CBN debits banks N216bn for failing short of CRR

Emefiele

The Central Bank of Nigeria (CBN) was reported to have debited banks N216 billion for falling short of the required Cash Reserve Ratio (CRR). The measure according to the Reuters report on Friday as part of the measures to support the naira currency. According to the report, the naira has come under intense pressure in recent months during the coronavirus pandemic, a sharp fall in the price of oil – Nigeria’s main export – and departing foreign investors, causing a large financing gap. The currency has been hitting new lows…

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COVID-19: Dana Air Resumes Flight July 9

Dana Air Reconnects Enugu Introduces Abuja Owerri flights

Following the recent re-opening of the airports by the Federal Government, Dana Air has announced the resumption of its flight services on July 9, 2020 The airline will operate three daily flights from Lagos to Abuja and back while the date for the addition of Port Harcourt and Owerri will be announced later.  The Chief Operating Officer of Dana Air Obi Mbanuzuo, while speaking on the preparedness of the airlines said, ” Dana Air is ready to fly safely again from the 9th of July. We have worked round the…

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Fidelity Bank Announces Change To Board, Appoints New Chairman

Fidelity Bank Q3 2020 profit rise by 7% to N22.4bn, on declined Interest Expense

Fidelity Bank Plc has announced a change to its Board. With the Board Chairman and one other director retiring after the successful completion of their tenures. In a statement by the tier 2 lender, the bank announced that it’s Board Chairman, Ernest Ebi, and a Non-Executive Director, Seni Adetu, will be stepping down from the board in line with the Bank’s internal governance policy. According to the Bank’s statement, “Mr. Seni Adetu completed his tenure on June 30, 2020, while Mr. Ernest Ebi will step down from the Board effective…

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CAN Mounts Pressure On Lagos, Ogun, Others To Reopen Churches

CAN President

The Christian Association of Nigeria (CAN) has called on authorities in Lagos, Ogun, and other states where churches are still on lockdown to permit the resumption of activities in places of worship. CAN President, Reverend Samson Ayokunle, made the call in a statement on Tuesday by his Special Assistant on Media and Communications, Pastor Adebayo Oladeji. He believes the continued lockdown order on the places of worship in the country is no longer acceptable and cannot be reasonably justified. “Despite the directive given by the Presidential Task Force on COVID-19…

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Akinwumi Adesina Has Earned A Second Term At The AfDB

Dr Akimwumi Adesina

Africa deserves a second-term with Dr. Akimwumi Adesina as President of the African Development Bank (AfDB). That’s the message from the world’s biggest economy as espoused by Dr. Mima Nedelcovych, a former US representative to the Bank. “I see absolutely no reason why [the US Government] should not wholeheartedly support the re-election of President Akinwumi Adesina for a second term,” Dr. Nedelcovych is on record as saying last week. And he should know: Dr. Nedelcovych served as the Bank’s US Executive Director from 1989 to 1993. When the globe’s most…

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Teacher, Wife, Students Test Positive For Coronavirus In Ghana School One Week After Resumption

Ghana school

A teacher together with his wife and six other students of Accra Girls Senior High School (AGISS) tested positive for COVID-19 one week after schools resumed for some final year students in junior and senior high schools and tertiary institutions, Ghanaweb reported on Tuesday morning. This was confirmed by a joint statement signed by Dr. Patrick Kuma Aboagye, Director General of the Ghana Health Service (GHS) and Professor Kwasi Opoku-Agyemang, Director General of the Ghana Education Service (GES). The statement said, “The Ghana Education Service (GES) received reports of suspected…

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CBN Announce 17 Banks To Restructure Over 32,000 Loans

CBN Clarifies the ‘Ultimate Supplier of product’ clause in destination payments

The Central Bank of Nigeria (CBN) has announced that 17 banks have requested to restructure over 32,000 loans for individuals and businesses negatively impacted by the Covid-19 pandemic. This was disclosed by the CBN deputy governor Aishah Ahmed in her Monetary Policy Committee (MPC) notes. According to her the figures of the loan to be restructured stands at 32.94 percent of the total industry loan portfolio. The CBN Deputy Governor noted that “As at end-May 2020, staff reports indicate that 17 banks submitted requests to restructure over 32 thousand loans…

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WAEC Releases Guidelines For 2020 WASSCE

2020 WASSCE Withholds 215,149 Candidates Records 65.24% Credit Pass In 5 Subjects

The West African Examination Council (WAEC), on Tuesday, released guidelines for the conduct of the 2020 West African Senior School Certificate Examination (WASSCE). The Minister of State for Education, Emeka Nwajiuba, at a briefing by the Presidential Task Force on COVID-19 in Abuja announced that the 2020 WASSCE would hold between August 4 and September 5, 2020. The Head of the Nigeria National Office of WAEC, Mr. Patrick Areghan, appealed to state governments and corporate organizations for funds to provide personal protective equipment for officials who would conduct the examination.…

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Insider trading: See The Bank Directors That Traded In Their Bank Shares In H1 2020

Source: Nigerian Banker research

Part of the Nigerian Stock Exchange (NSE) conditions for insider trading in shares of companies quoted on the exchange is that such trading must be disclosed to interested members of the public. Insider trading refers to the purchase or sales of shares of a company listed on the NSE by directors, a person discharging managerial responsibility, employees with sensitive information, advisers, and consultants to the company and their connected persons. Insider trading in shares of companies is motivated by a lot of factors: desire to take a position on the board, desire…

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Jaiz Bank Rides On Income From Finance Contract To Boost Q1 2020 Profit

Jaiz Bank To Raise N5.5bn Through Private Placement

Jaiz Bank Plc, the Nigerian first fully integrated Non-Interest bank recently released its first quarter ended March 2020 unaudited result to the public. The result the lender shows a 29 percent rise in Profit After Tax (PAT) to N554 million. Analysis of the result revealed that the growth in first-quarter profit of the bank was induced by a 44 percent rise in Income from Finance Contract and a 37 percent rise in Fee and Commission Income. Here are the highlights of Jaiz Bank Q1 2020 results Net Income from Finance…

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