Initiatives
The Educate Nigeria Campaign® is the Umbrella Initiative of the AIBS. The Campaign has one sole purpose: to utilize innovative learning technologies in combination with the advantages offered by the internet to provide every Nigerian youth ... Read more
Partners
AIBS Partners and Sponsors form an important stakeholder group without whom AIBS Initiatives will be stalled. Our partners and sponsors provide AIBS with the bulk of the financial resources we need to carry out our activities and to ... Read more
Programs
Under its Educate Nigeria Campaign, the AIBS runs a number of innovative programs with practical value for youths, schools and SMEs. All AIBS Programs have one common goal: to build human capital, provide opportunities for meaningful work and to enrich lives ... Read more
Support AIBS
You can support the AIBS Educate Nigeria Campaign® by donating cash, sponsoring programs, donating in-kind, donating time and contacts ... Read more
The Financial Services Regulation Coordinating Committee (FSRCC) held its 40th meeting on Monday March 15, 2010 where it adopted policy directives for promoting a safe, sound and stable financial system. Click here for details. Press Release On CBN Banking Reforms Get A Boost: Reps Pass AMCON Bill, Scales Second Reading at the Senate - 10th March 2010 The on-going banking reforms have received a significant boost with two key developments in the National Assembly on Wednesday 10/3/10. The Asset Management Corporation of Nigeria (AMCON) Bill scaled the second reading at the Senate following presentation of the required financial compendium on AMCON. The Bill has thus been referred to the Senate Committee on Banking, Insurance and other Financial Institutions.... Click here for more details. Revised Microfinance Banks' Returns Template - 8th March, 2010 Following series of complaints on the Revised Microfinance Banks' returns template from the operators, a new version has been produced to ease the difficulties experienced by the institutions. Click here to download the new version of the Returns Template. Press Release: Update on Establishment of Assets Management Corporation of Nigeria(AMCON) It will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the establishment of AMCON to the National Assembly for consideration and passage into law. The AMCON as a resolution vehicle is expected to soak the toxic assets of the CBN-intervened banks and provide liquidity to them as well as assist in their recapitalization.. Click here for more. Press Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010 In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. Click here for more. Central Bank of Nigeria Communiqué No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010 The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. Click here for more. CBN Restructures into 25 Departments As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBN's strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010. Click here for summary of structure changes , Click here for the new Organisation Structure Click here for more.
The Central Bank of Nigeria (CBN) has noted with serious concern the growing complaints by the customers and the general public on ATM transactions and the inability of banks to resolve them within a reasonable time frame. In order to sustain public confidence in the Nigerian Payment System, the CBN has directed that henceforth all complaints on card transactions should be treated and responded to within 72 hours of receipt of the complaints by banks. Click here for more. Re- Alleged limit to loan approval and five percent equity holding in banks The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.
The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more. Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more. New Monetary Policy Committee (MPC) Members Click here for the new members of the Monetary Policy Committee. Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more. Disclaimer On CBN Involvement In ATM Upgrade This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password. Click here for more. CBN Appoints Executive Directors for Three Banks The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.
In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more. New Monetary Policy Committee (MPC) Members Click here for the new members of the Monetary Policy Committee. Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more. Disclaimer On CBN Involvement In ATM Upgrade This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password. Click here for more. CBN Appoints Executive Directors for Three Banks The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more. Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.
Click here for the new members of the Monetary Policy Committee. Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more. Disclaimer On CBN Involvement In ATM Upgrade This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password. Click here for more. CBN Appoints Executive Directors for Three Banks The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more. Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more. Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010 The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010. Click here for more.
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more. Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines. Click here for more. Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010 The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010. Click here for more. Re: Publication Of Interest Rates In line with the CBN policy to ensure that Transparency and Accountability are entrenched in the banking sector, banks are henceforth required to submit on weekly basis to the CBN their average deposit and lending rates in line with our previous circulars numbers BSD/DIR/GEN/CIR/02/019 dated January 29, 2009 and BSD/DIR/GEN/CIR/01/023 dated October 14, 2009. Click here for more. Press Statement On The CBN and Disengagement of Bank's Workers The Central Bank of Nigeria has noted with dismay, several untrue reports in the media alleging that the Central Bank of Nigeria ordered the mass sack of Deposit Money Banks' staff and rationalization of their branches. Click here for more.
A Federal High Court sitting in Lagos, on Thursday, December 31, 2009 has granted a freezing injunction and attachment worldwide on all assets of Dr. Erastus B. O. Akingbola, former Managing Director of Intercontinental Bank PLC, for total offences amounting to the tune of N346,185,841,243.75 and GBP Sterling 1,085,515.00.Click here for more.
