AllAfrica News: Banking and Insurance
Nigeria's economic recovery on a sustainable basis was on Tuesday tied to the convincing resolution of the ongoing banking crisis, amidst hopes that such may begin to be realized towards the end of this year, going by current rate.
Nigeria: Expert Ties Economic Recovery to Emergence of Sound Banks
COMPTROLLER of Customs in charge of Apapa Area Command, Abdulkadir Azarema, has dismissed claims that e-payment is frustrating payment of custom duties, describing the process as a boost to efforts of Nigeria Customs Service, NCS, at meeting revenue targets.
Nigeria: E-Payment Has Been a Blessing to Revenue Generation - Azarema
AN Onitsha-based car dealer, Gostar Investment Limited, has dragged the United Bank for Africa, UBA Plc, to court for alleged fraudulent transaction involving N12.2 million. When the case came up at an Onitsha High Court, the presiding Judge, Justice B. C. Anulude, adjourned it for a pre-trial conference.
Nigeria: Businessman Sues Bank Over Alleged N12.2 Million Fraud
Over ten customers of the First International Bank Liberia Limited (FIBANK) have won several bags of rice, generator and other items from the bank’s Lottery Draw.
Liberia: TEN Customers Win FIBANK Lottery Draw
The country's controversial central bank governor, Gideon Gono, is reported to be resisting an International Monetary Fund (IMF) audit of the bank's finances, following revelations it was looted by senior ZANU PF officials.
Zimbabwe: Gideon Gono Resisting IMF Audit of Reserve Bank
The court has restrained National Bank of Kenya from advertising for sale a five-storey building in Nairobi's upmarket Westlands suburb over a disputed Sh655 million debt.
Kenya: NBK Stopped From Selling Building Over Disputed Debt
Central Bank of Nigeria (CBN) and Nigeria National Petroleum Corporation (NNPC) spoke in unison yesterday to declare that, it only augurs well for the economy if the downstream end of the oil and gas sector was deregulated.
Nigeria: Deregulation Inevitable for Economy, Say CBN, NNPC
CENTRAL Bank Governor, Mallam Sanusi Lamido Sanusi, said, yesterday, that deposit money banks in the country were strategizing towards a new phase of strengthening their capitalization.
Nigeria: Banks Strategise for Further Capitalisation, Says Sanusi
Officials of the Central Bank of Nigeria (CBN) recently released a report about certain practices in the financial sector that should trouble policy planners as well as the banking public.
Nigeria: Resurgence of 'Wonder Banks'
The International Finance Corporation (IFC), an arm of the World Bank, has announced that it is injecting some $300 million into Nigerian banks to support attempts to revamp the banking sector.
Nigeria: Finance Corporation to Inject U.S.$300 Million Into Banks
Bank rejects list of new board members for breaches of law during previous meeting Getahun Nana Signed the letter rejecting Lion Bank's choice of a new board.
Ethiopia: NBE to Call Lion's Shareholders' Meeting
Zimbabwean authorities should seriously consider establishing an infrastructure bank, whose core function is to buttress state guarantees on private sector loans for national projects.
Zimbabwe: Zimbabwe Urged to Establish Infrastructure Bank
Eurozone turbulence is keeping global commodity prices in check, helping Kenya to cut its import bill and slowing down the pace of inflation that is offering consumers much needed relief in the marketplace.
Kenya: Euro Zone Turbulence Helps Keep Inflation in Check
Further reports of the state of health of Nigerian banks (especially the "un-rescued" ones) started trickling into the market last week, with First Bank and Zenith Bank emerging already as the yet undisputed champions in terms of returns on investment.
Nigeria: First Bank, Zenith Reassure Investors With Robust Second Quarter Outing
The licensed Pension Fund Administrators (PFAs) managing the new contributory pension scheme in Nigeria have registered 4,540,352 employees as at the end of second quarter of the current year, the National Pension Commission (PenCom) has announced. PenCom is the supervisory authority in nation's pension industry.
Nigeria: Pension Scheme Records 4.5 Million Contributors
Only the Chartered Accountants approved by the National Pension Commission (PenCom) are fit to audit the accounts of Pension Fund Administrators (PFAs) once in every year or as otherwise determined by the commission. This is part of the measures put in place by PenCom to ensure the safety of pension fund assets so that retirees can get their entitlements as and when due.
Nigeria: Only PenCom Approved Accountants Can Audit PFAs
Nigerian Council of Registered Insurance Brokers (NCRIB) is worried by the proliferation of insurance brokers in the country and is already finding a solution to the menace. For the purpose of registration as members, the number of the council is unlimited but NCRIB has more than 400 brokers on its list at present.
Nigeria: Proliferation of Brokers Worries NCRIB
The chief executive officer of Union Assurance Plc, Mr. Godwin Odah, has said that apathy currently experienced in the insurance industry is due to the complex mechanism of insurance products and services as well as the inability of society to understand the kind of products that insurance companies have and how those products can be used to address the problems of the society.
Nigeria: 'Blame Insurance Apathy On Insurers, Society'
Insurers are currently exposing over 2,300 fraudulent claims every week, according to new data from the Association of British Insurers (ABI).
Nigeria: Insurers Expose 2,300 Fraudulent Claims Weekly
These are not the best of times for primary mortgage institutions (PMI) in Nigeria. Players in the critical sector of the Nigerian financial services industry are also coming under the heavy weight of the illiquidity in the economy that has seriously impeded growth in the nation's mortgage industry, just like others.
Nigeria: Liquidity Strains Threaten Mortgage Banks' Recapitalisation
BANK M, a local financial institution, said on Tuesday that its total assets reached 154bn/- as it celebrates its third anniversary.
Tanzania: Bank M Celebrates Its Third Year With 150 Billion/- Total Assets
Global crises notwithstanding, the bank had a net income of 43 million dollars.
Cameroon: Afreximbank - Positive Balance Sheet in 2009
NEDBANK yesterday moved to deflect criticism from a Namibian trade union that has accused the bank's Namibian unit of flouting affirmative action laws.
South Africa: Nedbank Deflects Namibian Trade Union Criticism
Nedbank Corporate Property Finance has led the pack in providing funding for affordable housing development projects in Cape Town.
South Africa: Nedbank Aims for Housing 'Gap'
ABSA CEO Maria Ramos yesterday marked the fifth anniversary of Barclays' investment in the lender by declaring that customers had benefited most from the venture through access to world-class products and services.
South Africa: Clients Won in Barclays-Absa Deal, Says Ramos
The Central Bank of Nigeria (CBN) said yesterday that it has released over N130 billion to small and medium scale enterprises (SMEs) through the Bank of Industry (BOI).
Nigeria: CBN Boosts Real Sector With N130 Billion
Central Bank of Nigeria (CBN) said yesterday in Lagos that while it ensures that all parties are carried along in the recapitalisation of the banks, it has a duty to ensure that wrong persons do not buy or take over the institutions.
Nigeria: 'Wrong People Can't Buy Banks'
A Federal High Court in Abuja yesterday upheld the removal of Mr. Jeremiah Adebosi Omoyeni as the Managing Director of Wema Bank PLc by the Central Bank of Nigeria (CBN).
Nigeria: Court Upholds Omoyeni's Removal As Wema Bank's Director
Increased economic activities by both the government and the private sector have seen Uganda's import bill increase by about Shs360 billion.
Uganda: Imports Grow By Shs360 Billion
The Bank Millennium Angola inaugurated on Tuesday in Luanda a new branch aiming at providing better services to customers.
Angola: Bank Millennium Opens New Branch