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Desist From Forex Malpractices, CBN Warns commercial Banks

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The Central Bank of Nigeria has warned Deposit Money Banks to always observe due diligence and desist from all forms of malpractices in foreign exchange transactions.

The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.

Nnaji urged the banks to ensure to know their customers and also to know their customers’ businesses.

She said the directive was necessitated by recent occurrences in the FX market.

“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).

“Given this responsibility, and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.

“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the director said.

She urged all the DMBs concerned to take note and ensure compliance.

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BREAKING: CBN Raises Interest Rate 24.75 Percent

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The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent.

This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja.

The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago.

More to follow…

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Access Bank Targets 100% Ownership Acquisition Of National Bank Of Kenya

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Access Bank Plc and KCB Group Plc (KCB) have signed a binding agreement to acquire 100 per cent shareholding in National Bank of Kenya Limited (NBK) from KCB.

The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition Commission, and notifications to other relevant regulators.

For Access Bank, this move underscores its commitment to bolstering its presence in Kenya and the broader East African region.

Speaking on the transaction, managing director/chief executive of Access Bank, Roosevelt Ogbonna said, “the transaction represents an important milestone for the Bank as it moves us closer to the achievement of our five-year strategic plan through increased scale in the Kenyan market.

“We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.”

Ogbonna added that “trade flows in East Africa revolve around key trade corridors, with Kenya being a key player in the region. With the African Continental Free Trade Agreement, these corridors will continue to expand and by deploying our best-in-class financial solutions, we are strategically positioned to deliver sustainable value for our stakeholders.

“The consolidation in Kenya will support the realisation of our aspiration to be Africa’s Payment Gateway to the World. Subsequent to the completion of the transaction, NBK would be combined with Access Bank Kenya Plc to create an enlarged franchise in the pursuit of our strategic objective for the Kenyan and East African markets.”

Group CEO of KCB, Paul Russo said: “this transaction represents what we believe is a great opportunity to maximise value for our shareholders while strengthening the competitive position for the Group. The past four years have been defining for NBK as a KCB Group subsidiary and this step marks the opening of new opportunities.”

“During the period, we have made progressive investments in the Bank, and we believe that this is in the best interest of the Group and its sustainability. Our growth strategy is premised on both organic and inorganic plans, and we shall continue to seek opportunities that increase our shareholder’s value,” said Russo.

Access Bank stated that all parties will be working together in the coming months to fulfill the conditions precedent relating to the proposed acquisition, which include the regulatory approvals of the Central Bank of Nigeria and the Central Bank of Kenya.

Access Bank will continue to provide a full range of banking services and continuity for its stakeholders including employees and customers in Kenya.



In recent months, Access Bank has embarked on a strategic expansion drive, marked by significant acquisitions. In January, the Bank completed its acquisition of Atlas Mara Zambia, thereby becoming one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.

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Zenith Bank Appoints Adaora Umeoji As Its First Female GMD/CEO

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Zenith Bank has named Adaora Umeoji as its first female Group Managing Director/Chief Executive.

Her appointment, subject to the approval of the Central Bank of Nigeria, takes effect from June 1, 2024, according to the bank.

“She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame (Dr.) Adaora Umeoji is the first female GMD/CEO since the inception of the bank, and her appointment is consistent with the bank’s executive transition tradition, succession plan, and strategy of grooming leaders from within,” Zenith Bank said in a Tuesday statement.

Before her latest appointment, Umeoji had been serving as the bank’s Deputy Managing Director since October 28, 2016. She has about 30 years of cognate banking experience with 26 of them spent working with Zenith Bank.

“She is an alumnus of the prestigious Harvard Business School where she attended the Advanced Management Program (AMP) and an alumnus of Columbia Business School with a Certificate in the Global Banking Program,” the bank statement further read.

“She holds a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting, and a First-Class Honours in Law from Baze University, Abuja. She holds a Master of Laws from the University of Salford, United Kingdom, a Master in Business Administration (MBA) from the University of Calabar, and also has a doctorate in business administration from Apollos University, USA.”

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