The federal government (FG) of Nigeria has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities. Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS). […]
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Alhaji Aliko Dangote, Chairman of the Dangote Group, has expressed concern over the decision of the Central Bank of Nigeria, CBN, to raise the interest rate to nearly 30 per cent. Speaking at a summit hosted by the Manufacturers Association of Nigeria (MAN), on Tuesday at the State House in Abuja, the business mogul made […]
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NOVA Merchant Bank has received approval from its shareholders to transition into commercial banking. The shareholders gave their unanimous approval during the company’s 6th Annual General Meeting in Lagos on Wednesday, where they agreed that the bank remains well-positioned to sustain and build upon its growth legacy. At the meeting, the company’s Board of Directors took […]
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Guaranty Trust Holding Company Plc (“GTCO Plc” or “the Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦54.3billion, representing an increase of 1.1% over ₦53.7billion recorded in the […]
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Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend. The bank beat other strong contenders – Zenith Bank, Guaranty […]
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The Central Bank of Nigeria (CBN) has directed Nigerian banks to resolve all outstanding issues relating to failed Automated Teller Machine, Point of Sale terminal and other electronic banking transactions within two weeks, starting June 8, 2020. The timelines for reversals and resolution of refund complaints on electronic channels was also reviewed. A statement signed […]
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The Central Bank of Nigeria (CBN) has ordered all banks not to retrench any of its workers. A statement from the apex bank signed by Mr. Isaac Okorafor Director, Corporate Communications said the CBN, Bankers’ Committee both decided to suspend lay-offs in banks. Access Bank has been trending in the media after an alleged video […]
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The Central Bank of Nigeria (CBN) has issued operating licence to three new banks to operate in the country. The new banks are Titan Trust Bank Limited, TAJ Bank Limited and Globus Bank Limited. According to the apex bank, Titan Trust and Globus Bank will operate as commercial lenders while TAJ Bank Limited was licensed […]
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Bank customers in the Federal Capital Territory (FCT), on Tuesday decried poor network and insufficient funds in most Automated Teller Machines (ATMs). The News Agency of Nigeria (NAN) reports that at the time of filing this report, many customers were seen stranded and on long queues at ATMs waiting to make different transactions. Some of the […]
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As efforts are on course to reposition the Mining and Steel sector to take its pride of place as first among equals in terms of contributions to national economic growth, the Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari has said that government will continue to collaborate with International financial partners […]
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