SUNDAY AKINTOLA: HOW MUSHIN HOME BOY GREW MULTI-MILLION NAIRA BUSINESSES IN MUSHIN, LAGOS

SUNDAY AKINTOLA is specially proud of beating all the odds as a home boy growing up in the densely populated Mushin area of Lagos State to become a successful owner of business chains that span micro finance and telecommunications. In this interview with GOKE OLUWOLE, and TAI ADEWALE SHOFELA, Chairman of Sovereign Micro Finance [...]

ANOTHER FIT OF RANTING AT OFFICIAL INANITIES OF 2008

In an import dependent country where even toothpicks are imported into the economy, is it not logical that all the malignancies that diseased the exporting economies from which we import our goods and services are certainly imported into the country. The naira had since crashed against the benchmark dollar in the foreign exchange market; crude oil price is yet to settle at its economic natural point on the downward drive in the face of present realities and the nation profiles an infrastructure deficit that threatens to kill off any wealth sustaining or creating initiative. Yet the experts in Abuja talk flippantly of a national economic that can withstand the onslaught of the consequences of the global financial meltdown. Noting can be more rubbish.

Millionaire Bank Customers In Dilemma Over EFCC New Rule

As published in the Sept. 28, Issue 33. ULD by ol’Victor Ojelabi.

Until this past July, many commercial banks operating in the country had merely paid perfunctory attention to the demands of the Money Laundering (Prohibition) Act 2004 which require banking institutions to display notice in a conspicuous place directing the attention of customers and the [...]

WESTERN UNION MONEY TRANSFER: CBN TO PENALISE BANKS FOR WRONG PAYMENTS

In response to the torrent of complaints and petitions against commercial banks that had wrongfully or by default paid money transferred to beneficiaries through the international fund transfer platform of the Western Union Money Transfer, the Central Bank of Nigeria has issued to commercial banks, additional information requirements and directive on Western Union Money Transfer [...]

BETWEEN THE CBN AND COMMERCIAL BANKS

So, why would the Central Bank of Nigeria refuse to trust figures presented to it by Nigerian banks? We reported in the last week edition of this magazine that the management of the Central Bank of Nigeria virtually established a template of distrust for banking audit that there is an unwritten standing rule to slash [...]

STOCK MARKET REBOUND…WACTH OUT BEFORE YOU INVEST

The excitement returned to the Nigerian stock market last week when in two days in a roll the market recorded gains that had become foreign to a market that seems to be determined for a southern movement since March this year. For the first time in several weeks, the protracted decline in the measurement of [...]

FRAUDULENT CREDITS HAUNT NIGERIAN BANKS -Industry Sources Warn

Despite continued assurances made by Central Bank of Nigeria’s Governor, Prof. Chukwuma Soludo restating the healthy state of Nigerian banks, reliable banking industry sources have indicated otherwise.
The sources warn that many commercial banks’ risks exposure is quite high, this, the sources averred is responsible for the growing tension in banking operations in the country.
“Of course, [...]