Financial Services Archives - Nairametrics https://nairametrics.com/category/industries/financial-services/ Destination for Business news and analysis from Africa's largest economy Fri, 14 Jun 2024 11:17:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://nairametrics.com/wp-content/uploads/2021/08/cropped-cropped-favicon-1.png?resize=75,75 Financial Services Archives - Nairametrics https://nairametrics.com/category/industries/financial-services/ 32 32 201037849 ICAN threatens to nullify practice licenses of defaulting accountants https://nairametrics.com/2024/06/14/ican-threatens-to-nullify-practice-licenses-of-defaulting-accountants/ https://nairametrics.com/2024/06/14/ican-threatens-to-nullify-practice-licenses-of-defaulting-accountants/#respond Fri, 14 Jun 2024 09:29:08 +0000 https://nairametrics.com/?p=491244 The Institute of Chartered Accountants of Nigeria (ICAN) has issued a stern warning to its Members-In-Practice (MsIP) regarding the use of invalidated or untenured practice licenses.

The post ICAN threatens to nullify practice licenses of defaulting accountants appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/14/ican-threatens-to-nullify-practice-licenses-of-defaulting-accountants/feed/ 0 491244 Multichoice Group has an account balance of N31.6 billion with Heritage Bank   https://nairametrics.com/2024/06/14/multichoice-group-has-an-account-balance-of-n31-6-billion-with-heritage-bank/ https://nairametrics.com/2024/06/14/multichoice-group-has-an-account-balance-of-n31-6-billion-with-heritage-bank/#respond Fri, 14 Jun 2024 09:17:10 +0000 https://nairametrics.com/?p=491246 Multichoice Group, owners of DSTV, had an account balance of N31.6 billion with Heritage Bank, before the bank’s liquidation.  

The post Multichoice Group has an account balance of N31.6 billion with Heritage Bank   appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/14/multichoice-group-has-an-account-balance-of-n31-6-billion-with-heritage-bank/feed/ 0 491246 Nigerian banks pay N166.4 billion to NDIC as Deposit Insurance premium in 2023  https://nairametrics.com/2024/06/07/nigerian-banks-pay-n166-4-billion-to-ndic-as-deposit-insurance-premium-in-2023/ https://nairametrics.com/2024/06/07/nigerian-banks-pay-n166-4-billion-to-ndic-as-deposit-insurance-premium-in-2023/#respond Fri, 07 Jun 2024 05:41:50 +0000 https://nairametrics.com/?p=490790  Nine publicly listed commercial banks paid a sum of N166.4 billion as deposit insurance premium to the Nigerian Deposit Insurance Corporation (NDIC) in 2023, a 29.3% increase compared to the N128.7 billion recorded in the previous year. 

The post Nigerian banks pay N166.4 billion to NDIC as Deposit Insurance premium in 2023  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/07/nigerian-banks-pay-n166-4-billion-to-ndic-as-deposit-insurance-premium-in-2023/feed/ 0 490790 REPORTS: Otedola publishes bank statement as ‘evidence’ accusing Zenith Bank of “fraudulent Activities” on Seaforce Shipping Account https://nairametrics.com/2024/06/06/otedola-publishes-bank-statement-as-evidence-accusing-zenith-bank-of-fraudulent-activities-on-seaforce-shipping-account/ https://nairametrics.com/2024/06/06/otedola-publishes-bank-statement-as-evidence-accusing-zenith-bank-of-fraudulent-activities-on-seaforce-shipping-account/#respond Thu, 06 Jun 2024 07:54:20 +0000 https://nairametrics.com/?p=490640 Billionaire businessman Femi Otedola has accused Jim Ovia, chairman of Zenith Bank, of engaging in fraudulent activities involving the bank account of his company, Seaforce Shipping Limited.

The post REPORTS: Otedola publishes bank statement as ‘evidence’ accusing Zenith Bank of “fraudulent Activities” on Seaforce Shipping Account appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/06/otedola-publishes-bank-statement-as-evidence-accusing-zenith-bank-of-fraudulent-activities-on-seaforce-shipping-account/feed/ 0 490640 SEC DG engages Securities Dealing Houses in Nigeria to address N190 billion unclaimed dividends https://nairametrics.com/2024/06/06/sec-dg-engages-securities-dealing-houses-in-nigeria-to-address-n190-billion-unclaimed-dividends/ https://nairametrics.com/2024/06/06/sec-dg-engages-securities-dealing-houses-in-nigeria-to-address-n190-billion-unclaimed-dividends/#respond Thu, 06 Jun 2024 07:30:26 +0000 https://nairametrics.com/?p=490722 The Acting Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged the Association of Securities Dealing Houses of Nigeria (ASHON) and other key stakeholders in the capital market to collaborate with the Commission in addressing the substantial issue of unclaimed dividends, which currently stands at a staggering N190 billion.

