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E-Financial

Providus Bank Gets Commercial Banking Licence from CBN

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Godwin Emefiele, Governor, Central Bank of Nigeria
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Providus Bank Plc has been granted a commercial banking licence with regional authorisation by the Central Bank of Nigeria (CBN), according to information on the apex bank’s website on Tuesday.

Although the circular did not give further details about the promoters of the new bank, it disclosed that the financial institution has its head office in Lagos.

Also listed was Suntrust Bank Limited, which obtained its licence as a regional bank last year.

Mr. Muhammad Jibrin Barde, managing director/chief executive officer of the bank, had explained that the financial institution achieved the feat having met the stringent conditions set by the CBN.

He stated that SunTrust Bank will be formally presented to the public in the first quarter of 2016.

“I am excited to announce that the CBN granted its final approval to SunTrust Bank Nigeria Limited to operate as a commercial bank with regional authorisation on September 17, 2015, one year two months after application. This is indeed a remarkable feat as ours is the only fresh licence to be issued by the CBN since 2001.

“Our journey as a bank since 2009 details the courageous decisions and heroic self-sacrifice of all the people that made SunTrust assent possible. In the years to come, the developments at SunTrust should have far-reaching influence in the banking sector specifically and our nation generally,” Barde added.

The list of banks and financial holding companies also showed that the country has 10 commercial banks with international licence.

They are Access Bank, Diamond Bank, Fidelity Bank, First City Monument Bank, FirstBankof Nigeria, Guaranty Trust Bank Plc, Skye Bank, Union Bank, United Bank for Africa Plc and Zenith Bank Plc.

On the other hand, the banks with national banking licence are Citibank Nigeria, Ecobank Nigeria, Heritage Bank, Keystone Bank, Stanbic IBTC, Standard Chartered Bank, Sterling Bank, Unity Bank and Wema Bank.

But Jaiz Bank is the only non-interest bank, while Coronation Merchant Bank, FSDH Merchant Bank, Rand Merchant Bank and FBN Merchant Limited are the four merchant banks in the country. Presently, FCMB Group Plc, FBN Holdings Plc and Stanbic IBTC Holdings Plc, according to the circular.


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E-Financial

Central Bank Defends Naira with $360m in 5-Day

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Olayemi Cardoso, Governor, Central Bank of Nigeria
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The exchange rate stabilised in the FX market as the Central Bank of Nigeria (CBN), defended the local currency with $360 million, stemming a negative tide from increased demand for the US dollar.

Central Bank Defends Naira with $360m in 5-Day

Olayemi Cardoso, Governor, Central Bank of Nigeria

According to Market Forces Africa, for most part of the week, the naira experienced heightened volatility due to an FX liquidity shortage in the official window, brought forward from the previous week.

This caused the exchange rate to wobble against the US dollar, but late picked up as inflows into the market improved.

On Friday, the naira rebounded against the dominant foreign currency, the US dollar, in last-minute transactions supported by a relatively higher liquidity supply by the monetary authority.

The exchange rate appreciated by about 2% to settle at N1,517.93 in the official market on Friday after persistent negative volatile.

Spot FX data from the regulator showed that the naira gained N29.89 on the day following FX sales to banks.

The market liquidity was also supported by additional inflows from foreign sources and reduced demand for foreign payments.

FX interventions and inflows from offshore clients and local corporations boosted volume of US dollar in the official window, AIICO Capital Limited dropped the hint in an investors note.

In the market, demand pressure persisted, leading to fluctuations in the US dollar to naira exchange rate for most of the week.

The CBN sold $188.10 million to banks, the last auction offered at the range of N1,532.00 to N1,540.00, bringing the total FX sales for the week to $360.00 million, according to investment banking firm TrustBanc Financial Group Limited.

Despite these interventions, demand outpaced supply, causing the naira to depreciate. By the end of the week, the market recorded improved liquidity, with trades ranging between N1,480 and N1,548.

Data from the CBN revealed that Nigeria’s external reserves increased by USD12.06 million to USD38.36 billion after 9 consecutive weeks of decline. In the forwards market, the naira rates decreased by 0.6% for a one-month contract to N1, 577.80.

 

 


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E-Financial

SEC Voids Mainland Trust’s Registration, Suspends Centurion Registrars

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The Securities and Exchange Commission (SEC) has cancelled the registration of Mainland Trust Limited, and suspended Centurion Registrars, following their failure to comply with regulatory directives.

The commission made the disclosure through circulars which were released at the weekend. The circular on Mainland Trust Limited read: “The Securities and Exchange Commission hereby notifies the general public that the registration of Mainland Trust Limited as a capital market operator has been cancelled with immediate effect.

“This cancellation order is made pursuant to the powers of the Commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.

“The Commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.

“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”

SEC directed that the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all capital market trade associations  to discontinue capital market-related dealings with the company.

In the same vein, the SEC announced the suspension of Centurion Registrars Limited, its directors and sponsored individuals from capital market activities with immediate effect.

The SEC said the suspension order was made pursuant to the powers of the Commission under Section 38(4) & (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.

It explained that its decision was informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.

“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.

“In addition, the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Association are directed to discontinue capital market related dealings with the company and its principal officers,” the circular stated.

The commission also disclosed that in furtherance of the commission’s unwavering commitment to the maintenance of zero tolerance for infractions in the Nigerian capital market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed that henceforth, the names of capital market operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.

“The publication would be in addition to the sanctions/penalties for the respective infractions prescribed in the ISA 2007 and the SEC Rules and Regulations.

“This enforcement strategy underscores the Commission’s dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations.

“Stakeholders and CMOs are advised to be guided accordingly” the commission added.


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E-Financial

Allegations of Fraud against us Unfounded, False — First Bank

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FirstBank has formally denied allegations of fraud in an ongoing court case filed by customer Dr. Agbai Eke, describing the claims as “entirely unfounded and false.”

Allegations of Fraud against us Unfounded, False — First Bank

According to a statement from the bank, their internal investigation points to “unprofessional and unethical dealings” between Dr. Eke and a former bank employee.

FirstBank claims these individuals used a personal relationship to conduct unauthorised transactions without the bank’s knowledge or involvement.

The bank said it has reported the matter to law enforcement authorities for further investigation.

Officials noted that suspects have already provided statements to investigators.

FirstBank also declined to provide additional details, citing the ongoing court proceedings.

“We will refrain from further comments to allow the Court to dispassionately determine the issues before it,” the bank stated.

The case gained public attention following reports by Thisday Newspaper and Arise Television, as well as through a circulating video regarding the legal dispute.


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