banks – Tamfis Nigeria Limited

Lifestyle …Says Extravagant Lifestyles Of Bank CEOs Eroding Public TrustNigerian banks are spending an estimated $50m annually just on maintaining private jets, with over $500m gone into purchasing nine private jets by four banks. Billionaire businessman, Femi Otedola,who is the chairman of FBN Holdings,said this in a statement signed by him.He said the level of extravagance of banks chiefs significantly erodes public trust in the financial institutions and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service.He called on the banks to regain the trust of their customers by realigning their financial priorities and invest in areas that directly improve customer services and enhance technological infrastructure.On the appetite of the banking sector for private jets, Otedola said, “Amid the progress with banking sector reforms, there is an urgent...

Politics tamfitronics The Central Monetary institution of Nigeria (CBN) hasissued a directive tobanks to surrender charging processing fees on cash deposits till September 30, 2024.The resolution, communicated thru a circular dated Would perhaps well additionally 6, 2024, and signed by the Director of Banking Supervision, Adetona Adedeji, comes in step with concerns raised by financial institution customers referring to basically the most modern imposition of processing fees on cash deposits.Previously, banks had begun imposing a two per cent payment on cash deposits exceeding N500,000 for folk and a two per cent payment on deposits above N3 million for corporate yarn holders.Nonetheless, following basically the most modern directive from the CBN, these processing fees gain been suspended.Within the circular addressed to financialestablishmentsand non-financial establishments, the CBN referenced a earlier letter dated December 11, 2023, which suspended...