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We Handled N11.7Bn Claims’ Complaints By Depositors In 2020 – CIBN President

The Chartered Institute of Bankers of Nigeria (CIBN) reported that it handled 67 petitions lodged by depositors against banks with their claims amounting to N11.7 billion in the 2020 financial year. The professional body, which stated this in its 2020 Annual Report sourced by our correspondent at the weekend, indicated that out of the cases, […]

Banking Economy News Extra Latest News Solid Minerals

Heritage Bank, Dukia To Unlock N344Trn Gold Market

Heritage Bank, in collaboration with Dukia Gold and Precious Metals Refining Co. Limited, has unveiled plans to unlock the over N344 trillion market worth of gold investible instruments in the solid minerals sector with the concluded plans of being listed on the Lagos Commodities and Futures Exchange (LCFE). The investment move, which was disclosed weekend […]

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NDIC Chief Seeks Banking System Regulators’ Cooperation To Enhance Professionalism

Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has stressed the need for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the banking industry. Hassan, in a statement issued by the corporation’s Director, Communications and Public Affairs, Bashir […]

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NAICOM Boss Tasks Insurers, Bankers On Insurance Penetration

The Commissioner for Insurance at the National Insurance Commission (NAICOM), Mr. Sunday Thomas, on Thursday solicited the cooperation of insurance entities and banks in the current drive to deepen insurance penetration in the country. The industry regulator, who canvassed the collaboration of the stakeholders in the financial system in the efforts to deepen and improve […]

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Heritage Bank, RTEAN Partner On Travellers’ Accident Insurance Scheme

Heritage Bank, one of Nigeria’s leading banks, has partnered the Road Transport Employee’s Association of Nigeria (RTEAN) with the launching of the Travelers’ Accident Insurance Scheme (TAIS) to assist road accident victims in the country. The scheme aims to address deaths associated with inability of travelers involved in accident to offset hospital bills. Speaking during […]

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UK Parliamentary C’mttee Lauds AfDB On COVID-19 Interventions

The UK House of Commons’ International Development Committee has commended the African Development Bank (AfDB) on its COVID-19 interventions in various countries in the continent and the UK Government’s support to the bank on its funding interventions. The report was prepared by the Sub-Committee on the Work of the Independent Commission for Aid Impact (ICAI). […]

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CBN Announces Continuation Of ‘Naira 4 Dollar Scheme’

The Central Bank of Nigeria (CBN) on has extended the operations of the ‘Naira 4 Dollar Scheme’ until further notice. The apex bank stated this in a circular signed by its Director, Trade and Exchange Department, Mallam Saleh Jibrin, titled ‘Re: Introduction of the CBN’s “Naira 4 Dollar Scheme’’ for Diaspora Remittances”. It stated: “Further […]

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Stanbic IBTC Reports 2.9% Growth In Manufacturing PMI

Stanbic IBTC Bank Plc, one of Nigeria’s licensed Deposit Money Banks (DMBs) has reported that the Nigerian Manufacturing Purchasing Manufacturing Index (PMI) grew by 2.9 percent in April, 2021 on rising growth in output and new orders. The PMI report indicated that manufacturers increased their workforce and inventory holdings in anticipation of greater demand, while […]

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CBN Urges S/East Leaders On Improved Participation In Intervention Programmes

The Central Bank of Nigeria (CBN) on Tuesday expressed its concern about low participation of the South East region in its various economic intervention policies and programmes in the past few years, urging the leaders to encourage improved participation of their people in the programmes. The apex bank’s Acting Director, Corporate Communications Department, Mr. Osita […]

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NAMB Lauds Reps’ Position On MFBs’ Recapitalization Deadline

The National Association of Microfinance Banks (NAMB) has described the House of Representatives’ stance urging the Central Bank of Nigeria (CBN) to suspend the April 2021 deadline set for the ongoing recapitalization drive for microfinance banks based on the lingering COVID-19 pandemic-triggered disruptions of the nation’s economy as a welcomed development. The lawmakers’ advice was […]