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Banking / Investment in Nigeria

  • Adesina Stresses Need for Nigeria to Incentivize its Way Out of Recession

    NIGERIA, 2016/09/27 Akinwumi Adesina, President of the African Development Bank (AfDB), stressed the need Monday for Nigeria to put in place the right incentives to boost private investment and revive increase. He as well reassured authorities of the Bank's unwavering support during these difficult times. "What is needed is not only to spend your way out of the recession, but to as well incentivize your way out of the recession," Adesina told a news conference following his meetings with President Muhammadu Buhari and his Economic Management Team. Adesina is on his initial official visit to Nigeria, since he took office in September 2015.
  • We live in a region with strong growth

    BENIN, 2016/08/18 Turnover on West Africa’s BRVM bourse additional than doubled over the completed year, reaching 209.26 billion CFA francs ($362.2 million) in late May. “We benefited from a favorable context. We live in a region with strong increase,” Edoh Kossi Amenounve, the manager of the stock exchange told reporters on Tuesday.
  • CBN Extends BVN for Diaspora Bank Customers to June

    NIGERIA, 2016/02/08 The Central Bank of Nigeria (CBN) has extended the bank verification number (BVN) enrollment for Nigerian bank customers in the Diaspora to June 30, 2016. The central bank stated this in a letter addressed to all commercial banks that was posted on its website on Wednesday. According to the apex bank, the decision to extend the BVN enrollment was taken next it observed through a survey, the low % of registeration of Nigerian bank customers in the diaspora. This, it attributed to lack of accessibility to registration centres and unavailability of registeration centres in some cities where Nigerian people is high.
  • GTB, others charge forex black market rate for card users

    NIGERIA, 2016/01/05 Nigerian banks are the ultimate currency black market traders in the way they charge users of their Visa and Mastercard. While the Central Bank sells forex to the banks at N197 to a dollar and N291.7 to the British pound sterling, charges by the banks to customers who used Naira denominated cards are closer to the black market rate, showing that the banks are profiteering on their poor customers.
  • Ease of Doing Business - World Bank Ranks Nigeria 170th

    NIGERIA, 2015/09/07 The reforms effort of the immediate completed government of President Goodluck Jonathan may have yielded some dividend as Nigeria moved up five places in the new ranking by the World Bank Group on the relieve of doing business. The World Bank ranked Nigeria 170th part 189 nations survey, this shows an development of 2.9 % on the 175 position it occupied last year. As well, Nigeria was ranked 129 on the relieve of starting a business (138 last year), on dealing with construction permits it was ranked 171 as against 168 last year. On registering property it remained 185th as it was the previous year.
  • A Nigerian woman has been appointed Vice President at the World Bank

    NIGERIA, 2015/07/28 The Bank announced the appointment of Arunma Oteh as Vice President and Treasurer of the World Bank in a press statement issued Thursday July 203, 2015. Ms. Oteh had served as the Director-General of Nigeria’s Securities and Exchange Commission, she resigned from the position in January 2015. According to the Bank, as Vice President and Treasurer, Arunma will manage and lead a large and diverse team responsible for managing additional than $150 billion in assets.
  • ECOWAS Bank to focus on economic growth

    BENIN, 2015/07/28 The ECOWAS Bank for Investment and Improvment(EBID) says it would continue to focus efforts on providing support to private and public sector initiatives to grow the economies and create jobs in the sub-region. Mr Bashir Ifo, EBID President, said everything would be done to lift the people out of poverty and transform their economic situation. Evidence of this, he said could be seen from the bank’s assistance in areas of infrastructure, agriculture and private sector development.
  • CBN Revokes Licences of 21 Primary Mortgage Banks in Nigeria

    NIGERIA, 2015/01/04 The Central Bank of Nigeria (CBN) has revoked the operating licences of 21 Primary Mortgage Banks (PMBS) inclunding one microfinance bank and directed the Nigeria Deposit Insurance Corporation (NDIC) to commence the process of orderly winding up of the affairs of the affected institutions. The revocation was communicated by the CBN via its gazettes dated 14 and 19 November, 14 and 19, 2014. The NDIC had instantly been appointed the provisional liquidator to wind up the affairs of the closed financial institutions, according to a public notice by the corporation, a copy which was made available to THISDAY.
  • Nigerian bank partners African insurance firm to boost regional trade

    NIGERIA, 2014/09/29 One of Nigeria’s leading financial institutions, United Bank for Africa (UBA) Plc, has signed a partnership agreement with the Pan African Trade Insurance Agency (ATI) to relieve the flow of credit to clients engaging in regional and international trade. The bank said in a statement made available to PANA Wednesday in the commercial city of Lagos that the agreement was signed in Kenya. Bank Chief Executive Officer Kennedy Uzoka and his counterpart from ATI George Otieno signed the agreement in the Kenyan capital, Nairobi. “UBA is keen to boost inter and intra-African trade because of its capacity to accelerate development and integration across the continent. “Over the years, we have supported our customers to grow their business network across Africa and internationally in pursuit of a additional prosperous Africa. UBA’s partnership with ATI will relieve the flow of credit to our customers and help them expand their businesses across the continent,” the statement said.
  • World Bank partnership strategy . Nigeria's development

    NIGERIA, 2014/07/10 The World Bank Group Monday launched the new Country Partnership Strategy (CPS), aimed at helping the Nigerian Federal and National Governments to boost development for their citizens. Over 200 participants from the Donor Agencies, federal and national government’s Ministries Departments and Agencies (MDAs), Project Implementation Units (PIUs), the media, private sector and Civil Society Organizations (CSOs) attended the launch in Nigeria’s capital, Abuja The new partnership strategy is a joint product developed in close consultation with the federal and national governments of Nigeria and stakeholders under the Country Assistance Framework to have a strategic platform developed by Nigeria’s partners to coordinate interventions and leverage resources to deliver strong results and development solutions.