Financial sector shrinks further as CBN hits 42 MFBs
The Central Bank of Nigeria (CBN) weekend revoked the operating licences of 42 microfinance banks in the country. Nigeria Deposit Insurance Corporation (NDIC) said in its website in an announcement titled ‘Notice of closure of 42 microfinance banks’ that “This…
Polaris Bank: Can regulators achieve anything probing seating bank directors?
Recent comments by both the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) that they are monitoring the investigations by law enforcement agencies against the directors and management of the failed Skye Bank Plc, now Polaris…
NDIC still mute on recovering N620bn banks bailout under Sanusi at CBN
Barely three weeks after the embattled chairman of Special Presidential Panel on Recovery of Government Funds and Property, Barr Okoi Obono-Obla, gave a clear indication that plans are on to recover the over N620bn dashed out to about nine to…
(Special Report) CBN: From no plan to recover N640bn to ‘dashing’ another N786bn
…As Nigerians decry ‘A Bold New Beginning’ advert by Polaris Bank At a time Nigerians are upbeat that the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN), through which the N640bn (about $7bn) bailout was lavishly…
NDIC silent on $7bn bailout recovery plan, seeks ethical banking standards
Contrary to general believe that the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN), through which the N620bn (about $7bn) bailout was lavishly given out to nine banks during the 2006 to 2008 banking shakeups will…
Drive sound, healthy governance environment in banks, Ecobank boss tells auditors
As part fresh drive to stem potential bank failure and rising nonperforming loans (NPLs) crisis, the Managing Director of Ecobank Nigeria, Charles Kie, has advised audit executives of financial institutions to rely on their independence and unfettered access in banks…
Banking regulators’ need synergy of policy rollout to end conflicting regulations—Ambah
One of the key frustrating factors in the regulation of Nigeria’s banking and financial sub sector of the Nigerian economy has been conflict of policy regulations over the years and the problem has been the cause of instability and associated…
Online-banking fraud made up 98.68% of all reported financial crimes in 2017—NDIC
The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that internet/online-banking and ATM/Card-related fraud-types reported in 2017 constituted 24,266 or 98.68 per cent when all cases are put together within the period under review. The fraud committed using the platforms lead…