Bank of Industry (BOI) Group Grows Assets to N1.86tn in 2020

Posted by - April 14, 2021

The Bank of Industry (BOI) Group concluded 2020 financial year on a strong note with growth of assets from N1.04 trillion to N1.86 trillion between 2019 and 2020. The development financial institution in its financial statement described the feat, “as a resounding success in a period of significant challenges in the operating environment on account

Banks’ total loans to hit N24tr by 2021,says Afrinvest

Posted by - December 14, 2020

Leading Advisory firm, Afrinvest Limited, has said the total loans in the Nigerian banking industry is expected to hit N24.4 trillion by the end of 2021 due to the growth in loans driven by the 65 per cent Loan-to-Deposit Ratio (LDR) policy of the Central Bank of Nigeria (CBN). Its Group Managing Director, Ike Chioke,

Accelerex Holdings Secures $20m Investment from Africa Capital Alliance

Posted by - November 24, 2020

Accelerex Holdings, Mauritius has announced the signing of an investment agreement with regional private equity firm, Africa Capital Alliance for the Capital Alliance Private Equity IV (CAPEIV) fund to invest $20 million in Accelerex. With this investment, CAPEIV will become a strategic partner in Accelerex and will hold three seats on the company’s board. Accelerex,

CBN plans to promote zero balance account opening

Posted by - October 27, 2020

The Central Bank of Nigeria (CBN) says it will promote the opening of new accounts with zero balance. This was contained in its report, Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2020/2021. According to the report, the apex bank gave this directive to deposit money banks (DMBs) to ensure greater financial

Fidelity Bank names Nneka Onyeali-Ikpe as Managing Director-designate

Posted by - July 20, 2020

Fidelity Bank Plc has notified the Nigerian Stock Exchange (NSE) and the general public of the appointment of Mrs Nneka Onyeali-Ikpe, as the incoming Managing Director/Chief Executive Officer, effective Jan. 1, 2021. The bank made the announcement recently in a notice on the NSE website, signed by Ezinwa Unuigboje, its Company Secretary. The notice said

Fidelity Bank announces N6.6bn profits in Q1

Posted by - May 4, 2020

Fidelity Bank has released its unaudited financial results for the period ended March 31, 2020. According to the bank, gross Earnings for the first quarter of the year, grew by 5.7 percent to N51.2 billion from N48.4 billion in the previous year, whilst Profit before Tax (PBT) stood at N6.6 billion representing a marginal drop

NDIC Commits N1bn to COVID-19 Relief Fund

Posted by - April 9, 2020

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that its board has approved the release of N1 billion to the COVID-19 Relief Fund being put together to fight against the spread of the pandemic in Nigeria. The Bankers’ Committee led by the Central Bank of Nigeria (CBN) had at its emergency tele- conference call meeting

NMFB appoints Kure as Acting CEO, CBN Appoints New Directors

Posted by - January 24, 2020

The Central Bank of Nigeria (CBN) has announced the appointment of Mr. Abubakar Abdulahi Kure as the new acting Managing Director of NIRSAL Micro Finance Bank (NMFB). Kure replaces Yusuf Phillip Yila who becomes Director, Development Finance of the CBN, effective from January 24, 2020. Yila succeeds Dr. Mudashiru Olaitan who retires from the bank

Completed e-payment transactions hit N203 trillion in 6 Months , says CBN

Posted by - January 6, 2020

Electronic payment (e-payment) transactions worth N203.35 trillion were carried out by banks between January and June 2019, Central Bank of Nigeria (CBN) half-year e-payment figures have shown. The disclosure was revealed recently, which states that the transactions occurred through cheques, Automated Teller Machines (ATMs), Point of Sale (PoS), m-Cash, CentralPay, Remita, Nigeria Interbank Instant Payment