Banks’ Loan Defaulters Almost Wrecked Nigerian Economy – AMCON         The Asset Management Corporation of Nigeria has said that loan defaulters of Deposit Money Banks who are on its books almost crashed the Nigerian economy if not for its intervention. AMCON, an agency of the Federal Government,...

CBN Debits 23 Banks N349.72bn       The Central Bank of Nigeria has debited 23 financial institutions N349.72bn in Cash Reserve Requirement. These debits occurred towards the end of last week, as the apex bank intensified its effort in mopping liquidity amid rising inflation. The recent action by the...

Eight Banks Earn N26.73bn From International Trade Transactions         Eight Nigerian banks have earned a total of N26.73bn from commissions charged on Letters of Credit issued for international trade transactions from January to September. Analysis of the third-quarter financial reports of the eight banks indicated that this...

Senate Empowers Banks To Recover Loans Without Borrowers Consent       The Senate on Tuesday, passed for second reading, a bill to allow banks recover loans from defaulters, place them on watchlist and eventually blacklist them without recourse to the borrowers. The bill sponsored by Senator Sani Musa,...

CBN To Banks: Cut Service Cost         The Central Bank of Nigeria (CBN) has advises banks and other financial institutions to reduce the cost of providing banking services to their customers, especially the underbanked and unbanked within the society. CBN Director, Payment System Management Department, Musa Jimoh...

Some MDAs, Banks Colluding To Divert Funds, Alleges Lawan         President of the Senate, Ahmad Lawan, has accused some banks of conniving with certain categories workers in government agencies to divert public funds to private pockets. He has therefore tasked the anti-corruption agencies to focus more on...