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NIGERIAN BANKS
News and stories about Nigerian banks
Dr. Olisa Agbakoba has explained how the federal government's proposed 50% windfall tax will negatively impact bank operations and its customers in Nigeria.
The federal government plans to tax bank 50% of profit realised from foreign exchange revaluation in 2023.
President Tinubu has asked the Senate to amend the 2023 Finance Act to impose a one-time windfall tax on the foreign exchange gains realized by banks in their 2023 financial statements.
Commercial banks in Nigeria sacked 35 of their employees between January and March this year over their involvement in fraud.
Banks in Nigeria recorded a significant drop in losses to financial fraud in the first quarter of this year as the amount lost in the period declined by 77.62% compared to the previous quarter.
As lenders expand in size and scale to meet the demand of a $1 trillion economy, analysts at Proshare have warned of poor Asset and Liability Management (ALM) risks.
Nine publicly listed commercial banks paid a sum of N166.4 billion as deposit insurance premium to the Nigerian Deposit Insurance Corporation (NDIC) in 2023, a 29.3% increase compared to the N128.7 billion recorded in the previous year.
Nigerian banks recorded an impressive performance in 2023, driven by policy shifts including increased interest rates to combat inflation and Naira devaluation, which led to foreign exchange gains and substantial growth in interest income.
The foreign exchange (forex) reserves are dwindling, and the Naira is fluctuating. What an eventful year so far, and the second quarter has only just begun.
With a collective asset value nearing N150 trillion across 26 commercial banks, Nigeria's financial sector has witnessed substantial growth, with formal financial inclusion reaching 64% by 2023.
Nigerian banking stocks have experienced a dismal second quarter thus far. This downtrend follows the Central Bank's announcement on banking recapitalization, which has set expectations for further declines in share prices.
Chief Executive Officers (CEOs) and Group CEOs of seven Nigerian banks will earn approximately N796.6 million in final dividends for 2023.