Banking & Insurance articles

Sterling Bank Stable, Gets Moody’s B2 Rating

Moody’s Investors Service, a leading global rating agency, has assigned first-time local and foreign currency issuer and deposit ratings of B2 with stable outlooks to Sterling Bank Plc, including a Counterparty Risk Assessment, CRA, of B1 (cr)/Not Prime (cr). A statement by the Agency stated that the ratings are underpinned by a b3 baseline credit

CBN, Banks to Bar Bad Debtors from Purchasing Forex

The Central Bank of Nigeria, CBN, and banks, under the aegis of the Bankers Committee have decided to bar bad debtors from purchasing foreign exchange in the inter bank foreign exchange market. Committee which comprises of the top management of CBN, Nigeria Deposit Insurance Corporation, NDIC, and chief executives of banks took the decision on

Former Fidelity Bank Staff Remanded Over N25m Fraud

Friday Yahaya, a former staff of Fidelity Bank Plc has been remanded in Ikoyi prisons, Lagos, for allegedly converting the sum of N25,350,000 belonging to the bank’s depositors to his personal use. The former marketing staff of the Bank at Balogun Business Association branch, Trade Fair Complex, Lagos State was arraigned before Justice Lawal Akapo

BOI Partners Banks to Offer Lifelines to SMEs

Operators in the Small and Medium scale Enterprises, SMEs, sector can now heave a sigh of relief. They would soon receive a major boost as the Bank of Industry, BOI, partners 10 banks to provide funds to tackle their increasing challenges. The financial institutions are Access Bank Plc, Diamond Bank Plc, Ecobank Nigeria Limited, Fidelity

Row over Access Bank Offer

The Securities and Exchange Commission launches an investigation into the technical suspension imposed by the Nigerian Stock Exchange on Access Bank shares, amidst reactions by stakeholders The confusion generated by the actions of the Securities and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE, over the shares of Access Bank may take a toll

QNB Acquires Stakes in Ecobank

Qatar National Bank, QNB, in support of its 2017 international expansion and growth ambition has acquired 12.5 percent stake in Ecobank Transnational Incorporated. This was contained in a statement issued by the bank in Doha, Qatar on September 4, which stated, “QNB, One of the World’s Strongest Banks has announced the acquisition of a 12.5%stake,

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