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Nigerian Banks Lose ‘2m Customers’ In Two Years

Data made available by the Nigeria Inter-Bank Settlement System (NIBSS) show that banks lost two million customers between 2016 and 2017. The total number of bank accounts dropped to 59 million in 2017 from 61 million in 2016. According to NAN, the number of active bank accounts also reduced by ...

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We Recorded Over N1 Trillion On *894 Quick Banking Channel- FirstBank

First Bank of Nigeria Limited says it has recorded over N1 Trillion via its 894 quick banking, a USSD based channel that enables customers to access banking services using any type of phone and without data/internet. The 894 banking scheme, which is the fastest growing USSD scheme in the market, ...

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FG to Tighten Noose Around Tax Defaulters by Obtaining Bank Details

The federal government is currently working on modalities to implement the common reporting standards (CRS) in the country, which would enable it to obtain every taxpayers’ information directly from the commercial banks. The CRS is a standard for automatic exchange of bank accounts information on individuals and certain types of ...

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Adeosun: We Don’t Care If Oil Prices Rise Or Fall

Kemi Adeosun, minister of finance, says Nigeria has got to a point where it does not care if oil prices rise or fall. In an interview with Bloomberg, the minister said the country had learnt to live with oil prices at $45-$46 a barrel. As of 2pm on Friday, Brent ...

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Oando Reaches Peace Accord With Mangal

Muhammadu Sanusi II, emir of Kano, has waded into the dispute between the Securities Exchange Commission (SEC) and Oando Plc. Dahiru Mangal, a key shareholder in Oando, had submitted a petition to SEC, which led to the suspension of Oando shares on the Nigerian Stock Exchange and Johannesburg Stock Exchange. ...

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Adeosun appointed into committee of United Nations Joint Staff Pension Fund (UNJSPF).

The United Nations (UN) has appointed  Kemi Adeosun, minister of finance, into the investments committee of the United Nations Joint Staff Pension Fund (UNJSPF). Confirming the appointment, Jan Beagle, under-secretary-general of the UN, congratulated Adeosun and said she would remain part of the committee for one year, starting from January ...

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GDP Growth Doubles In Q3 — Hits 1.4 percent

The economy recorded a growth of 1.40 percent in the third quarter of 2017, according to data which the National Bureau of Statistics (NBS) released on Monday. This is the second time of such positive development since Nigeria exited recession in the second quarter. NBS statistics showed that the agricultural ...

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Nigeria’s Economy Still Vulnerable To Shocks, Says FG

The Federal Government has said despite the nation’s recent exit from recession, Nigeria’s economy is still vulnerable to shocks. The Minister of Budget and National Planning, Udo Udoma, said this while addressing a meeting of the National Economic Council presided over by Vice-President Yemi Osinbajo at the Presidential Villa, Abuja, ...

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28 Officers Detained as Customs Seizes another Cache of 475 Illegal Arms Import

No less than 28 Customs officers have been arrested in connection with series of illegal weapons imports through the Lagos seaports, following a fresh discovery of another container loaded with 475 riffles at the Tin Can island ports in Lagos, yesterday. The discovery is coming at the heels of a ...

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CBN Gives Banks Four-week Ultimatum to Open FX Teller Points

The Central Bank of Nigeria (CBN) has given a four-week ultimatum to deposit money banks which have not complied with its directive to open teller points for retail forex transactions. In a statement issued on Monday, the apex bank said banks that fail to comply within four weeks would be ...

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