Sunday, October 17

Tag: First Bank of Nigeria

Why CBN Sacked First Bank Board — Emefiele (Full Text)
Business

Why CBN Sacked First Bank Board — Emefiele (Full Text)

GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD 1.0 Good afternoon ladies and gentlemen. 2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd (FBN) and the related regulatory inquiry by the Central Bank of Nigeria (CBN) to the Board of First Bank of Nigeria Limited. It has therefore become necessary for me to address the public to clear any misconceptions. 3.0 Ordinarily the board is vested with the authority to make changes in the management team subject to CBN approval. However, the CBN considers itself a key stakeholder in management changes involving FBN due to the forbearances and close monitoring by the Bank over the last 5 years aimed at stemming the slide in the going co...
First Bank Shake-Up: Hassan-Odukale Replaces Awosika As Chairman
Business

First Bank Shake-Up: Hassan-Odukale Replaces Awosika As Chairman

The Central Bank of Nigeria on Thursday, wielded its big stick on one of Nigeria’s oldest banks, First Bank of Nigeria Limited, and sacked all the board members of the bank including its Chairman, Board of Directors, Ibukun Awosika. Awosika was appointed First Bank Chairman in September 2015, making her one of the first women to hold the esteemed position. However, the apex bank on Thursday, announced the immediate appointment of Tunde Hassan-Odukale as Chairman of First Bank. Before his appointment, Hassan-Odukale was the Managing Director of Leadway Assurance Company. The re-organisation of First Bank by the regulator was not unconnected to the removal of Adesola Adeduntan as the Managing Director/Chief Executive Officer of the bank and the appointment of Gbenga Shobo as MD/...
First Bank Salutes Medical Professionals Tackling COVID-19
Health

First Bank Salutes Medical Professionals Tackling COVID-19

First Bank of Nigeria Limited has saluted medical professionals tackling the COVID-19 pandemic in Nigeria and the world. The Bank in a series of tweets on its Twitter page on Friday acknowledged the role medical experts are playing to fight the virus. Some of the messages read: “No capes, just heroes. To all the health professionals at the frontline of efforts to tackle COVID-19, we say thank you. Your timeless efforts are much appreciated. The world called and they responded.” “No cape, just lab-coats. No superhuman capability, just dedication, strength, and compassion. As we play our parts of staying at home, we thank our medical professionals for being our ‘Avengers’.” “The world called and they responded. We salute our frontline warriors.” FirstBank has been in the for...
CBN Fine 12 Banks N499b For Not Giving Out Loan To Customers
News

CBN Fine 12 Banks N499b For Not Giving Out Loan To Customers

For breaching its guidelines on lending to the real sector of the economy, the Central Bank of Nigeria (CBN) has fined 12 major banks N499.1billion. According to an approved debit instruction, the affected banks and the amount they will pay are: Citibank (N100,743,055, 321); First Bank of Nigeria (N74,668,880,480); FBNQuest Merchant Bank (N2, 697,456,144); First City Monument Bank (FCMB), (N14, 371,064, 742) and Guaranty Trust Bank (N25, 147, 933, 628). Others are Jaiz Bank (N7, 525, 165,552); Keystone Bank (N4, 162, 938, 879); Rand Merchant Bank (N2, 823,177,399); Standard Chartered Bank (N30,027,137,984); SunTrust Bank (N1,703,205,427); United Bank for Africa (N99,676,181,916) and Zenith Bank (N135,629,337,625). The banks will lose the money at source from their Cash Reserve...
Buhari Congratulates First Bank Of Nigeria On Its 125th Anniversary
Politics

Buhari Congratulates First Bank Of Nigeria On Its 125th Anniversary

He tweeted below... On behalf of the Federal Executive Council (FEC), and of the people of Nigeria, I congratulate First Bank of Nigeria, the oldest bank in the country, on its 125th anniversary. We celebrate the purposefulness and prudence that has become the hallmark of the bank, and salute the vision and and dynamism of the management Team. I urge the Bank to continue supporting the Nigerian economy, especially by providing financial lifelines for businesses.
Zenith Bank Provides For 30% Of 9mobile’s Loan
News

Zenith Bank Provides For 30% Of 9mobile’s Loan

Zenith Bank says it has made a provision on 30 percent of its loan to 9mobile, telecommunications company formerly known as Etisalat. According to Reuters, Peter Amangbo, chief executive officer of the bank, made this known in a conference call on Monday. “We have taken about 30 percent as a provision which we believe is very prudent as the company is undergoing restructuring to prepare for a new investor.” A lender makes provision for a loan if it perceives that the debtor will default on the loan. A provision is an allowance set aside to cover loan losses. The company, which is Nigeria’s fourth largest telecommunications company, had been in the news for its inability to repay a $1.2 billion loan it took from a consortium of 13 banks. First Bank of Nigeria (FBN), one of...
Nigerian Banks Want To Reposition 9mobile Before Sale – FBN
News

