Category: Business

FBN Holdings Plc, parent company of First Bank Nigeria Limited, is planning to downsize 1000 workers and place less focus on providing loans to the oil industry in a bid to reverse the profit slump it experienced in 2015. The lender expects to boost its return on equity, to between 11 per cent and 14 per cent in 2016 from last year’s “really bad” figure of 3 per cent, according to the Chief Executive Officer of First Bank of Nigeria Limited, Mr. Adesola Adeduntan. He said the company was also targeting…

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First Bank’s profit took a hit as forex scarcity and global slowdown continue to wipe-off the profits of Banks. The earnings report released showed the bank’s profit after tax stood at N15.1bn for the full year ended December 31, 2015. This represents a decline of 82 percent when compared with N84bn reported in December 2014. Total profit before tax was N21.5bn, down by 77.1 percent year-on-year. However, gross earnings rose 4.9 percent to N505.2bn from N481.8bn reported a year earlier. The bank also posted a net interest income of N265bn,…

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The Central Bank of Nigeria has imposed a total fine of N3.2bn on United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc for committing various kinds of regulatory offences. The offences, which were committed during the 2015 financial year, were contained in the annual reports of the affected banks. UBA had the highest fine among the four banks, paying the sum of N2.969bn as penalty to the CBN for committing eight offences. The offences include: failing to meet the Treasury Single Account reporting…

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MTN Group Ltd in South Africa is making moves to get the $5.2 billion fine imposed by the Nigerian Communications Commission (NCC) reduced by as much as 80 per cent and it is considering borrowing money from banks to help settle the penalty, should its request for fine reduction be accepted. MTN’s Group spokesman, Chris Maroleng, was quoted saying: “We don’t comment on banking matters, and banking regulators in Nigeria are best placed to provide context on these matters.” MTN has until November 16, 2015, to pay the penalty, which…

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Days after the expiration of the deadline set for bank customers to register and obtain their Bank Verification Number (BVN), the Nigeria Interbank Settlement System Plc has disclosed that Deposit Money Banks in the country are yet to link 6.6 million BVNs to bank accounts. It could be recalled that on Tuesday, at least five million bank accounts had been blocked by the banks. The NIBSS, owned by the CBN and commercial banks in the country, is the technical organisation appointed by the central bank and the Bankers’ Committee to…

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MTN Group CEO Sifiso Dabengwa  has arrived in Nigeria to negotiate with the Federal Government over the N1.04trn fine imposed on the telecom firm by the Nigerian Communications Commission (NCC) for violating its directive on the deactivation of unregistered SIMs. Dabengwa, who served as CEO of MTN Nigeria between 2004 and 2006, is expected to meet with the NCC Executive Vice Chairman, Umaru Garba Danbatta, National Security Adviser, Major-General Babagana Monguno (rtd.), and Chief of Staff to the President, Alhaji Abba Kyari, to negotiate a soft landing for the company. MTN…

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The South African Stock Exchange has suspended trading in the shares of telecom giants, MTN. A senior official at the South African exchange’s department, said the suspension took effect from this morning. “Yes, trading in MTN shares has been suspended and the information was broadcast across the trading platform” The giant telecoms company is currently facing a N1.04 trillion fine in Nigeria over failure to obey NCC’s directive on the deactivation of unregistered sim cards. Share on: WhatsApp

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