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Business News about Nigeria, Africa, and Emerging Markets
Recent Posts Tagged With 'intercontinental bank'
Standard Bank Looking at Nigeria for Possible Takeover Targets
Standard Bank Group Ltd., Africa’s largest lender, says it’s looking at Nigeria for possible acquisition opportunities as a banking crisis in the West African country slashes valuations. “The current situation in Nigeria does prese...
Nigeria’s Fidelity Bank Plans Purchase of Rescued Bank
Nigeria’s Fidelity Bank is interested in buying one of nine banks rescued by the Central Bank of Nigeria (CBN) earlier this year and is awaiting guidelines on how such a bid would proceed, Fidelity’s CEO Reginald Ihejiahi said on Wednesda...
Nigeria to Limit Domestic Banks’ Market Share to 20%
he Central Bank of Nigeria (CBN) will limit domestic banks’ market share to 20% and prevent the country’s biggest lenders from acquiring stakes in 10 institutions that failed an audit earlier this year, the CBN’s Governor Lamido San...
What’s Next for Nigeria’s Banks?
ince the audit results of the remaining 14 Nigerian banks was announced earlier in the month, there has been much speculation about foreign take-overs of the troubled institutions, as well as mergers within the sector. Going forward, the Central Bank...
Nigeria’s Former Vice President, Atiku Abubakar, on Central Bank of Nigeria’s Debtor List
igeria’s former vice-president and opposition leader Atiku Abubakar is included in a list of major bank debtors released by the Central Bank of Nigeria (CBN). This list says Atiku Abubakar owes N111 million ($730,000; £450,000) and names 600 o...
Central Bank of Nigeria (CBN) Publishes List of Debtors/Non-Performing Loans for Bank PHB, Spring Bank, Unity Bank, Wema Bank, and Equitorial Trust Bank (ETB)
The Central Bank of Nigeria (CBN) yesterday made good its threat to publish names of non-performing debts – owed mostly by politicians, entrepreneurs, and shareholders/directors – whose companies secured loans totaling N450 billion from f...
Why the Nigerian Banks Stay Optimistic
Analysts at Renaissance Capital call it the numbers game in Africa’s biggest market with a population of 150 million and note that Nigerians are still spending. One barometer, the sales of first-class and business-class air tickets on flights b...
VIDEO: Nigerian Bankers Face Charges
Nigeria’s Economic and Financial Crimes Commission (EFCC) Charges Top Officials of Five Banks
Nigeria’s financial crimes watch dog, the Economic and Financial Crimes Commission (EFCC), charged top officials of five banks with multiple counts of offenses, including giving loans without required security, manipulation of stock prices, and fai...
Nigerian Stock Exchange (NSE) Lifts Suspension on 5 Banks’ Shares
he Nigerian Stock Exchange (NSE) on Tuesday lifted a suspension on trading in shares of five banks rescued more than two weeks ago in a $2.6 billion bailout by the CBN, a bourse spokesman said. “The stock exchange has lifted with effect from to...
100% Foreign Ownership of Nigeria’s Troubled Banks Now Allowed; Nigeria Seeks Foreign Investors for Troubled Banks
he Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, said he would welcome foreign ownership, including complete takeovers, of five troubled banks seized by the government this month. “We encourage foreign investors to have enough o...
Nigeria’s Economic and Financial Crimes Commission (EFCC) Arrests 68 Loan Defaulters; Recovers NGN25 billion (USD162 million); Erastus Akingbola Has Fled Nigeria, Says EFCC Chairperson Farida Waziri
Nigeria’s Economic and Financial Crimes Commission (EFCC) said on Thursday that it has recovered NGN25 billion from alleged loan defaulters of the five banks whose managing directors were sacked by the Central Bank of Nigeria (CBN). The EFCC Ch...
Sacked CEO of Intercontinental Bank, Erastus Akingbola, Launches Legal Challenge
Erastus Akingbola, sacked Chief Executive Officer and Managing Director of Intercontinental Bank, last week asked a federal court to reinstate him and demanded N50 billion ($333 million) in damages, court papers showed on Friday. Along with Intercont...
