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Banking In Nigeria
The banking industry in Nigeria started during the colonial era with the establishment of Colonial Banks, with the primary aim of meeting the commercial needs of the Colonial Government. The banking system in Nigeria is regulated through the Central Bank of Nigeria. This apex bank started operation on July 1, 1959. Background In 1892, the African Banking Corporation and the Bank of British West Africa, now First Bank of Nigeria, were established in Nigeria. In 1925, Due to some difficulties the bank folded up its activities and the Bank of British West Africa Limited (BBWA) was established to take over the activities of African Banking corporation. The Bank of British West Africa Limited opened its first branch in Lagos in 1894, in the later part of the same year ,the name of the bank was change to Standard Bank of Nigeria known as the First Bank of Nigeria limited National_Bank_of_South_Africa_gave_birth_to_Barclays.html" "title="First_National_Bank_(South_Africa).html" "titl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its original ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset Management Corporation Of Nigeria
Asset Management Corporation of Nigeria (AMCON) is a body established by the Act of the National Assembly of Nigeria in July 2010 with an intended 10 years lifespan. The concept is in consonance with the operation of the National Asset Management Agency of the Republic of Ireland and Malaysia Pengurusan Danaharta. The body acted as the buyer of banks for the Nigerian Government by acquiring the non-performing loans (NPL). The original book value of the acquired NPLs was ₦4.02trillion at a price of ₦1.76trillion with a commensurate issue of Zero Bond for the NPL acquired. Background As a result of global financial crisis and domestic events, the federal government of Nigeria through the operation of Central Bank of Nigeria conceptualized the idea for the establishment of a body that will prevent the looming financial crisis in the country. At the time of the establishment of this corporation, the body identified 10 banks with crisis in system asset and responded by the injecti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suzanne Iroche
Suzanne Olufunke Iroche or Suzanne Olufunke Soboyejo-Iroche is a Nigerian banker who leads FinBank. Life Iroche attended the Queen's College, the University of Lagos and the Kellogg School of Management in Illinois.New CEOs resume immediately, who they are? Babajide Komolafe, 14 August 2009, VanguardNGR, Retrieved 23 February 2016 She was an Executive Director of Global Bank Directorate and she had been involved in pension management reform at the . [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Union Bank Of Nigeria
Union Bank of Nigeria Plc is a commercial bank in Nigeria. It has been operating in Nigeria since 1917. Overview Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of Mar 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$4.1billion). The shareholders' equity at that time was estimated at NGN286 billion (US$851 million). History The bank's history can be traced to 1836 when London bankers and British merchants obtained a royal charter from William IV of the United Kingdom, William IV to conduct banking business in the Caribbean. These group of investors then formed Colonial Bank (West Indies), Colonial Bank. Following an act of parliament empowering the bank to open more branches beyond the Caribbean, Colonial bank began operations in Nigeria in 1917. Operations st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Funke Osibodu
Olufunke Iyabo Osibodu or Funke Osibodu is a Nigerian banker who led Ecobank Nigeria and the Union Bank of Nigeria. Life Funke Osibodu was born in January 1959. She attended the University of Ife and the Harvard Business School.New CEOs resume immediately, who they are? Babajide Komolafe, 14 August 2009, VanguardNGR, Retrieved 23 February 2016 She was CEO and later a director of the holding company of Ecobank Nigeria until she left in 2006. Her husband Victor Gbolade Osibodu is a Nigerian entrepreneur. , SocietyNowNG, Retrie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sarah Alade
Sarah Alade was the acting governor of the Central Bank of Nigeria during the suspension of Lamido Sanusi until his tenure ended. She was appointed to the post by President Goodluck Jonathan on 20 February 2014. Alade was appointed acting governor of the Central Bank of Nigeria from 20 February 2014 until the appointment of Godwin Emefiele. Prior to this time, she had served as deputy governor (Economic Policy), Central Bank of Nigeria from 26 March 2007. Education Alade attended the University of Ife, Ile-Ife, where she obtained a B.Sc (Hons) degree in Economics in 1976. She also obtained an M.Comm degree at the University of Melbourne, Australia in 1983 and a PhD Management Science (Operations Research), from the University of Ilorin in 1991. Career Alade commenced her working career in 1977 with the Ministry of Finance and Economic Development, Ilorin, Kwara State. In 1991, she joined the University of Ilorin as a lecturer in the Department of Accounting and Finance. She ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Universal Banking Model
