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NIGERIAN BANKS
News and stories about Nigerian banks
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.
Banks and other financial institutions across Nigeria have reinstated processing fees on large cash deposits following the expiration of the Central Bank of Nigeria’s (CBN) temporary suspension.
Nigerian banks have proven to be highly profitable. Last year alone, the publicly listed Nigerian banks are projected to surpass N3.5 trillion in profits for 2023, more than doubling their earnings from 2022.
Only 20% of Nigerian bank employees implicated in fraudulent activities were dismissed in 2023, indicating a lenient stance towards internal malpractices.