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Heritage Bank in trouble as FG begins audit of TSA remittances by banks

Kemi Adeosun

Indication has emerged that even though the federal government recently sought and got out of court settlement in a suit it instituted against seven banks over their alleged infractions in their compliance to the Treasury Single Account (TSA), it has made a U-Turn to begin an independent audit to ascertain true compliance. TSA, a platform which was used by the ...

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Nigerians pay average of six bribes in one year, one in 2 months—NBS

NBS kale

Apart from revealing that a total of N400bn was received in bribes by public officials within a period of one year, the National Bureau of Statistics (NBS), in its latest National Corruption Report (NCR), averred that bribe payers in Nigeria pay an average of six bribes in one year, or one bribe every two months. The new report, released in ...

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Dangote shares N850m in compensation for refinery land owners

Dangote meeting

As part of compliance for extant laws, Dangote Group has commenced the disbursement of more than N850m as compensation to land owners affected by its sugar refinery project in Tunga, Awe Local Government Area of Nasarawa State. Business Hilights gathered that the site, a 60,000 hectare, was acquired by the group for the construction of the refinery. Deputy Governor of ...

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How banks’ removal of $1.2Bn 9Mobile debt from books’ll shape future

9Mobile shop

Since the revelation that the 12 banks involved in the $1.2 billion 9Mobile loan are setting aside a large part of the debt from their books ahead of the December 31 end-date for the fiscal year, financial pundits have started weighing the development. However, many of the experts who spoke to Business Hilights traced the new posture of banks to ...

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Liquidity gap tears Tier-one banks, others on profit rebounds

Banks logos

One of the major negative facts emerging from the sustained impacts of recession and the attendant economic downturn cannot be far from the widening gas of liquidity and market dominance by tier-one banks over mid-sized lenders, Business Hilights can authoritatively report. The development stemmed from the rising large cap bank shares rallies in profits because Tier one banks; lead by ...

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How Ecobank recovered $2m NPL in Q1 2017— Ade Ayeyemi

Ecobank Hqs

The Group’s Chief Executive Officer of Ecobank Transnational Incorporated (ETI), Ade Ayeyemi, has opened up on the success so far recorded by his group in recovering about $2 million of its non-performing loans (NPLs) in the first quarter of 2017, saying the feat was possible vide a resolution vehicle it set up for the deal. Explaining issues at the bank’s ...

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Unity Verve for Value promo’ seeks to reward cardholders with goodies

Unity Bank House

Unity Bank Plc has said it will be giving out gifts to Verve cardholders in its planned ‘Unity Verve for Value promo’ campaign to grow card awareness in Nigeria. In a statement, the bank will be rewarding old and new card holders by offering incentives to deserving active customers who use their Verve debit card on electronic platforms such as ...

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Zenith Bank report hails DBN, silent on planned MDBs’ N26bn to lift SMEs

ZENITH-BANK-PLC

It was not clear if it was because the report may have been ready before the recent decision of Nigerian Bankers’ Committee to pull over N26bn in aid of growing Small and Medium Enterprises’ (SMEs), otherwise, the latest Zenith Economic Quarterly, a publication of Zenith Bank Plc, has adjudged the new Development Bank of Nigeria (DBN) as the best solution ...

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Misappropriation, diversion of funds/revenue lead in whistle blowing tips—Minister

Whistle B2

The Minister of Finance, Mrs. Kemi Adeosun in Abuja on Tuesday, revealed that “In reviewing the information we receive, we have noticed that certain type of tips are recurring, for example; 39% (144) of the actionable tips relate to misappropriation and diversion of funds/revenue”. Giving details on the performance of the Unit, now domiciled in her ministry at the Bureau ...

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Russian bank mulls merger, acquisition of Nigerian banks, others

Russia Putin

Russia’s leading largest privately-held bank, Promsvyazbank, is closing in on investing in Nigeria, Kenya, Rwanda, Tanzania, Uganda, Zambia and other countries before the end of the year. The bank’s Head of Transaction, Documentary and International Businesses, Alexander Meshcheryakov, said in an interview in Moscow that the move was due to sluggish loan demand at home. He said “There is growing ...

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