Governor of the Central Bank of Nigeria, Mr. Sanusi Lamido Sanusi, on Friday, in Asaba, described most Nigerian banks as gambling centres. Sanusi also described the Nigerian stock market as a casino, where fraudulent business transactions are perpetuated to the detriment of the citizenry. He said politicians, particularly public office holders, were accomplices in the [...]

There is a fresh tsunami sweeping through the banking industry. It is called retrenchment of workers. Already, over 20,000 jobs are being threatened with Oceanic Bank Plc sacking 1,500 workers yesterday, in an exercise the bank said was ongoing. This is as labour has threatened to shut down the banks over the disengagements. An executive [...]

Fidelity Bank Plc began operations in 1988, as a merchant bank. In 1999, it converted to commercial banking and then became a universal bank in February 2001. The current enlarged Fidelity Bank is a result of the merger with the former FSB International Bank Plc and Manny Bank Plc (under the Fidelity brand name) in [...]

The EFCC, which energetically jumped into the banking crisis and whose chairman moved over 100 agents to Lagos at the height of the financial sector meltdown,is collecting 10 percent of all the monies recovered from debtors on behalf of banks, according to industry and EFCC sources. This legally dubious and ethically questionable practice means that [...]

The Economic and Financial Crimes Commission, EFCC, has hired 10 forensic analysts to trace the whereabouts of about N1trillion looted by sacked Chief Executive Officers and directors of eight banks. The analysts, who are already in the country, will join eight other forensic experts who are staff of the anti graft commission. The audit of [...]

THE sacked Managing Director of Bank PHB, Mr. Francis Atuche, is in for more troubles as the Economic and Financial Crimes Commission (EFCC) discovered another N14 billion fraud allegedly perpetrated by him. According to EFCC investigation, the sacked managing director was said to have given two subsidiaries of the bank, the Bank PHB Assets Management [...]

The Central Bank of Nigeria (CBN) is set to return Dr. Mike Adenuga Jr. to the Board of the Equitorial Trust Bank (ETB), THISDAY has learnt.The newspaper was informed that the CBN Governor, Mallam Sanusi Lamido Sanusi, was inclined to return Adenuga to the Board following the concrete steps taken thus far by Adenuga to [...]

THE Federal Government has started an earnest search for investors to purchase the eight troubled banks whose chief executives were sacked by the Central Bank after an audit of the banks. Meanwhile, the Central Bank, yesterday, dismissed allegation of bias in its audit report on Unity Bank, saying that the same criteria were used to [...]

The Central Bank of Nigeria, on Friday, fired the chief executive officers of three of the 14 remaining banks at the conclusion of stress audits of their operations. Like the first five banks whose chief executives were fired in the first round of audit of 10 banks, the three were immediately replaced, with one of [...]

The Managing Director/ Chief Executive Officer of Bank PHB, Frank Atuche, will be dismissed later today by the Central Bank of Nigeria, highly placed sources told NEXT last night. Mr. Atuche’s sacking is said to be a direct result of the failure of the bank he heads, to pass the CBN stress audit. The bank [...]