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Britain Cracks Down On Nigerian Bank Over Money Laundering Failures
Britain has fined the UK subsidiary of Nigeria’s Guaranty Trust Bank 7.6 million pounds for what it says are more failures in the bank’s anti-money-laundering systems and procedures. The Financial Conduct Authority in a statement on Tuesday shared that “these deficiencies were frequently brought to GT Bank’s attention by internal and external sources, including the…
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Banks’ Consumer Loans Decline By 17%
Following a decline in money supply triggered by the inflation-fighting measures of the Central Bank of Nigeria, banks reduced consumer loans by 17 per cent (N400 billion), in one month. This is the first time that consumer loans would drop in three years. Consumer loans are loans by banks to one or more individuals for…
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Banks Charge Customers N715bn For E-transactions
According to the nine-month financial reports of the banks, eleven banks charged their customers N714.61 billion for electronic fees and other forms of commissions in the first nine months of 2022. This is a 16.92 percent increase from the N611.21bn earned by the banks from the income source in the corresponding period of 2021. This…
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Nigeria Banking Sector Report Analysis B
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Nigeria Banking Sector Report Analysis