Category: Money market

JPMorgan Chase & Co. HSBC,  and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than £1bn ($1.2bn or just over R17bn), Bloomberg reported yesterday. Barclays, Citigroup and Royal Bank of Scotland Group are also among the targets of the United Kingdom suit that will say pension funds, asset managers, hedge funds and corporations lost out because of market manipulation between 2007 and 2013 and should be compensated. The lawsuit centers on collusion on foreign-exchange trading strategies, for which the…

Read More

  Tracka, the  organisation  founded by BudgIT for  tracking the implementation of government projects in communities,  has raised alarm over what it describes as,  “wasteful empowerment projects” in the 2019 Zonal Intervention Projects, nominated by members of the National Assembly.   In a press release, the organsisation  noted that the Zonal Intervention Projects accounted for N58 billion of the N100 billion constituency projects, which, it said,  “are practically used as political benefits.”   According to the organisation, “the lack of citizen inclusion in the nomination of zonal intervention projects has led to an escalating number of abandoned projects…

Read More

Two banks, Heritage Bank Plc and African Export Import Bank  (Afreximbank), have signed $1billion Memorandum of Understanding (MoU) with Zamfara State Government  in the areas of mining, agriculture and water resources.  In addition to Heritage Bank, which is  the banker to the project, another financial institution involved in the transaction is PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings. Speaking with journalists at the signing of the MoU in Abuja, the MD/CEO of Heritage Bank, Ifie Sekibo, stated that the win-win collaboration amongst the institutions would promote and fast track support that…

Read More

The Central Bank of Nigeria’s (CBN) commitment towards achieving 95 per cent  financial inclusion rate by 2024 would be enhanced if the apex bank licenses mobile network operators (telcos), as Payment Service Banks (PSBs), Chief Executive Officer, Financial Derivatives Company Limited’s (FDC), Mr. Bismarck Rewane, has said. According to the financial expert, telco PSBs have some key advantages over deposit money banks, which will make them more effective agents in promoting financial inclusion in the country. Rewane, who stated this in the FDC’ s latest Monthly Economic Update, obtained by New Telegraph…

Read More

  There are indications that deposit money banks in the country may find it difficult maintaining current levels of profitability due to new measures introduced by the Central Bank of Nigeria (CBN), which aim to compel lenders to increase lending to the real sector by restricting their investment in government securities.   As part of such measures, the CBN had barred DMBs from buying Treasury bills for their own accounts at an open market auction held on July 18. According to traders, the apex bank told lenders that their bids…

Read More

Wema Bank Plc., the pioneer of Nigeria’s first fully digital bank ALAT, has sponsored the 2019 retreat of the Super Agents for Bet9ja, an online bookmaker company that offers betting on major sporting events operating in Nigeria. The retreat is an annual event organized by the Super Agents of KC Gaming Networks Limited (Bet9ja) spread across the country. This year’s edition held at Orchid Hotels, Lekki, Lagos from July 23 to July 26, 2019.  Addressing participants at the event, Kunle Alarapon, Head, Gaming, Wema Bank Plc, commended the Super Agents…

Read More

The United Bank for Africa (UBA) Plc has set aside N50 billion for financing of Small and Medium Scale Enterprises (SMEs) in Nigeria. At the level of the Africa continent, the lender said it was  devoting premium attention to funding, development and  growth  of SMEs in Africa, a sector, the bank believes holds the key to stimulating the continent’s economy.  Group Managing Director, UBA, Mr. Kennedy Uzoka, confirmed the bank’s renewed commitment to SMEs over the weekend in Abuja at the opening of the UBA Market Place. The UBA Market…

Read More

The International Monetary Fund (IMF), at the weekend, announced that it had initiated the selection process for its next managing director to succeed Christine Lagarde. Lagarde submitted her resignation letter from the global crisis lender last Tuesday, citing more clarity about her nomination to lead the European Central Bank (ECB) as European legislators approved a new top bureaucrat. In a press release, the Fund stated: “The executive board announces today that it has adopted an open, merit-based, and transparent process for the selection of the next managing director, similar to…

Read More

    Ten Nigerians have emerged in the monthly draw of DiamondXtra savings scheme season eleven initiated by Access Bank.   The presentation, which took place in various states across Nigeria, saw Samuel Ebu, Stanley Igwe, Olusina Fadare, Amos Tochukwu, Orungbala Anna among others winning N1million naira each.   Speaking during the cheque presentation to winners, Head, Products Insights and Capabilities, Access Bank, Robert Giles, revealed that the initiative had paid off immensely in which over N5 billion have been given out to winners, adding that DiamondXtra savings scheme has…

Read More

  Union Bank has announced its partnership with TEDxLagos to host the upcoming TEDxLagos event tagged “Spring.” In a press release, the lender said the collaboration was in line with its efforts to leverage partnerships and initiatives that focus on boosting Nigeria’s development and growth. According to the release, the ticketed event will take place at the MUSON Centre in Lagos on August 3, 2019, and is expected to attract some of Nigeria’s best minds – thought leaders, social innovators and members of the TEDxLagos and international TED communities. TEDx is a…

Read More