In line with the Central Bank of Nigeria's new disclosure standards which are central to the Bank's ongoing banking sector reforms, all deposit money banks (DMBs) in Nigeria have announced financial results for the third quarter 2009 in line with clearly defined and transparent reporting requirements. Click here for more.
In furtherance of the banking reforms exercise aimed at ensuring the stability and soundness of Nigeria's banking industry, the Central Bank of Nigeria, (CBN), has appointed advisers that will work with the ten deposit money banks - Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc Equatorial Trust Bank Limited and Spring Bank Plc - whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc. Click here for more. Press Statement On Deregulation 4th November, 2009 The Central Bank of Nigeria (CBN) has noted reports in some sections of the press alleging in screaming headlines that the CBN is against the Federal Government's policy of deregulation of the downstream sector of the petroleum industry. These press reports arose from the Monetary Policy Committee, MPC briefing by the CBN Governor on Tuesday, 3 November 2009.Click here for details Press Statement On Equatorial Trust Bank Limited 4th November, 2009 Following the Special Examination of all banks operating in the country, and the subsequent actions by the CBN, the shareholders of Equitorial Trust Bank Limited requested the permission of the Central Bank of Nigeria to be allowed to rectify lapses identified in the bank. In pursuance to that, the shareholders executed a Deed of Covenant, the specific terms and conditions of which included the following:Click here for details Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009 The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details
The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details Central Bank Of Nigeria Invitation For The Submission Of Quotations For The Supply Of Cybex Gym Equipment The Central Bank of Nigeria requires the supply of Cybex Gym Equipment to the Bank under the Year 2009 Budget. Consequently, the Bank wishes to invite ONLY ACCREDITED MANUFACTURERS REPRESENTATIVES of Cybex Gym Equipment to submit quotations for the supply Click here for details Central Bank Of Nigeria Invitation For The Pre-qualification Of Contractors For The Execution Of Capital Development Projects Under 2009 Budget The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the Refurbishment of the Burnt CBN Kano old Branch Building/Development of a Learning Centre (Ref No CBN/CDP2009/03). Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the Project.Click here for details Press Statement 23rd October, 2009 The Central Bank of Nigeria (CBN) has noted a story on the back cover of the Guardian Newspaper of Thursday, 22nd October 2009 alleging that the CBN has directed commercial banks "to place a lid on the loans they offer airlines in the country, which has put the airlines on the edge as they are finding it difficult to source funds to run their operations"Click here for details Revised Microfinance Banks' Returns Template For the benefits of all microfinance banks that attended the Workshop on Returns Rendition recently organized across three locations in the Country and those that could not attend, a revised template is now available Click here for details Job Opportunities At The International Monetary Fund (IMF) The International Monetary Fund (IMF) is planning a Recruitment Mission to Nigeria on November 10, 2009. The Mission will identify suitable candidates for mid-carrier economist pipeline in the Economist Program for recent PhD graduates and other specialist positions. The Federal Ministry of Finance and the Central Bank of Nigeria are coordinating the recruitment exercise on behalf of the IMF.Click here for details Public Statement 17th Oct. 2009 The Central Bank of Nigeria (CBN) has noted the front page story of the Champion Newspaper of Friday 16th, October 2009 with the above caption alleging that the CBN Governor, Sanusi Lamido Sanusi had told the Senate that his life was in danger. The paper also attributed to the Governor "how a business associate of one of the sacked bank Managing Directors gave out loans in two separate payments to two of his friends, (and that) the bank chief had given out the loans to a friend who said he would refund it in less than one week". Click here for details Public Statement 16th Oct. 2009 Further to the recent regulatory action taken by the Central Bank of Nigeria (CBN) in respect of Bank PHB Plc, Spring Bank Plc, Unity Bank Plc, Wema Bank Plc and Equitorial Trust Bank Ltd, the CBN wishes to make these clarifications:Click here for details Public Statement on Bank Debtors In furtherance of the effort by the Central Bank of Nigeria (CBN) to assist the banks affected by the outcome of the recent CBN/NDIC Special Examination, we publish herewith the list of non-performing loans of N100m and above for Bank PHB, Spring Bank, Unity Bank, Wema Bank and Equitorial Trust Bank as at June 30, 2009. Click here for details Press Statement on the Outcome of Special Examination of 14 Banks In furtherance of the Central Bank of Nigeria's statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks- and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined. Click here for more details Questions and Answers on The Examination of 14 Banks FAQ on the recent CBN intervention involving 5 banks
US President Obama wraps up a G8 summit saying that leaders agree economies must focus on jobs and growth to boost recovery.
