Banks Begin Deduction Of Loans From Chronic Debtors’ Accounts   The Deposit Money Banks are recovering debts owed by chronic debtors from their accounts in other banks to curb the growth of non-performing loans in the industry, findings have revealed. Figures obtained from the Central Bank of...

CBN Freezes 15 Textile Smugglers Accounts       The Central Bank of Nigeria (CBN) has frozen the accounts of 15 textile smugglers across the country. Deputy Governor Corporate Services of the CBN Mr. Edward L. Adamu made this disclosure at a stakeholders meeting of Cotton, Textile and Garment...

CBN Freezes 38 Firms’ Accounts Over Forex Infractions, Others     The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies. The affected accounts belong to betting companies, bureau de change companies and some logistics companies, according to a...

CBN Seeks Power To Freeze Criminals’ Accounts, Wants Credit Tribunal   The Central Bank of Nigeria, CBN, has requested statutory powers to freeze accounts linked to criminals in the country. The apex bank also called for the creation of a Credit Tribunal to strengthen credit recovery processes...

Despite COVID-19, Banks Opened 35m Accounts In Five Months     Bank accounts in Nigeria have risen by 35 million between January to May 30th, 2020, data hosted on the website of the Nigeria interbank Settlement system (NIBBS) has revealed. A breakdown of the data indicates that the...

15% Of Continent's $1trn Trade Comes From Africa Accounts   The African Export-Import Bank (Afrexim Bank) has said that Africa accounts for only 15 per cent of the continent’s $1trn total trade in the world per year. Speaking to journalists at the sideline of the 18th edition...