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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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EFCC recovers N553m stolen funds from S’East politicians in 7 months

Efcc magu

In continuation of ongoing review of regional performances by geo-political zones, the Economic and Financial Crimes Commission (EFCC), South East zone stationed at Enugu, on Tuesday, revealed that it recovered N553.77million from corrupt politicians in the South East in the seven months of investigative operations and recovery of stolen funds. According to the Zonal Head of Operations of the commission, ...

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Two banks collapse in Ghana as BoG revokes licences of UT Bank, Capital Bank

BoG boss

The Bank of Ghana (BoG), otherwise, the Ghanaian central bank on Monday announced the revocation of the licences of UT Bank Ltd and Capital Bank Ltd. In a statement, BoG made it clear that “This action has become necessary due to severe impairment of their capital”. “The remaining assets and liabilities will be realised and settled respectively through a receivership ...

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Abolition of confidentiality clause in accounting’ll end corruption— ICAN president

Zakari ICAN

New president of the Institute of Chartered Accountants of Nigeria (ICAN) and Managing Partner of Ahmed Zakari & Co, Mallam Isma’ila Zakari has argued that with the abolition of the confidentiality clause in the new international accounting standard already adopted by the council, issues of poor disclosure and the attendant corruptive tendencies in preparing results do not exit again. Business ...

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Why Zenith Bank’s half year report reflected strength @ N75.32bn PAT

Zenith MD

…votes 25k interim dividend Fresh details have emerged showing that the recently declared half year report of leading financial group, Zenith International Bank Plc which showed a profit after tax of N75.32 billion for the period ended June 30, 2017, is predicated on “Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of ...

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Beware of all Chinese infrastructure financing deals’, Expert warns FG

china relations 2

Leading development economist, Dr. Ken Igboanugo has warned the federal government especially the ministries of Transportation and Petroleum to be very careful before signing any infrastructure financing deals with banks from China to avoid tiny terms and conditions that will mortgage the economy in future. In a telephone interview shortly after the Nigerian National Petroleum Corporation (NNPC) on Friday announced ...

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C’River orders two aircrafts, oil tanker vessel, fishing trawler to boost investment

Prof Ayade

…Approved partners to present bids tomorrow, Tuesday To drive his latest investment dream of floating State air and shipping lines, the Cross River State Governor, Professor Ben Ayade, may have placed orders for two aircrafts, fishing trawler and oil tanker vessel. Business Hilights Bureau Chief in South-South reports that all necessary documentations and logistics for easy take off of the ...

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Peter Obi lists three-way out of recession at GOCOP summit in Lagos

Peter O Gocop

…Bankers’ Committee feels Nigeria may have exited recession in 2nd or 3rd quarter 2017 Successful development banker, economist and former governor of Anambra State, Dr. Peter Obi in Lagos on Thursday, crafted three strategic way-out of recession for the Nigerian economy. This is as the Nigerian Bankers’ Committee; the same day after their meeting in Abuja, claimed that Nigeria may have ...

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From about 83.2m individual bank accounts, only 29.9m captured in BVN—NIBSS

BVN live

Indications have emerged that more is still needed to be done in creating awareness for the mandatory Bank Verification Numbers (BVN) exercise. This stemmed from the latest revelation of the Managing Director of Nigerian Inter Bank Settlement Services (NIBSS), Adebisi Shonubi, who disclosed that out of about 83.2 million individual bank accounts, 29.89 million customers have successfully registered their BVN. ...

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EFCC may change direction to CCB against Diezani over asset declaration


An indication is emerging that instead of approaching a Federal High Court in the pursuit of alleged looted funds and assets by the Economic and Financial Crimes Commission (EFCC), against the former Minister of Petroleum Resources, Mrs. Diezani Madueke, it may head to the Code of Conduct Bureau (CCB). The permutation is against the backdrop of new idea showing that ...

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