Universal is the adjective for universe. Universal may also refer to: Companies * NBCUniversal, a media and entertainment company ** Universal Animation Studios, an American Animation studio, and a subsidiary of NBCUniversal ** Universal TV, a television channel owned by NBCUniversal ** Universal Kids, an American current television channel, formerly known as Sprout, owned by NBCUniversal ** Universal Pictures, an American film studio, and a subsidiary of NBCUniversal ** Universal Television, a television division owned by NBCUniversal Content Studios ** Universal Parks & Resorts, the theme park unit of NBCUniversal * Universal Airlines (other) * Universal Avionics, a manufacturer of flight control components * Universal Corporation, an American tobacco company * Universal Display Corporation, a manufacturer of displays * Universal Edition, a classical music publishing firm, founded in Vienna in 1901 * Universal Entertainment Corporation, a Japanese software producer and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Financial Reporting Standards
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities listed on a public stock exchange. IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in the United States where U.S. GAAP is applied. History The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework. These were looked to by many national accounting standard-set ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-performing Loan
A non-performing loan (NPL) is a bank loan that is subject to late repayment or is unlikely to be repaid by the borrower in full. Non-performing loans represent a major challenge for the banking sector, as it reduces the profitability of banks, and is often presented as preventing banks from lending more to businesses and consumers, which in turn slows down economic growth (although this theory is disputed). In the European Union, the management of the NPLs resulting of the global financial crisis of 2008 has become a politically sensitive topic, culminating in 2017 with the decision by the Council to task the European Commission to launch an action plan to tackle NPLs. The action plan supports the fostering of a secondary market for NPLs and the creation of Asset Management Companies (aka bad bank). In December 2020, this action plan was revised in the wake of the Covid19 pandemic crisis. Definition Non-performing loans are generally recognised as per the following criteria: * Pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Assembly (Nigeria)
The National Assembly of the Federal Republic of Nigeria is a bicameral legislature established under section 4 of the Nigerian Constitution. It consists of a Senate with 109 members and a 360-member House of Representatives. The body, modeled after the federal Congress of the United States, is supposed to guarantee equal representation with 3 senators to each 36 states irrespective of size in the Senate plus 1 senator representing the Federal Capital Territory and single-member district, plurality voting in the House of Representatives. The National Assembly, like many other organs of the Nigerian federal government, is based in Abuja in the Federal Capital Territory. Leadership The Senate is chaired by the president of the Nigerian Senate, the first of whom was Nnamdi Azikiwe, who stepped down from the job to become the country's first head of state. The House is chaired by the speaker of the House of Representatives. At any joint session of the Assembly, the president of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
DBS Bank
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which "DBS" was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank. It is one of the "Big Three" banks in Singapore, along with OCBC Bank and the United Overseas Bank (UOB). Listed on the Singapore Exchange, the bank was set up by the Government of Singapore on 16 July 1968 to take over the industrial financing activities from the Economic Development Board. Today, its more than 150 branches can be found throughout the country. DBS is the largest bank in Southeast Asia by assets and among the largest banks in Asia, with assets totaling about US$501 billion ( S$650 billion) as of 31 December 2019. It also holds market-dominant positions in c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
African Banking Corporation
The African Banking Corporation was a British overseas bank; its headquarters were in London but all its branches were overseas. Unusually, it was a consortium bank (i.e., other banks jointly owned it), rather than being owned by individuals. It operated primarily in South Africa. In 1920 the bank was bought out and merged with Standard Bank of South Africa. History * In 1890 Lloyds Bank, National Provincial, Westminster, and Standard Bank of South Africa established the African Banking Corporation (ABC). ABC began its operations with a branch in Lagos, Nigeria. * In 1891 ABC acquired a number of banks in South Africa : Western Province Bank (est. 1847), Kaffrarian Colonial Bank (est. 1862), and Worcester Commercial Bank (est. 1850). That same year, it also established a branch in Tangier. * In 1892 ABC took over the banking operations in Lagos, Nigeria of shipping company Elder Dempster. George Neville of Elder Dempster became the branch manager, but within a year ABC wished to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
