Guaranty Trust Holding Company (GTCO), one of Nigeria’s most efficiently run bank, has just announced the largest ever pre-tax profits in Nigerian banking history. According to information contained in its first-quarter earnings, the bank posted a pre-tax profit of N509.3 billion, more than six times the profits it made in the same period in 2023. … Read more
The Managing Director (MD) of First Bank Nigeria Limited, Adesola Adeduntan, has resigned from the bank after leading the institution for three terms. In a letter addressed to the Chairman of First Bank, Tunde Hassan-Odukale, titled, ‘Notice of Retirement,’ the bank CEO whose tenure ought to elapse on December 31, 2024, voluntarily decided to step … Read more
On Wednesday, the House of Representatives discovered that five banks were withholding $5 billion in forex. Worried about the country’s foreign exchange market instability, the House directed the joint Committees on Banking Regulations and Banking Institutions to hold an investigative hearing into banks and financial institutions’ failure to comply with CBN directives on Net Open … Read more
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks to sell their surplus dollar stock by February 1, 2024, as part of new measures to stabilize the country’s fluctuating currency rate. The CBN, which made the announcement in a fresh circular issued on Wednesday, also urged lenders not to hold extra foreign currency … Read more