Access Bank Introduces Loan For Smartphone Purchase

Access Bank has introduced a financing scheme for procurement of phones for more Nigerians to get connected to more businesses online and deepen financial inclusion. Victor Etuokwu, Executive Director, Retail Banking, said in a statement on Wednesday in Lagos that the loan would provide more Nigerians with access to credit under its Device Finance scheme. The News Agency of Nigeria (NAN) reports that the Device Finance scheme is designed to provide customers on salary income with the opportunity to purchase smartphones of their choice and pay over a period of…

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Debt Overhang: How In The World Will Future Generations Pay Back?

By Uche Mbah While President Buhari and his handlers are dissipating energy on chronic and perpetual blame game on the Economy, it appears the only economic policy that is being vigorously pursued by the All progressives Congress government is borrowing. While pursuing the policy with Catholic zeal, it becomes worrisome when more premium is placed on Propaganda than the economy-in fact, the other economic focus of this administration is the pursuit of oil prospecting in the chad basin-there is no member of his kitchen cabinet that is dedicated as an…

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Unity Bank Posts Impressive Half Year Performance

The managing Director of Unity Bank Plc Tomi Somefun has disclosed that the lender has started reaping from its multiple streams of income which include asset creation, investments and other trade activities. The bank’s boss stated this following the release of its half year results by the Nigeria Stock Exchange, NSE. The results for the period ending June 2019 indicate upward performance in all core indices, better than the results posted within the same period 2018. Somefun stated that the Bank’ s increasing focus core areas of strength such as…

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Islamic Banking On The Rise

The Central Bank of Nigeria, CBN has acceded to rising demand for Islamic financing also known as Islamic banking in Nigeria by increasing the number of Islamic Bank to two. The apex bank recently announced that it has licensed more banks for operations. Two more commercial banks, Blobus Bank and Titan Bank have been given approval to operate, thus increasing the number of commercial banks in the country to 23. The CBN also gave approval for Taj bank to operate as an Islamic financing institution. In 2012, then CBN governor,…

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CBN: More Banks Amid Recapitalisation Row

The Central Bank of Nigeria, CBN has increased the number of deposit money banks in Nigeria to 23. A non-interest/ Islamic bank, was also licensed for operation increasing the number to two. TAJ Bank Limited joins Jaiz Bank a non-interest bank licensed by then CBN Governor Sanusi Lamido Sanusi. The development came on the crest of CBN/MPC meeting in Abuja on Monday. The apex bank had last month said it was considering a fresh recapitalization exercise for all commercial banks in the country. “In the next five years, we intend…

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Debt: Nigeria Owes N24.9 trillion, Set To Borrow More

By Uche Mbah Nigeria’s total debt overhang in the first quarter of the year rose to N24.9 trillion, adding N460 billion in the first quarter of 2019 alone, with indications that Government still has intentions of borrowing more in the coming months. Buhari is said to be shopping for donors to Finance the 2019 budget, even though the budget implementation has remained abysmally low. “We intend to fund the 2019 budget through borrowing locally and internationally with a spread of 50:50. Our focus is on concessionary long-term loans,” the finance…

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Fidelity Bank Wins Financial Times’ Tech Award

Fidelity Private Banking, FPB has been adjudged the ‘Best Digital Networking Bank For Entrepreneurs, Africa 2019’ at 2019 PWM Wealth Tech Awards held in London, United Kingdom (UK) recently. FPB is a specialised division of Fidelity Bank Plc. The award was Organised by Professional Wealth Management, PWM, an industry magazine owned by the Financial Times, the awards celebrate excellence in wealth management technology. Speaking after the award ceremony in London, Fidelity Bank Chief Executive Officer, Nnamdi Okonkwo said that the award is in recognition of excellence, achieved through commitment to…

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Fidelity Bank MD Challenges Auditors On Fraud

Fidelity Bank

The chief executive officer/managing director of Fidelity Bank, Nnamdi Okonkwo has harped on the need for auditors to leverage on opportunities of technology to bring advancement and checkmate fraud in the banking sector. He also advised Chief Audit Executives (CAE) to adopt technology innovations in tackling imminent risk in the sector. Okonkwo made this assertion at the 42nd Quarterly Meeting of the association of Chief Audit Executives (ACAEBIN) where banks’ CAE, representatives from financial Technology (fintech) companies and representatives from the Central Bank of Nigeria gathered to discuss ‘Internal Audit…

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Apart from Paying For Subsidy, 70% Earnings Go For Debt Servicing, Says Sanusi

Emir of Kano Sanusi Lamido

Emir of Kano, Muhammed Sanusi II, has insisted that Nigeria spends over 70% of her earnings on debt servicing, despite spending so much to pay for fraudulent subsidy which has led to the country being on the high way to Bankruptcy. Sanusi spoke in Kano at the third National treasury workshop organized by the office of the Accountant General of the federation. He was invited as a former Central Bank Governor to give an insight into the economy. But he did not mince words: he declared that Nigeria has gone…

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Buhari Replaces Maikanti Baru, Appoints Alleged Aba Kyari’s Brother GMD

President Muhammadu Buhari has approved the appointment of Mele Kolo Kyari as the Group Managing Director, GMD, of the Nigeria National Petroleum Corporation, NNPC. He replaces the current GMD, Maikanti Baru, who bows out on July 7, 2019. Kyari, believed in some quarters to be a brother to former Presidential chief of Staff, Abba Kyari, hails from Borno. But former Aviation Minister, Femi Fani-kayode, claims that they are not related. He said he had known the Kyari  family for long, and that kolo is not a member of their family.…

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