NDIC Refunds Liquidated Banks Depositors According to the Nigeria Deposit Insurance Corporation (NDIC), it has reimbursed the depositors of 179 failed microfinance and mortgage banks across the country. The Managing Director of the NDIC, Dr Bello Hassan, stated this at the NDIC Special Day during the...

NDIC Refunds Liquidated Banks Depositors According to the Nigeria Deposit Insurance Corporation (NDIC), it has reimbursed the depositors of 179 failed microfinance and mortgage banks across the country. The Managing Director of the NDIC, Dr Bello Hassan, stated this at the NDIC Special Day during the...

Reps Probe N1.2trn Unclaimed Funds In Banks   The House of Representatives’ Ad Hoc Committee on Unclaimed Funds in the Nigerian Commercial Banks and Infractions by the Central Bank of Nigeria has begun investigation of funds stuck in commercial banks due to the alleged failure to...

IMF To CBN: eNaira May Reduce Deposits In Commercial Banks   The International Monetary Fund has said the eNaira wallet may function as a deposit at the Central Bank of Nigeria and consequently reduce demand for deposits in commercial banks. The comment came barely four weeks after...

Banks Raise Interest Rates By 140% To Attract More Deposits         Banks have raised deposit rates by 140 per cent in a bid to attract more funds from customers and address the sluggish growth in deposit recorded in the first half of the year (H1’21). The development...

25 Banks’ Profits Fall By N482bn As CBN Restricts N9.5trn Deposits       Twenty commercial banks and five merchant banks’ profits dropped by N482 billion in 12 months over N9.5 trillion cash restriction policy implemented by the Central Bank of Nigeria (CBN), the 2021 Banking Industry Report...