Connect with us

E-Financial

UBA, 12 Nigerian Banks Make Top 1000 World Ranking

Published

on

Kindly share this post

Nigerian-Banks for the second consecutive year, 13 Nigerian banks made the list of Top 1000 World Banks as published by The Banker magazine of the Financial Times Group in its 2014 edition.

The publication also coincided with the global banks’ resurgence to profit of $920 billion, the first time since the global financial crisis, which is 23 per cent more than their previous peak of $786 billion achieved in 2007 before the financial crisis.

The 13 Nigerian banks that made the ranking underlines Nigeria’s number one position in the continent, as no other African country has up to 13 slots among the 1000 World banks.

According to a release by the Country Representative, Nigeria, of the publication, Kunle Ogedengbe, the Nigerian banks that made the ranking based on Tier-1 capital are Zenith Bank, Guaranty Trust Bank, First Bank, Access Bank, United Bank for Africa, Fidelity Bank and Ecobank Nigeria.

Others are Skye Bank, First City Monument Bank, Diamond Bank, Stanbic IBTC Holdings, Standard Chartered Bank Nigeria and Union Bank of Nigeria.

Zenith Bank is ranked top in Nigeria at 293, as Guaranty Trust is on number 415, First Bank on number 424, Access Bank 532, United Bank for Africa ranked 539 and Fidelity 622.

Profit on capital of three Nigerian banks that are not foreign-owned subsidiaries increased.   

These are First Bank, with its profit on capital increasing to 25.32 per cent from 25.13 per cent; Access Bank from 21.19 per cent to 21.24 per cent; and First City Monument Bank 15.77 per cent from 15.07 per cent.

The Editor of the magazine, Brain Caplen, noted that the 23 per cent increase in profit of global banks from 2007 “is a good news, but the better news is that capital has also increased at a reasonable pace whereas assets have stayed flat.

To him, this means that returns on capital are only slightly improved, but the hope is that this upturn is more sustainable than the last one.

Caplen disclosed that a large proportion of the profit is from China– about 32 per cent of the total, which is more than the next three highest profit countries of USA, Japan and Canada combined.

Of the 25 top banks in Africa from the ranking, the highest of the eight is from Nigeria, while the United Bank for Africa is the only Nigerian bank in the top 10 highest movers in Africa.

Africa has 31 banks in the top 1000 World banks in 2014, with Nigeria having 13 representing 41.94 per cent.

The 31 African banks in the ranking are from nine countries- Nigeria, South Africa, Egypt, Angola, Gabon, Kenya, Mauritius, Morocco and Togo.

Globally, the Senior Editor of the magazine, Philip Alexander, stressed that banks in this 2014 ranking “are stronger than ever” as “the level of capital held by banks in this ranking continues to accelerate, with the minimum Tier 1 capital required to enter the Top 1000 World Banks now fast approaching $400 million. This has almost doubled since the 2005 ranking.”

The Banker, a publication of Financial Times Newspaper, which is regarded as the most influential newspaper in the world, is a global financial intelligence magazine published since 1926.

It is the definitive publication that provides guide to bank ratings and analysis globally and the definitive reference on international banking for finance experts, governments, chief finance officers, chief executive officers, Central Bank Governors, Finance Ministers, and other decision makers globally.

According to the Global Capital Markets Surveys, the only independent media benchmarking study available in the capital markets industry and provides insight into who reads what at the world’s financial institutions, amongst monthly finance titles globally, The Banker is number one.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

NDIC Harps on Collaboration to Check Insider Abuses, Financial Malpractices

Published

on

Kindly share this post

The Nigeria Deposit Insurance Corporation, NDIC, urged for more collaboration with enforcement agencies to tackle the menace of insider abuses and malpractices in financial institutions.

Bello Hassan, Managing Director/Chief Executive Officer, NDIC, made this call while speaking at the capacity building workshop for law enforcement agencies in Lagos.

Speaking on the theme of the workshop, “Effective Collaboration as a strategy in the fight against insider abuses and financial malpractices in Banks and Other Financial Institutions in Nigeria,”

Hassan said that the menace of insider abuses and financial malpractices is   a major cause of bank failure, which if not tackled is   capable of eroding public confidence in our banking system.

Stating that the aim of the workshop is to build on current collaborative efforts in the fight against insider abuse and financial malpractices, the NDIC boss said: “In line with similar initiatives by the Corporation, this workshop aims to complement the efforts of the Inter-Agency Task Force on the Implementation of Failed Banks Act, and I want to believe that all the Agencies involved as members of the Task Force are being represented at this workshop.

The Corporation, whilst bearing in mind the positive impact of such collaboration will continue to strive at enhancing the synergy between all of us in the area of law enforcement relating to investigation and prosecution of financial malpractices.

“Please permit me to use this forum to appeal to the members of the Task Force not to relent on your oars but to execute the given mandate diligently thereby achieving the objectives of establishing the Task Force.