The post SEC DG engages Securities Dealing Houses in Nigeria to address N190 billion unclaimed dividends appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/06/sec-dg-engages-securities-dealing-houses-in-nigeria-to-address-n190-billion-unclaimed-dividends/feed/ 0 490722 Heritage Bank: NDIC to begin payment to 2.3 million depositors this week https://nairametrics.com/2024/06/05/heritage-bank-ndic-to-begin-payment-to-2-3-million-depositors-this-week/ https://nairametrics.com/2024/06/05/heritage-bank-ndic-to-begin-payment-to-2-3-million-depositors-this-week/#respond Wed, 05 Jun 2024 12:32:12 +0000 https://nairametrics.com/?p=490664 The Nigeria Deposit Insurance Commission (NDIC) says it will begin payment to 2.3 million depositors of the Heritage bank this week.

The post Heritage Bank: NDIC to begin payment to 2.3 million depositors this week appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/05/heritage-bank-ndic-to-begin-payment-to-2-3-million-depositors-this-week/feed/ 0 490664 First Bank recovers N456 Billion loan from Heritage Bank before license revocation https://nairametrics.com/2024/06/05/first-bank-recovers-n456-billion-loan-from-heritage-bank-before-license-revocation/ https://nairametrics.com/2024/06/05/first-bank-recovers-n456-billion-loan-from-heritage-bank-before-license-revocation/#respond Wed, 05 Jun 2024 07:40:56 +0000 https://nairametrics.com/?p=490628 Nairametrics can confirm that First Bank has received the full repayment of a N456 billion loan extended to Heritage Bank.

The post First Bank recovers N456 Billion loan from Heritage Bank before license revocation appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/05/first-bank-recovers-n456-billion-loan-from-heritage-bank-before-license-revocation/feed/ 0 490628 Heritage Bank: CBN says it has no plan to revoke more banking licences  https://nairametrics.com/2024/06/04/heritage-bank-cbn-says-it-has-no-plan-to-revoke-more-banking-licences/ https://nairametrics.com/2024/06/04/heritage-bank-cbn-says-it-has-no-plan-to-revoke-more-banking-licences/#respond Tue, 04 Jun 2024 19:31:33 +0000 https://nairametrics.com/?p=490619 The Central Bank of Nigeria (CBN) has firmly denied allegations suggesting that it plans to revoke the licenses of three more banks following its recent regulatory action against Heritage Bank Plc. 

The post Heritage Bank: CBN says it has no plan to revoke more banking licences  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/04/heritage-bank-cbn-says-it-has-no-plan-to-revoke-more-banking-licences/feed/ 0 490619 Ten banks contribute N33.7 billion to Nigeria’s tech development fund in 2023  https://nairametrics.com/2024/06/04/ten-banks-contribute-n33-7-billion-to-nigerias-tech-development-fund-in-2023/ https://nairametrics.com/2024/06/04/ten-banks-contribute-n33-7-billion-to-nigerias-tech-development-fund-in-2023/#respond Tue, 04 Jun 2024 05:31:47 +0000 https://nairametrics.com/?p=490558 Ten commercial banks in Nigeria contributed a total of N33.7 billion to the Nigeria Information Technology Development Fund (NITDEF) in 2023.  

The post Ten banks contribute N33.7 billion to Nigeria’s tech development fund in 2023  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/04/ten-banks-contribute-n33-7-billion-to-nigerias-tech-development-fund-in-2023/feed/ 0 490558 NDIC to use BVN to verify, pay customers of Heritage Bank up to N5 million  https://nairametrics.com/2024/06/03/ndic-to-use-bvn-to-verify-pay-customers-of-heritage-bank-up-to-n5-million/ https://nairametrics.com/2024/06/03/ndic-to-use-bvn-to-verify-pay-customers-of-heritage-bank-up-to-n5-million/#comments Mon, 03 Jun 2024 17:15:05 +0000 https://nairametrics.com/?p=490544 The Nigeria Deposit Insurance Corporation (NDIC) has said that it has started the liquidation process of Heritage Bank Plc following the revocation of its banking license by the Central Bank of Nigeria (CBN).  

