Udo Onyeka

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More Banks to be Acquired

There are strong indications that the number of banks operating in the country may be reduced to one digit in the next few years as a new wave of mergers and acquisitions have been envisaged by experts as necessary response to the imminent glut in deposit and unexpected distress.

NDIC May Extend Cover to Capital Market

The Nigeria Deposit Insurance Corporation (NDIC) is proposing to include the stock market in its coverage as a way of restoring confidence in the capital market and to protect small investors.

Fears over Commencement of Cashless Society Deepen

There are palpable fears as the Central Bank of Nigeria (CBN) insists on beginning the implementation of the retail payments transformation initiative also known as cashless economy.

Rescued Banks EGMs: Panacea for Crisis Resolution?

When Mr. Sanusi Lamido, governor Central Bank of Nigeria (CBN)  said Nigerians has seen the worst in the banking sector, and that with the nationalization of the three rescued banks unable to get suitors to recapitalize has marked the begin of new  and prosperous era in the sector.
Even though many see the nationalization of former Afribank, Bank PHB and Spring Bank as very unpopular, but Sanusi insists that the option was indeed the best considering the circumstance we found our economy.

FG Secures N2tn Investment

The Federal government has secured about N2.2tn investment communication from foreign and local investors for the non-oil sector of the economy in the next 12 months.

IFC Invests in Interswitch to Promote Cashless Economy

International Finance Corporation (IFC), a member of the World Bank Group, last week announced an investment of $10.5million in Interswitch Limited to help consumers at all levels gain improved, low-cost access to financial services.

Nimasa Detains Vessel for Illegal Operation

The Nigerian Maritime Administration and Safety Agency (Nimasa) has issued an order to detain MT GREEN DOLPHIN for operating illegally on Nigerian waters.

CBN May Take Over Oceanic Bank, Bank PHB

(L-R) Mr. Nduka Obaigbena, president, Newspaper Proprietors Association of Nigeria and one of the speakers, Ms Suzanne Legault of Canadian Informatio Commission at the association's town hall meeting on deepening the FoI Act in Lagos.
There are strong indications that the Central Bank of Nigeria (CBN), has perfected plans to take over rescued banks that are unable to complete their re-capitalization at the expiration of the September 30 deadline.