Post-TSA, Banks Reap Big from Savings Deposit Mobilisation Obinna Chima The full year 2016 audited results of 11 Nigerian banks have shown a significant shift towards savings deposit mobilisation by the financial institutions, reflecting the adjustment in their business strategies following the withdrawal of public sector
deposits to the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN). The results of the banks reviewed by THISDAY, showed that their savings account deposits increased by 31 per cent to N2.164 trillion in 2016,
compared to N1.649 trillion in 2015. The banks included Zenith Bank, United Bank for Africa Plc (UBA), Guaranty Trust Bank (GTBank), First City Monument Bank (FCMB), Access Bank, Fidelity Bank,
Unity Bank, Union Bank, Sterling Bank, Stanbic IBTC and Wema Bank. The amount is expected to rise when FirstBank, Ecobank Nigeria, Diamond Bank and Skye Bank, which have notified the Nigerian Stock Exchange
(NSE) about delayed filings, release their results. A breakdown of the amount reported by the banks showed that UBA’s customers’ savings deposits rose to N524.751 billion in 2016, higher than N407.036 billion it recorded
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in 2015, GTBank’s savings deposits also increased to N454.436 billion in 2016, higher than N332.781 billion recorded in 2015, just as Zenith Bank’s savings deposits increased to N358.951 billion in 2016, higher than N246.113 billion it posted in the previous year. Continued on page 8
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13 Killed in Yet Another Attack in Southern Kaduna…
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EFCC is Managing Controversy over N13.3bn Discovery Poorly, Says Saraki Commission obtains warrant to search of all flats in Osborne Towers Another apartment suspected to have hidden cash Fayose blasts Buhari, Amaechi threatens lawsuit APC demands apology from Rivers, Ekiti govs for linking minister to cash haul Ernest Chinwo in Port Harcourt, Martins Ifijeh in Lagos and Victor Ogunje in Ado-Ekiti Senate President Bukola Saraki has said that the controversy surrounding the recovery of N13.3 billion ($43.3 million) from
an apartment in Ikoyi, Lagos, by the Economic and Financial Crimes Commission (EFCC) has been poorly managed by the anti-graft agency and the parties involved. Continued on page 8
CBN Introduces Form X for SMEs Requiring Basic FX Documentation
Chika Amanze-Nwackuku
As part of its objectives to increase foreign exchange liquidity and make it accessible to small and medium enterprises (SMEs) and other retail businesses, the Central Bank of Nigeria (CBN) has introduced the use of Form X for SMEs that require basic
documentation. Confirming this in a statement yesterday, CBN spokesman, Mr. Isaac Okorafor said the innovative measure is meant to ease the bottlenecks associated with documentation usually encountered by this category of businesses. Continued on page 8
Dogara: Political Interests May Dent 2018 Census… Page 10
FORGING STRONGER BUSINESS TIES…
L-R: Ondo State Governor, Mr. Rotimi Akeredolu; Managing Director/CEO, Fidelity Bank Plc, Mr. Nnamdi Okonkwo; and Executive Director, Lagos & South West, Fidelity Bank, Ms. Nneka Onyeali-Ikpe, during a meeting of the bank’s executive management with the governor in Akure, Ondo State… recently
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