The post NDIC to use BVN to verify, pay customers of Heritage Bank up to N5 million  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/03/ndic-to-use-bvn-to-verify-pay-customers-of-heritage-bank-up-to-n5-million/feed/ 1 490544 CBN clears OPay, Kuda, others to resume new customer onboarding this week  https://nairametrics.com/2024/06/03/cbn-clears-opay-kuda-others-to-resume-new-customer-onboarding-this-week/ https://nairametrics.com/2024/06/03/cbn-clears-opay-kuda-others-to-resume-new-customer-onboarding-this-week/#respond Mon, 03 Jun 2024 16:05:30 +0000 https://nairametrics.com/?p=490541 The Central Bank of Nigeria (CBN) has lifted its ban on OPay, Moniepoint, Kuda, Palmpay, and Paga, clearing the way for the fintechs to resume onboarding new customers.  

The post CBN clears OPay, Kuda, others to resume new customer onboarding this week  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/03/cbn-clears-opay-kuda-others-to-resume-new-customer-onboarding-this-week/feed/ 0 490541 CBN revokes Heritage Bank’s licence due to poor financial performance  https://nairametrics.com/2024/06/03/cbn-revokes-heritage-banks-licence-due-to-poor-financial-performance/ https://nairametrics.com/2024/06/03/cbn-revokes-heritage-banks-licence-due-to-poor-financial-performance/#respond Mon, 03 Jun 2024 09:28:35 +0000 https://nairametrics.com/?p=490504 The Central Bank of Nigeria (CBN) has revoked the licence of Heritage Bank Plc with immediate effect.

The post CBN revokes Heritage Bank’s licence due to poor financial performance  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/03/cbn-revokes-heritage-banks-licence-due-to-poor-financial-performance/feed/ 0 490504 Mounting pressure forces National Assembly to halt CBN Act Amendments  https://nairametrics.com/2024/06/01/mounting-pressure-forces-national-assembly-to-halt-cbn-act-amendments/ https://nairametrics.com/2024/06/01/mounting-pressure-forces-national-assembly-to-halt-cbn-act-amendments/#respond Sat, 01 Jun 2024 15:57:20 +0000 https://nairametrics.com/?p=490426 Intense public outcry and mounting pressure from various stakeholders have compelled the National Assembly to suspend the proposed amendments to the Central Bank of Nigeria (CBN) Act 2007.  

The post Mounting pressure forces National Assembly to halt CBN Act Amendments  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/01/mounting-pressure-forces-national-assembly-to-halt-cbn-act-amendments/feed/ 0 490426 Best performing banks in Q1 2024 based on pre-tax profit   https://nairametrics.com/2024/05/31/best-performing-banks-in-q1-2024-based-on-pre-tax-profit/ https://nairametrics.com/2024/05/31/best-performing-banks-in-q1-2024-based-on-pre-tax-profit/#respond Fri, 31 May 2024 07:24:45 +0000 https://nairametrics.com/?p=490323 After an impressive financial performance in 2023, banks have continued to record impressive figures in the first quarter of the year.  

The post Best performing banks in Q1 2024 based on pre-tax profit   appeared first on Nairametrics.

]]> https://nairametrics.com/2024/05/31/best-performing-banks-in-q1-2024-based-on-pre-tax-profit/feed/ 0 490323 Banks staff experience 44.3% increase in salaries as banks incur N800 billion in 2023  https://nairametrics.com/2024/05/31/banks-staff-experience-44-3-increase-in-salaries-as-banks-incur-n800-billion-in-2023/ https://nairametrics.com/2024/05/31/banks-staff-experience-44-3-increase-in-salaries-as-banks-incur-n800-billion-in-2023/#respond Fri, 31 May 2024 07:13:57 +0000 https://nairametrics.com/?p=490319 Commercial banks spent a total of N799.8 billion on staff salaries in 2023, representing a 44.3% increase when compared to the N554.2 billion spent in the previous year.

