The monitoring exercise will end by Saturday when we hope to have enough feedback even if it means tinkering with our policies so that the new naira notes can be everywhere
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In a bid to ensure that the new naira notes are well circulated by the set deadline, the Central Bank of Nigeria (CBN) has said it would take appropriate measures where necessary to increase money supply in the economy.
This new development was disclosed by the CBN Director and Managing Director, NIRSAL Microfinance Bank, Mr. Abubakar Abdullahi Kure, while conducting on-the-spot checks on some banks to ascertain their level of compliance with the recent apex bank’s directive to dispense the newly redesigned banknotes via ATMs.
Mr. Kure explained that the decision will be made based on the reports given by the different monitoring teams who are inspecting banks’ compliance with ensuring they dispense new notes through their ATMs.
“The monitoring exercise will end by Saturday when we hope to have enough feedback even if it means tinkering with our policies so that the new naira notes can be everywhere, we will do that.”
“Tinkering means whether there will be a need to increase supply or the monitoring evaluation may show that there is a diversion for penalties or whether the banks are hoarding the banknotes deliberately or whether the banks are not even picking it; it could be available and the bank may not be picking it – there could be many issues. So, this monitoring exercise will reveal many things,” he concluded.
Kure’s monitoring team visited two different banks and found out that only one out of their four ATMs was dispensing the new naira notes while others were still dispensing the old currency notes. In their separate responses, the bank managers told the monitoring team that they had not received the new naira stock.
Investors King also confirms that banks in Bauchi metropolis were also monitored by CBN officials to ensure that the ATMs dispensed the new redesigned notes to customers.
Leader of the Bauchi team, Abdulkadir Jibrin, Director, CBN Medical Services, confirmed that ATMs in the state were dispensing the new Naira notes to its customers.
“We monitored all the banks and ATMs in the state and ensured that they dispensed the new notes, this is in line with CBN efforts to ensure that the new notes go round and reach the citizens.”
The Central bank of Nigeria has repeatedly said it will not extend the deadline date for changing of old naira notes to new naira notes from January 31, 2023.
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Access Holdings, the parent company of Nigeria’s leading bank, Access Bank has disclosed that the bank would leverage its new restructuring as a holding company to harness its future.
Access Holding made this disclosure in its five-year strategy document of 2023 to 2027 posted on the Nigerian Exchange’s website earlier this week.
According to the bank, Access HoldCo will consist of 5 subsidiaries which include Retail, commercial and corporate
banking, Consumer lending and agency banking, Payment and switching services, Insurance brokerage and Asset management and pension fund administration.
The document also showed that Access HoldCo will work with 5 strategic objectives – Value accretion, Agility and scale leverage, Best-in-class talent, Targeted consolidation and Enhanced risk rating beyond the
sovereign.
“The institution has transitioned to a Holdco with five verticals to capture the opportunities the African market. Access has positioned itself to be at the centre of financial flows on the continent – trade, expanding and deepening financial services and serving corporates with excellence – creating a self- sustaining ecosystem.
“Access Corporation’s ambitions will be supported by seven key enablers. These enablers will ensure Access executes seamlessly, becoming a top five financial services institution in the continent by the end of the strategic cycle in terms of revenues, asset base and on a balanced scorecard basis.”
The document also revealed that Access HoldCo’s priority will be to drive earnings growth efficiently, diversify and mitigate risk, gain access to pockets of growth, including beyond banking. It also says that “Access will gain relevant scale across Africa, global monetary centers and beyond-banking verticals, diversifying its business.”
Access Holding also projected that by the end of 2027, its total number of customers will be at 125 million while the number of monthly active users of its digital banking platform will be at 42 million.
The company in the document revealed the executives for Access HoldCo with Herbert Wigwe remaining as the Group Managing Director.
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Nigeria’s first non-interest bank, Jaiz Bank projects to make a profit of N9.7 billion by March 31, 2023.
The bank disclosed this in its statement of earning forecast for the first quarter signed by its Chief Financial Officer, Ahmed Hassan and also disclosed that the opening figure of the bank for the first quarter is a N100 billion.
Jaiz bank predicted that its gross income for the first three months of the year will be N9.7 billion while its interest on financial income will be N9.3 billion.
The bank also predicted that its before tax profit will be N1.403 billion and after tax profit will be N1.263 billion for the period under review.
Investors King reports that Jaiz Bank earned N925 million in profit in the third quarter (Q3) of 2022, a 20% profit increase from 2021.
While the bank is hoping that the increase in profits continues to rise, it is forecasting that its balance at the end of 2023 will be in and around N112 billion.
With fortunes of Q3, 2022 which saw the bank’s earnings per share for the period increase to N2.68 and the company’s total assets reached N325 billion, the bank is confident of achieving new heights in 2023.
The Bank has put its operating cost for the three months at N5.5 billion, an increase from the N1.96 billion and N1 billion operating expenses of 2022 and 2021, respectively.
The bank was founded in 2003, as Jaiz International PLC before receiving a license from the Central Bank of Nigeria in November 2011, to operate as a regional bank. January 2012, the institution commenced business as Jaiz Bank Plc in offices and branches in Abuja, Kaduna and Kano.
The virtual event themed “Nigeria Economic Outlook 2023: A look ahead” is scheduled by 8:30am on Friday, 20 January 2023
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First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the 2023 edition of its Nigeria Economic Outlook event.
The virtual event themed “Nigeria Economic Outlook 2023: A look ahead” is scheduled by 8:30am on Friday, 20 January 2023, via Zoom meeting. To register and participate in the event, do click on the link https://firstbanknigeria.zoom.us/webinar/register/WN_Z-8Izr1sRHmdfRqZ5RiYeQ
The event will promote deliberations and analyses of national and global economic trends to shape 2023. Like its previous edition, the 2023 FirstBank Nigeria Economic Outlook aims to set the tone for the year by providing an opportunity for participants to learn directly from economic experts. Participants will be better informed and knowledgeably empowered to make the right decisions in their socio-economic activities in 2023.
‘Biodun Adedipe, Ph.D, founder and Chief Consultant of B. Adedipe Associates Limited (BAA Consult will lead deliberations at the event as its keynote speaker. Other speakers are FirstBank’s Ini Ebong, Executive Director, Treasury and International Banking; Tosin Adewuyi, Executive Director, Corporate Banking; Ugo “Ugodre” Obi-chukwu, Founder, NairaMetrics as well as Mosope Arubayi, economist and global financial analyst. Chike Uzoma, Head, Strategy & Corporate Development, FirstBank will moderate the event.
According to Mrs. Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications of FirstBank ‘Our forthcoming Nigeria Economic Outlook webinar is a viable opportunity for one to be informed on key trends and activities that will shape the global socio-economic landcape in 2023. 2022 was indeed a turbulent year and from the 2023 forecast, the growth would still be slow. In addition, bearing in mind 2023 being an election year in Nigeria, like every democratic nation around the world, commercial and business activities in the country will be impacted by the forthcoming election.
I encourage everyone to join the event as the keynote speaker and panelists will shed more light and perspectives which will have participants informed on opportunities and happenings that will shape the socio-economic and political environment in the country and the world at large.”
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