The Board of Directors of the African Development Bank (AfDB) approved on Monday, June 27, 2016, in Abidjan, US $300-million and US 50-million Trade Finance Loans to First Bank of Nigeria (FBN) and FSDH Merchant Bank Nigeria (FSDH), respectively.
Nigerian banks are sufficiently well capitalised to absorb the impact of the 40 per cent effective devaluation of the Naira against the US dollar, Fitch Ratings stated in a recent release.
Oando PLC (referred to as “Oando” or the “Group”), a Nigerian indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announces conclusion of a N94.6 Billion facility provided by ten leading financial institutions in Nigeria.
Heritage Bank Limited has upped the ante of its support for entrepreneurship and education in the country by launching a N500 million Young Entrepreneurs and Students (YES) Grant last week in Lagos.
GTBank has gone through one of the most successful and seamless major upgrades in the industry, completed at GTBank’s headquarters that is located in Nigeria, where it upgraded to the latest version of ICS BANKS.
The Nigerian National Petroleum Corporation (NNPC) is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil company has accumulated.
The Central Bank of Nigeria has extended the Bank Verification Number registration exercise for Nigerians abroad from January 31 to June 30, 2016.
In order to enhance subscribers’ experience on its network, the next generation network, Globacom, has partnered with fifteen leading banks to launch a unified short code for customers to purchase Glo airtime at anytime from banks in the partnership.
United Bank for Africa Plc and Zenith Bank Plc are among the four Nigerian banks listed among the global top 500 bank brands. According to the rankings, First Bank of Nigeria Ltd retained its number one banking brand ranking in Nigeria for the fifth consecutive year.
Banks are desperately searching for how to invest the over N1 trillion of excess cash in their vaults. This desperation was reflected in trading for treasury bills (government securities) where banks and other investors demanded for 291 percent more bills than the amount offered for sale by the Central Bank of Nigeria (CBN).