By Esther Agbo The Independent Project Monitoring Company (IPMC) has urged banks and insurance firms to adopt environmental, social, and governance (ESG) practices to boost operational efficiency in the country. This recommendation was made during the launch of the new…
Following the Central Bank of Nigeria’s (CBN) consistent hike of its Monetary Policy Rate (MPR), the banking sector’s maximum lending rate increased to 29.49 per cent in April, rising from 29.38 per cent in March 2024, the highest since 2020. When…
The Securities and Exchange Commission has announced plans to release a framework that will guide the capital market in the proposed recapitalisation exercise by banks. The acting Director General of the SEC, Emomotimi Agama, disclosed this during a meeting with…
The Loan to Deposit Ratio (LDR) of Banks in the country rose to 50 percent from 65 percent. This was disclosed by the apex Bank, Central Bank of Nigeria (CBN) in a circular to Deposit Money Banks titled “Re: Regulatory…
By Salisu Na’inna Dambatta The ongoing CBN-inspired recapitalisation for banks has serious implications for the banking sector, the equity capital market, the Nigeria Deposit Insurance Corporation of Nigeria (NDIC) and Northerners. The recapitalisation will make the banking sector stronger and…
Foreign companies from across West Africa have indicated interest in participating at this year’s Gateway International Trade Fair billed to take place between April 19 and April 29. Also, stakeholders in the food, beverages, health, agriculture and other manufacturing sectors,…
The Heads of Procurement of the Multilateral Development Banks (MDBs), have collaboratively developed a comprehensive and user-friendly tool for enhanced transparency, credibility, and efficiency of procurement processes. The African Development Bank (AfDB) said this in a statement issued on its…
By Sodiq Adelakun A race for funding has commen-ced among commercial and merchant banks as the Central Bank of Nigeria (CBN) mandates a capitalisation surge, leaving twelve banks grappling with the challenge of utilising approximately N4.8 trillion in retained earnings…
The Nigerian stock market witnessed a significant boost in performance on Friday, propelled by gains in tier-one banks such as Guaranty Trust Holding Company (GTCO), Access Corporation, Zenith Bank and FBN Holdings, among others. Investors gained a total of N147…
…17 banks at risk with proposed 15-fold capital increase …Expert calls for incentive-based approach in banking sector reform By Sodiq Adelakun A recent report by Ernst and Young has shed light on the potential ramifications of the Central Bank of…
