Banking articles

Innoson EFCC arrest and the GTB Loan: The facts behind the saga, By James Osaremen

Innoson EFCC arrest and the GTB Loan: The facts behind the saga, By James Osaremen

Recently, the Innoson/GTBank story has gained so much media prominence, especially following the arrest of the Innonson chairman a few days ago by EFCC. Though the case is pending in court, Innoson has taken the battle to social media. There have been numerous sponsored social media campaigns against the Bank such as #BewareOfGTBank and #WhatIsWrongWithGTBank.

Why we arrested Innoson Motors chief, Innocent Chukwuma – EFCC

The Economic and Financial Crimes Commission, EFCC, has explained why it arrested owner of INNOSON Motors, Chief Innocent Chukwuma. The anti-graft agency said it arrested Chukwuma following his refusal to honor its invitation after jumping an administrative bail EFCC in a statement by its spokesman, Wilson Uwujaren, confirmed that the INNOSON boss is being investigated

Hackers hit US, Russian banks in ATM robbery scam

Previously undetected group of Russian-language hackers silently stole nearly 10 million dollars from at least 18 mostly United States and Russian banks in recent years by targeting interbank transfer systems, a Moscow-based security firm said. Group-IB warned that the attacks, which began 18 months ago and allowed money to be stolen from banks’ Automated Teller

CBN injects $210m into forex market

The Central Bank of Nigeria on Monday opened the foreign exchange market with the injection of another $210m to sustain liquidity. The acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said the sum of $100m was offered to the wholesale segment, while the Small and Medium-scale Enterprises segment got an allocation of $55m. The

British internet banking, app crash as customers rage on Twitter

British nationwide’s internet banking and app services have crushed with frustrated customers turning to Twitter to rage at the bank. One customer complained that the service has been crashing “every week nearly all year” describing the service as “dire”. The bank replied to angry customer’s tweets saying: “Internet Banking & the Banking app are currently

Stanbic IBTC retains AAA national Fitch ratings

Stanbic IBTC Bank PLC and its holding company, Stanbic IBTC Holdings PLC, have retained their AAA national ratings by Fitch Ratings, the global leader in credit ratings, reaffirming their strong fundamentals and stability, especially the ability to meet their financial commitments as they fall due. In the report issued yesterday, Monday, November 27, 2017, the two institutions recorded AAA(nga) national long term

BREAKING: Adeosun Suspends SEC DG, Two Others

Minister of Finance, Mrs Kemi Adeosun, has suspended the Director-General of the Securities and Exchange Commission (SEC), Mr Mounir  Gwarzo. Gwarzo is suspended in order to allow for an unhindered investigation of several allegations of financial impropriety leveled against him. This was contained in a statement signed by Deputy Director, Press, Federal Ministry of Finance, Patricia Deworitshe