Fidelity Bank customers can now enjoy increased convenience with their Automated Teller Machine (ATM) transactions as the bank recently announced the introduction of its cardless withdrawal service. The feature allows Fidelity Bank accountholders to make withdrawals at any Fidelity Bank ATM nationwide with the aid of their registered phone numbers alone. Speaking on the new feature, Divisional Head, eBanking, Fidelity Read More
The Central Bank of Nigeria has clarified that the allegation that it was withholding N89 trillion from stamp duty collected was borne out of ignorance. A member of the House of Representatives Muhammed Kazaure, had alleged that the Apex Bank had failed to account for stamp duty accumulation to the tune of N89 trillion. He also alleged that the Apex Read More
The Central Bank of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which takes effect from. Effect from January 9, 2023, individuals will only be able to withdraw N100,000 per week ( from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisations can access N500,000 per week. Banks have also been directed Read More
The International Monetary Fund (IMF) has said the continued FX shortages, rising inflation, limited debt servicing capacity, and administrative restrictions on current transactions are fueling Naira devaluation speculations. Recently at a Bloomberg poll, financial experts had predicted that the Central Bank of Nigeria (CBN) may further devalued the Naira after the 2023 general elections, while two of the 13 participants Read More
Selloff in the shares of Zenith Bank, GTCO Plc, lifted activities in the equity market as volume of transactions increased by 54.09 per cent. The volume of activities increased by 55.972 million as investors traded 159.437 million shares valued at N2.861 billion in 3039 deals against 103.465 million shares worth N1.186 billion exchanged hands the previous day in 3045 deals. Read More
MTN, Airtel, as well as money deposit banks in Nigeria have been appointed by the Federal Inland Revenue Service (FIRS) to withhold Value Added Tax (VAT) charged on all taxable supplies made to them, and remit to the Service. This is contained in a Public Notice the FIRS issued on the 7th of November, signed by its Executive Chairman, Muhammad Read More
Transactions on Point of Sale (PoS) in Nigeria have hit N15.67 trillion in the last five fiscal years, Blueprint can authoritatively report. The Central Bank of Nigeria (CBN) introduced the PoS system and agent banking in 2013 to achieve financial inclusion and develop a cashless economy. However, this novel system of business transactions was not well embraced until recently when Nigerians troop Read More
The Nigerian Stock Exchange (NGX) recent report on domestic and foreign Portfolio participation in equities trading showed that total equities transactions increased significantly by 32.13 per cent in the month of September. The report showed that total equities traded rose to to N118.15 billion ( $285.81million) against N89.42billion ($217.53million) in August. The jump in total transaction value was chiefly driven Read More
Osun state governor, Adegboyega Oyetola, has denied the alleged ownership of a property in London, United Kingdom. He also denied the purported link with the owner of the property, Mr Kolawole Aluko. In a statement signed by his Chief Press Secretary, Ismail Omipidan, and made available to newsmen in Osogbo, Sayurday, Oyetola described as ‘unfounded and untrue,’ the report linking him to the Read More
On October 4, 2021, one of the fastest growing financial service providers in Nigeria, Titan Trust Bank Limited, celebrated two years of its existence. Established with a mission to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates, Titan Trust Bank, has continued to provide seamless Read More
Point of sale transactions carried out in Nigeria in the first eight months of the year stood at N4.06 trillion, representing a 45 percent increase compared to N2.81 trillion recorded in the corresponding period of 2020. The statistics paints a clear picture of the increased interest in the use of POS as a means of transaction, especially with Nigerians continuous Read More
I’ll fight injustice against NIPOST until reversed- Pantami, Vanguard newspaper, October 10, 2020. Unlike past supervising ministers, Professor Isah Ali Ibrahim Pantami has shown through action that NIPOST is not an orphan and should be seen as a prime revenue generating agency for the federal government. Despite heading the Ministry of Communication and Digital Economy, Professor Pantami appears to know Read More
Comrade Joseph Kpokpogri is reputable for his campaign against anti-corruption. He is the publisher of Integrity Watchdog Magazine of which his reports are balanced and unbiased. His reports are not malice driven, but facts. For the writer of the venomous publication titled “ PRINCE KPOKPOGIRI: THE NOTORIOUS BLACKMAILER & EXTORTIONIST WHO IS A CONSULTANT WITH THE ECONOMIC AND FINANCIAL CRIMES Read More