The post Banks staff experience 44.3% increase in salaries as banks incur N800 billion in 2023  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/05/31/banks-staff-experience-44-3-increase-in-salaries-as-banks-incur-n800-billion-in-2023/feed/ 0 490319 Bank recapitalisation: FCMB plans to raise N150 billion by end of September 2024  https://nairametrics.com/2024/05/26/bank-recapitalisation-fcmb-plans-to-raise-n150-billion-by-end-of-september-2024/ https://nairametrics.com/2024/05/26/bank-recapitalisation-fcmb-plans-to-raise-n150-billion-by-end-of-september-2024/#respond Sun, 26 May 2024 14:39:08 +0000 https://nairametrics.com/?p=489951 The Management of First City Monument Bank (FCMB) has disclosed plans to raise N150 billion between now and September 2024.  

The post Bank recapitalisation: FCMB plans to raise N150 billion by end of September 2024  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/05/26/bank-recapitalisation-fcmb-plans-to-raise-n150-billion-by-end-of-september-2024/feed/ 0 489951 Ways & means: NASS proposes 21-year imprisonment for breach of CBN Act   https://nairametrics.com/2024/05/26/ways-means-nass-proposes-21-year-imprisonment-for-breach-of-cbn-act/ https://nairametrics.com/2024/05/26/ways-means-nass-proposes-21-year-imprisonment-for-breach-of-cbn-act/#comments Sun, 26 May 2024 08:26:34 +0000 https://nairametrics.com/?p=489934 The Nigerian Senate has introduced a bill to amend the Central Bank of Nigeria (CBN) Act of 2007, proposing a 21-year imprisonment penalty for breaches of the CBN Act limit on ways and means advances. 

The post Ways & means: NASS proposes 21-year imprisonment for breach of CBN Act   appeared first on Nairametrics.

]]> https://nairametrics.com/2024/05/26/ways-means-nass-proposes-21-year-imprisonment-for-breach-of-cbn-act/feed/ 1 489934 Top 10 banks with lowest lending rates for real estate businesses in Nigeria https://nairametrics.com/2024/05/23/top-10-banks-with-lowest-lending-rates-for-real-estate-businesses-in-nigeria/ https://nairametrics.com/2024/05/23/top-10-banks-with-lowest-lending-rates-for-real-estate-businesses-in-nigeria/#respond Thu, 23 May 2024 09:52:23 +0000 https://nairametrics.com/?p=489721 The Central Bank of Nigeria (CBN), under Governor Yemi Cardoso, has increased the monetary policy rate (MPR) by 750 basis points so far, from 18.75% to 26.25%, with an eye on combating inflation and fostering economic stability.

The post Top 10 banks with lowest lending rates for real estate businesses in Nigeria appeared first on Nairametrics.

]]> https://nairametrics.com/2024/05/23/top-10-banks-with-lowest-lending-rates-for-real-estate-businesses-in-nigeria/feed/ 0 489721 Tier-1 Nigerian banks earn N392 billion from electronic business in 2023  https://nairametrics.com/2024/05/23/tier-1-nigerian-banks-earn-n392-billion-from-electronic-business-in-2023/ https://nairametrics.com/2024/05/23/tier-1-nigerian-banks-earn-n392-billion-from-electronic-business-in-2023/#respond Thu, 23 May 2024 06:16:55 +0000 https://nairametrics.com/?p=489684  Nigerian tier-1 banks raked in N392 billion from electronic business in 2023 as more Nigerians embrace cashless transactions. 

The post Tier-1 Nigerian banks earn N392 billion from electronic business in 2023  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/05/23/tier-1-nigerian-banks-earn-n392-billion-from-electronic-business-in-2023/feed/ 0 489684 NDIC to pay depositors of 96 failed micro finance banks from debt recoveries, others https://nairametrics.com/2024/05/20/ndic-to-pay-depositors-of-96-failed-micro-finance-banks-from-debt-recoveries-others/ https://nairametrics.com/2024/05/20/ndic-to-pay-depositors-of-96-failed-micro-finance-banks-from-debt-recoveries-others/#respond Mon, 20 May 2024 15:19:33 +0000 https://nairametrics.com/?p=489458 The Nigeria Deposit Insurance Corporation(NDIC) has said it will pay depositors of closed microfinance and primary mortgage banks after recovering debts from those owing the failed banks, among others.

The post NDIC to pay depositors of 96 failed micro finance banks from debt recoveries, others appeared first on Nairametrics.

]]> https://nairametrics.com/2024/05/20/ndic-to-pay-depositors-of-96-failed-micro-finance-banks-from-debt-recoveries-others/feed/ 0 489458