Former UK chancellor Ken Clarke says Europe's banking system is "in tatters" and warns the UK is "heavily exposed" to potential problems.
Facebook shares end a volatile first day of trading at $38.23, barely above the company's initial pricing, having initially jumped more than 10%.
European markets suffer a nervous session with investors unsettled by a downgrade for Spanish banks and the political crisis in Greece.
Shares in internet giant Yahoo rise 5% on reports that it is close to selling its valuable stake in Alibaba Group, the Chinese e-commerce company.
JP Morgan chief executive Jamie Dimon will appear before a Senate committee to explain the bank's $2bn trading loss on a failed hedging strategy.
Spanish energy giant Repsol cancels a contract to provide gas to Argentina, in a continuing row after Buenos Aries nationalised one of its subsidiaries.
Chinese property prices continued to fall during April after the government kept policies in place to curb speculation.
Spain's Repsol oil company says a first attempt to find oil off Cuba's northern coast has been unsuccessful.
The EU Commission and European Central Bank are making contingency plans for a possible Greek exit from the euro, an EU commissioner says.
Facebook is finally public, but that won't solve Greece's problems.
Social media stocks just aren't feeling the love, despite Facebook's highly-anticipated stock market debut.
Facebook is finally trading. And even though the stock didn't explode out of the gate, the company is still worth more than $100 billion. It shouldn't be.
Whether you do or don't like Facebook, you may already own a piece of the social media site: over the past year, nearly 70 mutual funds have snapped up pre-IPO shares on private markets.
Facebook's stock market debut finally came and went -- but for all the breathless hype, shares ended right near their offering price.
The most hyped IPO of the year is here, but you won't be able to trade Facebook's stock right when the market opens at 9:30 on Friday.
European markets were mixed Friday as investors remained anxious about Spanish and Greek banks, while Asian stocks sold off sharply amid worries of a further slowdown in China.
Despite the recent fall in oil prices, analysts say President Obama may tap the Strategic Petroleum Reserve as sanctions on Iran take hold.
Investors fled stocks and made a rush toward the safety of U.S. Treasuries Thursday, sending 10-year yield to a record low close, as worries about Greece's future in the eurozone continued to escalate.
Rating agency Moody's downgraded 16 Spanish banks on Thursday, the latest sign of distress in Europe.
The US dollar had a blockbuster week, breaking ground against all currencies apart from from the other safe haven: the yen, as euro-zone issues became more severe. In addition to the ongoing troubles in the euro-zone, US housing data, Japan’s rate decision and US unemployment claims are the major events on out list this week. Here is an outlook on the main market-movers. Greece is facing new elections in June. Even if a pro-bailout government is elected, the situation there looks bad and
Core CPI, by Bank of Canada (BoC) definition, increased in April by 0.4% and 2.1% MoM and YoY, respectively. Food, household furnishings, and clothing prices also surged 0.3pp, 0.5pp and 2.0pp respectively. Conversely, it appears 1Q12 energy prices pressures are attenuating given the declining gasoline, Brent, and natural gas prices. Surprisingly, even with declining energy prices, headline inflation increased 0.4% MoM and 2.0% YoY, an increase from 1.9%YoY in March. As evidenced in the
According to Greek government spokesman, German cancellor Angela Merkel has proposed to Greece to hold a referendum to ask Greek citizens about their euro membership in the 17 June elections. German spokeman has denied it, but Greece denies Germany later. Samaras, New Democracy leader, said that Greek people don't need euro referendum. The last call for referendum in Greece finish with the resignation of Georgios Papandreou as Prime Minister in 2011. The question now over the market is if Will
Forex traders, join the daily All Things Forex broadcast- a live one hour program covering Forex and major economic events, trend developments,research, analysis, ideas, education, live traders forum, interviews with some of the most respected names in the trading world, and much more.. In the broadcast today: Gearing Up for a JPY and GBP Showdown Next Week. With a series of important economic reports from the U.K. and Japan scheduled for release in the week ahead, we prepare for what could
Good day.and welcome to another Friday. In fact, we're only a week away from the unofficial start of summer, which reminds me that I need to clean up the grill and dust off the coolers for another season of fun in the sun. I'll be taking over the captain's seat for Chris while Chuck makes the trek back home from the Vegas Money Show, so he should have lots to talk about on Monday morning. As Chris mentioned yesterday, it's been all about the struggles in Greece and whether they become the
As the end of this week approaches, markets started to correct some of the losses incurred through the week. Investors started to close their bearish positions ahead of the coming week, before the G8 summit, which is taking place in the U.S, the thing that supported the euro to rebound over daily basis, cutting most of the losses. Today, pessimism dominated the euro with the start of the session, where negativity was driven by the Greek downgrade, as Fitch Ratings cut the credit ranking of
Simon Smith, Chief Economist, wraps up the week on a relatively quiet Friday with risk-off sentiment is aiding the dollar and the Bund yield close to zero.
