• Why banks are unable to lend to SMEs – Minister explains

    Why banks are unable to lend to SMEs – Minister explains

    Hajiya Zainab Ahmed, the Minister of State for Budget and National Planning, has linked the inability of commercial banks to lend to Small and Medium Enterprises to Federal Government’s indebtedness to banks via local borrowing.

    Ahmed said this on Friday in Lagos while responding to questions from participants at the 5th EU-Nigeria Business Forum.

    The second day of the forum, titled: “Harnessing Nigeria’s Potential for Economic Growth,” was dedicated to integrating SMEs into global value chain.

    The major problem echoed at the forum […]

  • Freeze illegal IMTOs’ accounts funding black market, CBN orders banks

    Freeze illegal IMTOs’ accounts funding black market, CBN orders banks

    According to reports, the Central Bank of Nigerian(CBN) has ordered all commercial banks to freeze accounts used by illegal International Money Transfer Operators(IMTOs) to siphon hard currencies to the black market just as it warns Nigerians abroad to stay away from such operators.

    According to the apex bank, the illegal IMTOs lure customers with ridiculous exchange rate and use Naira accounts opened in local banks to channel foreign currencies to fund the parallel market.

    In a statement by its acting Director, Corporate […]

  • Why Nigerians shun banks, keep money at home – Survey

    Why Nigerians shun banks, keep money at home – Survey

    Some Nigerians have identified greed, corruption and instability of the financial sector as reasons why people keep money at home.

    They spoke in separate interviews in a survey conducted by the News Agency of Nigeria (NAN).

    In South-West, a financial analyst, Mr Rotimi Agboluaje, bemoaned the trend, saying this had impacted negatively on the economy.

    Agboluaje cited illiteracy, lack of financial education and lack of confidence in the banking sector as reasons why many Nigerians keep money at home.

    He said that it would […]

  • Nigeria’s stolen $200bn in foreign banks – Ex-CBN chief

    Nigeria’s stolen $200bn in foreign banks – Ex-CBN chief

    A former deputy governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, has said that about $200 billion out of $700-$800 billion of stolen wealth stashed in foreign banks, is suspected to be from Nigeria.

    He said the amount of illegal monies taken out of developing world can resolve most developmental challenges bugging the victim countries.

    Mailafia advocated for amnesty for corrupt Nigerians to repatriate money stashed in foreign lands back into the country, saying such can trigger economic boom […]

  • CBN ‘orders’ banks to suspend payment of MTN dividends

    CBN ‘orders’ banks to suspend payment of MTN dividends

    According to reports, the Central Bank of Nigeria (CBN) has ordered the suspension of MTN Group dividend payment from the Nigerian subsidiary of the telecommunications giant, until further notice.

    In a quarterly update to shareholders, MTN Group said it was not guilty of the illegal repatriation charges levelled against it by the Nigerian senate, stating that the claims are totally unfounded and without merit.

    Addressing the latest developments on the alleged illegal repatriation of $13.97 million by the Group, MTN said the […]

  • CBN orders banks to stop dollar loans

    CBN orders banks to stop dollar loans

    According to reports, the Central Bank of Nigeria (CBN) has stated that bank customers who do not earn foreign exchange (forex) will henceforth not be able to secure dollar-denominated loans.

    CBN Director, Banking Supervision, Mrs. Tokunbo Martins, said this at the CBN-Financial Institutions Training Centre (FITC) continuous education programme for Directors of Banks and Other Financial Institutions, held in Lagos.

    She said the policy shift followed the continuous depreciation of the naira and subsequent rise in foreign currency exposures of banks in […]

  • Nigerian banks reject naira for visa payment

    Nigerian banks reject naira for visa payment

    Thousands of United Kingdom and Canadian visa applicants and intending travellers wanting to book hotels online were stranded on Monday as Deposit Money Banks stopped their naira debit cards from being used for dollar and other foreign currency-denominated transactions.

    The DMBs had on Friday stopped their naira debit cards from dispensing dollars to customers via Automated Teller Machines in foreign countries, as well as disallowed the cards from being used for online and Point of Sale transactions.

    The banks cited dollar scarcity […]

  • Dollar scarcity: Banks suspend ATM card usage abroad

    Dollar scarcity: Banks suspend ATM card usage abroad

    Deposit Money Banks have begun suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly.

    Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank on Friday announced the suspension of their overseas ATM card services.

    Also suspended by the banks are online transactions priced in foreign currencies. This means that customers of the banks will no longer be able to use their debit or credit cards to make online […]

  • How banks, oil importers defrauded government – Buhari explains

    How banks, oil importers defrauded government – Buhari explains

    President Muhammadu Buhari has said that Nigerians’ understanding of his anti-corruption fight was why the removal of oil subsidy did not prompt public disturbance. Speaking for the first time since after the development five months ago, Buhari said his administration had been greatly encouraged by the uncommon support from Nigerians in the fight against corruption, as well as initiatives aimed at stimulating the economy.

    The President, who spoke during an interactive session in Berlin with representatives of the Nigerian Community in […]

  • Senate summons MTN, banks over $13.9bn illegal repatriation

    Senate summons MTN, banks over $13.9bn illegal repatriation

    According to reports, the Senate has launched a probe into the allegation that MTN Nigeria repatriated a total sum of $13.9bn from Nigeria to other countries between 2006 and 2016 by summoning the management of the telecoms service provider, their bankers and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.

    During its plenary on Thursday, the Upper Chamber requested MTN and the others to appear before its Committee on Banking, Insurance and Other Financial Institutions next […]

  • CBN suspends other banks, approves only First Bank for Forex sale to BDCs

    CBN suspends other banks, approves only First Bank for Forex sale to BDCs

    According to reports, the Central Bank of Nigeria (CBN) has suspended commercial banks in Nigeria except First Bank from selling foreign exchange directly to Bureaux De Change operators following their failure to comply with the July 22, 2016, directive to sell inflows from International Money Transfer Operators (IMTO) to BDC.

    The CBN Wednesday also suspended 195 BDCs from the market following their failure to renew their operating licenses.

    Banking sources told THEWILL that a circular on the development was sent to the […]