The Nigerian National Petroleum Corporation (NNPC) says it recorded a total crude oil and gas export sales of $219.75m in May 2021, representing 180.29% increase on sales from the previous month of April 2021. This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Read More
Transactions on the floor of Nigerian Exchange NGX) yesterday returned to bearish trend, shedding N30 billion on lower volume. Market Capitalisation declined by 0.14 per cent to close at N20.273 trillion from N20.303 trillion reported the previous day The NGX All Share Index also depreciated by 57.03 basis points to 38911.31 points from 38968.34 points reported on Wednesday. Investors transacted Read More
The Central Bank of Nigeria (CBN) says it’s investigating the foreign-exchange transactions of lenders operating in the country. Following “recent occurrences in the market”, the Central Bank of Nigeria “would like to remind banks to desist from all and any forms of foreign exchange (forex) malpractices”, the regulator said in a statement on Friday. Any lenders “found culpable with ongoing Read More
Investment in the nation’s equity market yesterday sustained declining profile, shedding N55 billion. Specifically, market capitalisation of listed equities declined by 0.27 per cent to N20.434 trillion from N20.489 trillion reported the previous day. The Nigerian Exchange All Share Index also depreciated by 108.06 basis points to 39218.61 points from 39326.67 traded on Monday. Investors traded 425.658 million shares valued Read More
Nigeria’s leading financial institution, Zenith Bank Plc, has introduced an Artificial Intelligence (AI) powered Chatbot on WhatsApp named ZIVA (Zenith Intelligent Virtual Assistant), which enables customers to perform financial transactions and enjoy real-time customer service from their mobile phones. Customers can enrol by simply adding the bank’s verified WhatsApp mobile number 07040004422 on their mobile devices, agree to the legal Read More
The rulers of Nigeria have a diffident way of dodging obstacles the way the builders of the ancient Itu-Ikot Ekpene road in Akwa Ibom state did. The dust road was built in 1901 apparently with primitive tools that could not confront the horrendous natural obstacles in the terrain.The terrain, especially in Use Ikot Oku where Mary Mitchel Slessor’s tomb is, Read More
The Central Bank of Nigeria has advised microfinance institutions against engaging in certain prohibited activities, including wholesale banking and foreign exchange transactions. This was disclosed in a circular titled “Cessation of non-permissible activities by microfinance banks,” signed by Ibrahim Tukur on behalf of CBN’s Financial Policy and Regulation Department. CBN said, “The Central Bank of Nigeria has observed the activities Read More
The Central Bank of Nigeria (CBN) has said that it will not hesitate to sanction any customer or bank who flouts the new Foreign Exchange (Forex) policy. The CBN governor, Godwin Emefiele who disclosed this on Thursday at the 357th Bankers Committee meeting held virtually noted that any individual that contravene, the new policy will be sanctioned accordingly. He disclosed Read More
The Economic and Financial Crimes Commission (EFCC) has arrested two internet fraudsters, popularly known as Yahoo Boys, Alimi Seun Sikiru and Tobiloba Ibrahim Bakare, who were both convicted and sentenced to three years in prison. Aside a jail term, the judge also ordered the convicts to forfeit to the federal government the sum of N204,041,216.82; Mercedes Benz E500; Toyota Hilux Read More
The Nigerian Exchange (NGX) recent report on domestic and foreign portfolio participation in equities trading showed that total equities market transactions increased in June 2021 compared to the volume of transactions executed in May 2021. The report revealed that domestic institutional investors gradually took position amid releases of corporates’ half-year financial results which have been generally positive and the prospect Read More
In a bid to safeguard its e-banking platforms with enhanced safety and security features, Unity Bank Plc has unveiled a new code on its USSD platform that completely puts the customer in control of his Bank Account against any e-Banking fraud. The new code which is 77999*phone number # allows customers to block access to their Bank Accounts, hence without Read More
President Nigerian Baptist Convention, Dr Israel Akanji, has disclosed that the church never had rice business transaction with any supplier at the sum of N5 million. He stated this on Monday while briefing journalists at the church headquarters in Garki, on the activities of a fraudster, who he said is keen on dragging the church into the mud. According to Read More
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