Nigeria’s borrowing from the World Bank has reached $14.34bn as of March 31,
This was an increase from the $13.93bn debt recorded by the Debt Management Office as of December 31, 2022.
This means that fresh disbursements on approved loans added $410m to Nigeria’s debt from the World Bank in the first quarter of 2023.
The IBRD lends to governments of middle-income and creditworthy low-income…
Wema Bank Plc has said it recorded N39.35bn gross earnings in the first quarter of the 2023 financial period.
This was a year-on-year increase of 35.04 per cent from N29.14bn recorded in the corresponding period of 2022.
It disclosed this in a statement on its unaudited…
With rising concerns around the seeming disappearance of newly redesigned notes, the Central Bank of Nigeria has said it is supplying more quantities of the new notes to banks.
This was according to a statement by the CBN’s Acting Director, Corporate Communications, Dr Isa…
Wema Bank Plc has said its gross earnings rose by 42.3 per cent to N131.08bn as of the end of 2022 financial period from N92.14bn in the corresponding period of 2021.
It revealed this in a statement on its audited financial results for the period ended December 31, 2022.
The statement said, “The results which showed positive fundamentals across board, revealed a growth of 44.7 per cent year on…
According to the World Bank, the Nigerian diaspora transferred $168 billion in eight years.
April 25, 2023
The Nigerian Diaspora community has remitted $168.33bn to the country in the past eight years, according to World Bank reports collated by our correspondents.
This is as foreign investments inflow into the country fluctuated in the period under review and caused a scarcity…
Nigeria’s borrowing from the World Bank has risen by 121.46 per cent under the regime of the President, Major General Muhammadu Buhari (retd.)
The total debt owed to the World Bank Group by Nigeria rose by $7.64bn (N3.52tn, using the exchange rate of the Central Bank of…
The policy of dormant CBN accounts has raised concerns in the banking sector.
April 21, 2023
Banks and their customers have raised concerns over the Central Bank of Nigeria’s proposed plan to mop up funds from dormant accounts. While the proposal is not new, stakeholders argue that it could potentially have unintended consequences on the banking sector, reports Oluwakemi Abimbola
The bank account of a deceased man, Oluwanisola Yekini, has been dormant since he died in 2020. The…
The Board of Directors of Heritage Bank has announced Mr Akinola George-Taylor as the substantive Managing Director/Chief Executive Officer of the bank.
Mr Ozena Utulu, Group Head, Corporate Communications of the bank, said this in a statement on Sunday.
The statement…
FG bars online banks from accessing customer photos and contact information.
April 10, 2023
Loan apps on Play Store will lose their ability to access their users’ contacts or photos from May 31, 2023.
This came as the Federal Government said it would enforce the latest policy by Google, saying the action was consistent with the Nigerian authorities’ move to…
The United Bank for Africa has revealed plans to sell the Abuja Electricity Distribution Company to recover a $122m debt the Disco is owing it.
The lender had in December 2021 taken over the disco following the government’s approval.
The plan to sell was revealed at the bank’s audited 2022 results conference call (strategic review and outlook).
In December 2021, UBA took over AEDC over the…