buy dollar from the CBN at N360/$1 and sell to end users at N362/$1 while the regulator sells to commercial banks at N358/$1 and the banks sell to end users at N360/$1. The CBN’s approved list showed that...
With the growing macroeconomic headwinds, companies operating in the country are faced with an unattractive return for shareholders and the public at large. Undeniably, companies’ operations suffered setbacks but some companies’ effective business strategies have enhanced corporate responsibility and sustainability. KAYODE TOKEDE captures the impact of FBN Holdings sustainable interventions on stakeholders and its outlook for the future.  Since its creation 123 years ago, 1894 to be precise, FirstBank has retained its number one position as the strongest financial institution in the country and this has transited into a strong Holdings Company. The FBNHoldings emerged from the erstwhile FirstBank Group in 2012 to effectively diversify and leverage the synergy of the group’s financial services businesses, and actively provide a full range financial services to customers, FBN Holdings’ success story can be attributed to the corporate responsibility and sustainability which are deeply rooted across the communities where it does business. The financial...
The naira on Thursday continued to fall against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency lost one point to exchange at N368, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed at N478 and N432. At the Bureau De Change (BDC) window, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N478 and N432. However, the naira appreciated at the investors’ window, exchanging at N361.17 stronger than N362.39. Traders at the market told NAN that in spite of the weekly auction of foreign exchange by the Central Bank of Nigeria (CBN) to BDC, the naira continued to depreciate. (NAN)