The banking sector has been dynamic in recent weeks, with significant movements in capital raising efforts and market performance. Analysts have been closely monitoring the recapitalisation activities of various banks, including developments at Sterling Bank, Wema Bank, Unity Bank, and others. The week ending September 20, 2024, witnessed key ...
Fresh facts emerged over the weekend that cash-trapped Deposit Money Banks and Discount Houses went into aggressive borrowing from the Central Bank of Nigeria (CBN), accessing a whooping N3 trillion through the Standing Lending Facility. This is in contrast to ₦493.6 billion deposited by a few lenders through the CBN’s Standing Deposit Facilit...
•CBN Governor Yemi Cardoso Top hierarchy in banks’ manÂagement are currently having sleepless nights as the deadline to move dormant and inactive accounts to the Central Bank of Nigeria (CBN) is gradually approaching. Investigation by our correspondent revealed that close to N10 trillion will be moved to the CBN from September 30 to OctoÂber 1...
A high-level tripartite committee of the three major regulators of the financial services sector has been formed to scrutinise new funds being raised by banks under the ongoing recapitalisation in the banking sector. Members of the committee are drawn from Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and Nigeria Depo...
The next few weeks may be challenging for the managing directors of four banks, their management, and employees as strategic decisions needed to be made may not be according to their plans as regards their recapitalisation drive. Investigation by our correspondent reÂvealed that the banks are jittery following the decision of the Central Bank ...
The Central Bank of Nigeria (CBN) has given a node for the merger arrangement between Unity Bank Bank and Providus Bank. The bank’s spokeswoman, Mr. Hakama Sidi Ali gave the indication in Abuja, last night. A statement by Mrs. Sidi Ali reads in full, “The Central Bank of Nigeria (CBN) has granted approval for a […]
•Billionaire businessman, Femi Otedola Nigerian banks should scale back their flamboyancy, including spending on private jets, and pay a new windfall tax to regain public trust and support the economy, Femi Otedola, chairman of FBN Holdings has said. In an emailed statement to Bloomberg, Otedola said: “Nigerian banks are spending an estimated ...
As the August 1st nationwide protest commenced today, Thursday, the roads and streets of Lagos are presently deserted as armed security personnel take strategic positions across the metropolis. Checks by our correspondent as of 7 am, witnessed special security personnel, tagged: CP Tactical Squad, Lagos State Police Command, stationed at Egbed...
•Central Bank of Nigeria Major banks are on course to raise N1.26 trillion in the capital market. It is in a bid to meet recapitalisation conditions set by the Central Bank of Nigeria (CBN), reports The Nation. Zenith Bank will today complete the pre-offer process for a N188.4 billion rights issue. FCMB Group will tomorrow […]
Businesses including banks, airlines, telecommunications companies, TV and radio broadcasters, and supermarkets have been taken offline after blue screen of death error screens were seen on Windows workstations across the globe. Users on the subreddit for cyber security firm Crowdstrike reported issues in India, the United States and New Zeala...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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