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IN the first quarter (Q1) of 2024, the Central Bank of Nigeria (CBN) rolled out new recapitalisation rules mandating international banks to raise at least N500 billion. National banks were required to raise N200 billion, while regional banks were asked to meet the N50 billion capital requirement of N50 billion. There were also N20 billion […]
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THE Central Bank of Nigeria (CBN) has fined Zenith Bank Plc, one of the nation’s top lenders, the sum of N1.81 billion for irregular asset acquisition, late reporting of cybersecurity issues, poor cash management, irregularity in cash disbursement, among other breaches. The tier-1 bank paid the penalties to the CBN for breaching six regulations in […]
FIDELITY Bank, one of Nigeria’s tier-11 banks, is granting loans to its staff at 3.5 percent interest rate while lending credit facilities to manufacturers at 36 percent. According to the Fidelity Bank’s 2024 full-year financial statement, its staff owed the bank N14.698 in loans and advances as of December 2024 and they got them at […]
IF you are a shareholder of Zenith Bank, Access Bank or Access Bank, your dividends may not get to you for 3 years, according to a new report released by Rennaisance Capital. This is because these tier-1 banks are facing pressure from the Central Bank of Nigeria (CBN) to rebuild capital buffers to make provisions […]
First City Monument Bank, Rand Merchant Bank, Zenith Bank, Fidelity Bank, Eco Bank, and First Bank of Nigeria are charging manufacturers an arm and a leg for loans, precluding them from accessing capital needed for expansion. According to data obtained from the Central Bank of Nigeria (CBN), First City Monument Bank (FCMB) had the highest […]
ZENITH Bank, Nigeria’s largest bank by net income, paid a total of N14.647 billion for various foreign exchange (FX) infractions in 2024. The tier-one bank also paid another N780.25 million for 9 other infractions, Economy Post can confirm. Zenith Bank’s 2024 full-year financial statement shows that the bank paid N14.647 billion to the Central Bank […]
ZENITH Bank is charging manufacturers 38.5 percent interest rate on loans but allows its key management personnel to collect credit at 4 percent. Economy Post has consistently reported that Zenith Bank‘s key management personnel, including directors and managers, get loans from the tier-1 bank at 4 percent interest rate but charges much higher to small […]
ZENITH Bank Plc paid N15.428 billion in penalties to the Central Bank of Nigeria (CBN) for 10 different violations in the 2024 financial year, including foreign exchange, cybersecurity and anti-money laundering infractions, according to the Tier-1 bank’s 2024 financial statement. Economy Post found that the bank paid a N14.647 billion for infractions from the CBN […]
KEY members of Zenith Bank management got N4.095 billion as compensation in nine months to September 2024, representing a 40 percent rise from N2.928 billion compensation they received in the corresponding period of 2023. The bank’s managers also secured loans from the financial institution at an average interest rate of 4 percent, which is far […]
….Experts say banks trading with funds One of Nigeria’s biggest banks, Zenith Bank Plc, has lent only 7 percent of the Central Bank of Nigeria (CBN)’s N311.19 billion intervention funds in its tills over a period of six months, Economy Post has learnt. As at December 2022, Zenith Bank warehoused N311.19 billion belonging to the […]