Interviewer: Gustavo Mellior FXstreet.com had the opportunity to discuss with Laurence Kotlikoff about the most pressing economic issues of the developped world, such as the European and American fiscal crises. Professor Kotlikoff has dedicated his life to research on General Accounting, a term he coined, which is a new method of national accounting that concentrates on the generational distribution of lifetime tax burdens. As Kotlikoff shows, the current crises are just the tip of the
Today's Highlights EU credit downgrades send fear wave around the world FX Market Overview As the Olympic torch leaves Greece heading for the UK, it is accompanied by David Beckham and that movement is mirrored by a whole heap of cash. Cash that has been withdrawn from Greek banks and is leaving Greece destined to be lodged in safer havens elsewhere. Maybe the plane carrying Mr Beckham and his less famous torch friend will pass above Spain on its way to the UK and they can pick up some of the
It was only a matter of time until the ratings agencies got involved in the current market turmoil. Risky assets have taken a further leg lower overnight in Asia as Moody’s downgraded 16 Spanish banks, including the big three of Santander, La Caixa and BBVA, as a result of the continual downturn in the country’s economic prospects plus the increase in the sovereign’s bond yields over the past couple of weeks. This follows rumours that a “run” on the Spanish bank Bankia was taking place with
Currently in Lagos, NG: 81 F and Partly Cloudy
High: 90 F Low: 76 F Some sun
High: 82 F Low: 74 F Periods of rain and a t-storm
Currently in Abuja, NG: 76 F and Cloudy
High: 87 F Low: 71 F A couple of strong t-storms
High: 84 F Low: 69 F Cloudy with a t-storm or two
Currently in Jos, NG: 70 F and Cloudy
High: 83 F Low: 66 F A thunderstorm or two
High: 84 F Low: 64 F Overcast, a t-storm or two
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Currently in Calabar, NG: 77 F and Mostly Cloudy W/ T-Storms
High: 90 F Low: 73 F A thunderstorm or two
High: 90 F Low: 73 F Rain and a thunderstorm
Currently in Kaduna, NG: 88 F and Mostly Cloudy
High: 100 F Low: 74 F A couple of strong t-storms
High: 89 F Low: 72 F Cloudy with a t-storm or two
Currently in Zamfarawa, NG: 90 F and Partly Cloudy
High: 99 F Low: 79 F A thunderstorm or two
High: 97 F Low: 77 F A thunderstorm or two
Currently in Borno, NG: 84 F and Intermittent Clouds
High: 95 F Low: 75 F Clouds and sun
High: 91 F Low: 72 F Clouds, a thunderstorm or two
Currently in Adamawa, NG: 97 F and Intermittent Clouds
High: 105 F Low: 82 F A strong t-storm this morning
High: 103 F Low: 79 F A thunderstorm or two
Currently in Taraba, NG: 84 F and Mostly Cloudy W/ T-Storms
High: 95 F Low: 74 F An afternoon t-storm or two
High: 92 F Low: 71 F Cloudy with a t-storm or two
Currently in Benue, NG: 82 F and Mostly Cloudy
High: 93 F Low: 75 F A strong afternoon t-storm
High: 89 F Low: 73 F Cloudy with a t-storm or two
Currently in Kogi, NG: 76 F and Cloudy
Currently in Imo, NG: 78 F and Mostly Cloudy W/ T-Storms
High: 89 F Low: 74 F A couple of heavy t-storms
High: 83 F Low: 74 F Rain and a thunderstorm
Currently in Enugu, NG: 80 F and Intermittent Clouds
High: 90 F Low: 75 F A thunderstorm or two
High: 89 F Low: 73 F Rain and a thunderstorm
Currently in Kwara, NG: 95 F and Mostly Cloudy
High: 105 F Low: 83 F A thunderstorm around