Nigerian Banks Want To Reposition 9mobile Before Sale – FBN

First Bank of Nigeria (FBN) says the Nigerian Banks who took over 9mobile — formerly known as Etisalat Nigeria — are stabilising the telecommunication company before looking for new investors to buy into the company. Quoting First Bank, Reuters said the country’s fourth largest telecoms group will keep stability until they can find new investors, adding that there is no need to impair loans made to the company because of its cash flows. “On the part of lenders, we are trying to reposition the company till we find new investors. With the level of cash flow we believe there will be no need for impairment,” a bank official said on an analysts’ call. Another lender, FCMB, said on Tuesday lenders had agreed to extend a $1.2 billion loan which the mobile operator took out four years ago...
Nsima Ekere’s Bank Accounts Frozen By Court
News

Nsima Ekere’s Bank Accounts Frozen By Court

A Federal High Court in Uyo has ordered the freezing of all accounts and forfeiture of a property belonging to Nsima Ekere, the managing director of the Niger Delta Development Corporation (NDDC), The Trent reports. Mr. Ekere who was a former deputy governor of Akwa Ibom State, had defaulted on a credit facility in the amount of N27 million that the defunct Oceanic Bank, now Ecobank Plc, had granted him. Unable to recover the debt, Asset Management Corporation of Nigeria, AMCON had taken Ekere to court. In a judgment reportedly delivered on March 20, 2017, Justice Ijeoma L. Ojukwu ruled that an “order of the Court granting interim possession of Plot 1. 52 Lagos Street (Ewet Housing Estate, Uyo, Akwa Ibom State belonging to the Defendant to the Plaintiff/Applicant; an Order of the Hon...
Nigeria’s Foreign Reserve Now $27.4bn
News

Nigeria’s Foreign Reserve Now $27.4bn

Nigeria’s foreign reserve has recorded 18.2 per cent accretion since its recent uptrend, standing at $27.4 billion with the latest figures from the Central Bank of Nigeria, CBN, for January 2017. The uptrend which began October 20, 2016 had persisted with minor pullbacks recorded on November 1, 2016 and December 14, 2016, reversing the over one-year persistent decline which bottomed out at $23.2bn on October 19, 2016. In the 12 weeks upward trend, the reserve added $4.2 billion as against $8.6 billion it had lost since President Muhammadu Buhari came into power in 2015. The latest figure of the reserve is also on 10 months high over the last one year while indications are that accretion would continue on the back of improved oil revenue. The month-on-month trend shows an increa...
China Emerges Nigeria’s Leading Source Of Imports With $1.6bn
News

China Emerges Nigeria’s Leading Source Of Imports With $1.6bn

It emerged at the weekend that China is now Nigeria’s leading source of imported goods with an import value of $1.6 billion (N478 billion) equivalent to 20 per cent of Nigeria’s total imports. This is, according to the merchandise trade data released by the Nigerian Bureau of Statistics (NBS) in its latest foreign trade statistics for the third quarter of 2016. According to the NBS data, Belgium emerged the second largest source of imports in the review period, with an import value of $1.1 billion (N331billion). The NBS data put the total value of trade at N4.72 trillion, representing an increase of 16 per cent on the preceding quarter. The data, however, showed a trade deficit of N104 billion, which compared with N482 billion in the second quarter of 2016. Analysts at FBN Q...
Diezani Alison-Madueke Bought Le Meridien Hotel In Port Harcourt Through First Bank ED Dauda Lawal
Scandals and Rumours

Diezani Alison-Madueke Bought Le Meridien Hotel In Port Harcourt Through First Bank ED Dauda Lawal

SaharaRreporters has confidentially learned how Nigeria’s former Petroleum Resources Minister, Diezani Alison-Madueke, purchased Port Harcourt’s Le Meridien Hotel using First Bank of Nigeria Executive Director (ED), Dauda Lawal. The revelation comes as the federal government of Nigeria this week struggles to release the list of the nation’s looters and saboteurs of the economy, an earth-shaking event the presidency says will happen latest Thursday. Barely two weeks after Lawal was picked up by the Economic and Financial Crimes Commission (EFCC) the ED has reportedly returned huge amounts of money laundered through him by the ex-oil minister, with whom he was reported to be “extremely close.” Mr. Lawal is said to have returned millions of dollars to the EFCC as the agency prepared to l...

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