Banking & Finance

The Central Bank of Nigeria has stated that banking industry credit in 2021 reached N 23.5 trillion with Other Financial Institutions (OFIs); comprising of Microfinance Banks, Development Banks, Merchant banks and mortgage banks contributing N2.79 trillion, representing 10.62 per cent of banking industry credit. This was revealed in the personal …

OLuwasina Phillip The Federal Government has provided the sum of N38bn to 2.4 million traders and farmers under the Social Investment Programmes. Vice President Yemi Osinbajo gave the figures at the official launch of the ‘Review of Baseline Report and Realignment of the National Statistical System with SDGs, 2020.’ The …

The Lagos State Government has said all statutory instruments that will facilitate the raising of N137.328bn from the capital market to deliver key infrastructure in critical sectors of the economy have been met. Governor Babajide Sanwo-Olu, presided over the ceremony where necessary documents required by the Securities and Exchange Commission …

Shareholders of Access Bank Plc yesterday approved a Holding company structure (Holdco) for the bank. The shareholders at the court order meeting in Lagos noted that for the financial institution to become Access Holdco, it poise to bring expansion and growth in shareholders returns. At the court order meeting, the …

Ololade Omosan-Agie The World Bank is about to begin an $800m Conditional Cash Transfer programme in Nigeria. Nigeria Governors’ Forum revealed the development in a communique after the 36th teleconference meeting. According to the communique, the World Bank Country Director, Shubham Chaudhuri announced the development to the governor on behalf …

The Board of Directors of the African Development Bank has approved a loan of $170m to finance a digital and creative enterprises program in Nigeria. The investment in Digital and Creative Enterprises Program (i-DICE) is a Federal Government of Nigeria initiative promoting investment in digital and creative industries. It is …

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said most of the roads constructed in the country will be tolled to repay the loans used to fund them. Emefiele said this while answering questions after the two-day retreat of the Bankers’ Committee in Lagos. He said, “Most …

Ololade Omosan-Agie A $210m loan approved by the African Development Bank’s Board of Directors on Monday could impact the lives of millions of people in Africa’s most populous country, the bank said on Tuesday. The loan will co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Program and will …

Access Bank Plc and the International Finance Corporation have empowered 100 female entrepreneurs across Africa who graduated from the bank’s initiative, called ‘Womenpreneur pitch-a-ton Africa’. The bank disclosed this in Lagos during an event to award 100 women with an IFC Mini-MBA, financial grants worth N9.75m to five women and …

Oluwasina Phillip Over 881,081 Nigerians and businesses have secured loans valued at over N503.27bn from NIRSAL Micro Finance Bank. The Bank said on Monday that most of these loans are from the COVID-19 intervention fund released by the federal government to cushion the effect of the pandemic on households and …