“Through our collaborative efforts, I am aware that fourteen (14) prosecution cases are on-going at various courts, eighteen (18) on-going investigation with FMIU, eight (8) with EFCC and nine (9) concluded investigations with Federal Ministry of Justice for advice and prosecution. This is an indication that we are on the right course.”

Consequently, Hassan urged the gathering of law enforcement agencies not relent on their efforts adding that the NDIC is aware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases and will give its unflinching support at all times.


Kindly share this post
Continue Reading

E-Financial

NDIC, EFCC Begin Investigation of Directors, Staff of Heritage Bank

Published

on

Kindly share this post

Nigeria Deposit Insurance Corporation (NDIC) has said it will, in conjunction with law enforcement agencies, commence investigation of directors, managers and staff of the defunct Heritage Bank following its liquidation over a month ago.

NDIC, EFCC Begin Investigation of Directors, Staff of Heritage Bank

Mr Bello Hassan, managing director of NDIC, stated this at the 2024 capacity building workshop for law enforcement agencies on ‘Inter-Agency Collaboration in the Fight Against Financial Malpractices in Banks and Other Financial Institutions in Nigeria’ in Lagos yesterday.

Stating that, those behind the collar of the bank will be brought to book, Hassan, who was represented by Mr Bello Hassan, NDIC’s director, Corporate Communications,  noted that, through its collaboration with law enforcement agencies, 14 prosecution cases are ongoing at various courts, 18 ongoing investigation with FMIU, 8 with EFCC and 9:concluded investigations with Federal Ministry of Justice for advice and prosecution.

“The Central Bank of Nigeria recently revoked the banking licence of Heritage Bank PLC which may require you to be called upon to investigate some of the Directors, Managers and officers of this failed insured Institution with a view to bring to book those found culpable in the collapse of this institution.

“The Corporation as a key participant in the financial safety-net, has over the years taken the fight against insider abuses and financial malpractices in banks very seriously. As you all know, a safe and sound banking environment is an essential ingredient of financial system stability which of course is the bedrock for economic development of every nation.

“We are not unaware of the challenges of investigating and prosecuting financial malpractices and bank fraud cases but wish to urge you not to relent in your efforts and be rest assured of our unflinching support at all times,” he pointed out.

Hassan noted that, the theme of the workshop ‘Effective Collaboration as a strategy in the fight against insider abuses and financial malpractices in Banks and Other Financial Institutions in Nigeria’ was to re-echo its resolve to unite with law enforcement agencies in the “fight occasioned by the menace of insider abuses and financial malpractices which is a major cause of bank failure, and if not tackled is  capable of eroding public confidence in our banking system.

“Consequently, and in line with Article 12 of the Core Principles of Effective Deposit Insurance which provides for every Deposit Insurer to put in place the necessary mechanism of bringing to book parties found culpable in the failure of their bank or financial Institution.

“It is for this reason that the NDIC has been consistent since 2012 in organising this workshop to sharpen the skills of law Enforcement operatives and Officers from Regulatory Agencies that are involved in the investigation and prosecution of bank Directors, Managers and staff of banks involved in malpractices and insider abuses that might have led to the collapse of their banks or financial Institutions.

 

“Change is the only constant thing in life. Most changes in human endeavours come through developments in sciences, technology or innovation. As the banking system is rapidly evolving with new innovations, it is clear that a new phase of financial technology driven economy is currently reshaping the global financial services space.

“With this development, the criminally minded users of the banking system including the notorious ‘’cyber criminals’’ are busy perfecting their misplaced skills and that is why workshops like this are necessary to enable law enforcement officers to understand, accept and adapt to the dynamic operating environment.”

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

PalmPay Makes Payment Easier with Zero Bank Transfer Fees on All Transactions on the Fintech App

Published

on

Kindly share this post

In its continued drive to financial inclusion across Nigeria, leading fintech company PalmPay, continues to give its users unlimited free transfers to all banks. This feature which was introduced earlier in the year has been allowing users to make transfers to all banks within the country without incurring any bank fees.

Chika Nwosu, PalmPay’s Managing Director, stated: “We are committed to ensuring smooth and easy transactions with our free transfer feature. This shows our dedication to providing accessible and affordable financial services to our over 30 million users and every Nigerian. We believe everyone should have access to affordable financial services.”

PalmPay is dedicated to driving economic empowerment in Nigeria by offering top-tier products such as money transfers, bill payments, credit services, and savings through its app and mobile money agents. Users can send and receive money seamlessly, pay bills effortlessly, shop with ease, and earn discounts and cashback while performing these transactions.

By eliminating transfer fees to all banks on its app, PalmPay has empowered its millions of customers to enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively.

PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians. With this, we are able to drive financial inclusion.

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 30 million app users as part of its cashless payment ecosystem.


Kindly share this post
Continue Reading

Trending