DIVIDEND pay-out in banks rose 12.6 percent for their financial year ended December 2018 despite the dividend restriction policy introduced by the Central Bank of Nigeria, CBN. About nine banks scaled the CBN hurdle while four were caught napping. CBN Cadbury Nigeria shareholders approve N471m dividend(Opens in a new browser tab) Leading banks quoted on the Nigerian Stock Exchange, NSE, paid N259.4 billion to their shareholders, as against N230.4 billion in the financial year 2017. The five Tier-1 banks were responsible for the huge dividend pay-out, accounting for 87.4 percent…
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FIRST BANK MANAGER CHARGED TO COURT FOR STEALING 52MIL
Oluwatosin Omojuyigbe A customer relationship manager with First Bank of Nigeria Limited, Kehinde Adewuyi, was on Tuesday arraigned before the Igbosere Magistrates’ Court for allegedly converting the sum of N52,628,000 from his employer’s account to his personal use. The 36-year-old suspect was arraigned on three counts bordering on stealing. PUNCH Metro learnt that the suspect was arrested by policemen from the Lion Building Police Division following a complaint by the bank’s forensic auditors, Solomon Akhanolu and Owei Chris. According to the police, the alleged fraud was discovered when the account…
Read MoreBANKS LOANED 12TRILLION FROM CBN IN 6MONTHS
Central Bank of Nigeria (CBN) Liquidity problems with Nigerian banks have persisted as the last six months have not been easy. The trend of tushing to CBN for cash continues. The nation’s Deposit Money Banks have made frequent visits to the facilities’ window of the Central Bank of Nigeria (CBN) in the last six months, resulting to N12.09 trillion borrowings. Meanwhile, CBN Governor, Godwin Emefiele, would kick off his second term in office tomorrow, having earlier been confimrmed by the National Assembly. He is now expected to roll out new…
Read MoreBANKS TO CREATE BLACK BOOK FOR CHRONIC DEBTORS, BLACKLIST AND SHARE THEIR NAMES AMONG FINANCIAL INSTITUTIONS
To create ‘Black Book,’ share details among financial institutions Obinna Chima Tough times await chronic bank debtors as chief executive officers of financial institutions have resolved to create and maintain what they term a ‘Black Book’ for the compilation of details of loan defaulters that will be shared among all their organisations. They also agreed to blacklist such high-profile debtors. The Body of Banks’ CEOs, as the group is known, announced this decision in a communique titled: “Review of Harassment and Criminalisation of Banks’ CEOs by Law Enforcement Agencies Based…
Read MoreSTERLING BANK MAN STEALS 4.4MIL NAIRA, GETS 500,000 NAIRA BAIL
Law and Order A 34-year old banker with Sterling Bank, Emmanuel Odoemena, who is under trial for an alleged theft of N4.46 million has been granted N500, 000 bail on Wednesday by an Ogudu Magistrates’ Court. Odoemena, whose address was not given in court, is facing charges of stealing and breach of peace to which he pleaded not guilty. According to the Prosecutor, Insp. Lucky Ihiehie, the defendant committed the offences between January 2018 and February 2019 at Sterling Bank Plc, Ketu Branch, Lagos. Ihiehie alleged that the defendant, an…
Read MoreNDIC SETS ASIDE 258.8BIL TO REIMBURSE DEPOSITORS IN 2019
The Nigeria Deposit Insurance Corporation (NDIC) said it has set aside the sum of N258.767 billion in the 2019 fiscal year for the reimbursement of depositors in the unlikely event of closure of licensed banks. Giving a breakdown of the funds, managing director and chief executive of NDIC, Umaru Ibrahim, at the Corporation’s 2019 budget estimates before the House of Representatives said N109.686 billion was provided for depositors of Deposit Money Banks (DMBs), while N149.081 billion has been set aside for depositors of Primary Mortgage Banks (PMBs) and Micro Finance…
Read MoreEX-MINISTER GOES TO COURT TO NULLIFY ACCESS BANK, DIAMOND BANK MERGER
A former Minister of Petroleum, Chief Don Etiebet, has asked Justice Mohammed Liman of a Federal High Court in Lagos to nullify the merger between Access and Diamond Banks over alleged non-disclosure of vital information. The two banks, Securities and Exchange Commission (SEC) as well as the Central Bank of Nigeria (CBN) were joined as co-respondents in the suit. In an affidavit in support of the motion on notice deposed to by the applicant (Etiebet), it was averred that prior to the commencement of the merger, the 1st respondent (Access…
Read MoreMAGU CONTINUES ATTACK ON BANKING SECTOR, SAYS FOREIGNERS SPONSOR TERRORISM THROUGH BANKS
M Ibrahim Magu, Acting EFCC Chairman The Chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has alleged that recent discovery by the Commission showed that some foreign nationals sponsor terrorism through banks in the country. Magu also lamented that banks were being turned into fraud and money laundering institutions in Nigeria, saying that some bankers give cover to fraudsters, corrupt politicians and foreign nationals to operate. Speaking on Sunday in Port Harcourt, Rivers State, at a meeting with officers of banks in the South-South Zone, Magu vowed that…
Read MoreEFCC PRESENTS FRESH EVIDENCE AGAINST FORMER INTERCONTINENTAL BANK CHAIRMAN, AKINGBOLA
EFCC Presents Fresh Evidence Against Akingbola The trial of Erastus Akingbola, a former Managing Director of the defunct Intercontinental Bank Plc, continued on April 5, 2019 with the Economic and Financial Crimes Commission, EFCC, presenting fresh evidence against him. Akingbola is standing trial on an amended 22-count charge bordering on abuse of office, conversion of funds belonging to Intercontinental Bank Plc, and stealing. The fresh evidence, which included the statements of accounts and accounts particulars of Tropics Securities Limited, Tropics Properties Limited and Tropics Finance with Access Bank, were tendered…
Read MoreCOMMERCIAL BANKS TO PAY 103BIL TAX TO FIRS
FEYISAYO POPOOLA examines the total amount of taxes to be paid to the Federal Inland Revenue Service for the 2018 financial year by 14 commercial banks listed on the Nigerian Stock Exchange A total of 14 commercial banks listed on the Nigerian Stock Exchange are billed to pay N103bn in taxes to the Federal Inland Revenue Service for the 2018 financial year. An analysis of the recent financial statements filed by the banks on the NSE showed that Ecobank Transnational Incorporated will pay the highest amount of N33.61bn. A breakdown…
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