Unity Bank Partners CBN To Assist Cotton Farmers

Forward moving Tier two lender Unity Bank has moved a notch higher Plc in line with its commitment to grow the Nigerian economy using Agriculture as the major catalyst. The Tomi Somefun-led bank has therefore entered into a major partnership with the Central Bank of Nigeria (CBN) and the National Cotton Association of Nigeria (NACOTAN) by flagging off distribution of Seeds/inputs supplies to Cotton farmers for the 2019 planting season nationwide. The distribution is part of the Anchor Borrowers Programme, an Agricultural Development finance initiative of the CBN operated as an on-lending scheme with participating financial…

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Unity Bank Rebounds, Declares N643m Profit

By The Source Unity Bank appears to have escaped impairments that slowed down growth for the mid-tier bank in the last few months. Recall that the Nigerian Stock Exchange, NSE placed the Tomi Shomefun-led bank on suspension for failure to file its financial statements last November. But in what keen market analysts described as a rebound, the bank has announced N643m profit before tax for the nine months financial period ending September 30th, 2018. Notably, analysts insist that the bank has shown increased presence in the agro-business sector by providing…

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CBN: Buhari Shops For Emefiele’s Replacement

By Bayo Bernard Central Bank of Nigeria’s, CBN, governor, Godwin Emefiele is among some cabinet ministers appointed last week by President Muhammadu Buhari as members of Audit and Project committee headed by Vice President Yemi Osinbajo. The committee made up of top ministers in the administration is expected to design a new working template for the administration in the next four years. Buhari has been declared winner of the presidential election conducted by the Independent National Electoral Commission, INEC and he’s expected to be in office till 2023. Apart from…

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$2.8m Seized Cash is For Political Campaigns- EFCC Source

By Bayo Bernard  The Central Bank of Nigeria, CBN has failed to intervene on the allegation of money laundry in which two officials of Bankers Warehouse are currently being held by the Economic and Financial Crimes Commission, EFCC. The decisionby apex bank to keep mum over the matter, the magazine learned may not be unconnected with ongoing EFCC investigations to unravel the source of the cash and suspicion held by the anti- graft body that the seized is meant for campaign purposes. Two officials of BW were arrested last Thursday…

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MTN Bank: “Enter the Dragon”

  By Oji Odu Still battling to free itself from the noose of N1.04 trillion fine in 2015 for refusing to deactivate unregistered lines, later reduced to N330 billion, and which it yet to fully redeem, $8.1 billion fine for illegal repatriation of said amount between 2007 and 2015 and $2 billion in tax arrears, the decision of South Africa’s telecommunications giant and largest telecommunications operator in Nigeria to delve into the banking sector has raised gave concerns. Under what basis does she want to go head to head with…

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CBN Hammer Hovers over Sky Bank, Others

There is palpable fear in the Banking sector as the Central Bank of Nigeria, CBN, over flouting of orders revolving  around the publication of their Financial statements as required by regulations. It was gathered that no fewer than eight Banks are under scrutiny. The CBN had warned Chairmen of Banks who fail to publish their Financial reports as at when due will face sanctions, and even removal depending on how long the delay was found to be, baring other parameters. Some banks, it was gathered, have even delayed the publication…

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