Nigerian Stock Exchange (NSE) Chief, Ndi Okereke-Onyiuke, Denies Owing Banks Debts
di Okereke-Onyiuke, the Director-General of the Nigerian Stock Exchange (NSE), said she is not indebted to any bank, after the Central Bank of Nigeria (CBN) last week listed her name among debtors to two domestic lenders. “As a finance professi...
Nigeria Cracks Down on Top Bank Debtors
b>Nigeria’s Elite Are Among Those Facing a One-Week Deadline to Repay Loans, or Risk Arrest, Freezing of Assets. Some of Nigeria’s rich and powerful, long accustomed to a lifestyle of yachts, fancy cars, and businesses fueled by unchecked...
Central Bank of Nigeria (CBN) Acts Boldly to Stabilize Banking Sector
Despite the markets initial negative reaction to the news, most commentators seem to view the move by the CBN as a positive step. Razia Khan, Head of Africa Research at Standard Chartered writes in Business Day that “the decision to inject N400...
Central Bank of Nigeria (CBN) List of High-Profile Debtors; Aliko Dangote on the List; Sanusi Does Not Seek to “Northernize” Nigerian Banking, Says Chairman King
Following the recent regulatory action of the Central Bank of Nigeria (CBN) on five banks, namely Afribank, Intercontinental Bank, Oceanic Bank, First Inland Bank Plc (FinBank), and Union Bank of Nigeria, the CBN deems it necessary to use this medium...
Nigerian Interbank Lending Rates Crash; Renewed Confidence of Interbank Lenders
Nigerian interbank lending rates crashed yesterday after the Central Bank of Nigeria (CBN) injected liquidity through the N420 billion bailout loan given to the five ‘troubled’ banks. Call rates crashed from 19.3750% on Friday to close at...
Ratings of Intercontinental Bank, Union Bank, and Oceanic Bank Suspended at Renaissance Capital (RenCap)
Intercontinental Bank Plc, Oceanic Bank Plc, and Union Bank of Nigeria Plc had their ratings suspended at Renaissance Capital (RenCap), after the Central Bank of Nigeria (CBN) fired their CEOs and the CBN halted trading of their shares. Nigeria’...
Five Rescued Nigerian Banks and Who Will Manage Them
The Central Bank of Nigeria (CBN) said on Friday it was injecting N400 billion ($2.6 billion) into five banks and removing their senior management because their undercapitalization posed a risk to the banking system. Following are details on the five...
Why the Bank CEOs Were Fired – Lamido Sanusi
As we are aware, the world economy has been hit by recession following the financial meltdown that started with the sub-prime mortgage crisis in the United States of America and spread to Europe and other parts of the world. This crisis has led to th...
Central Bank of Nigeria (CBN) Appoints Acting CEOs for Five Nigerian Banks
The CBN has appointed acting CEOs for the five banks whose CEOs were sacked yesterday. The acting CEOs are: Susan Iroche (Finbank Plc) Mahmoud Lai Alabi (Intercontinental Bank Plc) John Aboh (Oceanic Bank Plc) Funke Osibodu (Union Bank Plc) Nebolisa...
Central Bank of Nigeria (CBN) Sacks 5 Bank CEOs, Injects N400 Billion into Banks
The Central Bank of Nigeria (CBN) has moved to inject N400 billion into five banks in the country following the decision to remove the CEOs and executive directors of the affected banks. The affected banks are Intercontinental Bank Plc, Union Bank of...
Aliko Dangote Becomes the New President of the Council of the Nigerian Stock Exchange (NSE)
A new dawn for the Nigerian Stock Exchange begins as Alhaji Aliko Dangote today becomes the President of the Council of the Nigerian Stock Exchange. Dangote’s ascendancy to the presidency makes him the 17th President of the NSE since its incept...
