According to Ibrahim, the proliferation of digital currency like Bitcoin has led to the partial disintermediation of the banking system. Omodele Adigun Since the advent of digital currency, traditional banking institutions have not remained the same again. In fact, “the fabric of the global financial stability is constantly being threatened”, says Umar Ibrahim, the Managing Director/Chief […]
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Deposit Money Banks
N11.5bn paid to depositors in 2017 – NDIC
About N11.50 billion has been paid to financial institutions, the Managing Director and Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has revealed. The payment, he said, were made to depositors, creditors, shareholders and other stakeholders of closed financial institutions in December, 2017. Ibrahim stated these during the NDIC Special Day at the AbujaRead More …
Furore over FIRS’ riot act against tax evaders
The Federal Inland Revenue Service (FIRS) directive to the deposit money banks (DMBs) to freeze bank accounts belonging to tax defaulters has continued to generate heated debates with most of the affected businesses calling for a total reversal of the new policy regime, reports Ibrahim Apekhade Yusuf From all indications the Federal Inland Revenue ServiceRead More
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Lending: OPS laments government’s crowding out of private sector
CBN mulls new credit mechanism for real sector at single digit
…retains MPR at 14% for 2 straight years To encourage banks to give credit to the real sector of the economy, at single digit rates, the Central Bank of Nigeria (CBN), has offered to complement the effort of Deposit Money Banks (DMBs) through a mechanism to support banks that lend to corporate entities at singleRead More
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